New business owners

Starting a business is exciting - and the accounting side can feel like a second full-time job. If you've just incorporated, or you're deciding whether to, we help you get the accounting foundation right from the start, so small mistakes don't run into expensive ones later.

Your First 90 Days: What needs to Get Done

• Register your CRA accounts - business number, GST/HST, payroll, and corporate income tax

• Decide on GST/HST registration timing - mandatory once you pass $30,000 in revenue, but early registration is sometimes the smarter move

• Open a dedicated business bank account - keeping business and personal funds separate protects your corporate liability shield and makes bookkeeping easier

• Set up a bookkeeping system - cloud accounting software from month one saves hours (and money) at tax time

• Decide how you'll pay yourself - Salary, dividends, or a mix, each with different tax and CPP implications

• Know your fiscal yearend and tax due dates - so you're never caught off guard by a CRA deadline

Common mistakes by new business owners make

Mixing personal and business expenses. Waiting until tax season to talk to an accountant instead of planning ahead. Missing the GST/HST registration deadline. Guessing at salary or dividends without running the numbers. All flexible - most easily fixable before they happen.