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Level 1

Do I mark yes in Final Year of Businness (T2125) ? Im confused

Hello,

I am self-employed and my business name is the same as my name and the address is the same as my home.

I stopped earning revenue for this business on June 2019. I started re-earning revenue on Marsh 2020 under the same business name & address but with different main service.

So do I mark yes in Final Year of Businness ?

 

Please help. I appreciate your prompt response.

 

Sincerely,

1 Reply
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Employee Tax Expert

Do I mark yes in Final Year of Businness (T2125) ? Im confused

The form T2125 asks "Was this your final year of business?" The answer for 2019 should be no because in 2020 you are still in business. However CRA asks that you contact them in the case of a change in business activity. Please see: 

Change of business activity