Step by Step Guide to Starting a Business

Setting up your payroll and tax accounts

The type of business structure you choose has a big impact on the way you report your income and pay taxes. For example, as a sole proprietor, you would report your income on your personal tax return, whereas corporations have to submit a corporate tax return.

This information will help you figure out which tax accounts you need and how to report and file your income and taxes.

• Employer Payroll Responsibilities
  
  http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/menu-eng.html
  Important information on deducting Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums and income tax from income your employees pay, and reporting them to the Canada Revenue Agency.
• Tax Information for Business
  
  http://www.cra-arc.gc.ca/tx/bsnss/menu-eng.html
  Access Canada Revenue Agency's Business section to browse tax-related information for your business.
• Guide for Canadian Small Businesses
  
  http://www.cra-arc.gc.ca/E/pub/tg/rc4070/README.html
  Learn about the different forms of taxation and find out how to keep records, submit reports and payments for GST/HST, excise taxes, income taxes, payroll deductions, and more.
• E-Services for Business
  
  http://www.canadabusiness.ca/eng/summary/2281/
  Applies to: All of Canada
  You can save time and paper by using electronic services to handle tax filing and remittance. Register now!
• Tax Events and Seminars
  
  http://www.canadabusiness.ca/eng/summary/2283/
  Applies to: All of Canada
  Learn how to manage your business taxes at a tax seminar in your area.
• Business Number (BN)
  
  http://www.canadabusiness.ca/eng/summary/1208/
  Applies to: All of Canada
  Your Business Number is your single account number for dealing with the federal government regarding taxes, payroll, import/export and other activities.
• Starting a Business: Choosing a Year-End
  
  http://www.canadaone.com/ezine/dec99/year-end.html
  Are you confused about choosing a year-end for your business? Find out how you can reduce or defer taxes according to your business structure.