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Level 1

Do I need to fill in a T1139 if I had a proprietorship through the end of Sep 2018 and incorporated the business in Oct 2018?

I had a proprietorship through the end of Sep 2018. Prior tax years always ended Dec 31. I incorporated the business in Oct 2018 which will have its first year end Jul 31, 2019. I know exactly what the revenues and expenses are for the proprietorship and the corporation. I don't think I need to do a reconciliation but I'm not seeing any clear answers on the CRA site or TT community. From what I can tell, the proprietorship is a separate business entity which in fact has a tax year end of Dec 31 despite being wound up in Sep.

2 Replies
Level 1

Do I need to fill in a T1139 if I had a proprietorship through the end of Sep 2018 and incorporated the business in Oct 2018?

No. You would only need to use a T1139 if you are electing to have a fiscal year that is not the same as a calendar year. Ex: Feb 2017 to Jan 2018. You don’t need to use it if you are just winding down the sole proprietorship.


Level 1

Do I need to fill in a T1139 if I had a proprietorship through the end of Sep 2018 and incorporated the business in Oct 2018?

Thanks TurboTaxSusan. CRA help line also confirmed I don’t need to complete a T1139.