hi and welcome to the forum. Yes, you need business insurance. Talk to your agent and let him/her know the number of children you wish to care for (up to 5). Get a police check for anyone in your household who is over 18, get your cpr/first aid especially for infant/toddlers. Make sure your daycare area is safe. Insure you have any heavy items like book cases secured to the wall, you have working smoke and carbon dioxide detectors at the very least on each level of your home. Have a fire evacuation plan on paper and posted on your daycare wall. Have fire extinguishers easily accessible on each level of your home.
I use playpens as beds for naptime. They keep the children secure, but of course you must still monitor for safety. You should get a monitor for your nap area. Go online and make sure you know all safe food handling practices. Think about how you want to feed the children. Do you want individual high chairs for all (if you have the room) or do you want them around your dining room table etc.
Check the CRA website to see what you can deduct as a business expense. Keep all your receipts.
That is what I can think of at the moment. I am sure another poster will chime in with many suggestions I have forgotten (or hadn't even thought of LOL)
You have made a smart move joining this forum. I would read as much of the former posts as you can. They are a great learning tool.
Oh yes a couple more things. HAVE A CONTRACT and a POLICY BOOK. I can't believe I almost forgot that.
Good luck with your daycare.