As a Nova Scotia resident you may be able to borrow up to $500,000 from your local credit union to start or grow your business. The loan is intended to fund working capital needs or to be used as a line of credit and is available to most types of enterprise.
The CRA is the federal government agency responsible for administering tax laws for the Government of Canada and for most provinces and territories, and delivering various social and economic benefit and incentive programs through the tax system.
Take advantage of this program to attract investors to your business. If you qualify, your investors could get a tax credit worth 30% of their investment, up to a maximum of $75,000.
As a small business owner in Newfoundland and Labrador, you are taxed at a reduced rate of 4%, effective April 1, 2010, instead of the general corporate income tax rate of 14%.
If you operate a Canadian-controlled private corporation, you may be eligible for an annual tax credit. This reduces the amount of tax that your business might otherwise have to pay.
Now that you are almost ready to launch your business, you may think that you don't need the additional cost of hiring a lawyer. That may be a big mistake. Read this document to understand why consulting a lawyer is essential for any small business start-up.