Update: I am moving along with my plans and even have a preliminary date for the launch of a website and a paper. I am officially done today with really rough draft of my business plan (with all the ratios, costs and projected revenues). Financial part as it should took the most time. I must say that writing a business plan helped me organize my thoughts and move from just idea that I had before to a plan on how to execute this idea. I just wish I was writing this plan 6 months ago when I was still working to give an ample time to iron out every detail. Begining of the September is the one of the best time to launch a media product and now I am in a race against the time to get everything done by the middle of September.

In order to help out other new entrepreneurs in Canada I compiled a list of my reading that I thought is essential for anyone who wants to run business in Ontario and Canada in general. Here it is:

Governement of Canada publications:

• Circular 89-2R2 take a look on section 227.1 about Director’s liability. Just in case you were thinking that now when you have a federal corporation in Canada you can do anything you want.
• IT-291 Transfer of property to corporation - if you are planning to add some of your own equity into corporation you could do it without paying taxes.
• T4001 Employers Guide – Payroll Deductions and Remittances - of course you accountant will explain it to you, but I like to understand at least the basics by myself first. It is a bit complicated even for experienced mind like ours.
• T4032 Payroll Deductions Tables
  
• Government Assistance – General Comments : if you are planning to get subsidies from a government this is a must read
  
• Statement of business activities – this is how you are going to file taxes for a corporation, explanations on what is classified as business expense and revenue.
• Commencement of business activities - if you incurred expenses before the corporation was made and want to claim as an expense read this bulletin

Other Links:

• Interactive business planner – the good thing about this planner is that it is free and it calculates automatically cash flow, balanche sheet and income statement. It also provides lots of examples of existent business plans.
  
• One Stop Index for Canadian Small Business – lots of articles that make sense to unprepared readers.

I will be addidnt to list the more I dive into the business. I am expecting that soon another rollecoaster will start wich will be trying to sell the newspaper.