Step #8: Additional Regulations

Additional Regulations

Below are some additional regulations for your consideration that may apply to your business.

Building Permits

A Building Permit legally authorizes you to start construction of a building project in accordance with approved drawings and specifications.

Development Charges

Development Charges (DCs) may apply if a building permit is required to prepare the space where your business will operate. DCs are a development fee associated with development (new construction) and redevelopment (change of use) which help to fund the cost of new services required as a result of growth.

If a building permit is required, DCs may apply. Visit https://www.hamilton.ca/build-invest-grow/planning-development/development-charges/development-charges or contact the Development Charges, Programs & Policies Team at DCRequest@hamilton.ca for more information.

Taxes

As a self-employed person, you are required to remit your CPP contribution and Personal Income Tax per year. For more information, visit the Government of Canada's online resources on Public Pensions or Personal Income Tax. You can also visit the Canada Revenue Agency for more information.

Did you know? The Canada Revenue Agency offers a Liaison Officer service - free tax help for small business owners and self-employed individuals. Learn more by visiting https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/liaison-officer-initiative-loi.html

Business Insurance

Although business insurance is not mandatory, it is highly recommended that you consider it. Your business may have many assets, possibly including but not limited to, vehicles, office space, equipment, inventory, an indispensable employee or partner, and, most importantly, yourself. To protect these assets from potential risk, consider getting insurance. For more information on the types of business insurance available and how they work, please visit Protecting your business, Business insurance from the Government of Canada.

Some types of business insurance available include:

• Commercial property insurance
  
• Public liability insurance
• Errors and omissions insurance
• Buy-sell agreement
  
• Key person life insurance

If you have a home-based business or work from your home, you should consider getting business insurance. Business insurance can protect you against loss or damage to physical property or the loss of your business's ability to operate and generate income. Home or tenant insurance will generally not pay for claims related to a home-based business. To obtain insurance, please contact your local insurance agent. It is recommended you obtain 3 quotes for business insurance.

Hiring Staff

When the time comes you need employees, you need to consider if you are hiring them as staff or contract, how many you are hiring, how many hours per week they will work, and how much you will pay them.

Other considerations include:

• Employment Standards Act - applies to most employees and employers in Ontario. The Act outlines the guidelines for hours of work, minimum wage, overtime pay, vacation pay, and mandatory statutory holidays. For more information, visit the Ontario Ministry of Labour online or visit the Guide to the Employment Standards Act.
  
  
• Payroll deductions - Employers are required to deduct and remit to the Canada Revenue Agency their employee’s contribution to the Canada Pension Plan (CPP), Employment Insurance (EI), and Personal Income Tax, where applicable.
  
  Visit https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/calculating-deductions/making-deductions.html for more information.
  
  
• Workplace Safety and Insurance Board (WSIB) - If you employ workers on a full-time, part-time or temporary basis in an industry or business covered under the Workers Compensation Act, you must register with the Workplace Safety and Insurance Board (WSIB) within ten (10) days of employing your first worker. As a self-employed person, you can voluntarily contribute to the Workplace Safety and Insurance Board (WSIB).
  
  Visit the Workplace Safety and Insurance Board (WSIB) online for more information
  
  
• Wage subsidies and tax credits for employers - Your business could receive a wage subsidy to hire an eligible unemployed person.
  
  Visit https://www.canada.ca/en/services/business/hire/wagesubsidiesotherassistanceprograms.html for more information.