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OT - legal and tax advice please

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Old
05-28-2009, 12:50 PM
  #1
Rock On
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OT - legal and tax advice please

I'm planning to start my first website and I need some advices :

Do I need to start a company or my legal status can be self-employed ?

If I am self-employed, can I save the hosting, domain and software costs for my next tax report even if I don't have any income for the first year or so ?

Do I need a tax number ?

What domain broker/hosting services do you recommend ?

Is there a lot of money to make with ads like adsense ?

etc.
Since the forum is quite dead, I figured there would be space to discuss a subject like that.
Please I'd need some advices from those who know well this business line.

I thank you in advance.


Last edited by Rock On: 05-28-2009 at 01:03 PM.
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05-28-2009, 01:04 PM
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Pascal
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1) you don't need to register, just file as self-employed. However if your company name needs to be trademarked and such, you should. It also protects your personal assets in case your company goes bankrupt.

2) not sure about the costs forwarding to 2010.. I don't think so though.

3) no need for a tax number

4) mediatemple is the best around, if you want a referral pm me

5) if your site gets a lot of hits you can make decent change with adsense

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05-28-2009, 01:11 PM
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Rock On
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Thanks, I was looking at go daddy but I will take a look at mediatemple.

Do you have your own website ?

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05-28-2009, 01:20 PM
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Pascal
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you can register on godaddy then use MT as your hosting service.

I have more than one website. I've been working self-employed for 10 yrs.

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05-28-2009, 01:34 PM
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Rock On
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Ok I'll check that out.

Thanks a lot.

I hope one day I'll be able to have a couple of websites as you do and have a decent salary with.

Good luck with yours.

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05-28-2009, 01:40 PM
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tigidou
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Quote:
Originally Posted by Rock On View Post
I'm planning to start my first website and I need some advices :

Do I need to start a company or my legal status can be self-employed ?

If I am self-employed, can I save the hosting, domain and software costs for my next tax report even if I don't have any income for the first year or so ?

Do I need a tax number ?

What domain broker/hosting services do you recommend ?

Is there a lot of money to make with ads like adsense ?

etc.
Since the forum is quite dead, I figured there would be space to discuss a subject like that.
Please I'd need some advices from those who know well this business line.

I thank you in advance.
You don't pay taxes when your make below 30 000$.. so no need for tax number.
You could "register" if you want to use a company name, otherwise if you do business using your name, you don't need to do anything..

If you plan on making more than 70 000 (or so), then you can start thinking about Inc. , before that it is not useful and it will only cost you money to do your "company" tax report.

I think in your case all you have for deduction is this form (for QPP deduction for the portion of what you earn as self-employed): http://www.cra-arc.gc.ca/E/pbg/tf/50...5-s8-9-08e.pdf

Otherwise, the best thing (in my opinion) is to call Revenu Canada and Revenu Quebec. They are there to help you.. You explain your situation and ask them the best solution.. You can call a couple times and ask the same question and see if you get the same answer

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05-28-2009, 01:47 PM
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Rock On
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Ok thanks tigidou, that helps

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05-28-2009, 03:06 PM
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Quote:
Originally Posted by tigidou View Post
You don't pay taxes when your make below 30 000$.. so no need for tax number.
The above statement is an example of why you shouldn't get tax advise off a hockey message board.

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05-28-2009, 03:26 PM
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Quote:
Originally Posted by Richer View Post
The above statement is an example of why you shouldn't get tax advise off a hockey message board.
I heard that you don't need to get a business number, charge and pay sales tax to the gov. if you make below a certain amount, which I think is 30 grand. The downside in that case is that no business expense is tax deductible.

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05-28-2009, 03:53 PM
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Originally Posted by snakeye View Post
I heard that you don't need to get a business number, charge and pay sales tax to the gov. if you make below a certain amount, which I think is 30 grand. The downside in that case is that no business expense is tax deductible.
Possibly in regards to the sales tax I really don't know the answer to that. But to say that you do not have to pay tax (aka income tax) on amounts earned is not true. If you incorporate as a sole propitership then you as an indivudual pay tax on income recieved from the business. If you incorporate the business the corprate entity is resposible for the taxes. Corps are taxed at a lower rate but you can't treat the businesses assets as personal assets.

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05-28-2009, 04:04 PM
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You can, somewhat. If you work at home, your house serves as a personal asset as well as a business one. If you buy a computer for work, and use it 50% for work, then it's 50% a business asset (and therefore 50% tax deductible I think). But you're right about income tax. Everyone has to declare his earnings, and is expected to pay a certain percentage of it to the government.

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05-28-2009, 04:35 PM
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tigidou
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Quote:
Originally Posted by Richer View Post
Possibly in regards to the sales tax I really don't know the answer to that. But to say that you do not have to pay tax (aka income tax) on amounts earned is not true. If you incorporate as a sole propitership then you as an indivudual pay tax on income recieved from the business. If you incorporate the business the corprate entity is resposible for the taxes. Corps are taxed at a lower rate but you can't treat the businesses assets as personal assets.
Chill out.. I'm not talking about income tax but rather GST/HST taxes.. Below 30 000$ you don't have to deal with these taxes...

I'm self-employed and make more than that.. Thus, I have to have GST/HST number and bill taxes for my services. Quaterly, I must pay back to the governement a certain amount of that...

So, below 30K, no need for that.

edit: Basically, I said "tax" and should have said "sales tax".

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05-28-2009, 04:45 PM
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tigidou
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May I add, I am french speaking and we use 2 different words for that :
"income tax" = "Impot"
"sales tax = Taxes"

Which is why in english I get confused...In french "Tax" refers automatically to the "Sales tax".

And I disagree about here being bad place for advices.
When I first started, I asked questions to virtually everyone and I became more and more knowledgeable on the subject. Some informations will be wrong, some will be good, but you still learn more. It at least give you some pointer to call Revenu Canada and Revenu Quebec. You should always call them to confirm. You wouldn't believe all the stories I heard from self-employed.

Regards,

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05-28-2009, 05:35 PM
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Richer
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Quote:
Originally Posted by tigidou View Post
Chill out.. I'm not talking about income tax but rather GST/HST taxes.. Below 30 000$ you don't have to deal with these taxes...

I'm self-employed and make more than that.. Thus, I have to have GST/HST number and bill taxes for my services. Quaterly, I must pay back to the governement a certain amount of that...

So, below 30K, no need for that.

edit: Basically, I said "tax" and should have said "sales tax".
Chill out? I don't really get that.

I assumed when you said tax you meant taxes owed to the government which every individual and business has to pay not specifically sales tax.

My bad I guess.

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