Topic: Closing down a business corporation in Ontario

[Spheric]

Has anyone here dissolved their corporation ? How straightforward is it ? Anyone used the online option of notification ? I had a company which was active for 12 months during 2006-07, but since then has been dormant.

The CRA website isn't entirely clear...but one of the first steps it talks about is filing Articles of Dissolution (getting shareholder agreement etc - ie. me talking to me), and after that filing T2 etc.

Just wondering if I also need to an accountant to close corporation as I haven't had any business revenue activity.

[dash]

Spheric,

First I have no experience in this; I guess winding up a corporation will be as complicated as how large it was.
T2=corporate income tax return
All assets will be deemed disposed at fair market value (meaning possible recapture of CCA/depreciation which is income and or capital gains), if there is significant $$ there, yes you want to talk to an accountant-as the capital gains and some other gains in a capital dividend account could be tax sheltered.

[Ex-airbalancer]

you would have close your minute book also
Play by the rules or you could screwed later