Closing a business is never an easy decision. Whether you’re facing the end of a dream due to unforeseen challenges, transitioning to a new chapter in your life by selling your business, or simply moving from a registered business to a corporation, the process can be emotionally and logistically overwhelming. At Ontario Business Central, we understand the weight of this decision and are here to support you with care and professionalism as you navigate this important step. Our goal is to make the process as smooth and stress-free as possible, so you can focus on what comes next, whether it’s finding closure, embracing new opportunities, or continuing your entrepreneurial journey in a new form.
Canceling a Registered Business in Ontario
If you’re operating a registered business in Ontario, such as a Sole Proprietorship, General Partnership or Trade Name, and have decided to close it down, the process involves canceling your business name registration. Canceling your business registration with Ontario Business Central is simple and straightforward.
- Streamlined Process: Our Business Registration Cancellation service is designed to be quick and easy, allowing you to cancel your registered business with minimal hassle. The process is fully online, saving you time and effort..
- Fast & Efficient: We understand the importance of prompt service. Most cancellation requests are processed within one business day, ensuring that your business is officially closed as soon as possible.
- Expert Support: If you have any questions during the cancellation process, our experienced team is available to assist you. We guide you through each step, ensuring that everything is completed correctly.
Dissolving an Ontario Incorporated Business
Dissolving an Ontario corporation requires more than just ceasing operations. It involves officially dissolving the corporation with the Ontario government to avoid ongoing obligations and liabilities. Ontario Business Central makes this process easy and efficient.
- Comprehensive Service: Our Ontario Articles of Dissolution service handles all aspects of dissolving your corporation. We ensure that all necessary documents are filed correctly with the Ontario Ministry of Government and Consumer Services.
- Legal Compliance: Properly dissolving your corporation helps to avoid future legal and financial complications. We ensure that your dissolution is fully compliant with Ontario regulations, giving you peace of mind.
- Quick Turnaround: Like our other services, the dissolution process is completed quickly, usually within 3-7 business days, allowing you to finalize your business closure without unnecessary delays.
Dissolving a Federal Corporation
If your business is incorporated federally, dissolving it involves a different set of requirements. Ontario Business Central can assist you in navigating the complexities of federal dissolution with ease.
- Federal Expertise: Our Federal Articles of Dissolution service is tailored to meet the specific requirements of dissolving a federal corporation in Canada. We handle the paperwork and ensure that all federal regulations are adhered to.
- Efficient Processing: We prioritize fast service, ensuring that your dissolution is processed promptly. Our online platform makes it easy to submit your request and receive confirmation that your corporation has been officially dissolved.
- Ceasing operation in Ontario: If the federal corporation has been registered in Ontario, we also have the ability to cease the Ontario operation as we file the federal Articles of Dissolution.
- Dedicated Support: Dissolving a federal corporation can be complex, but you don’t have to go through it alone. Our team of experts is here to assist you, providing guidance and support throughout the process.
What to do After Dissolving or Canceling Your Business
Once you’ve completed the process of canceling your registered business or dissolving your corporation, there are several important steps you should take to ensure everything is wrapped up properly. These steps can avoid future legal or financial complications and bring closure to your business journey.
Notify the Canada Revenue Agency (CRA)
After your business is dissolved or canceled, you must inform the Canada Revenue Agency (CRA) so that they can close your business accounts. You can notify the CRA about the closure of your business by visiting their website and following the instructions provided. This step helps to officially close your business accounts and prevents any issues with future tax filings or assessments. A form RC145 will need to be submitted to close the Business Number (BN). This includes accounts related to income tax, HST/GST, and payroll, where applicable. Notifying the CRA ensures that you are no longer responsible for filing returns or remitting taxes related to the business.
Close Business Bank Accounts & Credit Lines
Once your business is dissolved or canceled, you should close any business-related bank accounts, credit cards, and lines of credit. Contact your financial institution to inform them that the business is no longer operating and request the closure of these accounts. Make sure to settle any outstanding balances or liabilities before closing the accounts to avoid any complications.
Remember to keep the business financial records for a period of 7 years beyond the closure of your business in the event that CRA wishes to review.
Inform Suppliers & Service Providers
If your business has been dealing with suppliers, vendors, or service providers, it’s important to notify them of your business closure. This allows you to settle any outstanding invoices, terminate contracts, and avoid future billing issues. Clear communication with your suppliers ensures a smooth transition and helps maintain professional relationships, even as you close your business.
Notify Clients & Customers
If your business provided services or products to clients or customers, it’s courteous and professional to inform them of your closure. Whether through a formal letter, email, or announcement on your website, letting your clients know that your business is no longer operating helps prevent confusion and allows you to address any remaining obligations. It also provides an opportunity to express your gratitude for their support over the years.
Cancel Licenses, Permits, & Subscriptions
If your business held any municipal licenses, permits, or subscriptions, you’ll need to cancel these as part of the closure process. You may need to reach out by telephone as there may not be online access available to cancel many of these accounts. This might include business licenses, industry-specific permits, software subscriptions, or memberships in professional organizations. Canceling these ensures that you are not charged for renewals or subscriptions related to a non-operational business.
Retain Business Records
Even after your business is closed, it’s important to retain your business records for a certain period, typically six to seven years. This includes financial records, tax returns, contracts, and any other documents related to your business operations. Keeping these records can protect you in case of any future audits or legal inquiries.
Close Your Business With the Support of Experts
Closing or dissolving a business is a significant step that requires careful attention to detail. Beyond the legal process of cancellation or dissolution, there are several important tasks to complete to ensure that your business is fully and properly closed. By notifying the CRA, closing financial accounts, informing suppliers and clients, and canceling licenses, you can confidently move on to the next chapter of your life.
At Ontario Business Central, we’re here to support you through every step of this process. Whether you’re canceling a registered business or dissolving a corporation, our team is dedicated to making the experience as seamless as possible. If you’re ready to close your business, contact us today to get started. We’re here to assist you in bringing your business journey to a successful conclusion.
Why Choose Ontario Business Central?
When it comes to canceling a registered business or dissolving a corporation, Ontario Business Central offers unparalleled service, expertise, and efficiency. Here’s why we are the preferred choice for thousands of businesses:
- Experience: With over 30 years in the business registration and dissolution industry, we have the knowledge and expertise to handle your needs with precision and care.
- Convenience: Our fully online services mean you can cancel or dissolve your business from the comfort of your home or office, at any time that suits you.
- Speed: We prioritize fast processing times, ensuring that your requests are handled promptly, typically within one business day.
Support: Our dedicated team is always ready to help, whether you need assistance with the process or have specific questions about your situation.
inquiries@ontariobusinesscentral.ca
Toll-Free: 1-800-280-1913
Local: 1-416-599-9009
Fax: 1-866-294-4363
Office Hours: 9:00am – 5:00pm
Monday – Friday E.S.T.
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.
