Incorporation Checklist: Next Steps for Saskatchewan Corporations

Incorporating a business in Saskatchewan involves more than just tax considerations. Moving from a sole proprietorship or partnership to a corporation brings new operational, regulatory, and record‑keeping requirements that are important to address early.

The Incorporation Checklist is designed to guide you through the most common non‑tax steps that should be addressed after incorporation. Not every item will apply to every business, but many are frequently overlooked and can create issues later if not handled properly. Many corporations will require accrual-based accounting, which involves tracking receivables, payables, inventory, and proper period cut-offs.

Record-keeping requirements also change once an unincorporated business becomes a corporation. Corporations must maintain their own bank accounts, track assets, liabilities, and equity, and keep business and personal activity separate. Proper setup at the outset helps ensure accurate financial reporting and a smoother corporate tax filing process.

If you plan to maintain your own accounting records, we recommend working with on of our advisors when setting up your books. Full record‑keeping services are also available for businesses that prefer ongoing support. We would be happy to discuss which option would be the best fit for your business.

Before making significant changes, such as closing tax accounts, transferring assets, or cancelling registrations, we encourage you to review the checklist and speak with your advisor.

✓ Banking & Financial Setup

☐  Open a corporate bank account in the legal name of the corporation

☐  Deposit funds for the purchase of common shares, as required

☐  Set up appropriate signing authorities

☐  Notify lenders of any loans that will be assumed by the corporation

☐  Obtain corporate credit cards, as required

☐  Keep personal transactions out of the corporate bank account

☐  Maintain a separate personal bank account for personal expenses

☐  If the business invoices customers or purchases on account, implement additional tracking to properly reflect income and expenses

✓ CRA & Tax Accounts

☐  Confirm the corporation’s CRA Business Number (BN) has been issued

☐  Register for applicable CRA accounts:

☐  Corporate income tax (T2)

☐  Payroll (if hiring employees)

☐  GST, if required

☐  Set up CRA My Business Account online access

☐  Work with your accountants to confirm the appropriate accounting method (cash vs. accrual), as this impacts income, expenses, and GST reporting

Important: Do not close or cancel any existing tax accounts without professional advice.

✓  GST Considerations

☐  Update invoices to reflect:

☐  Legal corporate name

☐  Correct GST number

☐  Notify suppliers of the change in business structure

☐  Do not cancel previous GST numbers until asset transfers and elections have been reviewed with your accountants

☐  Work with your accountants to confirm the appropriate GST reporting method (cash vs. accrual), based on your business activities

✓  Insurance, Licensing, & Registrations

☐  Review property and liability insurance with your insurance provider to ensure coverage is updated to the corporation

☐  Agricultural producers: update Saskatchewan Crop Insurance registrations

☐  Update vehicle registrations for assets transferred to the corporation

☐  Review professional, municipal, or industry licences that may need to be reissued

☐  Where assets, inventory, or liabilities are transferred, ensure accurate financial reporting with proper valuation and accounting setup

If additional insurance coverage is required, speak with your Stark & Marsh advisor. Stark & Marsh Wealth Management is available to assist you with your insurance needs and offers a complimentary review of any existing insurance policies to ensure that they effectively manage your risk.

✓  Contracts & Suppliers

☐  Review and update contracts where possible, including:

☐  Sales and purchase agreements

☐  Lease agreements

☐  Financing arrangements

☐  Consult your lawyer before transferring or amending contracts, if necessary

✓  Agriculture Programs (If Applicable)

AgriInvest

☐  Individual AgriInvest accounts remain open after incorporation

☐  The first corporate AgriInvest application is filed after the first corporate tax return

☐  A corporate AgriInvest account is opened once the first deposit notice is received

☐  Withdrawals from individual accounts may be required over time – contact us before withdrawing funds to manage tax implications

AgriStability

☐  Individuals enrolled in AgriStability must file a Change in Business Type form

☐  If we file your AgriStability, we will assist with this process

☐  Individual enrolment fees continue until a corporate enrolment fee is issued (typically in the second fiscal year)

✓  Other Important Reminders

☐  Do not cancel or transfer registrations without professional advice

☐  Keep incorporation documents and share certificates on file

☐  Contact your advisor if you are unsure whether an item applies to your business

☐  Stark & Marsh Wealth Management offers support for business owners with personal financial planning, retirement strategies, investments, and tax-efficient integration between business income and personal wealth