Most businesses need employees to help with day-to-day operations. While hiring employees can certainly make it easier to get all the work done, even having a single employee can make operating your business more complicated.
If your business becomes too large to run by yourself, you may need to hire extra personnel. The first step to becoming an employer is to get a Business Number, which will allow you to deduct income tax, Canada Pension Plan contributions and Employment Insurance premiums from your employee's wages. There are many rules and regulations to adhere to as an employer; make sure you comply with all of them before you bring new people on board.
Small business owners have a range of options to successfully sell their business and reap the rewards of their hard work. Owners who hope to sell their business often must provide transferable equity to the prospective buyer, including the likelihood of retaining key employers.
To keep your top performers loyal to the business, you could offer comprehensive group benefits or employer-sponsored retirement plans. Through our partnership with Credential Financial Strategies Inc.* we can provide a group benefits plan that retains these key assets.