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When you decide to close your business and no longer need your business number, you are required to complete a number of forms with regards to your GST/HST account and your corporate income tax. GST/HST:  You will need to complete and submit Form RC145, Request to Close Business Number (BN) Program Accounts.  You will need your business number, legal name of business and cancellation date and reason for closing GST/HST account to complete the form. After closing your GST/HST account, you will have to deal with the following obligations: -       Determine the GST/HST owing on non-capital property held at the time...
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If you are planning to start your own business, you will need to understand how bookkeeping and financial tracking/reporting work and their importance in growing and maintaining a successful business. Here are a few basics on Bookkeeping, GST & Payroll Remitting, Corporate Year Ends and Annual Returns Bookkeeping: As with everything in life, a business must be looked after on a regular basis. This is where bookkeeping comes in. Bookkeeping is the recording of a business’ financial transactions. Having accurate and organized books can say a lot about the financial health of a business. Bookkeeping must be done regularly, no less...
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Here is the latest update on your GST/HST return. According to the CRA website, the CRA will be providing GST/HST registrants with a new and unique access code on the GST34-2, Goods and Services Tax/Harmonized Sales Tax Return for Registrants or GST34-3, Goods and Services Tax/Harmonized Sales Tax Electronic Filing Information starting October 19, 2015.   GST/HST registrants will be able to change their access codes to one of their choice by going to www.cra.gc.ca/gsthst-accesscode.  They will then be using this access code to file all future GST34-2s or GST34-3s.   In addition to this, changes on how often registrants will receive their...
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“Let’s get to it. Its Story time!”, again. I just met with a client who told me an interesting story. While dealing with the CRA on other matters the client was told by the agent that two GST returns had not been filed. The agent went on to tell the client that they needed to be filed immediately and that the CRA had estimated how much he owed. The agent also stated that the amounts should be paid immediately. The client told the agent that he had filed the returns, and paid them, and had proof. The agent said that they...
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