Use the checklist below to understand each stage of your business’ lifecycle. Although the checklist may not show everything you need to know, you may find it a great place to start. You can find more information from the links supplied. Our video series are also a great source of information.
Starting a business
The Canada Business Network Web site also provides a one access point to all the government services and information needed to start and run your business, as well as other information to help your business be successful.
Forms and publications
- Guide RC4070, Information for Small Canadian Businesses
- Booklet RC2, The Business Number and your Canada Revenue Agency Program Accounts
Before you start
- Do you meet the definition of a business. You could be considered as self-employed, as having a sole proprietorship or a partnership.
Start a business
- Do you need a Business Number (BN) or a CRA program account
- Are you an employer?
- Register for a GST/HST account
- File my GST/HST return. Depending on your business’ situation, you may have to remit on a monthly, quarterly, or annual basis.
Maintain a business
- Report your business income and expenses – List of expenses; Capital cost allowance (CCA); Input tax credits (ITC)
- Bring assets into a business
- Keep records
- Hire employees
- Know your responsibilities as an employer. As a business owner, you may have to remit source deductions on a bi-weekly, monthly, or quarterly basis for your payroll deductions.
- Due dates – Source deductions; Pay my GST/HST (including instalment payments)
- Source deductions: Change in your business status
Close or resume your business
- Your business stops operating
- Suspend, resume, or stop operations
- Sell your business
- Close accounts
- Receivership / Bankruptcy
Date modified: 2015-02-26