Tax guides

Compliance and closing

Compliance and closing under Canadian federal and provincial rules.

Compliance and closing

Closing a Canadian corporation: tax, cash and CRA accounts

Pay creditors and file missing returns first. What remains goes to shareholders: genuine loan repayments and returned paid-up capital are not dividends; the rest is generally a deemed dividend. Plan clearance before distributing, dissolve through the incorporating registry, file the final T2 to the dissolution date, and close each tax account when its duties end.

Corporations

Reviving a Dissolved Canadian Corporation

Check the incorporating registry first. A notice means you can usually cure the named filings before its deadline; a completed dissolution calls for the governing law's revival route before resuming business or collecting property or a CRA refund. The corporation still owes its tax filings and debts; directors and recipients of its property can sometimes also owe.

Corporations