![]() It goes without saying that if you haven't had any business yet, your income will be under $30,000. It is an effective way to reduce your total taxes paid. I am also puzzled as to why you would want to. If you have any prepaid arrangements, you must adjust your final return for any input tax credits provided after you close your account.īrian, I am uncertain as to whether CRA lets you opt out of registration if you intend to continue operating your business.You will have to pay GST/HST using CRA's formula upon de-registering of ($20 - $0) x ($320 / $400) = $16. Now the mower is a year old with a FMV estimated at $320. The $20 input tax credit is claimed on your GST/HST return. The GST paid at time of purchase was $20. You must self assess and pay GST/HST at that time because you have changed the primary use from commercial to non-commercial.įor example. Any capital property the business owns is considered / deemed sold under change of use rules.and reporting/remitting it to CRA on your last return. You will be responsible for collecting GST/HST on these items. When you cancel your registration, any non-capital property held in supply is deemed to be sold/disposed of at fair market value (FMV).When you are a small supplier, you must have your GST/HST account open for at least twelve months before you can close/cancel your registration.There are a few things you need to be aware of before you cancel your GST/HST account as there will be a financial impact. The form can be mailed or faxed to your tax services office. To close out your GST account, you must fill out CRA's form RC145 Request to Close Business Number (BN) Accounts. How do I cancel my GST number that I volunteered for? I have not had any business yet and as a result haven't collected any GST - my income will be well under 30 K. I have a lawn cutting business and will make well under the mandatory 30K. I volunteered to register for GST number. The T2125 Schedule Series - Canadian sole proprietors.The Employee Payroll Rates - US and Canada.The Self Employed Rates - US and Canada.The Travel/Auto Rates Options - US and Canada.The notifications will also let you know when you have any mail to view in your My Business account, and when important changes have been made on your account.Īuthorizing GGFL’s digital access to your My Business account is safe and secure, will help protect your tax information and make our work with CRA on your behalf more efficient. Click for details on how to confirm a new representative.ĬRA recommends that you enable email notifications to make sure you are notified when you receive the authorization request. Once they have processed the request you will need to login to our My Business account and confirm GGFL as your representative. When we have received your signed authorization form we will submit the request to CRA. You have a maximum of 30 days to sign the authorization form before the Adobe Signature link to the document expires. Once signed, please return the form to GGFL. You can sign this document electronically. This form informs CRA that you are granting us access to your My Business account and allows us to speak directly with CRA on your behalf. You will receive the authorization request form from GGFL through our Adobe Signature platform. Notify your GGFL Partner when your My Business has been activated so that we can issue an authorization request. So it is vital that you sign-up well before you, or GGFL, need access to the account.Ĭlick here to check out a helpful video with step-by-step instructions on how to get started. Keep in mind that registration may take several days to allow for authentication. If you do not already have one, you must create a My Business account. Setting up your My Business account and granting us access is easy, but can take a few weeks to complete. In short, it lets us keep your tax affairs in order and avoid potential problems down the road. It will also let us view your tax account information to ensure it is accurate and up to date, review any tax assessments you receive and move any payments incorrectly assigned to the incorrect tax account. Most importantly, it will allow us to speak with CRA on your behalf whenever necessary. There are many advantages to granting GGFL access to your My Business account. If you have not already provided GGFL with this authorization, please review the steps below as soon as possible so that your My Business account is set-up and authorized by the time tax season gets well and truly underway. With just a few steps, you can authorize GGFL to speak with CRA on your behalf and provide us with access to your CRA My Business account online. Simplify Tax Season Through Your CRA My Business AccountĪs we approach tax season, there is one simple, but important step business owners can take to help make their filing and on-going interactions with CRA easier and more efficient.
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