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Level 3
posted Feb 19, 2023 3:17:01 PM

confusing, can I enter a july end date to my business of food delivery?

I stopped doing food delivery in July 2022, can I put that for the end of my fiscal period for the year or does it have to be the Dec 31st, 2022 end date. This is confusing, am I supposed to fill out a 

"1139 Reconciliation of 2022 Business Income for Tax Purposes"

if I put the July end date? It is starting to appear as a hassel to put any date before Dec 31, 2022. I dont plan on ever restarting food delivery. I never registered or paid any quarterly GST like registered corporations do ... so not sure how to do this.... please help!

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4 Replies
Moderator
Feb 20, 2023 2:02:53 PM

If you are closing your business, you just have to check off  "This is the final year of business". You don't need to change the Fiscal period end date. 

 

You don't need to fill out the 1139 form if your Fiscal period end date is 31/12/2022. 

Level 3
Feb 20, 2023 4:13:50 PM

I stopped deliveries back in July and got a new vehicle. So if I put Dec 31st then I gotta enter all the new vehicle info even though I never once delivered using it? Plus the CCA will have to change and currently it wont change to a minus.

Level 3
Feb 21, 2023 7:56:37 PM

This has caused a new ? With me

putting July as an end date for fiscal year. Do I only enter insurance, vehicle interest and all kms (personal and business) for Jan- July ? Or do I put it all right to end of year even with it becoming a new vehicle?

Level 3
Feb 22, 2023 1:33:50 PM

I got it fixed. I had a huge help from one of the girls that works on the help line. Definitely recommend ppl use the extra package that has assist and review.. thank you!