7 steps after you have incorporated in Canada
After you are incorporated, there are seven steps to make sure you are on track for success. You will receive a CRA business number and incorporation documents, which you'll need at many different stages.
- Create a minute book, issues shares and open up your corporate bank account. Consider getting a corporate credit card.
- Decide on a year-end date as this will determine all your relevant deadlines. Learn about picking a year-end for your corporation.
- Register for CRA GST account and a payroll account, if needed. Learn about registering for GST and how to set up your CRA account.
- Decide who your accountant and bookkeeper will be (and/or which bookkeeping software if you plan on doing it yourself).
- Look into the Workers Compensation Board (WCB) and other types of coverage under the company name.
- Build a plan to maintain good records in your business. Decide on how to store them for the seven years required by the CRA.
- Complete initial tax planning with your accountant to further your understanding of how everything works.