How To Dissolve An Ontario Corporation
Originally Published on May 16, 2016
In order to end the existence of a corporation in Ontario, it needs to be dissolved. Dissolution occurs when a corporation is terminated legally. To achieve dissolution, a Certificate of Dissolution needs to be issued by The Province of Ontario.
Consent to Dissolve
The consent to dissolve was updated as of October 2021 where the consent to dissolve is now part of the Articles of Dissolution process where the Province of Ontario provides the consent to dissolve internally. The consent can take up to 30 days once the Ontario Articles of Dissolution are filed with the Province. Our experience has been that the consent only takes a few days as part of the internal processing program.
Articles of Dissolution
By filing your corporation’s Articles of Dissolution you are letting the government know that you are voluntarily ceasing the business operations of your company. Once you have received completion of the documentation, you can notify CRA, financial institutions, clients etc.
What information is required to file for Dissolution?
To receive your company’s Articles of Dissolution you will need the corporate name or numbered corporation name. You will also need to provide confirmation that your corporation has not gone bankrupt/insolvent, has no property or liabilities and that the dissolution has been approved by all shareholders. Additionally, you will be required to provide the name, address and signature of the current director of the company, and a date of dissolution. The date of dissolution can be dated as the same day or on a date in the future up to 30 days.
Company Key for Dissolution of Corporation
The company key was introduced in Ontario for any registered or incorporated business when the business starts, makes changes or cancels or dissolves. If you submit your Ontario Articles of Dissolution with us, we do not require the 9 digit company key and can finalize the ending to your corporation without this additionally required item. As an intermediary with the Province, we have been giving the access to update corporate records without the requirement of the company key.
Third party authorization
You do not have to submit your documents yourself. Submission for dissolution can be done by a third party like Ontario Business Central. To save your time, we are able to prepare the Articles of Dissolution for you. These articles will not be submitted to the Ontario government without your final approval. Moreover, once the Articles have been provided to us, they are completed that same day to ensure everything moves quickly towards the dissolution of your business. The only aspect that remains once your corporation is dissolved is for you to contact banking institutions and Revenue Canada to let them know that you have ceased operations. Our online Articles of Dissolution form is easy to complete and only takes a few minutes of your time.
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Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions, that you speak to a qualified professional.