GST/HST

If you temporarily stop your business, you must continue to file GST/HST returns even if your income is zero for the period.

If you permanently stop your business, go to Close a GST/HST account.

Payroll

If your business stops operating temporarily, call CRA at 1-800-959-5525. Otherwise, CRA will expect you to continue to remit payroll deductions and file returns.

When your business stops operating, remit all Canada Pension Plan (CPP) contributions, Employment insurance (EI) premiums, and income tax withheld to your tax centre within seven days of the day your business stops operating.

Complete and file the necessary T4 slips and T4 Summary electronically or send them to the Jonquière Tax Centre within 30 days of the day your business ends. Give copies of the T4 or T4A slips to your former employees.

You have to calculate the pension adjustment (PA) that applies to your former employees who accrued benefits for the year under your registered pension plan (RPP) or deferred profit sharing plan (DPSP).

Prepare and give a Record of Employment (ROE) to each former employee.

Corporate income tax

You must continue to file T2 corporate income tax returns until your corporation is dissolved by the government body/incorporating authority that governs the affairs of your corporation (Innovation, Science and Economic Development Canada or the province/territory).

Import/Export

No action is required if you suspend operations temporarily.