Just incorporated? your action checklist

The paperwork to incorporate is the easy part. What actually protects the liability shield and keeps you offside with the CRA is what you do in the weeks after. Here's the order we walk new incorporated clients through.

1. Get your CRA Business Number and program accounts

Your Business Number (BN) is your corporation's master identifier with the CRA. Once you have it, you register the specific program accounts that apply to your situation — the guide to business numbers and CRA program accounts explains what RC, RP, RT and RZ each cover:

• RC — corporate income tax (every corporation needs this)
• RT — GST/HST, once you're registered or required to be
• RP — payroll, if you or any employee will be paid a salary
• RZ — information returns, needed if you'll issue T4A or T5 slips

You don't need every account on day one — only add RT, RP or RZ when they actually apply, so you're not filing empty returns.

2. Open a dedicated corporate bank account

Your corporation is a separate legal person, and its money needs to stay separate from yours. Running personal expenses through the business account (or vice versa) muddies your bookkeeping, makes CRA reviews harder to defend, and can undermine the liability protection incorporation is supposed to give you. Open the account before your first invoice goes out.

That second step is worth completing before revenue starts arriving rather than after. The guide to opening a business bank account sets out what the bank asks for and how to set the accounts up so the bookkeeping works from day one.

3. Start and maintain your minute book

Your minute book is the corporation's official paper trail: articles of incorporation, share issuances, director and officer appointments, annual resolutions, and banking authorizations. It's a legal requirement in every province, and it's the first thing a lender, buyer, or the CRA will ask for if there's ever a dispute or a sale. Keep it current every year, not just at incorporation — the guide to keeping a minute book sets out exactly what belongs in it.

4. Choose your fiscal year-end

Unlike individuals, a corporation isn't locked to December 31 — you can choose a fiscal year-end that suits your business, as long as your first year doesn't exceed 53 weeks. Many owner-managers align it with a slow season to make year-end work and tax planning easier.

5. Decide on GST/HST registration

Registration is mandatory once your taxable revenue exceeds $30,000 over any four consecutive calendar quarters, or in a single quarter. Below that, you're a small supplier and it's optional — though many new corporations register early anyway to recover GST/HST on startup costs through input tax credits. See our full GST/HST registration guide for the details.

6. Set up payroll if you're paying yourself a salary

If you plan to draw a salary rather than (or alongside) dividends, you'll need the RP payroll account, source deductions set up correctly, and T4 slips issued at year-end. This needs to be running before your first paycheque, not reconstructed after the fact.

7. Choose a bookkeeping system

Clean, real-time books make every other item on this list easier — your GST/HST filings, your T2, your ability to see cash flow, and your defence if the CRA ever asks questions. Set this up in month one, not in a panic before your first filing deadline.

8. Know your first T2 deadline

Your T2 corporate income tax return is due six months after your fiscal year-end. The balance owing, however, is typically due sooner: two months after year-end for most corporations, or three months after year-end for a Canadian-controlled private corporation (CCPC) that claims the small business deduction and meets the other conditions. Missing the balance-due date triggers interest even if you file the return itself on time.

9. Plan how you'll pay yourself

Salary and dividends are taxed differently for both you and the corporation, and the right mix depends on your personal cash needs, whether you want RRSP room and CPP contributions, and your total combined tax rate. Decide this with your accountant before your first payment — changing course later is harder than planning it up front.

The bottom line

None of these nine steps is complicated on its own — the risk is doing them out of order or not at all. Most of our new-incorporation clients hand us this whole list on day one so nothing gets missed while they focus on running the business. Our incorporation calculator is a good starting point if you're still deciding whether to incorporate at all.

This article is general information for Canadian business owners and is current as of July 2026. It is not tax, legal or accounting advice, and it does not create a client relationship. Tax rules change and your situation is unique — please speak with a CPA before acting on anything here.

This article is general information, not tax or legal advice for your specific situation. Confirm your registration requirements and deadlines with the CRA or with us.

We take newly incorporated owners through this checklist remotely across Canada, including as an Vancouver business owners, CPA for Toronto owners, Ottawa, accountant in Calgary, Edmonton small business accountant and working with us from Winnipeg.

One item deserves its own entry in your calendar from day one: the registry annual return, which is separate from the T2 and can end in administrative dissolution if it is skipped. See the corporate annual return, BC versus federal.