Congratulations—you’ve incorporated your business! Now, there are certain things that must be done to keep your company up-to-date and compliant. Through Ownr, we take care of many of them automatically!
Immediately after incorporating, you have three things to consider:
1. Open a business bank account
First, you’ll want to setup your business bank account. Once you’ve incorporated your business, you’ve created a new ‘person’ at law. This means that it needs its own bank account in its own name. You will not get the benefits of incorporating if you do not separate your personal funds from your business funds.
2. Pay for your shares
Once the bank account is setup, each shareholder needs to pay for their shares by depositing money into the business bank account. For a new corporation, the shareholders usually pay a nominal amount listed in the Minute Book documents.
3. Consider registering for your GST/HST Number
The last bit of housekeeping to get your company on the right path is to determine whether you will register for a GST/HST number. If you anticipate earning more than $30,000 in annual gross revenue, you are required to register for a GST/HST Number and charge sales tax to your customers.
While it is not legally required, it often makes sense to register for a GST/HST Number early, rather than waiting to hit the $30,000 threshold. This way, you will be accumulating tax credits for any business expenses you incur, and you may be entitled to a tax refund.
Ongoing corporate maintenance
After incorporating, your business has an obligation to maintain certa