As a self-employed person, you have obligations to meet at every step in your business's life cycle.
You must be aware of the responsibilities that come with:
- starting your business (choice of legal form, registering with Revenu Québec, etc.);
- managing your business's tax obligations (obligations concerning consumption taxes, source deductions and employer contributions);
- filing your personal income tax return;
- growing your business (incorporation);
- closing your business.
As a rule, you must register for the GST and QST if you carry on commercial activities in Québec. However, there are exceptions. See Details Concerning Small Suppliers.
To avoid being charged penalties and interest, you must make your payments of consumption taxes, source deductions and employer contributions by the prescribed deadlines. See the remittance schedules that apply to your situation. If you make instalment payments, consult the Making Instalment Payments page.
Keeping Registers and Books of Account
If you carry on a business, or are required to deduct, withhold or collect an amount under fiscal law, you must keep adequate registers and books of account, including an annual inventory.
The Canada Business Network website provides a great deal of useful information about bookkeeping and accounting.