New Business Setup
Structure selection, CRA account registration, and an accounting system configured properly before your first invoice goes out.
The decisions made in the first month of a business are the ones that are most expensive to undo. Choosing between a sole proprietorship, a partnership, and a corporation affects your tax rate, your personal liability, and how easily you can bring in a partner later. Registering for GST at the wrong time means either missed input tax credits or an obligation you did not need yet. Mixing personal and business banking creates a bookkeeping problem that takes years to untangle.
We walk new owners through those choices with their actual numbers in front of us, not general advice. Expected revenue in year one, whether you have other employment income, whether you are taking on liability risk, whether you need to reinvest profit in the business or draw it all out. Then we handle the registrations: your business number with the CRA, GST if you are registering, a payroll account if you plan to hire, and the Alberta corporate registry filing if you incorporate.
The last piece is the system you will actually use every week. We set up cloud accounting with your bank feeds connected, build a chart of accounts that reflects your business rather than a generic template, configure GST codes so tax is applied correctly on invoices, and show you how to record what you need to record. Owners who start with this in place almost never end up in a catch-up bookkeeping engagement two years later.
What's Included
- Structure consultation covering sole proprietorship, partnership, and corporation
- CRA business number registration plus GST and payroll accounts as needed
- Alberta and federal registry filings where you are incorporating
- Cloud accounting setup with bank feeds, chart of accounts, and GST codes configured
- A training session covering invoicing, expense capture, and what to record each month
FAQ
Should I incorporate right away or start as a sole proprietor?
It depends on income and risk. A corporation gives limited liability and lets you defer tax by leaving profit in the company, which matters once you are earning more than you need to live on. Below that point a sole proprietorship is cheaper to run, and business losses can offset your other personal income. We run the comparison with your projected numbers.
Do I need a separate business bank account?
A corporation must have one, as it is a separate legal entity. A sole proprietor is not legally required to, but you should. Separate accounts make bookkeeping faster, cheaper, and far easier to defend if the CRA reviews your expense claims.
How soon should I register for GST?
You must register once taxable revenue exceeds thirty thousand dollars over four consecutive calendar quarters. Registering earlier is often worth it if your customers are businesses or if you have significant startup purchases you would like to claim input tax credits on.
Need help with New Business Setup?
Tell A4SB about your accounting needs and we can discuss the support that may be relevant to your situation.