If you are planning on closing your company there are a number of things that you should make sure you complete.  We’ve put together a closing your company checklist to help.

Winding Up Operations

This should include paying all vendors, collecting receivables, liquidating assets and inventory.  If you have employees you’ll also need to issue ROE’s and T4’s for the salaries and remuneration paid.  If there are any assets left they should be distributed to the shareholders.  If there are excess liabilities, the shareholders could satisfy those, or declare bankruptcy.  For more information on the windup please see CRA website.

Dissolving a corporation

To close an incorporated company and end your operations, you need to file Articles of Dissolution. Follow either the federal or the provincial process of dissolving your business, based on the type of corporation you have.

Dissolution of a federal corporation

Your federal corporation can only be dissolved once it no longer has property or liabilities. After you have liquidated your corporation’s assets and discharged its other liabilities, you need to fill out and submit the Articles of Dissolution to Corporations Canada. If your corporation has shares, share-holders will need to approve the dissolution.

Read online:
Guide on dissolving a business corporation

Dissolution of a provincial corporation

To dissolve an Ontario corporation, the following documentation must be submitted to the Ministry of Government Services:

  • Articles of Dissolution
  • Letter consenting to the dissolution from the Ministry of Revenue, must be submitted with the Articles of Dissolution within 60 days of issuance
  • Covering letter giving a contact name, return address and telephone number
  • Fee of $25.00

Read online:
Dissolving your Ontario corporation

Closing Canada Revenue Agency Numbers

Before you are able to close your business number with the Canada Revenue Agency, you will need to close your CRA accounts.

  • 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

Here is a link for the CRA change in your business status.  Click Here.

If you have any master business licenses or trade names you may wish to cancel them.

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