Accounting Question

Is anybody here an accountant? I have a small business question.

What is the problem? I may be able to get you out of jail, or get you in worse trouble!

To the OP:

Yes.

You can only claim the chickens, the rubber gloves, the vaseline, the duct tape and the camcorder if a client was in the room.

wpg idiot- the answer is , you claim everything as an expense! All that can happen is a reassessment at a later time!
What was the question?

I'm in the process of trying to start my own business. I was wondering if it would be beneficial for me to start it before the new year. I have already bought the equipment I need out of pocket.

It might be beneficial to go see an accountant that specializes in small business to council you on this. I suspect there might be some tax breaks for you but timing may be crucial.

Assuming you've made no revenue in 2009 any tax breaks you might have coming this year might be better used when you have real revenue. I assume that'll be next year.

I wouldn't register anything with any government agency! All you get is G-d Da-n forms to fill out. Are you running this through your house? Then get the revenus and don't let anyone know.
At the end of each fiscal year, and you can use any month of your choice, check what is left in your pocket, and that is your profit. take the profit down to the legislature, go on the grounds when no one is left, throw the profit, (it can be in the form of a cheque) and yell out for God and/or the Province?or Feds to take their share, and whatever comes down to you on the grounds you keep!
Do not fill in any forms ever/ and/or mark on the form "not started yet, and remember this, if you ever fill in a form to be sent to any government agency, at the bottom of the form is a place for a VOLUNTARY SIGNATURE,
NEVER EVER SIGN ANYTHING, as that is what will get you in trouble at a future time!
This is advice that I have learnt over the 40 years I have been in business.
You don't have to sign anything, and that is how you stay out of PERSONAL trouble.
It has worked for me over the years after I got into trouble about 15 years ago!

Ever heard of the saying "If you don't tell, then nobody will know." ? That's pretty close to the truth.