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Are business owners and self-employed individuals allowed to operate and report taxes on multiple income streams irrespective to the 'descriptive element' of the corporation's registered name?
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Hello. I am planning to incorporate my business soon yet I cannot finalise the company name. I will be getting into importing and distribution of agricultural products. However, I also plan to work on offering business consulting services on the side to earn more income.

Initially I thought of adding "Mercantile" at the end of the company name, hoping that gives potential clients the impression of credibility and authority in the field of international trade; but I worry that for tax purposes I might not be able to declare the profits I earn from consulting fees since the consulting activities don't exactly relate to the name.

If I added "Ventures" at the end instead, I think it makes the business sound vague, but does that mean I can report the income and expenses from my consulting gigs? I'm not sure if I am just overthinking this or if I am missing something important. Business and taxation laws are still unfamiliar territories to me so I appreciate any information on this. Cheers

EDIT: Location-Ontario, Canada

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4 years ago