As a self-employed newcomer in Canada, you need a specific set of documents — some to open accounts and register, some to maintain ongoing compliance, and some to support CRA requirements. Here is a complete checklist organized by purpose.
Documents to Apply For
Social Insurance Number (SIN)
Required for: all CRA filings, banking, business registration
How to get: Service Canada Centre with your immigration documents (passport, work permit or PR card, and proof of identity)
Processing time: Same-day at most offices
Note: Temporary SINs (starting with 9) expire with your immigration status — update the CRA when your status changes
CRA My Account
Required for: registering for a Business Number, filing GST/HST returns, accessing tax records, making payments
How to get: canada.ca → “CRA My Account” → registration. Newcomers in their first year may need to register by paper or phone, as digital registration often requires a prior year’s Notice of Assessment.
Processing time: Immediate (digital) or 2–4 weeks (mail-in registration)
CRA Business Number (BN)
Required for: GST/HST account, payroll (if you hire), corporate income tax (if you incorporate)
How to get: CRA Business Registration Online (BRO) at canada.ca — free, online only since November 2025
Processing time: Immediate online
Provincial Business Name Registration Certificate
Required for: using a trade name, opening a business bank account in a trade name
How to get: Your province’s business registry (ontario.ca/businessregistry, bcregistry.gov.bc.ca, etc.)
Cost: $40–$70 depending on province
Processing time: Same-day (Ontario) to 5 business days (other provinces)
Documents to Maintain
Business Income Records
- All client invoices issued (with invoice number, date, client, amount)
- Bank statements showing all client payments received
- PayPal/Wise/Stripe transaction records for international payments
- Foreign currency conversion records (amount, date, Bank of Canada rate used)
Business Expense Records
- Receipts for all business expenses claimed on T2125
- Bank and credit card statements
- Home office: lease agreement + utility bills + floor plan/workspace photos
- Vehicle: mileage logbook (date, destination, purpose, km) + all vehicle expense receipts
- Equipment purchases: original receipts with serial numbers where applicable
GST/HST Records (if registered)
- All GST/HST returns filed
- Records of GST/HST collected on each invoice
- ITC documentation (receipts showing tax paid on business expenses)
Retention period: Keep all records for 6 years from the end of the last tax year to which they relate.
For Your First Canadian Tax Return
- Your SIN
- Your Canadian arrival date (exact date you became a Canadian tax resident)
- All T4, T5, and other slips received
- RRSP contribution receipts (for contributions to March 3, 2026)
- Business income total and expense breakdown from your accounting software
- Home office calculation (square footage, annual home costs)
- Vehicle mileage logbook summary (business km / total km)
Frequently Asked Questions
What documents do I need to open a business bank account as a newcomer?
Most banks require: valid government-issued photo ID (passport, PR card, or provincial driver’s licence if you have one), your SIN, Canadian proof of address (utility bill, lease agreement, or bank statement showing your Canadian address), and your Business Name Registration certificate if you want the account in a trade name. For digital banks (EQ Bank, Wealthsimple), upload these documents through the app — no branch visit needed.
Do I need a Canadian driver’s licence to open a business account?
No. A passport or PR card is acceptable government ID at all Canadian banks. You will need to obtain a Canadian driver’s licence eventually if you plan to drive, but it is not required for banking or business registration.
What if I don’t have a Canadian address yet?
You need a Canadian address for banking and CRA registration. If you are staying with friends or family temporarily, use their address with permission. A CRA My Account and business registration can be updated with a new address once you establish permanent housing — update promptly when you move to avoid missed correspondence.