LIFE EVENTS
QUESTIONS

Self-Employment

Q.1. Am I suited for self-employment?
A.

There are many demands placed on a person who is self-employed. It is not for everyone. A self-assessment quiz can help you determine if you have the necessary skills and attitudes.

Q.2. Where can I find information that would help me start my own business?
A.

Human Resources and Skills Development Canada supports employment programs to help unemployed or underemployed Canadians. Other information is available through the various provincial and territorial governments.

Q.3. What is a business plan?
A.

A business plan is a formal statement that outlines in detail how a business is going to achieve its goals. It involves describing a set of goals for the business, the reasons why they are desirable and attainable and a strategy to reach those goals. The plan projects revenues and expenses for a specific period of time and describes the activities that will take place. The idea behind a business plan is to help the owner focus on priorities and activities and establish a basis on which to gauge progress.

Q.4. How do I prepare a business plan?
A.

There are many models of how to complete a business plan. As you work through the model that you choose you will find that it helps to clarify your goals and action plans and gives you a better understanding of what you need to do and what you hope to accomplish. You will need to do a considerable amount of research to demonstrate that there is a market for your business idea and that your idea will service that market in a way that can be profitable. Your research may well show that your idea is not viable, which can save you from a lot of unnecessary work and expense.

Q.5. Do I need a GST or HST number and, if so, how do I get it?
A.

Most businesses are required to register for the GST or HST and collect and remit the GST or HST. If you qualify as a Small Supplier then you are not required to register for the GST. Regardless of whether or not you qualify to collect GST/HST you will need to get a business number. During this process you will indicate if you qualify to collect GST/HST.