The only shareholder and director has suddenly passed. He had a will and his wife is the executor. This is the last corporate tax return as the corporation will be dissolved. I am thinking of printing the tax return, having the executor sign it and mail it in with the will and death certificate.
I need advice on this matter.
You certainly do. Best advice from a public forum like this: hire an accountant and a lawyer. They will analyze your situation and give you more specific and appropriate advice.
My understanding is that you can’t file the final T2 until the corporation has been dissolved (just as you can’t file the final T1 until the taxpayer has died).
That is correct. After you get the articles of dissolution, you use the date of the dissolution as the last day of the tax year and make sure to select “yes” for the question “Is this the final year before dissolution” in the filing section of the info tab.
Agree with @keith1 – I did that early on and the CRA denied that the T2 return was the last return as the corporation was still active on the corporate registry.
Had to “apply” to the registry to permit the dissolution, the registry set the date, then the tax return followed that date.
Side bar: Does anyone know what happens when a corporation is registered under multiple registries? I am specifically thinking about a Federally Incorporated firm, which hold multiple-jurisdictional registrations with both Ontario and Quebec. I assume that you file to the Federal Registry first, then notify the other two with the dissolution information provided by the Federal Government. Effectively saying, “Look guys, here is the date that the corporation does not exist. Fix up your records to match the Feds! Too bad if you want a different date.”