Closing an Incorporated business in Canada

[Circa89]

I had an incorporated business I ran for a decade plus. I decided to go another route and take a position with another company other than my own. I needed to get rid of stock and slowly wind down things over several years but now I am ready to shut the doors permanently.

Does anyone here at CP have any insight on how to do this?

I imagine it takes a final tax return, shutting down my GST account etc

better yet do we have any accountants I can hire? I haven't file a tax return for two years because I have had nothing to sell and nothing to declare.

[Street Pharmacist]

Not sure in Alberta, but two years of no activity it closes automatically, or you can pay a lawyer to do it. If I remember correctly

[calgarywinning]

You will have to pay to close it and file your final report. That's it.

[mrkajz44]

Double check with the CRA before shutting it down. Call the business number: 1-900-959-5525. Say you want to shut down your company and they will let you know if there are any outstanding liabilities for payroll, GST, corporate tax etc.

Taking it a step further, get a clearance certificate from them (written statement that you have no liabilities). This will limit your personal responsibility should something arise. If you just shut down the company and the company still owes the CRA money, you would be personally liable.

You would need to bring you tax filings up to date to get that certificate though. I'd want to get my taxes in order before closing the company and hoping CRA doesn't came calling later.

[Circa89]

Is there a cheap / easy way of doing my final remittance / Corporate year end? I don't feel like paying anyone $1500 to file a 2014 corporate year end if their was no sales.

Likewise the 2013 had about $2000.00 in sales.