Starting a part-time home business can be a great way to supplement your regular income and provide you with some tax opportunities.
A home business could be almost anything that gives you an expectation of earning income. Most ideas would fall under either selling a product or service. Your business could be fixing computers or selling items on eBay. Even a blog counts as a home business as the advertisements provide income.
The simplest way to register as a business is to start a sole proprietorship. In Alberta, if you are operating under your own name, you don’t need to register your business name. If you want to operate under a trade name, you’ll need to have the name approved and registered with the Corporate Registry. Other provinces may have different rules regarding registering a business name. Please check your provincial government’s website to verify what you need to do.
Now that I’ve explained a bit about setting up a home business, over the next three days I will be showing you some of the advantages of a home business from a tax perspective.
- First-Time Home Buyer Tax Credit
- Newest Multi-Level Business Out There Today - Useful Tips
- Year End Income Tax Guide (Part 1)
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Sounds like a great start for an amazing series for new entrepreneurs! I wish I was using the web before last two years. Had no idea that it could be used to find an answer to any question. “You don’t know what you don’t know”, as the saying goes.