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
