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 :)