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.
- Make a list of all the accounts, permits and registrations you have for your business
- 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