How should I register my business as to avoid lenders discriminating Uber as a source of income? I make $6000 average in revenue a month.

[samuelkapmt]

It's frustrating that some lenders are discriminating against Uber drivers for loans. I am making more than enough to cover my loan payments. Even if they're worried about me depreciating the car too soon, I've already planned to pay for the depreciated portion based on km.

I am thinking of registering for a business name and report my future earnings are from there in the future. My question is what kind of category should I put my business as to avoid such discrimination from lenders in the future?

[TurboTaxJennifer · Accepted solution]

Because on-demand services are relatively new, some banks and other lenders may view your business in a different light. But, the line of business may not be the full cause. In most cases, lenders are hesitant to approve loans to businesses that are less than two years old.

As for the category of business, you should already have a business number on file with CRA for GST/HST purposes. Having a more formal name may not solve your issue. 

If you're referring to incorporating your business, that's much different than registering a name. Lenders may be more inclined to approve loans to a corporation but there are pros and cons to incorporating. Learn more here: https://turbotax.intuit.ca/tips/pros-and-cons-of-incorporation-4167