I am hoping to start my own company and I am unclear on whether or not I should be registering myself as a General Contractor.
My business will consist of the following: drywall, framing, taping, painting, flooring, floors (hardwood, tiling), basement, kitchen, and bathroom renovations.
If this is the proper 'category', how do I properly register myself and my company as a General Contractor?
Thanks for your help.
Try going to your City Hall or Building Department and asking them what is involved to become licensed to work in your city. Usually you need to carry minimum $2MM liability insurance and have a business number to start. Look into WSIB requirements as well as these rules are changing in 2012 so don't be caught off guard. Spend some time understanding HST as well, and payroll issues so you don't pay your staff cash under the table. That puts you and the home owner at risk, and leaves you open for trouble if you are reported and CRA or WSIB decide to audit you. You could lose your license to work in the city as well so be careful to do it right.
I encourage you to do your own homework on determining your classification, so you have an understanding as to what you are licensed to do and not do.
Its not easy to start, but if you do it right in the beginning you will receive the benefits later on. The city is a great resource, so is Service Ontario. There may be funding or financial support for you depending on your age and life position, or access to start up capital through New Venture Loans in your community. Visit your Business Development Office in your community and the Chamber of Commerce for added insight.
Take time to prepare a business plan too. Don't fail to plan, rather, plan for success!
Good luck with your business venture!
Your best bet is to outsource your personnel. For example hire a job agency to do the staffing and recruiting for you, they also cover all wages, cpp, ei, wsib premiums.
I know of one agency that charges $15.90 per hour for general labour. Give them a call National Job Agency 416-777-2852
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