I have a home business (daycare) and decided last year (early Jan 2015) not to continue it. How can I close the business, as I did not have any income/expenses for 2015?

[Delphision · Accepted solution]

File the return as nil and check the box for the last year of business.  If you have any assets that were used to claim CCA, you will need to show them as disposed of at

[tiznolet]

Thank you Delphision

[Delphision]

You are very welcome.

[Brian K2]

I have a similar question for my wife who also had a daycare.

Trying to figure out what to do with remaining assets & CCA. Nothing was sold & FMV is probably less than the current capital cost. Do I just enter FMV as equal to remaining capital cost?

What would happen if FMV was greater than Capital Cost? Would turbotax show a recapture somewhere?