BritCanadaNewbie

Hi Folks,
I have a new IT contract to start in Toronto. However the only thing I have is a SSN/Canadian bank account/PermVisa and my UK P45,
What do I now need to do? In UK I usually have an umbrella company (In UK you can simply register in a day )
So in Toronto what is the first thing I need to do?
Is there anyway it can all also be done online?

thanks guys any advice would help I need to get this done asap.

rivingtonpike

That sounds exciting, good for you? How long the contract is might determine the best way forward. What is a PermVisa? I've not heard the term.

JonboyE

SSN?

Maybe the first step is to find out if the employer wants to hire a person or a limited company. If you need to incorporate it can be done online and in a day. In Ontario I think you must have one Canadian resident director.

magnumpi

Not many to chose from over here I am afraid, I did find one u may wanna check out, good luck !! Must be the climate I exspect this one is in BC

http://www.theumbrellashop.com

BritCanadaNewbie

SSN- social security number
ok so I'm a permanent resident . Employer wants to hire me as a IT contractor . what do I now need to do if I have just my SSN, residency card, bank account and UK p45?

in UK you get a contract you just then register with a 'umbrella' limited company (such as this http://simplifybusiness.co.uk). that company will then invoice the new employer for your payments and do tax deductions /etc.

now do umbrella company exist in Ontario ? or do you go the limited company route ? if so what is the process for registering a company /tax etc?

JonboyE

The septics have social security numbers. In Canada you have a social insurance number (SIN). You do not need a UK P45 in Canada.

As I said, you should find out if the company wants to hire an individual or a limited company. This has to be the first step surely? If they are content to hire an individual then there is nothing much you need to do other than turn up and start working. Send them a bill every two weeks for your service. When your billing reaches $30,000 you will have to register for HST (very like VAT in the UK).

I have not heard of Umbrella Companies in Canada but I do not live in Ontario. In BC, when a company will only deal with incorporated subcontractors people form a limited company. There is a cost to incorporate and administer a limited company so you might want to determine if it is necessary.

Have a look here ...
https://www.appmybizaccount.gov.on.c...uxuX_HQ1Bq38!/

BritCanadaNewbie

ah great ! yea I meant SIN. yes I would need a limited company.
so my options are to register a business name or go to an incorporated company ? seems like the incorporated may be the same thing as an umbrella company ?

Aviator

Take a numbered company off the shelf, much cheaper. and use a dba name.

If you want to register a name it could be a longer process depending on whether the name is available.

BritCanadaNewbie

ok what is a numbered company and what's the process for getting it please ?

Siouxie

Registering your business - Canada Business Network

http://www.corporationcentre.ca/docen/home/faq.asp#q7

Aviator

All you need for registering in ON
https://www.appmybizaccount.gov.on.c...Lsh0VAfzzwt0!/

dbd33

I'm a contractor (and pimp) in Ontario. Last week I was at the bank negotiating a mortgage.

"Are you still with nnnnnn Ont. Inc.?"

"Yes, a great employer, twenty years now"

Bank lady seemed impressed but, in fact, nnnnnn is just me and it's been twenty years only because that was when they stopped having a tax holiday for new incorporations, prior to that we'd flip the company every three years.

The point is that it's usual for IT contractors (and truck drivers) to have a numbered company rather than a trade name. You don't even need the dba name. Most pimps will want you to be incorporated; a numbered incorporation is enough, they're used to that.

BritCanadaNewbie

still confused guys,.
From going through the links .. all I have to do is process this online form for a business number??
Business Registration Online - Overview

is that right?

dbd33

That's not the same thing. What you want is to incorporate without naming the company; you just get the next available number and use that as the name of the firm. The link is for getting some sort of tax number.

Why not get an accountant to sort this out? If you cock up the original set up you'll have years to regret getting it wrong and will spend the cost of an expert many times over on excess tax and source deduction bills.

I suggest that doing this yourself is as sensible as pulling your own teeth.

Aviator

If this is confusing you, get an accountant to help you. The last post I put up is where all the information you need to register a business and obtain business numbers (for GST etc.). As dbd stated, it'll cost a lot more to sort it out if it gets screwed up than hiring an accountant to do it right the first time.