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9 years ago I opened an 'extra-provincial Federal corporation' when I had no business doing so, 'while I was high.' I probably should have operated as a Sole Proprietorship or something, but I read that federal corp offered better trade name protection, so that's what I did. For 4-5 years there was literally no business activity at all while I tried to get something started. I did open a biz bank account and deposited $100 but the fee was 9.95 a month so after 10 months they overdrafted and closed that account. I changed the corporate name 2 years in, but that idea didn't work out either. For a while I filed Reports (both provincial and federal) but it looks like I stopped in 2018. I have never once filed corporate taxes.
Around 2019 I started doing a small amount of business under a different trade name, using the corporation and a "DBa" to get biz licenses, permits, and a new biz bank account. I did maybe $3000-4000 in sales in 2019, technically probably broke even, but did almost zero accounting (some hand written sales numbers in a notebook, some expense receipts, start up equipment bought straight from my personal bank account). Then Covid hit and there was again no income for 2020 and most of 2021, with a few equipment upkeep expenses. During Covid I took a "regular" job to survive because my savings were run out.
In 2022 things re-opened, I got fired from the "regular job" and I did some business - 29,500 in debit/credit sales through Square and $?,??? in cash (zero record keeping of cash but on a daily basis it was like 20% of sales). I have no hard numbers but one could assume the profit on that was about 50% of sales. By this point in time I was heavily depressed over death of my parent, divorce, being fired from the regular job, losing my apartment and being homeless, lockdown isolation in general, and I was basically not even remotely sober at ANY point in time although I've been an addict since 2014. In 2023 I lost the main operating location and sunk deeper into depression, and I did barely any business - maybe $4,000 and all on credit/debit/e-transfer/cheque, zero cash - and I also started using the corporation's credit and debit cards to buy groceries and weed and stuff, as well as randomly withdrawing money from the $10,000ish leftover from 2022 in the company's bank account to fund other habits.
I should probably also state that the assets the company uses to make money are in my own name and registered as my personal vehicles - they were bought from my personal bank accounts - but the business needs them to operate. There is no debt anywhere, CC has always been paid in full, has never carried a balance. Say what you will about my book keeping skills, but I've never been in debt longer than a month....
I am now 6 weeks staight cold-turkey sober, after not being sober for a single day since 2014, and the reality of my situation is sinking in. I have determined that my corporation was dissolved for noncompliance both provincially and federally last year. What should I do?
If nobody has better advice, my plan is to close the company bank account, re-establish a new corporation under the actual trade name, hire a book keeper on day 1, start again, and keep some money set aside to offer the government if they ever call me up and ask, "what the eff happened with Corporation #1?"
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- 9 months ago
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