Benefits of registering as a business

[lplplp]

Hi everyone, I'm wondering about registering a home daycare as a business. I know that if you register, you do not have to give your SIN to the parents, but what other benefits are there to registering as a business? As I understand, if you use anything other than your name for your business, you are required to register as a business. I'm using my first name followed by the words, "Home Daycare". (Ex. Jane's Home Daycare.) Because I'm using the words, "Home Daycare" and not just my name, do I have to register? What is the cost of registering? I'm in Ontario. Thanks.

[mickyc]

If your business name is just your name then daycare you don't need to register. I call my daycare something else so I have it registered. I had a lady once copy my add almost word for word and then try to name her daycare something extremely similar to mine. I contacted her and asked if her name was registered as it is too similar to mine and likely would not be allowed (I worked in the legal field and knew there was no way it would be approved). She ended up deleting her whole add. In MB I paid $75 then renew it every 3 years.

[lplplp]

If I do not register, am I able to still use all same tax write offs? Also, I read somewhere that if you use business cards for advertising, you need to register. Although I am just using my name for my business, I do have business cards. Does this make a difference?

[mickyc]

Registering a name is just to secure the name. You don't have to register a name to claim on your taxes. Not sure about the business cards

[Busy ECE mommy]

In Ontario, I registered the business name(not my name) just to ensure that I held the name that I wanted. That gives you a Business Identification Number for about $60 for 5 years(in Ontario) At tax time, I don't put my SIN on tax receipts, I only print out the BIN, which the accountant and CRA can cross-reference to link to my business, and I don't have to worry about giving out my personal information.

[daycarelady1989]

how do you register your business in Ontario and ensure no one has the same name you want to use?

[lplplp]

how do you register your business in Ontario and ensure no one has the same name you want to use?

Hi, you should be able to register your business with an accountant. I haven't registered my home daycare, but my husband is also self employed and registered his business with our personal accountant. He was asked to provide 3 names for his business (in order of what name he wanted the most to the least) so that if his first choice was already used by someone else, the accountant had a couple back ups. Our accountant did all the paper work, my husband just had to sign the papers. Pretty simple. So, I would suggest inquiring with an accountant in your area.

[mickyc]

In Manitoba it is just a matter of registering your name with the companies office. All paperwork is online. If your first choice is denied due to being too similar then you just pick something else.

[Roger21]

Hi, you should be able to register your business with an accountant. I haven't registered my home daycare, but my husband is also self employed and registered his business with our personal accountant. He was asked to provide 3 names for his business (in order of what name he wanted the most to the least) so that if his first choice was already used by someone else, the accountant had a couple back ups. Our accountant did all the paper work, my husband just had to sign the papers. Pretty simple. So, I would suggest inquiring with an accountant in your area.

Honestly I hope he didn get charged for that. It's just a paper at the registry and that's it.

The CRA won't know about your "business" until you fill your tax forms, which are actually just "source of income from own business".

If you really want to register your own business you will have to incorporate, but for a dayhome that wouldn't be worth it.

[mickyc]

It's just a guess but I took it as the accountant just did up the name registration and did not incorporate the business.

A lawyer can also help with the paperwork although it is very easy and can be done by yourself. But from working in a lawyers office you would be amazed at how many people just get the lawyer to do it (not incorporating just registering business name).