How Much Do You Know About Starting A Business In Canada?

Quiz Questions

• 1.
  If your business is not incorporated, are you taxed on the funds you take out of the business?

  • A.
    Yes
  • B.
    No
• 2.
  Is it mandatory to register for a GST/HST Number if you want to operate a business in Canada?

  • A.
    Yes
  • B.
    No
• 3.
  Are you able to incorporate your business if you have no employees?

  • A.
    Yes
  • B.
    No
• 4.
  Do you add up your business expenses for the year based on the day the expense was paid?

  • A.
    Yes
  • B.
    No
• 5.
  Does being registered for GST/HST usually incur additional cost for the business?

  • A.
    Yes
  • B.
    No
• 6.
  Can you choose any date to end the year on if your business is incorporated?

  • A.
    Yes
  • B.
    No
• 7.
  Is the business income tax based on the profit, or the sales?

  • A.
    Profit
  • B.
    Sales
• 8.
  In Canada, if you are self employed, are your income taxes payable due by June 30th?

  • A.
    Yes
  • B.
    No
• 9.
  If audited, will CRA accept an expense claim if you show proof of paying it on the credit card statement or bank statement?

  • A.
    Image Source

    Yes
  • B.
    Image Source

    No
• 10.
  If your business is incorporated, and makes no profit, are you as the shareholder guaranteed to not pay income tax?

  • A.
    Yes
  • B.
    No
• 11.
  Are Accountants and Bookkeepers two different roles?

  • A.
    Yes
  • B.
    No
• 12.
  If your business is not incorporated, can you pay yourself a salary?

  • A.
    Yes
  • B.
    No
• 13.
  Does "writing something off" mean you will get your money back for it?

  • A.
    Yes
  • B.
    No
• 14.
  Is it true that you must incorporate if you want to be seen as a legitimate business?

  • A.
    Yes
  • B.
    No
• 15.
  Are Loan Payments an expense to the business?

  • A.
    Yes
  • B.
    No

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