Closing your business 

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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

  • Changing your business status

    Find out what you should do when you make changes to the structure, status or ownership of your business.

  • Change of Business Information
    Applies only to: Ontario

    Send updated information and other changes to 8 of your most commonly used business accounts using this single point of contact.

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:

  • Corporations Canada: Dissolving a corporation

    Learn the steps you must take and get the forms you need to obtain approval for the legal termination of your corporation under the Canada Business Corporations Act.

  • Start, run and change a corporation
    Applies only to: Ontario

    Learn about the requirements for starting a corporation, limited partnership or not-for-profit and how you can make changes to your current 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.

  • 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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