Ex Coast Guard here...
Awesome to hear that your so excited about having a new boat to play with. I know what I'm like when I get to get out on the boat, I'm just like that kid in a candy shop too!
Couple of things to consider, and please don't take any of this the wrong way since I don't know your boating background. Nobody ever goes out on the water expecting to break down or have an accident!
Get your PCOC (pleasure craft operators card)
Take a Power Squadron course and know the basic rules of the road, navigation, safety, etc.
Make sure you have a working compass, with light
Get the current charts for the areas you are going to be operating, and keep them stored somewhere dry (folded in a ziplock always works)
Have a working marine VHF radio
Get your VHF Marine radio operators license (you do not need one to use the radio in an emergency, but it helps to know the protocols for calling, etc.)
Get yourself PFD's for all the passengers. Make sure they are Canadian Coast Guard approved!
Practice launching and retrieving your boat from the trailer several times before the your first trip
Contact your local Coast Guard or Coast Guard Auxiliary and inquire about a PCCC or Pleasure Craft Courtesy Check - someone trained in boating safety can take a look at your boats setup and give you recommendations on what you need to have.
Here's a great resource for everyone in the Small Vessel Regulations
http://www.tc.gc.ca/publications/en/tp511/pdf/hr/tp511e.pdfWhat it says about your boats minimum equipment:
Sail and Power Boats up to 6 m (19’8”)
1. One (1) lifejacket or PFD for each person on board
2. One (1) buoyant heaving line at least 15 m (49’3”) long
3. One (1) reboarding device If boat is equipped with a motor:
4. One (1) watertight flashlight OR Three (3) flares of Type A, B or C
5. One (1) manual propelling device OR One (1) anchor and at least 15 m (49’3”) of cable, rope or chain in any combination
6. One (1) bailer or manual bilge pump
7. One (1) sound-signalling device or appliance
8. **Navigation lights
9. ***One (1) magnetic compass
10. One (1) radar reflector (See Note 3, p. 28)
11. One (1) 5B: C fire extinguisher if equipped with an inboard engine, a fixed fuel tank of any size, or a fuel-burning cooking, heating or refrigerating appliance
Safe boating!