Small businesses in Canada have faced trade wars and economic turmoil in recent years, impacting profits across various sectors. Many self-employed individuals and small businesses have opted to deregister or cease operations to avoid further losses. Do they still need to file tax returns after ceasing operations, or can they simply leave their businesses alone?
From a Canadian tax perspective, even if a company has ceased all operations, it still needs to file a tax return with the CRA! The answer to the question is yes! Unless you have already completed the company's deregistration.
⚡ In Canada, even if a company is not operating, it must file a tax return with the IRS. Failure to do so could result in fines, damage to the company's reputation, and increased difficulty in deregistering or transferring the company in the future.
Back to the point, if you're a company or self-employed individual and still need to file taxes, how can you reduce the cost? What's the most economical tax filing solution? Can it be done for just $100 Canadian dollars? The answer is yes! A $100 tax filing solution does exist! Then let's hear about the ultimate "zero tax" company plan!
👉 Simply put, if a company has: no operating income, no expenses (or very little expenses) and no actual business in the year, then we call this situation zero tax return.
There are two common scenarios: 1. New company: This company has just been registered and has not yet started operations. Naturally, there are no transactions on the books, so it can file a zero tax return. 2. Old company: This company has filed tax returns normally for the past few years. Since it has suspended operations or has no expenses this year, it can also file a zero tax return.
👉 Note: If there are a small amount of additional expenses (such as bank fees, registration and maintenance fees), whether you can still declare zero tax depends on the specific situation.
💰 Zero tax returns are typically offered to companies with minimal expenses. Our base rate is $100 CAD, but this price can be adjusted based on the complexity of your company's accounting and transaction volume. Whether you're a startup or an established company, we can handle compliant zero tax returns for you, giving you peace of mind!
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