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Exiting a Business

Whether you are closing your business, handing it over to friends or family, or selling it, you should know your options and obligations before you exit 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.

Find step by step information on how to close a business, and research about how to file for bankruptcy or change industries. You may also want to consider the option of selling your business or its assets.

To Consider:

  1. Make a list of all the accounts, permits and registrations you have for your business
  2. Check with the issuing authorities to determine steps you need to take to:
  • close these accounts or
  • to transfer them to someone else

 3.  Determine how long you need to keep copies of your own records

Important Links:

Services and Information for Exiting a Business

Bankruptcy

Service Canada - Bankruptcy Assistance Program Provincial

Service Canada - Bankruptcy Assistance Program

Articles of Reorganization Provincial

Only used after a court order for reorganization under section 248 of the Business Corporations Act or the Bankruptcy Act.

Bankruptcy Federal

Get information on alternatives to bankruptcy and details on the process of bankruptcy, if you need to take that route.

Closing a business

Exiting A Business Provincial

Find helpful information related to closing a business, and research how to file for bankruptcy or change industries.

Surrender of Charter Provincial

Used to dissolve a corporation.

Notice Concerning Winding-Up Provincial

Used by stakeholders of a corporation who voluntarily liquidate a business corporation by a special resolution. Form must be completed and filed within 10 days after the shareholder meeting is held.

Terminate an Extra-Provincial Licence Provincial

Fill out and file when a foreign business has stopped doing business in Ontario.

Removal of records from a corporation Provincial

Request to overturn, repeal, annul or cancel an order made to remove records from the head office of a business.

Change or close Workplace Safety Insurance Board account Provincial

Change or close Workplace Safety Insurance Board account

Restart a business after cancellation Provincial

Restart a business corporation that was cancelled by the Companies and Personal Property Security Branch for either failing to file a Special Notice/Annual Return or for cause (such as a bounced cheque). You may also use this form if your business was cancelled by the Ministry of Finance.

Articles of Reorganization Provincial

Only used after a court order for reorganization under section 248 of the Business Corporations Act or the Bankruptcy Act.

Articles of Dissolution - Form 11 Provincial

Discontinue an Ontario business corporation that has never started operating, and has not issued any shares

Articles of Dissolution - Form 10 Provincial

Discontinue an active Ontario business corporation.

Closing your business Federal

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.

Change or close Retail Sales Tax account Provincial

Change or close Retail Sales Tax account

Change or close Employer Health Tax account Provincial

Change or close Employer Health Tax account

Change or close Revenue Canada business accounts Provincial

Change or close Revenue Canada business accounts: - Goods and Services Tax/Harmonized Sales Tax - Payroll Deductions - Import/Export - Corporate Income Tax

Succession planning

Graduate Transitions Tax Credit (GTTC) Provincial

Schedule - For reporting Graduate Transitions Tax Credit (GTTC).

Succession Planning Guide Federal

Find out what you need to consider and the decisions you need to make in order to achieve the successful succession of your business.

Succession planning Federal

Finding the right strategy for handing over or selling your business to someone else, whether it be staff, family, friend or entrepreneur.

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