Help with Business Structure change and Filing

Question 1: My wife and I operated a General Partnership business over the past 5 years. This year we changed our Company name and Structure to being Incorporated and shut the partnership down in September 2016. How do we file our personal tax return for both the Partnership and Incorporated Company for ourselves? In addition, our Contractors also worked for both companies and I need to know if we need to send two different T4As to our Contractors from each company? Can someone kindly assist in this matter and if we can use Turbo Tax (As we always have) or if we should hire an accountant do to everything for us do to complexity.

Question 2: We also operate a totally different business, in another industry and are wondering how we file our own personal tax returns for the new venture? We launched in 2016 and have zero profit and sales. The costs to start the business and build it out was nearly $30,000. I know this will be taken as a loss, however how can we file our above (Q1) Company personal income and how do we file our new venture taxes at a lost?

Thank you so much for your answer :)


You can use Standard or Home& Business editions to file the partnership return for the period up to Sept 2016.

You can use Turbo Tax Business Incorporated if you feel comfortable in doing so for the Corporate tax return.

Yes, you need to issues separate T4A's as each company is it's own legal entity.

The additional business venture, if incorporated, must be filed separately from all the above. Again, Turbo Tax the product you would use.

If a sole proprietorship, you would be able to add to your Personal return using Standard or Home & Business, you can add multiple businesses to your return. The loss would be applied against any income earned in above Q1. Split between both you and your spouse.

as a side note, it is highly recommended that when operating multiple businesses you maintain your records accordingly to avoid any potential future questions that arise from CRA.

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TurboTaxStef , CPA, CGA

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