Pre-search your business name for FREE with CorporationCentre.ca

On September 19th and 20th CorporationCentre.ca is offering FREE name pre-searches to all our customers*.

A business name “pre-search” provides a preliminary search through the NUANS government databases** to provide results that show an “exact match” of the names you are thinking of using to register or incorporate your business. By checking the availability of your name before ordering a NUANS name report, you can save time and money spent on multiple NUANS reports!

Click here to find out more about name pre-searches and to order your FREE report on September 19th and 20th ONLY.

*Please note that the pre-search is offered to Canadian individuals and entrepreneurs developing names for the corporations or businesses, it is not intended for search houses or other company formation professionals to use repeatedly. CorporationCentre.ca reserves the right to limit the number of pre-searches.

** Please note that NUANS does not include the Quebec provincial registry, which can be viewed here.

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Faites une pré-recherche du nom de votre société gratuitement avec CorporationCentre.ca!

Les 19 et 20 septembre, CorporationCentre.ca offre à tous ses clients l’utilisation gratuite de son service de pré-recherche de nom.*

Une “pré-recherche” de nom d’entreprise vous permet d’obtenir un rapport préliminaire de recherche au moyen des bases de données gouvernementales NUANS** vous fournissant ainsi une liste des résultats correspondant exactement au nom que vous comptez choisir pour l’enregistrement ou l’incorporation de votre société. En vérifiant la disponibilité du nom désiré avant de commander un rapport NUANS, vous économiserez du temps et de l’argent autrement dépensé sur de multiples rapports NUANS!

Cliquez ici pour en apprendre davantage sur les pré-recherches de nom d’entreprise et pour commander votre rapport GRATUIT les 19 et 20 septembre SEULEMENT.

* Veuillez, s.v.p., noter que la pré-recherche est offerte aux individus canadiens et aux entrepreneurs désirant nommer leurs corporations ou sociétés et n’est pas destinée à être utilisée à répétition par les boîtes de recherche ou autres professionnels en établissement d’entreprises. CorporationCentre.ca se réserve le droit de limiter le nombre de pré-recherches.

** Veuillez, s.v.p., noter que la base de données NUANS n’inclue pas le registre des entreprises du Québec qui, lui, peut être consulté ici.

Reasons for creating an advisory board for your business

One common problem that entrepreneurs face is the problem of finding a group of peers who understand the challenges of running a business. Sometimes, with the constant battles of putting out fires, solving problems on a daily basis that they sometimes forget they need to take a step back from the business and deal with larger strategic issues. This is where an experienced board of advisors can come in and provide a sounding wall to vet ideas and strategies that will benefit the business.

Advisory boards are such a great tool that no small business should be without one. It’s like having a group of experienced consultants working for your company, those who can provide you with their:

• independent perspectives,

• experience,

• special skills,

• and network of connections to your company.

Is creating an advisory board right for me?

Although there are numerous benefits to having an advisory board, it does take a lot of planning and determination to create one. As an owner, you must be aware of confidentiality issues – to be able to trust that your advisors have your best interests at heart and not divulge company secrets. Likewise, you must be ready to communicate the issues that your company face, such as operations, employee problems and even opportunities. Without open communication from both yourself and the board, it will be very difficult for your business to benefit from this collaboration. Of course, when you recruit for an advisor, the person you want has to be capable of handling sensitive issues and confidential information.

For your advisory board to be effective, you must create guidelines in these areas:

Responsibilities – You should create a formal job description for everyone involved in the board. By clarifying their duties, there will be no overlap and misconceptions on their duties. When you recruit, be aware of what your organizational needs are, so you have the right expertise available.

Meetings – You should outline the frequency, length and location of your meetings. Remember, your advisors are also busy, so you should leave some flexibility in meetings to accommodate their schedules.

Compensation – Be clear on how you plan to compensate your advisors. Will you compensate them for attending meetings? And how will you do it – with cash or stock? You should be upfront about this – remember that your advisors are helping you out of their busy schedule.

Having an advisory board is a huge benefit to your small business, provided there is a clear direction and is supported properly by yourself and your company. It will allow your small business to compete against larger competitors by working with talent that might not otherwise be available.

Researching your business opportunity

The success rate of a new business getting past its third year is low. To increase your probability of success, you must ensure that the business opportunity that you explore is financially viable, has a market and that the idea is suitable for your personality. Before you take the plunge, take the time to do some research into the opportunity and see if it’s a right fit for you. . Here are some tips that will help you determine if your business opportunity is going to be successful.

1. Do your market research.

This is the first and most important aspect of your research. Is your product or service something that you would use in your life on a daily basis? If not, then why do you want to get into that business? Remember, your clients want to buy a product that will help them solve their problems. At this stage, you should contact a few prospects and provide a demonstration and get their feedback. Take a deeper look into the market; are there a lot of competitors? How are they doing? Is there space for another competitor such as you? By finding the answers to these questions, you’ll determine if your new business has a market opportunity.

2. What is your business revenue model?

Or in other words – how are you going to make money? Take a detailed look at your business - do you know clearly how the cash is going to come in and how much your prospects are willing to pay? Are the profit margins so low that you can barely make a living from the sale? If you don’t understand where the money is coming from, then you shouldn’t be getting into this business.

3. Know your numbers

Starting a business requires you to not only understand if your clients will buy from you, but also knowing how much it will cost to deliver that service. Once you know the numbers (and you should have already identified how much your clients are willing to pay for your product/service), you will be able to determine whether there is enough of a profit margin for your business to grow. A good tip to determine your start-up costs is to outline all the steps you need to take in order to deliver a product to your client. Then list the equipment or services that you will need. This list should indicate how much those start-up costs are going to be.

4. Seek professional advice

Get some advice from experts and other entrepreneurs related to your business. Do your research on the internet, try to find a forum, or an association that is in your industry and try learning as much as you can. Understand potential challenges or any barriers to entry that new businesses face, any rules or regulations, and as many costs that may be related to your business. It would be wise to spend the money in hiring experts such as a lawyer and an accountant to help you.

Starting a business is very exciting, however, if you haven’t done your homework, you’ll soon find out how stressful it can be. Always seek advice from experienced people and use it to your advantage. It’s best that you make the right decisions early than suffer a major loss down the road as a result of selecting the wrong business opportunity.

Business Planning: An important step towards starting your business

As an entrepreneur, you juggle a lot of balls.

From managing employees, sales, financial and operations, it’s easy to get lost, trying to put out the daily fires. If you don’t take a step back and take a look around, you may have realized that your business is not what you had originally started.

This is the point when you realize you should have sat down and spent the time in creating a business plan. Not just something that you’ve jotted down in the back of an envelope, but a document that maps out your long term strategic plan for your business.

Creating a business plan is important as it not only provides you with a compass – guiding you in the right direction, but also reducing the stress and frustration in reacting to situations on a daily basis, because you know the path you are on. A business plan also allows you to:

• Be visionary –identify where you’re going and keep you on track towards your goals;

• Execute with confidence – you know what your tools and resources are going to be and can handle any potential surprises;

• Be fiscally strong – you’ve already laid the groundwork for your financial health, knowing your expenses and profit margins.

What’s a business plan?

A business plan is a document that outlines how you are going to achieve success in your business and a step by step process on how you’re going to get it done. However, you have to realize that the information that you put in your business plan depends on who your target audience is.

Here are the items you need to keep in mind when writing your business plan:

1. Know your audience

Tailor your plan to your readers’ requirements. If the plan is to raise funds, then you must indicate how your potential investor would make a return on their investment and how long it will take. However, if you are communicating your future plans for the company, then the goals of the plan are different. Always remember to tailor the material to your audience.

2. Identify your customers

Use the plan to delve deeply into outlining who your customers are. Why would they want to purchase from you. What are their pain points? How will you solve it for them? Understand the size of your potential market and how it will grow over the next 5 years. By answering these questions, you will uncover if your business is sustainable for the long-term.

3. Who are your competitors?

You also need to know the size of your competitive market - how will you differentiate yourself? What kind of challenges will you face when you go against them? It’s important to know your competitor’s strength and weaknesses so you can exploit them to your full advantage.

4. The design of your plan

If your plan is a document, make sure that your plan is easy to read, well organized and looks professional. If you are doing a PowerPoint presentation, make sure that your key points are clearly stated and easy to read.

5. What is the ROI?

Most business plans are written with the goal of raising financing. So, know your numbers! You should be aware of how much money you’ll need to raise, what your profit and operating margins are and how you’re going to make money. If you’re looking for funding from investors, then you need to communicate clearly the return of investment that they will get. How long will it take for them to make back their investment and more? What will make them confident that you will succeed in this business – so that they know they will not lose their money? They also would want to know if you are prepared for all contingencies and can protect their investment from failure.

Finally, a plan is not written in stone. Due to changing market conditions or new opportunities, you may have to react quickly and adapt. You should review your plan every quarter, just to see where you are against your milestones and address as necessary.

Why Small Businesses are Important for the Canadian Economy

Are you considering starting up or working for a small business? If so, you will be making a strong positive contribution to the Canadian economy. In recent years, small businesses across the country have played a crucial role in stabilizing the often volatile economy in Canada, and there are a variety of reasons why.


Small businesses are job creators. They have helped to create thousands of new jobs in Canada. According to statistics published by Statistics Canada in July 2008, small businesses alone have accounted for 37 percent of new jobs in the private sector between 1997 and 2007. Since 2008, these figures have shown a steady increase.


As of July 2011, 98 percent of all businesses in Canada are now considered as a small business, with 48 percent of the work force being employed by them. According to the July report, there are currently more than 2.4 million small businesses across Canada, a number which will surely increase over the next few years.


Employees of small businesses currently account for more than two thirds of the employment in five major industries:


• Non-institutional health care (89 percent);

• construction (76 percent);

• other varied services (73 percent);

• food and accommodations (67 percent),

• and forestry (67 percent).


These statistics are more than likely to increase, especially if the state of the Canadian economy improves. In addition to contributing to the increase of the country’s employment rates, small businesses are also an integral part of the GDP. Some statistics to consider - in 2006, small businesses made up roughly 23 percent of Canada’s GDP. This figure varied from one province to another, and it peaked at 27 percent in both British Columbia and Prince Edward Island.


Two years later, Saskatchewan’s small businesses accounted for 35 percent of the GDP, while BC placed second with 32 percent. Not far behind in third place was Quebec, with a 30 percent contribution. One of the main reasons why Quebec’s small businesses have made such a significant contribution to the GDP can be attributed to the fact that more than 56 percent of Canada’s small businesses are located in Quebec.


Although small businesses in Canada are important, there is quite a bit of work left to do to make it easy for businesses to succeed. The Canadian Federation of Independent Businesses (CFIB) has released its new report which highlighted four key areas:


• better labor laws,

• reduced taxes to help businesses grow,

• a reduction of red tape,

• and better spending on services for small businesses


Their conclusion is that the government needs to be more involved in order to make it a balanced economic environment for entrepreneurs. With the chaos in financial markets, the strong hand of the government is required to provide a stable platform so that many businesses can succeed. A private/public partnership is required in order to address each of these issues, one that benefits both owners and employees.


Small businesses are currently on the rise, and it is expected that many more will be established across the country in the coming years. Consequently, the more small businesses that exist, the great their contributions to the GDP as a whole will be. So, if you considering starting a small business of your own, there is no better time to do so than now.

$1 Incorporations from CorporationCentre.ca

On September 7th and 8th CorporationCentre.ca is offering you the chance to incorporate your business for only $1*. That’s right! Instead of the usual $99 service fee, we will save you time and money by providing $1 incorporations to celebrate Labour Day.


This offer is for 48 hours only!

Please visit CorporationCentre.ca or call 1-866-906-2677 for more details.

* Plus government fees and optional products and services.

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Le 7 et 8 septembre, CorporationCentre.ca vous offre la chance d’incorporer votre entreprise pour seulement $1*. Vous avez bien lu! En célébration de la Fête du Travail, nous vous offrons notre service d’incorporation d’entreprise pour $1 au lieu des $99 habituels.

Cette offre n’est valable que pour 48 heures!

S.v.p., rendez vous au CorporationCentre.ca ou composez le 1-866-906-2677 pour obtenir des renseignements supplémentaires.

* Frais du gouvernement et produits et services optionnels en sus.

"Why join the navy if you can be a pirate?" Entrepreneurship Lessons from Steve Jobs

The retirement of Steve Jobs from day-to-day operations at Apple caused such a furor from the business community that the price of Apple stock dropped by 7%, losing a value of almost $17.5 billion dollars in one day. Jobs’ popularity stems from the fact that in spite of facing some stiff opposition in one of the most competitive industries, he led his company to become one of the most innovative and profitable companies in the world. Having started Apple in the late 70's, he was forced out by the board in 1984 and was asked to come back to turn it around in 1996. From then on, his creative vision and leadership single-handedly transformed the computer industry and changed how the world communicates.


Many consider him to be the embodiment of entrepreneurship and a great role model for businesspeople and entrepreneurs alike. He not only started and grew Apple, but also has done the same for other companies such as Pixar and Next Technologies, making him one of the most admired billionaires in the world. Here are some of the lessons that he's learned in starting and growing a business.


1) Follow your heart


"Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma - which is living with the results of other people's thinking. Don't let the noise of other's opinions drown out your own inner voice. And most importantly, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary."


Being an entrepreneur is a tough job! So be very sure that you are passionate about the business that you’ve started. Never forget that the person that you truly must make happy is yourself – as you will face a lot of challenges in your journey as an entrepreneur. And when you’re up late at night fixing problems, you know that deep inside of you, you don’t want to be doing anything else. Being an entrepreneur means believing in your ideas and having faith and most importantly, you must have faith in yourself. It is this faith that will draw others to you; because that’s the passion and vision others that will allow you to lead.


2) Make a positive impact or change the world


“Do you want to spend the rest of your life selling sugared water or do you want a chance to change the world?”


Those words challenged former Pepsi executive John Scully when Jobs tried to recruit him into Apple. Steve Jobs was obsessed with creating technology that would change the way people interact with it and make it an integral part of their everyday lives. To achieve his vision, he strove to push the limits of technical creativity, coming up with groundbreaking products that raised the bar in design and function. It was his vision that has made Apple the leader in innovation and the envy of many CEOs. But what does that mean for you? Ask yourself - does your business have a higher mission towards the world and your clients? Do you strive to make a difference in the world through your services and products? Because in the end, trying to change the world is just good business.


3) Don't follow the herd, be unique.


“Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes… the ones who see things differently — they’re not fond of rules… You can quote them, disagree with them, glorify or vilify them, but the only thing you can’t do is ignore them because they change things… they push the human race forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough to think that they can change the world, are the ones who do.”


Stand out from the crowd, because that is what’s going to get you noticed. Progress in all things are made by people who stand strong in their ideas, are not swayed by public opinions and passionately care on how their actions benefit the world around them. Being unique in business may be just what your brand needs ... and should communicate. However, just being different isn't what you want to achieve. Instead, you want to be distinctive -- in the things your customers and clients value most.


Jobs’ achievements don't lie just only with Apple. However, it has been his crowning glory and by taking an almost bankrupt company to being the most admired, envied and emulated company in the world has left a legacy that will be hard to replicate by those who follow after him.

What Happens if I Get Audited?!

It's certainly not a campfire horror story but many Canadians fear that they may be subjected to a tax audit. Is there basis to that fear?

The truth is that, for most personal tax returns, the chances of an audit are slim. The vast majority of Canadians, more than 90%, completes their tax returns accurately and files them on time. Of more than 26 million personal and corporate returns filed annually, the Canadian Revenue Agency (CRA) audits less than 2%. Most personal returns are accurate as the bulk of personal income is recorded on T4 slips. However, returns from small and medium sized businesses may be prone to error or may be fraudulent. As such, most CRA audits are directed at the business community.

This is not to say that you should assume that whatever you include in your personal return will slide through unnoticed. For example, if you live in a neighbourhood of stately, expensive homes, yet your income is barely above minimum wage, you may expect to be queried by the CRA as to other sources of income to support your lifestyle.

Should you be chosen for a tax audit, it is wrong to assume that the CRA is searching for criminal activity. A tax audit is conducted to ensure compliance with the Income Tax Act. An auditor may actually discover that you overpaid taxes and a refund is due. In any event, don't be confrontational. Cooperate with the tax auditor and make all your records available. It is possible that you made an honest error and you have the opportunity to discuss this with the auditor. The auditor is also well versed in tax issues and may be able to offer helpful advice in your tax matters.

Overall, be prepared. Keep careful records and don't discard them immediately after filing your return. If the tax auditor knocks at your door, be ready and be helpful.

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How to Master Canadian Taxes Before Next Year

If you compiled a list of Canada's greatest complexities, chances are very good that the Canadian Income Tax Act would command a respectable spot on that list. In recent years, it has expanded incredibly, becoming a quagmire of confusion to the average citizen. It is no wonder that more than half of all Canadians now secure professional help to prepare and file their tax returns.

Have you tried to hold a conversation with a tax preparer during tax season? It is limited to several words as most tax professionals literally work around the clock to prepare as many returns as possible. If you are one of the clients, appreciate that your expectations are linked directly to your level of cooperation. In other words, your accountant cannot use information, sometimes basic and crucial, if you don't supply it. Due to the tremendous workload and seasonal pressure, the accountant may not ask every question. Therefore, be prepared to supply certain information, along with your receipts and T4's or T5's.

The amount of tax you pay depends on a number of key facts that your accountant should know. Marital status and exact age are crucial as these affect possible tax credits or deductions. Your children, depending on their ages, create numerous tax credits and deductible expenses. Accuracy is essential; there is no room for approximation.

If you were employed at several jobs, be sure that each employer is listed in your return, even if you did not receive a T4. You are responsible for paying taxes on earned income and your accountant must be aware of every dollar that you earned.

If you own a business, compile a detailed list of every possible expense and revenue. Your accountant can decide which are not relevant, if any. Don't make assumptions by yourself; let the professional decide.

List all your financial holdings, including any overseas investments. With all the pertinent information available, your accountant can determine your tax liabilities. Similarly, don’t forget to list "non-employment" income such as rental income, capital gains from sale of property, etc.

Finally, don't forget medical expenses. Keep all your receipts for treatments, medications, insurance, etc. You paid dearly for your health and some of the expenses may return to you.

Spend some time researching tax credits and benefits. If you're not sure whether you are eligible, ask your accountant. It is better to err on the side of caution. It's easier to remove some numbers but much harder to add them if they were never included.

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How Can I Find a Good Accountant?

May 2010; the tax season is behind us for another year. If you are like almost half the Canadian population, you prepare your own taxes each year. But, as the Canadian tax code is growing increasingly more complex, a greater number of Canadians are seeking professional assistance from accountants in order to reduce the risk of paying unnecessary taxes.

Locating accountants is relatively easy. Finding the accountant suitable for your specific needs is far more difficult. Canada boasts three professional accounting bodies whose members are certified to serve the accounting needs of the nation. However, each organization has different standards and requirements for membership. Therefore, if you are shopping for an accountant, it's best to decide precisely what your needs are and interview prospective accountants carefully.

By far, Chartered Accountants (CA's) are the best trained accounting professionals. Only CA's can audit and sign financial statements. Roughly 40% of CA's in Canada work with the public, while the remainder is employed in the private sector, government, or education. Although advertisements for CA's will make many claims, it is wise to get several references.

In addition to CA's, Canada also has 37,000 Certified Management Accountants (CMA's). Generally, CMA's do not have private practices but, rather, work in large organizations, monitoring and interpreting operating results to help management develop operating strategies. Nonetheless, a CMA should have adequate training to help a small business or a self-employed individual with basic tax management and preparation.

Finally, Certified General Accountants (CGA's) offer a little something for everybody, working both in private practice as well as corporate or government settings.

Whomever you choose, your best bet is to ask friends and colleagues for recommendations. Also, take the time to interview at least three prospective candidates. Be sure that the chemistry is right between you. But, as much as possible, try to be your own accountant. A wealth of information is available online today. If you can't do it yourself, gather as much information as possible so you know what to request of your accountant. By learning to prepare your own taxes, you'll gain valuable insight into managing your everyday financial affairs.

Incorporate in Canada with CorporationCentre.ca
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