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Thread: Closing a business - how to correctly wind up a corporation

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    Default Closing a business - how to correctly wind up a corporation

    So my little adventure into running a busines is over, and I need to wind it up. Help me put these steps into the "smartest" order.

    I've already stopped receiving revenue (this was really easy!) As well, the company has zero physical assets. The small amount of money in the company bank account does not even cover the expenses owed to me as part of a shareholder loan, so there is no need for dividends, salary or anything like that.

    Now I need to:

    - Complete my fiscal year-end bookkeeping
    - Submit my GST return
    - Submit my Corporate Taxes
    - Inform the registry that the corporation has folded (annual return I guess?)
    - Close my GST account
    - Close my bank account
    - what else???


    There's a couple small business accountants on beyond, help me out. And if anyone wants to point me to someone who can submit my final years tax returns, that would be super. Cheaper is better, since this is straight out of pocket personally.
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    why don't you keep it open for the future? You just need to file Zero GST returns and $0 Tax returns. Pay the annual return fee. Opening a new company is a minimum of $450.

    If you do some consulting on the side, or open an Amazon business (haha), then you can get started right away.

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    You need to do annual returns with the Alberta government as well $60/yr, and those annual t2 forms are $400/yr or more as far as I have found.
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    T2 can be free with some work.

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    Quote Originally Posted by benyl View Post
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    T2 can be free with some work.
    How do you do a T2 for free?

    Also, anyone else have thoughts? Where all my small business experts be at?
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    I would assume you would qualify for a T2 short return? Take a look for requirements.

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    I do qualify for one of the years.
    Need to have zero income, which I did for 2018.
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    Extra, I believe you already have my contact information; feel free to get in touch.

    I can walk you through what you’d need to do in order to do the wind-up, we can also chat about the prospect of keeping the corporation alive.

    All things considered, especially considering you want it down for the lowest price possible, I don’t think I’ll be the guy to do the filing(s) for you, at least for the time being, but I’m happy to have a chat and spend a little bit of time to get you moving in the right direction.

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    Quote Originally Posted by statick View Post
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    Extra, I believe you already have my contact information; feel free to get in touch.

    I can walk you through what you’d need to do in order to do the wind-up, we can also chat about the prospect of keeping the corporation alive.

    All things considered, especially considering you want it down for the lowest price possible, I don’t think I’ll be the guy to do the filing(s) for you, at least for the time being, but I’m happy to have a chat and spend a little bit of time to get you moving in the right direction.
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    Quote Originally Posted by statick View Post
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    Extra, I believe you already have my contact information; feel free to get in touch.

    I can walk you through what you’d need to do in order to do the wind-up, we can also chat about the prospect of keeping the corporation alive.

    All things considered, especially considering you want it down for the lowest price possible, I don’t think I’ll be the guy to do the filing(s) for you, at least for the time being, but I’m happy to have a chat and spend a little bit of time to get you moving in the right direction.
    Note to self: statick has some involvement in small business accounting. Use as resource.
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    Quote Originally Posted by schurchill39 View Post
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    Note to self: statick has some involvement in small business accounting. Use as resource.
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