What do I stand to gain/lose by registering?

There is nothing to lose when you register! And most of the time, you have a lot to gain…

You could be able to claim back whatever GST you paid. For example, When you are importing into Canada, you pay 5% of the value imported. Under certain circumstances, when you are registered in GST and collecting GST, you could be eligible to claim this GST on imports back.

Additionally, you reduce your risk of being audited and having to pay all those taxes out of your pocket