As mentioned in our 7 tax questions to ask yourself, there’s more to closing your business than closing the doors and heading to the beach. With no evidence of closure, in CRA’s eyes, your business officially continues, and you end up having to continue to file various tax returns. So here are 5 quick steps to closing your business.
- Cancel your business registration for your sole proprietorship or partnership OR Voluntarily dissolve your corporation.
- File a last tax return if you have dissolved a corporation.
- Close your payroll accounts with the Canada Revenue Agency (CRA).
- Close your GST/HST accounts with the CRA.
- Close your RST/PST/QST accounts with the appropriate provincial agency.
About Brightblue Transition Solutions
Located on Vancouver’s North Shore we are the premier business broker in the lower mainland, contact us if you need any help buying or selling a business in the greater Vancouver or lower mainland areas.