What Are The Checklist for Starting New Businesses in Canada

From deciding on right structure to having first customer, you need to get it right.  This article gives checklist for starting new businesses in Canada.

Starting and running a business is more than just opening a shop. It is not easy. There are quite a lot of things involved. And it is important that you have access to the right resources. From deciding on the right structure for your business to having the first customer, you need to get it right.  This article focuses on the checklist for starting new businesses in Canada.

Even if this isn’t your first time of starting a business, this checklist can still serve as a good guide. Follow it step by step and return to it after exploring each link. You should also keep a tab on Small business and self-employed income.

Checklist for Starting a business: Before you start

The starting point is deciding on the right structure for your business. The type of structure you choose has a significant effect on the way you report your income. The business structure impacts the type of tax returns you file each year, and many other matters. So, research the pros and cons of each structure before you decide.

READ ALSO: USEFUL RESOURCES FOR STARTING A BUSINESS IN CANADA

To learn about the impact that each structure might have on your business, check out the links below:

Starting a business

Now that you have decided on the right structure for your business, go ahead and incorporate your business. Below, you will find useful resources on what to do next.

Find out if you need to make payroll deductions  – Determining if you have employees and requesting a determination of an individual’s employment status.

Business number registration – Getting a unique number for your business to simplify your dealings with federal and provincial governments as well as municipal jurisdictions.

When you need a business number or CRA program accounts – Adding one of the available program accounts listed below to your business number (BN). For specific information on any of these accounts, click on the appropriate links below:

READ ALSO: HOW TO MANAGE THE PULSE OF YOUR BUSINESS

Checklist For Starting a Business: Managing Your Operations

Your real work starts once your business becomes fully operational. You will need to keep your eyes on a lot of things. This is aside ensuring you satisfy your customers. Bookmark this URL and come back to this checklist below as often as possible.

  • Report business income and expenses – This will give you information about reporting business income, business expenses, and completing a statement of business or professional activities.
  • Keeping records – Knowing what you need to keep, and for how long.
  • About My Business Account – You will find resources on dealing with the CRA from a secure online portal on various business accounts, including GST/HST, payroll, corporation income tax, excise tax, and excise duties.
  • E-services for Businesses – Making it faster and easier with online services to handle your business tax matters. You, your employee, or representative can file your returns, make payments, determine entitlement to credits, register for direct deposit, and do much more.
  • Business income tax reporting – This makes it easier for you to report your business earnings and pay income tax on those earnings.
  • Bringing assets into a business – Transferring assets from one business structure to another, buying an existing business and establishing fair market value.
  • File a GST/HST return – Getting information about filing your GST/HST returns.
  • Payroll –Getting information and forms associated with amounts you withhold from the remuneration and other income amounts you pay.
  • Corporation income tax returns
  • Import and Export – Getting information about importing and exporting goods.
  • Changing your business status – Getting information on how to change a business status and the possible effects of making such a change.
  • Liaison Officer service – The CRA offers a free Liaison Officer service to owners of small businesses to help them understand their tax obligations.

Featured post image credit: bplan

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About Emmanuel Oluwatosin

Co-founder & Publisher of AfricaX. He is interested in: Technology | Media | Startup | Business | Education. Emmanuel currently lives in Calgary, Canada with his family.

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