Howefamily

I have been working as a Management accountant in Nova Scotia for 9 months and now want to work for myself.
I am doing some research into this and have been told my someone else who is a self-employed bookkeeper that I need to have more than one client to setup.
I will most likely have one client right now, is it true that I need more than one to even start?
I have checked all over Canada Revenues website and I cant see anything anywhere (so far) that states this is true.
I plan to register under Joint Register of Stocks as I dont want to work under my own name

I have sent this as a PM to JonboyE but thought I ought to put it here too in case he doesnt logon for a while.
Thanks

Aviator

The scary thing from a clients perspective is you don't know the answer to this.

http://www.cra-arc.gc.ca/E/pub/tg/rc...e_selfemployed

And it was top of the list on a Google search.

http://www.cga-bc.org/tax_matters.aspx?id=1698



Nothing wrong with just one client, especially when starting a business. However if from CRA perspective it looks like it is set up for convenience and an employee/employer relationship really exists, they may not accept it and reassess as an employee. They have been all over the construction industry for this. You may want to be actively seeking new clients from the get go. Adding to the complication would be if the sole client was your only client and remained so.

This is not tax or business advice and is offered for general information. You should seek the advice of a professional and government agencies before making any decisions.

Howefamily

Yes, I didnt know the answer as its a new country to me hence the question. It may be top of a google search but that doesnt make it correct.
Thanks for your input though and I am actively seeking clients.

Howefamily

I had read that link a few times, its very much the same as the UK. It didnt specifically mention number of clients though and I had been specifically told that I had to have more than one.

Novocastrian

You don't have to to start. But if after a couple of years you still just have one, there's a risk that the taxman will investigate.

This happened to my wife about 12 yrs ago. No problem for her, it was the client who got a slap on the hand.

Howefamily

Thanks, I am going to try to build my client base, its good to know that I can start with one. Thank you

Aviator

Nor do the answers you get on an open forum. Canada Revenue Agency would perhaps be a more reliable source, which was top of the Google search.

My point was that if you are going to be representing clients as an accountant or in financial matters, this is fundamental information and the 'new country' bit does not cut it. It is certainly something I would expect my accountant to know. This is a question and many other simple ones like this will be asked by clients. If I thought they were getting and relying on information off of an open forum, I would fire them in a blink. If the 'new country' is an issue, are you ready to go self employed? If you are qualified in Canada, presumably CMA then is this not something your professional training would cover?

Howefamily

I can most definately see your point. I am not going to go into details about all I know on here, I asked a specific question as it struck me as odd and I wanted a specific answer, that is all. I am comfortable with my experience (thanks), Johnboye has answered me with useful information.