I'm self employed in the UK and got an SE PR visa for Canada.
In the UK you don't have to "register" any differently as a sole trader if you add extra words after your name (and the equivalent of GST comes into effect at around earnings of 60K) so things are quite different in Canada.
In Canada, if I wanted to trade as my name with something after it I'd need to register for a business number and set up a dedicated business account (defo not like the UK!)
Once that's done, all money earned goes into the business account. My question is, how do I pay myself?
Do I simply deduct 30-40% from every invoice and leave it in the account to pay taxes and move the rest to a personal account to live on? Do I need to account for every single thing that I buy?
I'm not a business/accounts kind of guy so if there's anyone who can explain this to me as if they're talking to a toddler that would be great
In the UK you don't have to "register" any differently as a sole trader if you add extra words after your name (and the equivalent of GST comes into effect at around earnings of 60K) so things are quite different in Canada.
In Canada, if I wanted to trade as my name with something after it I'd need to register for a business number and set up a dedicated business account (defo not like the UK!)
Once that's done, all money earned goes into the business account. My question is, how do I pay myself?
Do I simply deduct 30-40% from every invoice and leave it in the account to pay taxes and move the rest to a personal account to live on? Do I need to account for every single thing that I buy?
I'm not a business/accounts kind of guy so if there's anyone who can explain this to me as if they're talking to a toddler that would be great