Sole Proprietorship

[pneirik]

I am almost wrapping up my sole proprietorship.  It is (or was) a professional health services sole proprietorship.   This year I have had no income but a few thousand (less than five thousand) in final expenses,  I see a check box on turbo tax that says “last year of business for this business”.

What happens with CRA if or when I mark this checkbox?

Or what happens if I simply stop doing business and never tick this box?

[TurboTaxBrenda]

When you tick the box it shows the CRA that this is/was your final year of the business.

Thank you for choosing TurboTax.