Congratulations — you’ve incorporated your business. Your certificate of incorporation is in hand, and your corporation officially exists.
But incorporation is just the starting line. The next 30 days are critical for setting up everything your business needs to operate legally and efficiently.
Week 1: Legal foundations
Get your Business Number (BN)
Your first priority is registering with the Canada Revenue Agency (CRA). Your Business Number is the master identifier for all your tax accounts.
Register online through CRA Business Registration
The fastest method. You'll get your BN immediately in most cases.
Set up your program accounts
Register for GST/HST (if revenue will exceed $30K), payroll (if hiring), and corporate income tax.
Save your BN securely
You'll need this number for everything — banking, invoicing, tax filings, and government correspondence.
Set up your minute book
Your minute book is the official corporate record. It’s legally required and should contain:
- Articles of incorporation
- Corporate bylaws
- Initial organizational resolutions
- Director consents
- Share certificates and register
- Register of directors and officers
Many founders skip this, but it becomes critical during audits, loan applications, or if you ever sell the business.
Open a business bank account
Keeping business and personal finances separate is non-negotiable. You’ll need:
- Certificate of incorporation
- Articles of incorporation
- Business Number
- Director identification
Major Canadian banks (TD, RBC, BMO, Scotiabank) all offer small business accounts. Compare fees, minimum balances, and included transactions before choosing.
Week 2: Tax and compliance setup
Decide your fiscal year-end
Your corporation can choose any date as its fiscal year-end — it doesn’t have to be December 31. Strategic choices:
- Align with your business cycle — If you’re seasonal, end your year after your slow period
- Spread the workload — A non-calendar year-end means your corporate and personal taxes are due at different times
- Tax planning flexibility — Your accountant can advise on the optimal date for your situation
Register for provincial taxes
Depending on your province, you may need to register for:
- Provincial sales tax (PST) — In BC, Saskatchewan, and Manitoba
- Workers’ compensation (WSIB/WorkSafeBC) — Required if you have employees
- Employer Health Tax — In Ontario, if payroll exceeds $1M
Set up basic bookkeeping
Don’t wait until tax season to organize your finances. Start from day one:
- Choose accounting software (QuickBooks, Wave, Xero, or FreshBooks)
- Connect your business bank account
- Set up your chart of accounts
- Create an invoicing template
- Track every receipt and expense
Week 3: Operations and presence
Get business insurance
Depending on your industry, consider:
- General liability insurance — Protects against third-party claims
- Professional liability (E&O) — If you provide advice or services
- Directors and officers (D&O) — Protects directors from personal liability
- Cyber liability — If you handle customer data
Set up your digital presence
At minimum, you need:
- Domain name — Register your .ca and .com
- Professional email — Use your domain ([email protected])
- Basic website — Even a single landing page establishes credibility
- Google Business Profile — Free, and helps local search visibility
Register for necessary licenses
Research municipal and provincial licensing requirements for your industry. Common ones include:
- Municipal business license
- Industry-specific permits (food, health, construction)
- Professional designations or memberships
Week 4: Planning ahead
Find an accountant
If you don’t have one already, find a CPA experienced with small corporations. They’ll help with:
- Optimal salary vs. dividend compensation planning
- Quarterly tax installment planning
- Year-end tax planning strategies
- HST filing optimization
Create a compliance calendar
Set recurring reminders for:
| Obligation | Frequency | Deadline |
|---|---|---|
| Corporate annual return | Yearly | Varies by jurisdiction |
| T2 corporate tax return | Yearly | 6 months after year-end |
| GST/HST return | Quarterly/annually | Varies |
| Payroll remittances | Monthly | 15th of following month |
| Director changes | As needed | Within 15 days |
Consider shareholders’ agreement
If you have (or plan to have) multiple shareholders, a shareholders’ agreement is essential. It should address:
- Decision-making processes
- Share transfer restrictions
- Dispute resolution
- Buy-sell provisions
- Non-compete clauses
The bottom line
The first 30 days after incorporation set the tone for your business. Get the fundamentals right — CRA registration, bank account, minute book, bookkeeping — and you’ll save yourself enormous headaches down the road.
Preferway handles many of these post-incorporation tasks as part of our packages. Get started and we’ll help you hit the ground running.