Register another small business

[Kennyk171]

Hello,



Do I need to register another small business (not incorporate) now that I have 2 doors? I have a small contracting business registered already that I started 4 years ago with no recent activity in the last year. With my recent property purchase, I am left wondering come tax time if I need to close the old business and start a new one or can I continue with the contracting name and claim the renovations and such under it.



Thank you in advance,



K

 

[brentdavies]

Sure do if you taking american education, like the Rich Dad education. 3 companies, etc seem to be the way to go for the Americans. As for us Canadians, I suggest you find a real estate account and pay a few dollors for good advice. George Dube is excellant, and there are others.



My single family properties I own personally for a variety of reasons, with no trade name.



Seriously, you need to talk to other investors in your local area. Incorporation makes single family investor harder to do. Your contracting company may have been an active company, and different tax rates and rules apply verses holding companies or holding personally.