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Checklist · Self-employed money in Canada

Canadian self-employed money checklist

Every action across the four stages of Canadian self-employment, from first invoice to exit. Progress saves to your device. Print this page to share with your accountant.

Reviewed by Ben Stevenson, Managing Editor, Canadian Money Help · Updated April 21, 2026 · Methodology

Setup

Open dedicated business bank account
Register for Business Number via CRA Business Registration Online
Register business name with province (if using trade name)
Set up bookkeeping system (Wave, QuickBooks, FreshBooks, or spreadsheet)
Get commercial liability insurance if work involves client risk
Set up tax reserve savings account
Build simple invoicing system
Decide quarterly vs monthly bookkeeping rhythm

Ongoing

Set up automatic transfer of 25-35% of payments to tax reserve
Monitor rolling 4-quarter revenue against $30K GST/HST threshold
Register for GST/HST within 29 days of crossing $30K
File GST/HST returns on assigned schedule
Calendar quarterly installment dates (March 15, June 15, September 15, December 15)
Reconcile books monthly (not quarterly)
Maintain vehicle logbook (business km)
Track home office use (days + workspace %)
File T1 with T2125 by June 15 (balance owing due April 30)
Budget for CPP self-employed contributions (both halves, ~12%)
Keep all business records for 6 years minimum
Review business insurance annually

Growth

Annually calculate incorporation breakeven
If incorporating: engage lawyer or reputable incorporation service
Open corporate bank account (if incorporating)
Register CRA corporate tax account, GST/HST account under corp BN
If hiring: register payroll account with CRA
If hiring: set up payroll service or bureau
If hiring: register with provincial WCB/WSIB
Plan salary vs dividend mix annually with accountant
Open corporate investment account for retained earnings
Review TOSI implications if paying family members
Buy disability insurance (critical for primary earner)
Consider group benefits if hiring employees

Exit

Define exit timeline (2, 5, 10+ years)
If selling: structure for LCGE eligibility (24+ months lead time)
Engage Chartered Business Valuator if sale value >$250K
Clean up bookkeeping for buyer due diligence
Document business processes for transferability
If winding up: plan final-year tax bill
File final T2 corporate return
Close CRA program accounts (GST/HST, payroll)
Cancel Business Number
Formally dissolve corporation with provincial/federal registrar
Retain records 6 years after wind-up

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Last reviewed: April 2026

© 2026 Canadian Money Help. Information only, not tax, legal, or financial advice. Published by Kernel Media · 2026 CRA tax tables verified