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Filing a side business with no income or expense that was dissovled!

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business
2K views 2 replies 2 participants last post by  behrooz66 
#1 ·
Hey Guys,
I am very new here and I just have a basic question I believe you can help me with.

I working full time for a company and last year my friend and I decided to start a small business as a second job. We registered the business as partnership and then later on figured that we don't have time to put serious efforts into it, so without getting any project, spending much money or making any, we just dissolved it. It all happened within 2015.

I am wondering now that I am going to file my taxes for this year, what should I do about including that failed, zero sum business in my filing. I remember a couple months ago I received a letter from CRA asking me to disclose some numbers like income and expenses and after I phoned them and explained the exact paragraph above, they told me to put zeros everywhere and send it back, which I did.

I am using the TurboTax online app so I was wondering should I get a package that includes business, or should I simply ignore it as it was a zero sum business that no longer exists?

Cheers;
 
#2 ·
You need to file and then close the account with CRA. If you don't they'll ask for taxes every year until you do. Also, if you got a gst number, you'll have to file and tell them it's closed as well.

Make sure you get confirmation that it's closed with both of them.
 
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