Small Business & Self-Employment

Small Business & Self-Employment

With regards to the Canada Revenue Agency, is there anything I need to do in order to close or shut-down my business?

Yes, the CRA requires a few steps to close a business.  The first thing you need to do is file any GST/HST tax returns that have not been filed. This means paying any outstanding balance up to the same day your business closes.

The second step is closing your GST/HST account. In order to close it, you must fill out Form RC145, Request to close business number accounts (BN) and mail it to the  tax services office that serves you.  Alternatively you may call the Canada Revenue Agency Business Window at 1-800-959-5525.

In the case that you have property owned by the business, the CRA will assume at the time of closure that the property was sold and priced according to its basic tax content and that GST/HST was obtained. Please note that the final GST/HST return must include this amount.

The information provided above does not constitute legal advice and should not be relied upon as such, since it has been written with a limited picture of the situation. In order to obtain proper legal advice, a lawyer must be aware of all of the details of your particular case. If in doubt, please obtain the advice of a lawyer. You may be eligible to receive a free telephone consultation with a tax lawyer at Barrett Tax Law. For details, call 1-877-8-TAX-TAX today or click here.