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registering a car detailing business ?

s2ksimon

TRIBE Member
Is it worth registering one's business nowadays or is it more worthwhile to simply accept cash ?

On one side there are tax incentives ? write offs ?

gst registration ?

but is it really worth it ?

what are most people doing and why ?
 

green_souljah

TRIBE Member
Registering a business only costs $60. Its a breeze really.

Don't do the cash only route, you will never be able to obtain any kind of credit or financing and you might even get a cavity search by the CCRA if you are lucky enough. Do some things in cash, but definately register your business and have a healthy set of books.

Collecting tax is no big deal either. PST kind of sucks, but the GST you can claim the GST you pay on business related activities, and keep the difference.
 

Poot

TRIBE Member
green_souljah said:
the GST you can claim the GST you pay on business related activities, and keep the difference.
Just a bit backwards (or maybe it's just your wording) - the GST you collect via your sales you must remit, and this amount you remit is reduced by the GST outlay you've incurred on business expenses.

i.e. say you collect $100, but you yourself spent $60 on GST for various re. business - your net due to be remitted is $40.

green_souljah said:
you might even get a cavity search by the CCRA if you are lucky enough. Do some things in cash, but definately register your business and have a healthy set of books.
Pretty much.
 
Last edited:

green_souljah

TRIBE Member
Poot said:
Just a bit backwards (or maybe it's just your wording) - the GST you collect via your sales you must remit, and this amount you remit is reduced by the GST outlay you've incurred on business expenses.

i.e. say you collect $100, but you yourself spent $60 on GST for various re. business - your net due to be remitted is $40.



Pretty much.


ya thats what I meant but I can see how my post could have been misinterpreted.

:)
 
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s2ksimon

TRIBE Member
poot - no, its just i know many people are have business making money without registering. I'm certainly not out to cheat anyone , hence my question.

green_souljah - many thanks for your kind input. I will register thanks.
 

Balzz

TRIBE Member
Well, the last time I really went out was about 2 years ago...


There's an F1 thread in the sports section. ;)
 

SmoothOperator

TRIBE Member
Where will your business be located? I'll be pulling my SiR out of storage soon, and it needs a cleaning! Engine bay, wheels, and a wax!
 
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