Transcript

Host: Welcome to the segment called Deregistering your GST/HST account, part of the CRA’s GST/HST Information for a New Small Business video.

With me is John Kelly.

Welcome John.

Subject matter expert: Thank you Kathleen.

Host: What happens if I no longer need to keep my GST/HST account open?

Subject matter expert: If you do not need to keep your GST/HST account open, you need to tell the CRA why you no longer need the account.

Host: What if I’ve closed my business?

Subject matter expert: When you decide to close your business and you no longer need to be registered for the GST/HST, you will need to file all outstanding GST/HST returns, and pay any amounts owing up to and including the day your business ends.

Host: Do I have to do something in order to close my business account?

Subject matter expert: Yes. You need to deregister or close your GST/HST account using Form RC145, Request to Close Business Number Accounts (BN), and send it to your tax services office or call the CRA’s Business Enquiries line at 1-800-959-5525.

Host: What if I stop making taxable supplies, do I need to stay registered?

Subject matter expert: If you stop making taxable supplies, you no longer need to be registered. You can ask the CRA to deregister your GST/HST account.

After your GST/HST account is deregistered, you do not charge GST/HST, unless you make a taxable supply of real property. Also, you can no longer claim input tax credits. You may also have to pay back some of the ITCs you claimed while you were registered.

Host: Is there a list of steps I need to take to deregister my GST/HST account?

Subject matter expert: Yes. There is a deregistration checklist available on the CRA webpage GST/HST – Deregistration checklist. The link is included in the Related links for this segment.

Host: Where can I get more information on deregistering my GST/HST account?

Subject matter expert: Before you close your GST/HST account, you should read the CRA webpages on What happens to your previously claimed ITCs when closing a GST/HST account?, and Books and Records, and Deregistering or Closing your GST/HST account. The links are included in the Related links for this segment.

Host: Thank you John.

This concludes the segment called Deregistering your GST/HST account, part of the CRA’s GST/HST Information for a New Small Business video.

Thank you for watching.