What to Do After Incorporating in Canada: Your First 90 Days

Getting your Certificate of Incorporation is a major milestone, but the work does not stop there. A newly incorporated corporation has no bank account, no CRA program accounts (beyond the corporate tax account), no shareholder agreements, and no formal minute book entries yet. The first 90 days after incorporation are critical for getting these foundations in place.

This checklist walks you through everything that needs to happen after incorporation, roughly in order of priority.

Week 1: Foundational Documents

Sign the initial organizational resolutions

After incorporation, the directors must pass a set of initial resolutions to formally organize the corporation. These resolutions:

• Adopt the corporate bylaws (By-law No. 1)
• Appoint the officers (President, Secretary, and any others)
• Authorize the issuance of shares to founding shareholders
• Authorize the opening of a bank account
• Set the fiscal year end

Issue share certificates to founding shareholders

Your share structure was defined in the Articles of Incorporation, but shares are not formally issued until share certificates are signed and recorded in the share ledger. Complete this as part of your initial minute book setup.

Week 1–2: Open a Corporate Bank Account

This is non-negotiable. Every corporation must have a separate corporate bank account. Mixing personal and corporate finances creates accounting problems, makes you personally liable in ways the corporate structure was meant to prevent, and will cause significant headaches at tax time.

To open a corporate bank account in Canada, you will typically need:

• Certificate of Incorporation
• Articles of Incorporation
• Initial corporate resolutions authorizing the bank account
• Personal identification for all signing officers
• Your CRA Business Number (included in your Incorply documents)

Major Canadian banks (RBC, TD, BMO, Scotiabank, CIBC) all offer corporate banking. Online options like Wealthsimple Business and Relay offer no-fee corporate accounts and are often faster to set up. Shop around — monthly fees and transaction costs vary significantly.

Month 1: CRA Account Setup

Access your CRA My Business Account

Your corporate income tax (RC) account was created when you incorporated. Access it through the CRA's My Business Account online portal at cra.gc.ca. You will need to register as an authorized representative of the corporation using your personal CRA account linked to your SIN.

My Business Account is where you will file your annual T2 corporate return, make corporate tax payments, register additional program accounts, and manage correspondence with the CRA.

Register for GST/HST if required (or voluntarily)

You must register for GST/HST once your taxable supplies exceed $30,000 in a single calendar quarter or in four rolling quarters. Registration is mandatory once you reach this threshold.

Even if you have not reached $30,000 yet, you may want to register voluntarily from day one. This allows you to claim input tax credits (ITCs) — recovering the GST/HST you pay on business expenses. For businesses that make significant early purchases (equipment, software, professional services), voluntary early registration can result in meaningful refunds.

Register for payroll if you are hiring employees

If you plan to pay yourself or anyone else a salary through the corporation, you need a payroll deductions account (RP) with the CRA. This allows you to deduct and remit income tax, CPP contributions, and EI premiums on behalf of employees.

If you are the sole director and shareholder and you are paying yourself entirely through dividends (not salary), you may not need a payroll account immediately. Discuss this with your accountant before deciding on salary vs dividend strategy.

Month 1–3: Ongoing Business Setup

Set up bookkeeping from day one

The single most impactful thing you can do for your corporation's health is to implement a basic bookkeeping system before you start spending or earning money. Popular options for small Canadian businesses include:

• Wave Accounting — free for small businesses; Canadian tax support
• QuickBooks Online — widely used; integrates with most accountants
• Xero — cloud-based with strong bank feed integration

Even a simple spreadsheet is better than nothing in the early months. Track every business income receipt and every expense. Your accountant will thank you at tax time.

Engage a Canadian accountant

Find a CPA (Chartered Professional Accountant) who handles small business clients and T2 corporate returns. This is an ongoing professional relationship — they will file your T2 annually, advise on salary vs dividend strategy, help you understand your tax obligations, and flag planning opportunities.

Do not wait until the year-end to engage an accountant. Setting up the relationship early means they can advise on decisions you make now that have tax implications (e.g., fiscal year end, salary vs dividend split, deductible expenses).

Set your fiscal year end

Unlike a personal tax return which always has a December 31 year end, a corporation can have any date as its fiscal year end. Many owner-operated corporations choose a December 31 fiscal year end for simplicity, but January 31 or March 31 are also common choices that give you more time to plan your compensation strategy before the year closes.

Review insurance needs

A corporation provides limited liability protection, but it does not replace insurance. Depending on your business type, you may need:

• Commercial general liability (CGL) — covers third-party bodily injury and property damage claims
• Professional liability (E&O) — covers claims arising from professional advice or services
• Cyber liability — covers data breaches and cyber incidents
• Business interruption — covers lost income if your operations are disrupted

Have key agreements in place

If you have a co-founder, ensure a shareholder agreement is in place before the business generates significant value. A shareholder agreement covers what happens if a shareholder leaves, wants to sell their shares, or passes away. Not having one when things are going well is the best time to create one — waiting until a dispute arises makes it much harder.

Also have client contracts, service agreements, and NDAs ready before you start working.

Ongoing: Annual Obligations

Annual return — due within 60 days of your incorporation anniversary

Ontario corporations must file an Annual Return with the Ontario Business Registry within 60 days of the anniversary of incorporation. For federal corporations, the annual return is filed with Corporations Canada. Missing this deadline can result in the corporation being struck from the register.

Set a calendar reminder for this date every year. Incorply subscribes its clients to the federal annual return reminders.

T2 corporate tax return — due 6 months after fiscal year end

Your T2 corporate tax return is due six months after the end of your fiscal year. Any taxes owing are due within two months (or three months for certain small businesses) of fiscal year end. Your accountant will handle the preparation and filing.

Update the ISC register annually

The register of individuals with significant control (ISC) must be reviewed and updated at least once per year. If nothing has changed, note the review date in the minute book anyway — this demonstrates compliance.

The first 90 days after incorporation are when the administrative habits of your corporation are formed. Building a solid foundation — separate banking, active CRA accounts, organized records, and a reliable accountant — makes every subsequent year of operating your corporation easier.