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:

  • Cancel your business registration for your sole proprietorship or partnership OR
  • Voluntarily dissolve your corporation
  • File a last tax return, if you have dissolved a corporation
  • Close your RST/PST/QST accounts with the appropriate provincial agency
  • Close your payroll accounts with the Canada Revenue Agency (CRA)
  • Close your GST/HST accounts with CRA

Changes to your business

  • Change of Business Information
    Only Applies to : Ontario
    Send updated information and other changes to 8 of your most commonly used business accounts using this single point of contact.
  • Changing your business status
    Find out what you should do when you make changes to the structure, status or ownership of 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:

  • Confirm that you have the authority to dissolve the business
  • File all applicable tax forms
  • Ensure the corporation is in good standing
  • Distribute remaining assets, property or liabilities

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:

  • Succession planning
    Find the right strategy for selling your business or handing it over to someone else.
  • Business succession
    Only Applies to : Quebec
    If you plan to sell or purchase a financially viable business, this fund may be able to help.
  • BDC transition financing
    If you are retiring or selling your business, you could get a loan to help with the costs of the transition.
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