Post-Incorporation Checklist for Canadian Businesses

Congratulations on incorporating your business in Canada!
Incorporation offers significant benefits—limited liability, enhanced credibility, and tax planning flexibility. But now that you’ve filed your Articles of Incorporation and received your corporate number, what comes next?

Here’s a practical checklist to get your new corporation up and running—and how we can help as your accountant.

1. Open a Corporate Bank Account

☐ Open both a chequing and savings account in your corporation’s name
☐ Provide the following documents to the bank:

  • Articles of Incorporation

  • Corporate By-Laws or director’s resolution

  • CRA-issued Business Number (BN)

ID for all signing officers
☐ Use the chequing account for business transactions
☐ Use the savings account for taxes or emergency reserves

2. Apply for a Business Credit Card

 ☐ Apply for a business credit card in the corporate name
☐ Use it only for business-related expenses
☐ Keep receipts or backup documentation for every purchase
☐ Choose a card with rewards or cash back on key categories

3. Update Your Lease or Rental Agreement

☐ Contact your landlord to transfer your lease into the corporation’s name
☐ Ensure all rental and utility bills reflect your corporate name
☐ Keep a copy of the updated lease agreement in your corporate records
☐ Ask us to review lease terms before signing if needed

4. Run All Business Transactions Through the Corporate Bank Account

 ☐ Deposit all business income into your corporate bank account
☐ Pay all business expenses from the same account
☐ Do not mix personal and corporate funds
☐ This protects your “corporate veil” and simplifies bookkeeping

5. Set Up or Update CRA Program Accounts

 ☐ To access your CRA My Business Account online:
📞 Call CRA at 1-800-959-5525

  • Ask them to link your SIN to your Business Number

  • This allows online access and lets us act as your representative
    ☐ Provide our Group ID (G2WF5D) to authorize us as your accountant
    ☐ Use your personal CRA login to access the business profile once linked

 ☐ Ensure your CRA Business Number is active
☐ Register for required CRA program accounts:

  • GST/HST (if you earn over $30,000/year)

  • Payroll (if you pay yourself or employees)

🧠 Pro Tip: This step is mandatory, even if you’re the only shareholder and director.

6. Notify Your Business Partners and Providers

☐ Update your corporate name and info with:

  • Clients & vendors

  • Insurance companies

  • Software subscriptions (e.g., QuickBooks, Microsoft 365)

  • Professional memberships & associations
    ☐ Update billing and invoicing systems to reflect your corporation

7. Maintain Proper Corporate Records

☐ Start or update your corporate minute book with:

  • Shareholder & director registers

  • Annual resolutions and meeting minutes

  • Key contracts, leases, and CRA correspondence
    ☐ Maintain organized records for audits, financing, or compliance
    ☐ Let us help keep these records accurate and up to date

Final Thoughts

Incorporation is just the beginning. Setting up your bank accounts, CRA access, and internal records correctly ensures your new business runs smoothly—and stays compliant.

💼 Need Help Managing Your Corporation?

We specialize in supporting newly incorporated Canadian businesses with:

  • CRA registrations and account setup

  • Bookkeeping and tax planning

  • Minute book maintenance and corporate filings

📞 Book a call today if you need help with this checklist www.tidycal.com/eocpa/30mins