Starting my own little side business

[iam_toby]

Hey guys,

hope to get some help here.
I moved to Canada in April 2012 and I'm applying for PR right now. I want to
start a little side business when I get my open work permit approved.
Want to offer computer hardware and software help, as well as web design. This is going to
be work done from home.
Where should I start? How much can I earn or should I earn to get good tax advantages?
Any help or ideas are highly appreciated!!

Thanks guys.

 

[iam_toby]

C'mon. Anyone?

I'm applying for BOWP in december and expecting it to be approved
in January.
By then I want to be on the right track and start working right away.

 

[vermanaman]

Hey guys,

hope to get some help here.
I moved to Canada in April 2012 and I'm applying for PR right now. I want to
start a little side business when I get my open work permit approved.
Want to offer computer hardware and software help, as well as web design. This is going to
be work done from home.
Where should I start? How much can I earn or should I earn to get good tax advantages?
Any help or ideas are highly appreciated!!

Thanks guys.

Toby I am in similar situation. Hope you were able to get some info. Please check inbox.

 

[NetMecca]

Hi

Unfortunately unless you have PR status or citizenship in Canada you will not be able to incorporate in Canada. You are able to legally own a percentage of a business in Canada (up t 75% for some provinces and for approved business types) however until you have approved status 100% ownership will not be possible.

There is of course no reason for you not to accept work online (outside of Canada treating it is foreign income) however what you are proposing to do has several legal pitfalls, and potential exposures, without following the legal routes.

My advice is to take $300, and spend an hour or two with a lawyer. This will help clarify what you can legally do.

The tax thing unfortunately is also no less complicated, and without proper incorporation this may prove further challenge.

Good luck

 

[vermanaman]

Hi

Unfortunately unless you have PR status or citizenship in Canada you will not be able to incorporate in Canada. You are able to legally own a percentage of a business in Canada (up t 75% for some provinces and for approved business types) however until you have approved status 100% ownership will not be possible.

There is of course no reason for you not to accept work online (outside of Canada treating it is foreign income) however what you are proposing to do has several legal pitfalls, and potential exposures, without following the legal routes.

My advice is to take $300, and spend an hour or two with a lawyer. This will help clarify what you can legally do.

The tax thing unfortunately is also no less complicated, and without proper incorporation this may prove further challenge.

Good luck

Netmecca you are right and this is the information that I already have, however, I have read some old posts on this forum and elsewhere, where open work permit or working holiday permit holders have started their own business. Also they have not mentioned if they had complete ownership or started in partership with a canadian.

Hence seeking further guidance.

 

[NetMecca]

Hi

Unfortunately I am not aware of any shortcuts, and could not find any when I arrived in Canada (also on a work permit). As far as I know there are only two options available to you .
1. Find a Canadian Partner. Of course there is no reason why you cannot set up an agreement with the partner to permit your buy back of shares after obtaining your permanent residence. (Not perfect but likely possible, and enforceable once you get PR status.)
2. Offer services to people and businesses outside of Canada.

Setting up a business without status, could easily backfire on your status, so would not recommend it. Best advice is to be patient.

Again a Lawyer may have some information I am not aware of, so if you are serious I would suggest you start there.

Cheers!!..