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Can the end date of a year be extended if the company was dissolved after the most recent year or do I need to file two returns?

I dissolved the company on June 23, 2019 and have taxes due and the final income return. The tax year is 2018/05/01 - 2019/04/30, can I extend this to 2018/05/01 - 2019/23/2019 or do I need to file two returns?

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Level 5

Can the end date of a year be extended if the company was dissolved after the most recent year or do I need to file two returns?

Hi, thank you for using Intuit TurboTax AnswerXchange

The Canada Revenue Agency(CRA) , T2 guide states that a fiscal period cannot be longer than 53 weeks(371 days). See link:

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4012/t2-corporatio...

Because of this if you try to enter the dates to complete as one return, TurboTax will issue a warning, Stating that years longer than 371 days are not allowed. You can confirm this with CRA; this is a link with phone numbers:

https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html

For those interested there is a link to a CRA web page with dissolution information:

https://www.ic.gc.ca/eic/site/cd-dgc.nsf/eng/cs07074.html

Hope this helps


View solution in original post

1 Reply
Highlighted
Level 5

Can the end date of a year be extended if the company was dissolved after the most recent year or do I need to file two returns?

Hi, thank you for using Intuit TurboTax AnswerXchange

The Canada Revenue Agency(CRA) , T2 guide states that a fiscal period cannot be longer than 53 weeks(371 days). See link:

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4012/t2-corporatio...

Because of this if you try to enter the dates to complete as one return, TurboTax will issue a warning, Stating that years longer than 371 days are not allowed. You can confirm this with CRA; this is a link with phone numbers:

https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html

For those interested there is a link to a CRA web page with dissolution information:

https://www.ic.gc.ca/eic/site/cd-dgc.nsf/eng/cs07074.html

Hope this helps


View solution in original post