1. No need to prepare financial statements (and pay accountants fees)
  2. No need to file tax returns (sort of ) and pay accountant’s fees
  3. No need to file all outstanding and current annual returns (provincial or federal corporations branch) and pay the required fees
  4. No need to dissolve corporation (legal costs etc.)
  5. NOTE – Cannot dissolve a corporation voluntarily until:
  • all debts are paid, including
  • all taxes are paid,
  • all outstanding filings have been made
  • ant assets remain incorporation
  1. Cannot dissolve if outstanding lawsuits (or outstanding tribunal matters) against the corporation, and
  2. Directors and Officers still subject to being: (i) served documents, (ii) examined under oath in law suits against corporation, and even if they resign can be served etc. as they were the last director/ officer or were at the time the lawsuit commenced)
  3. No clearance certificates required for:
  • income tax,
  • sales tax,
  • goods & services tax or harmonized sales tax (GST / HST)
  • employee tax withholdings and costs
  1. No need for a minute book to be brought up to date
  2. No need to keep corporate records for at least six (6) years or until all applicable tax reassessment periods have expired or all relevant corporate documents and contracts until all limitation periods have expired.
  3. Shareholders and lenders can claim ABIL when applicable on a personal tax return at the earliest possible time, and remove any CRA questions about debt/share value being lost.