Written by Tosif Hanif, CPA, ACCA, ACFE, MSc — Director, Accounting and Finance, Wall Tax Pro, Mississauga.
Incorporating is straightforward. Running a corporation properly in the first year is where most new owners need support.
Federal or Ontario incorporation
Federal incorporation gives broader name protection across Canada; Ontario incorporation is often simpler for a business operating within the province. Either way, extra-provincial registration may still apply where you actually operate.
The CRA accounts you will need
Your business number comes first, then the program accounts that match your activity.
- RC0001 corporate income tax
- RT0001 HST, required once you exceed the small supplier threshold
- RP0001 payroll, before your first pay run
- RM0001 import/export if you move goods across the border
Deadlines that arrive quickly
Corporate returns are due six months after year-end, while any balance owing is generally due two or three months after year-end. Payroll remittances and HST filings begin much sooner.
Salary, dividends, or both
How you pay yourself affects CPP contributions, RRSP room, and total tax paid across you and the corporation. This decision is best modelled before the first year closes, not after.
Set the books up once, properly
Wall Tax Pro helps new Canadian corporations register, open the right accounts, and start with a bookkeeping structure that still works at year three.
Need help with this in Mississauga?
Wall Tax Pro provides professional tax, accounting, bookkeeping and advisory support for clients in Mississauga, across Canada, and for US filers. Call 647-297-4793 or send us a message.
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