Starting a Business Checklist

Basic Requirements for Starting a Business:

  • Develop a business plan. Canadian Bank websites have sample plans
  • Incorporate or register your business name with the Registrar of Companies
  • Use the BizPal resource link to obtain the proper provincial and federal licenses that may be required
  • Businesses with more than $30,000 in gross annual taxable sales and revenues must register with Canada Customs & Revenue Agency - Excise to collect and remit the Goods and Services Tax
  • Register your company with the Workers' Compensation Board
  • If you employ people, get a business number for remitting employees' federal and provincial income tax deductions, employment insurance premiums and Canada Pension Plan contributions
  • If you are buying goods for sale to the final consumer, apply for a social service tax registration certificate
  • If you are hiring employees or subcontracting for labour, check labour regulations with the Employment Standards Branch of the Ministry of Skills, Development and Labour
  • Contact an accountant to help set up your book keeping and accounting system