When do people cancel their business (Sole Proprietorship, General Partnership, or Tradename under an existing Corporation)?
- Business is no longer in operations
- Changing business to an Incorporated company
- Wish to operate under a different business name
- Change from Sole Proprietorship to General Partnership (the original registration should be cancelled if no longer required)
- Change from General Partnership to Sole Proprietorship (the original registration should be cancelled if no longer required)
- Change from Sole Proprietorship or General Partnership to Tradename under existing corporation (the original registration should be cancelled if no longer required)
What information is needed to cancel your current Master Business Licence?
It is best to have a copy of your current registration available to you when submitting the cancelation. The original information along with the BIN (9 Digit Business Name Registration Number) from your current registration is required when cancelling.
- Type of registration (Sole Proprietorship, General Partnership or Tradename)
- Name of Business
- BIN (9 Digit Business Name Registration Number)
- Business Activity
- Name of owner (s) and their address(es)
- Business Address
- Business Mailing Address
- If it is a Tradename under the corporation, we will also require the Corporate Name, Ontario Corporate Number and head office address.
Why is it important to file the cancelation?
- Put an end date to a businesses operation regarding Revenue Canada
- Remove future liability from a partnership (either partner can cancel the registration)
- Notification to financial institution to close bank account
- Removal of any future litigation against business
If you are planning on closing your business, there are some things you should consider.
- Notifying CRA (Revenue Canada)
- Filing a final tax return
- Pay any outstanding tax amount
- Cancel your business registration
- Close any open accounts (Ex: Bank, GST/HST, payroll)
- Advise any merchants/clients
- Pay/Close out any outstanding accounts
- Close any town or municipal permits
How long does it take to complete this transaction?
- 1-2 business days
***OUR INFORMATION IS SIMPLY A GUIDE TO ASSIST YOU. WE A RENOT A LAW FIRM NOT AN ACCOUNTING FIRM.***
Laura Harvey is an entrepreneur herself as the owner of Ontario Business Central Inc. Her passion has always been about supporting the entrepreneurial spirit and advancement within Canada.
Laura authors in-depth blogs for Ontario Business Central assisting entrepreneurs and business owners to start, manage and grow their businesses. She has almost 30 years of expertise as a corporate specialist and 25 years of being an entrepreneur. Laura has the unique position of supporting a community that she also belongs to. She walks the walk right along with you.
You can find Laura on Linkedin and Twitter using the links below.