Unit No: 201-170 Robert Speck Pkwy, Mississauga, ON L4Z 3G1
Whether you are selling, retiring or simply closing the doors, there is more to do than turning off the lights. Final returns must be filed, CRA accounts closed and staff paperwork completed, or the obligations keep coming. North Vista Accounting helps you plan your exit and wrap up the tax side properly.
Closing a business usually means filing final returns and closing each CRA account. Before closing a payroll account, you remit all deductions and file final T4 slips. A corporation that is not formally dissolved is still treated as existing, so it must keep filing T2 returns every year, even with no tax owing. Selling a business brings its own questions, such as how the price is split between assets, whether a capital gain arises and whether GST/HST applies to the sale.
For business owners at the end of the road, whatever the reason.
Thinking about selling or closing? Talk to us early.
We guide you through each step, from planning to the final filing.
A review of your options and timing before you sell, retire or close.
Help understanding the tax side of a sale, including how the price is split.
A check on whether the GST/HST election for selling a business may apply
Final remittances, T4 slips and Records of Employment for your staff
Your last GST/HST return filed and the account closed.
Contact North Vista today for a free 30-minute consultation.
Yes, until it is formally dissolved. The CRA treats a corporation that has not been dissolved as still existing, and every corporation must file a T2 return each year, even with no tax owing.
Ontario corporations can be dissolved through the Ontario Business Registry. After dissolution, a copy of the articles of dissolution should be sent to the CRA.
Remit all payroll deductions, file your final payroll information returns and give your former employees their T4 or T4A slips.
Sometimes not. You and the buyer may be able to make a joint election so no GST/HST is payable, if the buyer acquires at least 90% of the property needed to carry on the business. It does not apply if you sell only some assets.
Often, yes. A sale can create capital gains, and selling assets can also cause recapture of capital cost allowance. A capital gains deduction may be available for qualified small business corporation shares. We review this with you before the sale.
No. We are not a law firm. We work alongside your lawyer on the tax side.
Tell us a little about your business and what you need. We will get back to you to set up a call and send you a written quote. You can also book a time directly using the button below.
North Vista provides professional accounting services designed to help businesses stay financially organized and move confidently toward their goals.
