Business Start-Up & Incorporation

Business Start-up– Checklist:

  • Registered your business name provincially or federally
  • Registered and apply for all Municipal licenses and permits(if applicable)
  • Registered for GST/HST
  • Registered for payroll deductions(if applicable
  • Registered with Workplace Safety and Insurance Board(if applicable)
  • Registered with industry specific agencies (if applicable)
  • Opened a business bank account
  • Leased or purchased appropriate business premises and equipment
  • Purchased appropriate insurance for your business activities
  • Determined your marketing initiatives and launch them

The list is not exhaustive but a start….

What is required for registration:

  • Social Insurance Number (Sole-proprietorship)
  • Business structure
  • Name and Location of the business
  • Business activity
  • Contact person/ representative (name and address)
  • Sales estimate for year/ reporting period
  • Fiscal year end (generally Dec 31)
  • Effective date

Advantages of Incorporation?

  • Limited liability
  • Continuous existence
  • Legal entity
  • Easier to raise capital
  • Tax advantages such as Small Business Deduction / Capital Gains Deduction
  • Tax deferral by retaining earnings in the corporation

call us to discuss yours accounting needs.

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