Many new business owners ask about how to deal with Business Transactions Prior to Incorporation. Here is the right answer for this issue according to the CRA IT-364 Commencement of Business Operations:
Date When Business Commences
2. It is not possible to be specific about the point in time when a contemplated business becomes an actual business. Generally speaking, it is the Department’s view that a business commences whenever some significant activity is undertaken that is a regular part of the income-earning process
Follow