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Do I require business insurance on reserve? |
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We do recommend business insurance, however each business insurance issue is taken individually. You may want to have insurance on your products and/or liability insurance and/or insurance against theft. It depends on what your business is and what each individual business will need. Please visit your local insurance broker for further information. |
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Do I require a business licence on reserve? |
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Not necessarily. Business licenses are municipal based. For example: if you are an independent consultant or have opened a craft shop from your home on reserve, you do not have to have a business license. Refer to your local municipal laws. |
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Do I have to pay income tax if I’m on reserve? |
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Generally you won’t pay income tax on reserve for employees who are of Aboriginal descent. If you want to know more for your individual business situation consult with a professional accountant or lawyer that is familiar with on-reserve taxation laws. |
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Am I required to collect GST? |
- Essentially if you operate a sole proprietorship, a partnership, or a corporation that has gross sales over $30,000 in a fiscal year you are required to collect GST on behalf of the federal government.
- If your annual GST-taxable sales and revenues are under $30,000 you are not required to register, but may register voluntarily as long as you are carrying on a commercial activity
- When you register for the GST, you will be assigned a Business Number (BN)
- For more info contact Canada Revenue Agency Business Window 1166 West Pender St, Vancouver, BC V6E 3H8 800.959.5525 (f):604.691.4446 www.cra-arc.gc.ca
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What do I need to consider if I’m buying an already established business from someone else? |
- An Independent business valuatio
- Financial Statements for the past 2-3 years
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FAQ