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Closing your business

If you are planning to close your business, there are a few things you should consider, such as notifying Canada Revenue Agency (CRA), filing a final tax return, paying any outstanding tax amounts, and financing your succession planning.

Legal and financial obligations

When you decide to close your business (a sole proprietorship, a partnership, or a corporation) and no longer need your business number (BN), you have to complete certain forms before the account can be closed.

Closing accounts

Here is a list of things you should do if you are planning to close a business:

Changes to your business

Dissolving a corporation

Dissolving your corporation is the legal act of ending its existence. Regardless of the jurisdiction in which your business is incorporated, when the time comes to dissolve your corporation there are several factors to consider. In the same way you undertake certain formal procedures to create a corporation, you must file forms with the appropriate governments to dissolve it.

Before filing articles of dissolution, you may need to:

Other conditions may apply. Follow the guidelines set by your corporation's registrar if you are planning to dissolve the business:

Succession planning

Find information and financing options for your succession planning:

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