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  1. IPO

    • A listing on the TSX Venture Exchange or the TSX
    • IFRS audited statements and a prospectus
    The goal
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    • Clean books from Day 0
    • IFRS supported alongside ASPE

  2. Across Canada and beyond

    • Sales in other provinces bring PST and QST
    • US dollars, stock, more people
    Year 5
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    • Multiple sales taxes, currencies and inventory in one set of books

  3. Review or audit

    • A review or audit, often required by lenders or investors
    • Support for every balance
    Year 4
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    • Every change in the audit trail
    • Schedules and attachments behind every balance

  4. Raising money

    • Investors and lenders ask for monthly numbers
    • R&D may qualify for SR&ED tax credits
    Year 3
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    • A lender’s package in one PDF
    • Your accountant and board in the same books, each with their own access

  5. A second company

    • A holding company, a property company or a new venture
    • Sales and loans between them, recorded on both sides
    Year 2
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    • Every company under one login and one fee
    • Intercompany entries booked on both sides at once
    GrowMore companies, more money, more people looking.

  6. The first year end

    • Financial statements
    • T2 return due six months after year end; tax owing due sooner
    • T5 slips for dividends paid
    Year 1
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    • GIFI codes on every account
    • Financial package in one PDF, and an export for your tax software

  7. Close the month

    • Reconcile every bank and card
    • Depreciation, prepaids, accruals, loan interest
    Every month
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    • Month-end entries prepared and checked, posted when you approve

  8. The first GST/HST return

    • Monthly, quarterly or yearly, set by your sales
    • File and pay by the due date
    Quarter 1
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    • The return prepared from your books
    • Filed periods locked as filed

  9. The first hire

    • A payroll account (RP) with the CRA
    • Deduct CPP, EI and income tax, and remit on time
    • Workplace insurance, such as WSIB in Ontario
    Month 3
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    • Payroll is on its way

  10. Receipts and expenses

    • Keep records six years
    • To claim GST/HST back on a bill of $100 or more, you need the vendor’s GST/HST number
    Month 1
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    • Drop a photo or a PDF: V+ reads it, you check
    • Missing tax numbers flagged before you post

  11. The first sale

    • Invoices that show your GST/HST number and the tax
    • Payment terms and a way to get paid
    Month 1
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    • Invoices in English, French or 中文
    • A payment page for e-Transfer or card, with reminders sent for you
    RunSell, spend, file, close. Every month.

  12. Bank and tax accounts

    • A business bank account, apart from your own
    • CRA accounts for corporate tax (RC) and GST/HST (RT)
    • GST/HST is required past $30,000 of sales in four quarters
    Week 2
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    • Chart of accounts set up for your industry
    • Bank transactions imported and matched for you

  13. Incorporate

    • Articles, minute book, first shares issued
    • Business number (BN) from the CRA
    Week 1
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    • Company, year end and accounting standard, set in a few questions
    • Share register and ownership chart from day one

  14. The idea and the name

    • Choose a name and check it is free (NUANS report)
    • Provincial or federal incorporation
    • Agree who owns what before the first share
    Day 0
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    • Start a free trial before the first dollar moves
    • Book a demo, ask us anything
    Set upSet it up right once, and every year after is easier.
Day 0 starts hereScroll up to grow

General information, not legal or tax advice. Rules and amounts change; check with the CRA, your province and your accountant.