Most immigrants to Canada now forced to start own venture

Forget the savvy advertisements that Canada needs you. At least if you are looking for a job then Canada may not need you. Most people (I am talking of professionally qualified people as engineers, chartered accountants, doctors etc) have to fall back on jobs like security guards to supplement their income.

Even the people who landed in Canada about 10 years ago still dread of pink slips. Unemployment in Canada at its highest levels in the recent history and with immigrants still loves the country for its peaceful nature and quality of life; more and more immigrants are opting to be self-employed, according to Statistics Canada.

It is not that being self employed is any curse. Many immigrants who had been in service for past 4-5 years have now established their business and in some cases, employing over 200 people.

With good credit history, banks are ready to help. All you need to get loan is to draw a detailed business plan, cash flow projections, growth projections, a detailed note on business with competitors' strengths and weaknesses would be enough to start with.

No doubt, high cost of setting up business that includes expensive rentals, longer rental commitment period makes it a tough decision to begin with yet there are lots of opportunities waiting to be grabbed.

Of course, you would have work out some mundane details before going on your own as tax planning, estate planning, checking with local municipality to ensure all requirements are met, and getting a business license. If you are using a business name, it may have to be registered. You may also need to learn the rules about payroll deductions if you have employees.

And keep detailed records of all expenses, so you can prepare your income tax return at the end of the year.