This timeline gives you a realistic week-by-week view of what to set up and when, based on actual processing times and the logical order of dependencies. Each item unlocks the next — do them in sequence to avoid delays.
Week 1: Identity Documents
| Task | Time Required | Where | Cost |
|---|---|---|---|
| Apply for SIN | 1 visit, ~30 min; same-day issuance | Service Canada Centre | Free |
| Get provincial ID or driver’s licence (if needed) | Visit licensing office; 2–6 weeks for card | Provincial licensing office | $50–$150 |
| Confirm immigration status allows self-employment | Review permit document; consult lawyer if unclear | Your permit document | Free or lawyer fee |
Week 1–2: Banking
| Task | Processing Time | Cost |
|---|---|---|
| Open business bank account (EQ Bank, Wealthsimple) | 1–2 business days online | $0 |
| Set up Interac Autodeposit on business account | Immediate in banking app | $0 |
| Open Wise Business (for international clients) | 1–3 business days (verification) | $55 CAD one-time |
| Open personal tax savings sub-account | Immediate | $0 |
Week 2: Business Registration
| Task | Processing Time | Cost |
|---|---|---|
| Provincial business name registration (if needed) | Same-day (Ontario); 2–5 days (BC, others) | $40–$70 |
| Create CRA My Account | Immediate online; or 2–4 weeks by mail for newcomers | Free |
| CRA Business Number registration (if needed) | Immediate online through BRO | Free |
Week 2–3: Invoicing and Accounting Setup
| Task | Time Required | Cost |
|---|---|---|
| Sign up for Wave, FreshBooks, or QuickBooks | 30 minutes | $0–$28/month |
| Configure province’s GST/HST rate | 10 minutes | $0 |
| Create invoice template | 20 minutes | $0 |
| Connect business bank account to software | 10 minutes (wave); same day (QuickBooks) | $0 |
Month 2: First Invoice and Operations
- Issue first invoice to first client
- Upon payment: transfer 25–30% to tax savings immediately
- Record all income and expenses in accounting software
- Photograph/scan all receipts and save digitally
- Start mileage logbook if using vehicle for business
Month 3: GST/HST Assessment
- Review year-to-date revenue against $30,000 threshold
- If approaching: register for GST/HST proactively (BRO portal)
- If already over $30,000: register immediately — you have a 29-day deadline from the threshold-crossing sale
Month 4–6: First Full Quarter
- Reconcile first full quarter of books
- Estimate year-end tax liability and confirm tax savings account balance
- Evaluate whether you need additional tools (dedicated receipt scanning app, mileage app)
- Consider whether a CPA consultation is warranted given your income level and complexity
Frequently Asked Questions
What is the biggest cause of delays in this timeline?
CRA My Account access. In year 1, newcomers often cannot create a digital CRA My Account because it requires prior year Canadian information (Notice of Assessment or registered credit card). This is the one step that may require a workaround — either paper mail registration or the CRA’s telephone registration option. Budget extra time for this step and initiate it early.
Can I compress this timeline to one week?
Many elements can be parallelized: you can apply for your SIN on Monday, open an EQ Bank account on Tuesday, set up Wave on Wednesday, and issue your first invoice on Thursday. The main constraint is bank account processing time (1–3 business days). The Wise Business verification (1–3 days) can run in parallel with bank account setup.
Should I do this in a different order if I already have clients lined up?
If you have immediate clients, prioritize SIN and bank account first — you need somewhere for money to land. Register your business name and CRA accounts in parallel or immediately after. You can invoice under your legal name while registration is pending — you just need the bank account active to receive the first payment.