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

Consider this 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

• Closing Accounts
  
  http://www.canadabusiness.ca/eng/summary/2649/
  Applies to: All of Canada
  When closing your business, don't forget to complete forms required by Canada Revenue Agency.

Dissolving a Corporation

Follow these guidelines, if you are planning to dissolve your corporation:

• Closing Your Business: Dissolving a Corporation
  
  http://sbinfocanada.about.com/od/closingyourbusiness/a/closingbusiness.htm
  When closing your business, you need to cancel your business registration and file a last tax return. You must also close the relevant Canada Revenue Agency and provincial tax accounts, and tie up other loose ends.
• Corporations Canada: Dissolving a Corporation
  
  http://www.canadabusiness.ca/eng/summary/1375/
  Applies to: All of Canada
  Find out what steps to follow and what forms are needed to obtain approval for the legal termination of your corporation under the Canada Business Corporations Act (CBCA).
• Shutting Down your Ontario Corporation
  
  http://www.canadabusiness.ca/eng/summary/2358/
  Applies to: Ontario
  Follow these procedures to voluntarily shut down your Ontario corporation.
• How your Ontario corporation can be cancelled involuntarily
  
  http://www.canadabusiness.ca/eng/summary/2359/
  Applies to: Ontario
  Your corporation can be cancelled (or dissolved), if it has failed to comply with specific rules and regulations.

Financing your Succession Planning

Here are some options for financing your succession planning:

• BDC Subordinate Financing
  
  http://www.canadabusiness.ca/eng/summary/1207/
  Applies to: All of Canada
  An alternative way to finance the growth of your profitable business
• BDC Term Loans
  
  http://www.canadabusiness.ca/eng/summary/1049/
  Applies to: All of Canada
  You can get flexible debt financing for a wide variety of business projects.