benefits of having a business license.....
07-Dec-2003, 10:54 PM
#1
Registered User
Thread Starter
Join Date: Aug 2002
Posts: 1,723
benefits of having a business license.....
what benefits can you get from a business license??....
all I know is
costco business card (no pst or gst, one of them)
rogers corperate plan
what else? i was thinking of registering an online business and start one up......maybe though..
all I know is
costco business card (no pst or gst, one of them)
rogers corperate plan
what else? i was thinking of registering an online business and start one up......maybe though..
14-Dec-2003, 07:54 PM
#11
Senior Member
Join Date: Dec 2002
Location: Pickering
Posts: 3,984
Kinda pointless because your business actually needs to make some money before it can claim taxes so making up a business for the hell of it ain't gonna do ****.. Its only beneficial if u make some money thru your business, then you can claim write-offs on rent/ supplies/ car/ phone / food and many other things..
14-Dec-2003, 08:01 PM
#13
Senior Member
Join Date: Dec 2002
Location: Pickering
Posts: 3,984
man you are young eh blade..
basically it's like this.. whenever you make money you gotta pay taxes on the money you've made.. either having a job or owning a business, both pay taxes according to how much money they've made.
The benefit with businesses is that they can claim "write-offs" so they don't have to pay as much taxes as regular people jobs.. So really the government isn't giving you more money.. you just pay them less because you say that you had business expenses. For example you pay 600 a month for rent. There's a special calculation for rent that accountants use to figure out how much less tax you would pay because you pay 600 a month for rent.
Regular payroll related jobs, like working at mc donalds or offices cannot claim write-offs. only businesses can... like business expenses.
It's very complicated so I can't really explain it any more unless I wanna type out pages.
basically it's like this.. whenever you make money you gotta pay taxes on the money you've made.. either having a job or owning a business, both pay taxes according to how much money they've made.
The benefit with businesses is that they can claim "write-offs" so they don't have to pay as much taxes as regular people jobs.. So really the government isn't giving you more money.. you just pay them less because you say that you had business expenses. For example you pay 600 a month for rent. There's a special calculation for rent that accountants use to figure out how much less tax you would pay because you pay 600 a month for rent.
Regular payroll related jobs, like working at mc donalds or offices cannot claim write-offs. only businesses can... like business expenses.
It's very complicated so I can't really explain it any more unless I wanna type out pages.
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