How To Close Business Account Cra
Introduction
There comes a time when every business owner must step back and decide to close their venture. This process involves numerous legal and financial obligations, including closing your business account with the Canada Revenue Agency (CRA). This step-by-step guide will lead you through the necessary procedures for closing your business account with CRA using three different options: the CRA website, the CRA mobile app, and the CRA call centre.
Closing a Business Account with CRA via the Website
The CRA website is a comprehensive platform offering services that allow you to manage your business affairs, including closing your business account. Here's how you can proceed:
- Navigate to the CRA website and log in to your "My Business Account".
- Select the "Accounts and payments" option located at the top of the page.
- Click on "Close account".
- Follow the subsequent prompts, providing all the necessary information.
- Ensure you submit any outstanding GST/HST returns before proceeding with the closure.
- Click on "Submit" to initiate the closure of your business account.
Closing a Business Account with CRA via the Mobile App
If you prefer using mobile apps, the CRA has a well-functioning application that can help you accomplish the task. Here's the procedure to follow:
- Download the "My Business Account" app on your smartphone.
- Log in using your CRA login credentials.
- Navigate to the "Accounts & Payments" section.
- Select "Close Account" and follow the subsequent prompts providing necessary information.
- Ensure you file any outstanding GST/HST tax returns before moving ahead with the closure.
- Click "Submit" to initiate the process of closure.
Closing a Business Account with CRA via the Call Centre
If you're more comfortable speaking directly with a representative, the CRA call centre is available for you. Here is how to go about it:
- Dial the CRA's business enquiries line at 1-800-959-5525.
- Select the option that best suits your needs. For example, if you're calling about account closure, press the corresponding number.
- Speak with a representative and express your intention to close your business account.
- The representative will guide you through the relevant steps, including ensuring your account is up to date.
- Prepare the necessary details such as your Business Number (BN), legal name of your business, and the effective date of closure.
Conclusion
Taking the appropriate steps to close your business account with the CRA is crucial in ensuring that you meet all federal requirements. Whether you opt to do it via the CRA website, mobile app, or call centre, it's essential to understand the process and to ensure that all your tax obligations have been settled. After all, it's more than just the end of a chapter - it's also about starting the next one on a clean slate.