How Much Do You Know About Starting A Business In Canada?
15 Yes or No Questions to test your knowledge
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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.
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Yes
B.
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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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