Cheapest way to file taxes for a dormant corporation?

[Hehe]

So I registered a corporation for a project my family was planning on doing... then long story short, the plan didn't materialize and the corporation was never used.

I thought about keeping it in case the plan resurface.

What's the cheapest way to file taxes for a BC corp with no activities?

[BIC_BAWS]

You'll still need to file for an annual report every year.

You can either do it every year. Or when you finally need the corporation, and the CRA already put you into involuntary dissolution, you'll need to file all of the outstanding annual reports (and I think pay to reverse involuntary dissolution).

It's probably cheaper to just voluntarily dissolve it and then incorporate again when the plan resurfaces. Name search takes about two days, keep your current minute book if it's the same structure and just rewrite it for the new company. Ultimately, incorporating a company only takes 5 mins, since you don't have to do a name search prior to it.

I've also heard that if you've never filed a corporate tax return, the CRA basically doesn't chase you. I've had some friends who have done that, and then file it all when they need to.

All in all, I'd say to just dissolve it.

Edit July 27, 2018: Name search now takes about 15 business days for $31.50, pay an extra ~ $100 express name search (1-5 business days). Note that doing a name change after incorporation costs about ~ $100.

[Zedbra]

I kept a Corp going for years as I sometimes had a side business or self-contracted some years. The years that I didn't use it, my accountant would file a small amount of GST payments ($60 I think) and then claim it back. Once you show activity, they then expect their tax filing every year, even after you dissolve the Corp.

I would talk to an accountant and get current taxation laws, it has been 4 years since I dissolve my Corp.

[Hehe]

Thanks for the comments...

Yes, I know I have to file the taxes... hence the question.

I checked with my accountant and he's asking $200 for it which is nuts.

[BIC_BAWS]

Originally Posted by Hehe

Thanks for the comments...

Yes, I know I have to file the taxes... hence the question.

I checked with my accountant and he's asking $200 for it which is nuts.

Cost of Annual report as mandated by gov = $44.10
Minimum charge for year end filling with no activities (for my company) is $125
Total = $169.10 + 5% GST = $177.55

I'd say your accountant isn't that far from the cheapest rate that can be offered. The cost of annual report is charged by the gov, so there's no way to change that.

[fsy82]

$200 is very cheap for a NIL filing of the Corporation. I suggest you jump on that