Can you help? Business information was carried over from last year's income tax but I no longer have this business. How can I correct this?

[TurboTaxSusan]

If you closed the business in 2016 and did not have it at all in 2017, you can select “Business or Professional Activities” from the “Self-Employment” sub-menu in the “Income” tab. Click on “Delete” to remove the unwanted business, and all information pertaining to it.

If you did operate the business in 2017, but it ceased operations that year, you can “Edit” the business instead. Under “Identification of your business” at the bottom of the page, answer “Yes” to the question “Is this your final year of business?”. Then make sure the rest of the information reflects what happened in 2017. Ex: You disposed of any property you formerly claim capital cost allowance on.

[Brian K2]

I have a question re the last year of business. My wife closed her home daycare business in 2020. Originally this was going to be temporary but it never reopened & will not reopen. For 2021 she ticked "is this the last year of business".

There is a small balance in CCA of $35 in category 50 & $1200 in category 8. Do we just show a disposition of these assets at these values to get everything to Zero? Nothing was sold & no $$ were received.