2016-12-01 00:00:00TaxesEnglishLearn some frequent reasons for closing a GST/HST account and how to do it by contacting the Canada Revenue Agency.Accounting Tips: Closing Your GST/HST Account

Accounting Tips: Closing Your GST/HST Account

0 min read

There are several good reasons for closing a GST/HST account. For example, you may have decided to sell or close your business. You could also have stopped making sufficient taxable supplies and become a small supplier that does not need to be registered. Finally, if a sole proprietor or a partner in a partnership has passed away, the executors will need to close the account.

In any of these cases, it is important to close the account with the Canada Revenue Agency to avoid having to file returns or having the account become delinquent. To close an account, you can phone the Canada Revenue Agency at 1-800-959-5525 or complete and return Form RC145, Request to Close Business Number (BN) Program Accounts.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Simplify Closing the Deal With Closing Folders Software for Lawyers

Ever heard of Closing Folders? If you haven’t and you’re a transactional…

Read more

Wrapping Up: The Accounting Closing Process

There are numerous events that occur toward the end of an accounting…

Read more

Closing the Gender Gap to Help Your Small Business Thrive

Gender equality is a must in modern society, but did you know…

Read more