Closing down a business?
About a year and a few month ago, I quit my full time job and became an independent IT consultant. I worked with one company on contract for the whole time my company has been in existence, as well as with another small client.
Just a few days ago I was offered full time employment at one of my clients that I am thinking of taking up, at which point I don't want to keep my business afloat anymore and just close her down. I have a few questions for anyone who has closed out a business. Keep in mind that I have no employees and have always paid myself as an investor, therefore there is no payroll or anything like that to worry about.
1. I just finished paying my second installment for the year for corporate taxes and GST, which covers right until the end of June. If I take full employment now, do I just stop paying installments, or do I have to keep paying the full installments and then get a refund when my corporate taxes are done?
2. What do I do with my financial books? All my data is in QuickBooks online. I obviously don't want to pay their monthly sub fee for any longer than I have to. It appears that my data will go into read-only mode for one year after I cancel the sub which is great as I can use it to do my taxes. But how about historical data...don't I have to keep a record of it for like 7 years or something....? Can I just export all the relevant reports right out of QBO before I cancel?
3. Do I have to wait until next year to do my closing corporate taxes?
4. Bank accounts. I pay a monthly fee for a corporate account. Can I cancel this account and pull all money out into a separate personal account, and keep it until I finish all my corporate returns for the year, and whatever is left over hand out as dividend?
5. Anything else I am missing?