Read Article

What to do next after Incorporating Your Business?

How to set up My Account in Ontario?

You might have noticed that incorporating your company is crucial for building a successful business. And probably you ask yourself that what to do next after incorporating your company. So, in this article, we will provide you with complete information about the post-incorporation process. This article will provide essential guidelines for those who have recently incorporated a company in Mississauga. Also, our professionals at Yogi & Associates are available 24/7 and will assist you with the post-incorporation process. Let’s begin!

1. Open a Corporate Bank Account

A corporation is a legal entity so, it must have a bank account. And to open a corporate account, the bank will require copies of certain incorporation documents. Such as the articles of incorporation. Also, it is necessary for the signing officers in your corporation to fill out forms before they get access to the corporate account.

2. Buy a Corporate Minute Book

Incorporating your business

In Mississauga, to have a minute book is a legal requirement for all incorporated businesses. And this minute book helps you to overcome the needs of the Canada Business Corporations Act (CBCA). The minute book performs its function by recording all the corporation’s activities. Thus, your minute book includes the following documents:

  • A directors’ register
  • All corporate bylaws
  • Minutes of all company meetings
  • A securities register
  • A members’ register
  • Copies of any forms filed with the government

3. Complete the Corporate Bylaws and Organization

It is important that your corporation is well-organized. And for this purpose, the corporate minute book is best for the organization of the corporation. For this purpose, you need to follow these two steps:

1. Corporate Bylaws

You need to complete the corporate bylaws. The corporate bylaws are a set of regulations required for deciding how the corporation governs itself. 

For example: Bylaws will display things such as the rights and obligations of officers.

2. Organization of the Incorporation

You can achieve the goal of organizing your corporation in three ways:

  • You can organize the corporation by meeting the corporation’s directors.
  • You can also organize your incorporation through the written resolutions that all the shareholders will sign.
Incorporating your business

So, you can select any of these two methods. And once you choose a certain method, you need to follow these steps:

  • Formal approval of organizational resolutions is essential for organizing your corporation.
  • Approve and adopt the documents of incorporation
  • Approve and adopt the corporate bylaws
  • Choose the directors
  • Appoint the corporate officers
  • Pay shares to the shareholders

4. Register for other Required Permits or Licenses

Your corporation is a separate legal entity. So, it means that it will need a business number for legal purposes. For example, you need a business number for your General Sales Tax (GST), corporate income tax, import/export, and employer payroll deduction accounts. In Mississauga, a new corporation needs to register for Provincial Sales Tax (PST) to collect and remit the provincial sales taxes etc.

For example: You need to register PST for different purposes. Such as workers’ compensation insurance, provincial employer health tax, and other provincial and municipal licenses.

For more information about GST/HST number, click here to view our blog, GST Number: How to Register for GST Number.

5. Start hiring Employees

Once you have completed all the steps mentioned above, the next thing you need to do is start hiring employees for your corporation. And if you hire at least one employee, then you need to register that employee and set up the payroll deductions. Payroll deductions are meant for income taxemployment insurance, and the Canada Pension Plan (CPP) with the Canada Revenue Agency.

The Bottom Line!

Once you’ve done all these things, your corporation is ready to start a business in Mississauga. So, your company will need to file an annual return with the government annually. And if you fail to file the annual return, the government can dissolve your company. And if you want some legal advice, feel free to contact Yogi & Associates. Our counselor will guide you throughout this whole process. You can also visit us in Mississauga or book an appointment with us to get a complete guide.

The CRA is the government agency responsible for administering various taxes in the country. If you run a business, it’s important to set up both business and personal CRA accounts to make sure all your tax obligations are taken care of.

So, make sure that your concepts are clear and for that, you can contact Yogi & Associates in Mississauga for seeking guidelines in this process. We have experience helping people how to set up My Account in Ontario by getting their objectives done. Our accounting team will make sure that you won’t tear out your hair or go around in circles trying to achieve your CRA My Account objectives.

By the end of this article, you’ll know about each of the CRA online account options, how to register for one and what documents you need to have handy to get your CRA security code.

Happiness: a good bank account, a good cook, and good digestion-Jean Jacques Rousseau

 

How to set up My Account in Ontario?

If you want to learn how to register for My Business Account, you can visit our article by clicking How to set up My Business Account in Ontario.

What is a CRA My Account?

The CRA My Account is the government’s portal to your tax information. It’s where you can access and manage all of your notices of assessments and view any payments you made.

Why should you register for CRA My Account?

  • The CRA is committed to protecting the privacy of your personal information and fulfilling its legal mandate to manage the nation’s tax system in a fair, accurate, and impartial manner.
  • My Account gives you easy and convenient access to your account history, certificate number and address.
  • It is convenient – My Account gives you 24/7 access with your CRA user ID and password.

What are the Benefits of My CRA Account?

With My Account you can:

  • Find out your tax details on the CRA My Account
  • View your notice of assessment (NOA) and reassessment (NOR)
  • View your unused or carry forward amounts from previous years
  • Access your Home Buyers’ Plan
  • View CRA forms
  • Download and print your information slips
  • Review your benefits status and payments
  • Find out if you qualify for HBP or LLP
  • Know exactly when to expect your refund

Note: this is not a complete list. -Check out the CRA website for a full list of services you can access with the My Account

5 Things You Need To Register For My Account:

  1. Your Name
  2. Your current Address
  3. Your Date of birth
  4. Your Social Insurance Number (SIN)
  5. Your two most current tax returns

How to Set up My Account in Ontario?

So here’s a thing you need to know about how to set up My Account in Ontario. Registering for your CRA My Account is like creating your very own private social network. You can do all sorts of things with it, including entering your tax information and signing up for the e-newsletter that’s packed with valuable tax tips. Once you set up an online account, you can also access any of your accounts and services such as Amazon shopping, Netflix, or Google Play purchases or banking through CIBC. So, once you visit the CRA website and click the link for registration, you get two options:

  • Option 1: Sign in Partner
  • Option 2: Create a CRA user ID and password

5 Steps To Register For My CRA Account Using Sign in Partner:

  1. Visit the “CRA My Account” webpage.
  2. Click for sign-in partner option.
  3. After clicking sign-in partner, use the account and password you typically use to access this page to log in.
  4. Add the detailed required information such as (your name, SIN, Date of birth, your current address and your current tax amount)
  5. You’ll have immediate access to some of your tax information once you’ve finished the registration process.

After registering for your account, you will have the limited access to your account. But, you will receive for security code after 10 business days and you will get complete access to your account.

6 Steps To Register For My CRA Account Using Create ID And Password:

Anyone can register for a CRA My Account. Here’s how to get started:

  1. Visit the “CRA My Account” webpage and click on creating ID and password option.
  2. Enter your Social Insurance Number and other required information to verify your identity.
  3. Fill in the blanks on the registration form.
  4. Create a memorable username and password.
  5. Choose payment options.
  6. Agree to the terms and conditions.

Submit the forms, you will have limited access to my account first, but later CRA will send you a security code to get proper access to your My Account.

You can also watch this detailed video about how to set up My Account in Ontario.

Bottom Line!

Best of all, once you have a CRA my Account, there is no limit on the number of times that you can log in and use the site. After you register for an account, your personal information is available to you. If you want to learn more about registering for a CRA My Account and how it can help your small business to succeed, contact our firm, Yogi & Associates. We have an accounting team in Mississauga with experience in guiding people to get their CRA My Account objectives done!

Laila Batool

You May Also Like