1.Decide on Your Business Structure

• Sole Proprietorship – Easiest to start, but you carry all liability.

• Partnership – Shared ownership with partners, but requires a legal agreement.

• Corporation – More complex, but offers liability protection and potential tax benefits.

• Co-operative – Owned and controlled by members for their mutual benefit.

➡️ Tip: Many entrepreneurs start as sole proprietors and later incorporate as they grow.

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2. Register Your Business Name

• Conduct a NUANS search (for corporations) or provincial registry search to confirm name availability.

• Register your business name with the appropriate provincial or federal registry.

• Consider securing matching domain names and social media handles.

 

3. Apply for a Business Number (BN) & CRA Accounts

• Obtain a Business Number (BN) from the Canada Revenue Agency (CRA).

• Set up required accounts:

  • GST/HST (if revenue exceeds $30,000 annually).

  • Payroll deductions (if hiring employees).

  • Import/Export accounts (if trading internationally).

 

4. Licences & Permits

• Federal, provincial, and municipal governments may require specific licences (e.g., real estate, food service, transportation).

• Use the BizPaL tool to identify all permits needed for your industry and location.

 

5. Banking & Financing

• Open a business bank account (separate from personal funds).

• Explore financing options:

  • Government grants & loans (BDC, Canada Small Business Financing Program).

  • Private funding (banks, credit unions, angel investors).

  • Community loan programs (especially for newcomers, women, and minority-owned businesses).

 

6. Protect Your Business

• Register for insurance (general liability, professional liability, property).

• Protect intellectual property:

  • Trademarks (brand names, logos).

  • Patents (inventions).

  • Copyright (creative works).

 

7. Taxes & Record Keeping

• Keep clear financial records for at least 6 years.

• File income tax returns annually.

• Understand deductions available (home office, vehicle, professional fees, etc.).

 

8. Build Your Business Identity

• Create a business plan with clear goals.

• Develop a marketing strategy (website, social media, networking).

• Join local business associations and chambers of commerce for support.

💡 Pro Tip: Newcomers often qualify for free business advisory services from local Small Business Enterprise Centres (SBECs) and immigrant entrepreneur programs.