What Are the Next Steps Now That You've Incorporated in Canada?
So, you’ve officially incorporated your business in Canada—congratulations! Incorporation is a big milestone that comes with valuable benefits like limited liability, improved credibility, and tax planning opportunities. But once your articles of incorporation are filed and your corporate number is issued, what’s next?
Here’s a practical, step-by-step guide to help you transition smoothly into operating as a corporation—and how we, as your accountant, can support you along the way.
Table of contents:
1. Open a Corporate Bank Account
Your first move should be to open a corporate bank account in your company’s name. This is not just good practice—it’s essential for keeping personal and business finances separate.
You’ll need:
Articles of Incorporation
Corporate By-Laws or a resolution
Your CRA-issued Business Number (BN)
ID for authorized signing officers
It’s a good idea to open both a chequing and a savings account. Use the savings account to set aside tax installments or emergency funds, and the chequing account for everyday transactions.
2. Apply for a Business Credit Card
A business credit card helps streamline your operations and can build your corporation’s credit history. Plus, many cards offer business-friendly perks such as cash back on office supplies or travel expenses.
Just remember: charge only business-related expenses to this card—and keep documentation for everything.
3. Update Your Lease or Rental Agreement
If you're operating from a leased location, be sure to update the lease into your corporation’s name. This step ensures:
Legal and financial obligations rest with the corporation, not you personally
Lease expenses are recognized properly in your corporate books
A clean paper trail for any tax audits or financing applications
We can assist you in reviewing lease terms and coordinating this change with your landlord.
4. Run All Business Transactions Through the Corporate Bank Account
To protect your limited liability status and maintain clean financial records:
Deposit all income into your business account
Pay all expenses from your business account
Never mix personal and corporate funds
This is vital to maintaining the “corporate veil”, which shields you personally from business liabilities.
5. Set Up or Update Your CRA Program Accounts
After incorporating, you'll need to ensure your CRA Business Number (BN) is active. Let us know if you need to register for these program accounts:
GST/HST – Required if you expect to earn more than $30,000 annually in revenue
Payroll – If you plan to hire employees or pay yourself a salary
To manage these accounts online via CRA’s My Business Account, there’s an important first step many new business owners overlook:
👉 You must call CRA Business Enquiries at 1-800-959-5525 to authorize access.
This call allows you to:
Tie your personal SIN to your Business Number
Designate an accountant (like us!) for authorized representative access. Our Group ID is G2WF5D
Once access is granted, you’ll be able to log in using your personal CRA My Account credentials and switch to your business profile.
Pro Tip: This step is required even if you are the sole director or shareholder, and even if you incorporated yourself.
6. Notify Your Business Partners and Providers
Update your corporate name and information with:
Clients and suppliers
Insurance providers
Software subscriptions and licenses
Professional memberships or associations
This helps ensure smooth invoicing, payments, and contract management under your corporate identity.
7. Maintain Proper Corporate Records
Incorporation comes with new responsibilities, including maintaining a corporate minute book, which includes:
Shareholder and director registers
Annual resolutions and meeting minutes
Copies of key contracts, tax filings, and CRA correspondence
This is where we come in.
As your accountant, we help ensure your corporate records are maintained accurately and up to date. Whether it’s preparing your annual return, recording dividends, or organizing your minute book—we’ve got you covered.
Final Thoughts
Incorporation is more than a legal formality—it’s a strategic shift in how your business operates. From banking and CRA setup to recordkeeping and tax planning, there are many moving parts. Taking the time to set things up right today helps avoid costly mistakes tomorrow.
Need help managing your corporation after incorporation?
We specialize in helping Canadian businesses stay compliant, organized, and financially healthy. If you’ve recently incorporated—or are planning to—we’d be happy to guide you every step of the way.
📞 Book a consultation with us today and take the guesswork out of going corporate.
