What do I need in order to start reno business?

9/21/2017 at 3:09:53 PM

You would be listed as a drywall contractor. First get a business number from the CRA for taxes and GST. You must also register your business name with the government if it's not your name as the business. A very good idea is liability insurance and you must have WSIB insurance if you will have workers or do commercial work. Each city is different if they require you to get a business license from them. I'm sure I've missed some but that's the basics.

9/28/2017 at 11:34:20 AM

Hi Barcelona!

James above has the right information.

If you are new not only to Toronto but Ontario or Canada, it would be prudent to familiarize yourself with the current Ontario Building Code (2012) as it relates to your field.

You will need to register your business with the government.

You will need to obtain an HST number if you expect to gross over $30,000.00 per year (if you don't expect too, you should probably consider other work!).

You will need to obtain a Business License from the City of Toronto's Municipal Licensing and Standards which will require some steps in advance and will cost a bit of money and depending on your field, may require an exam like in the case of a Builder/Renovator.

You will need to obtain Contractor Liability Insurance and take the time to pay attention to what coverage you are getting. The first impulse is to go with the cheapest quote, but that is a complete waste of money if your policy does not cover any of the risks your new business will be exposed to. Imagine paying premiums for years to find out the first time you need it you are not covered and have to pay for all of the costs!

Lastly, you are required to register with the Workplace Safety and Insurance Board (WSIB) under your classification (i.e. drywall/insulation) and file and remit the corresponding percentage of labour each period to remain covered.

It is illegal to operate without a Business License in Toronto in your field and the penalty can be as high as $50,000.00 when you are caught.

It is illegal to operate without WSIB for you and every member of your crew in Ontario and the penalty aside from fines, is virtually limitless if you are required to pay for an injured worker for the rest of their life.

Keep in mind there is a lot more than simply having the paperwork to operating in the construction industry in Ontario. There is a great deal more, particularly regarding Health and Safety in every project. Ensure that you mitigate your risks.

Following all of that, best of luck in your new career!