Originally Posted by lcerura
IF Im closing the business for 2017 but there are funds in the bank account past the new year and debts paid Plus distribution of assets (past the new year) then can I still file my final return?
noi do not think so;
A corporation, being a separate legal entity, lives on and doesn?t cease to exist just because the operations cease, or just because all the assets have been removed. There still remain obligations and financial constraints that will need to be dealt with in the future.
The actual process of winding up a corporation takes some time and effort, as well as a lot of back and forth:
An application for consent to dissolve the corporation must be made to the Ministry of Finance. This can be done in the form of a phone call indicating the intention to dissolve.Government will then review the corporate status to ensure everything is up-to-date and there are no outstanding government debts.Once the approved dissolution is received, the corporation must file a final corporate tax return for the period up to the date of dissolution.so you need to