I’ve Incorporated My Small Business—What’s Next?

November 6, 2021

So, you have incorporated your small business. What are your next steps?

Register your Business with the CRA

If you have incorporated federally, you will be provided a business number at the time of incorporation. However, if you incorporated provincially, you would have to obtain one from the CRA.

You can do so online, or by calling 1-800-959-5525. At the same time, you can open your program accounts with the CRA.

CRA Program Accounts

If you require an HST and/or Payroll account with the CRA, you will need to open it online or by calling 1-800-959-5525.

You should consult your accounting professional ahead of time to determine the frequency for your filings. For HST Accounts you can opt to file quarterly or annually. For Payroll accounts you can choose to file monthly or quarterly. At Elite Accounting, we always let our clients know if they must open these accounts, and what filing requirement is best for their corporation.

To open these accounts, you will need to have the following information on hand:

  • Date of Incorporation
  • Registered Address
  • Business Number
  • Names of the Directors and Shareholders
  • Number of Employees (for payroll accounts only)
  • Filing Requirements (the frequency of your filings)

Determine your Fiscal Year-End

Most corporations choose their fiscal year as the last day of a calendar year quarter (March, June, September, or December). The most important part of choosing your fiscal-year end is understanding how it will impact your corporate income tax filing deadline. For more information read: Corporate Income Tax Due Dates for Small Businesses.

Open a Business Bank Account

Now that you have all your incorporation documents, it is time to take them to your bank of choice and open an account. Be sure to bring your Business Number, Certificate and Articles of Incorporation. 

Get the Right Insurance

Depending on the structure of your business and industry requirements, you may need to obtain insurance. Types of insurance include general liability, E&O, professional liability, cyber security, etc. You may also be required to register with the WSIB. Consult with your accounting or legal professional if you have questions about the type of liability protection that your business requires.

Register with your Professional Association

Some professional corporations are required to register with their regulating body before becoming operational. This includes but is not limited to the fields of law, heath care, finance, real estate, government, religious organizations, security, and certain skilled trades. If you were required to register with a professional association as a sole practitioner, you will most likely have to register your corporation as well.

Get the Right Advice

Getting the best advice possible is essential in your corporation’s future success. Consult with your accounting professional about bookkeeping and corporate filing options. Elite Accounting offers a variety of small business packages to suit our clients’ needs. You can contact us to find out more about the services we provide, or read our Magazine to hear about our clients’ Prosperity Stories.

Published by Elite Accounting Inc.

© 2021 Elite Accounting

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