I'm a red seal journeyman carpenter living in alberta and am wanting to start sub contracting myself out. Just wondering if anyone knows the process? Do I need to get a GST and business number?
You will need a Gst number but might not have to remit until annually or bi-annually depending on the amount you collect. The process is simple though. Getting a business number though is important and so is liability insurance. You also will want to do all this as you can then write off tools and expenses against your company income (your personal income).
As a Sole Proprietor ( Red Seal) myself since 1996 here in Ontario, Yes if you plan to make more then $ 50,000 a year, you will require a GST/HST ( Same thing ) Number. This is your "BIN " Business Identification Number in order to claim HST from your Clients.
Congratulations! I was very excited when I received my carpenters license in 1991.
Speaking from experience, you will benift most by paying a seasoned chartered accountant that handles small business accounts, pay him for an hour of his time, he will advise you as to what you really need. The Ministries online info can be difficult to understand as a new comer. Chartered accountants will know what you need now and when your business grows. Good Luck! Walter.
Search the TrustedPros directory and discover the best contractors in your area.Find your home service pro