There are several reasons you might choose to close your business. The market might not be quite right for your venture, or you might have decided to move on to a new and exciting opportunity. Regardless of why you\u2019ve chosen to wind up your business, there are some necessary steps to take.<\/p>\n
<\/p>\n
You\u2019ll need to be prudent when dissolving your business \u2013 ensuring you\u2019ve taken the appropriate measures will make this a smooth transition. It\u2019s important to note that if your business is a corporation, you will need to confirm that you have the authority to dissolve the business.<\/p>\n
Here are some tips to help you during this process:<\/p>\n
Contact our team<\/strong><\/p>\n When cancelling your business registration, you\u2019ll need to file for a cancellation with the Ontario Government. You\u2019ll be required to provide the same information as when you first registered your business including the business name, the business type and activity, the authorizing person and BIN (bank insurance number). Once your original registration has reached its expiry date \u2013 Ontario business registration is valid for five years \u2013 your business will be listed as inactive.<\/p>\n We provide cancellation services online. Simply enter the requested information into our existing business cancellation form and proceed with your cancellation.<\/p>\n Wind up at the right time<\/strong><\/p>\n If your business is a sole proprietorship, you\u2019re responsible for all the debts incurred. Although it\u2019s difficult to walk away when your business is still in the black, one way of overcoming a potential problem is to make sure the business\u2019 assets always outweigh its debts.<\/p>\n Notify the appropriate agencies<\/strong><\/p>\n After you\u2019ve informed staff and\/or colleagues, it\u2019s important to contact the Canada Revenue Agency (CRA) to file a final tax return and pay any outstanding taxes.<\/p>\n Close accounts<\/strong><\/p>\n Close Payroll and HST\/GST accounts with the CRA \u2013 you\u2019ll have to use the appropriate CRA forms to accomplish this. If a business owner has debt obligations to the CRA, the CRA can directly contact clients for payment options. Clients are no longer obligated to pay the business, but instead, they pay the government on behalf of the business.<\/p>\n As a business owner, the best thing you can do after you\u2019ve decided to dissolve your business is to ensure you\u2019ve taken all the necessary steps. If you\u2019re unsure about how to proceed in the dissolution process, contact our team at Ontario Business Central<\/a>. We offer same day cancellation<\/strong> and 24-hour preparation for incorporated companies and Ontario registered businesses.<\/p>\n File Ontario Articles of Dissolution<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" There are several reasons you might choose to close your business. The market might not…<\/p>\n","protected":false},"author":3,"featured_media":1661,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[93],"tags":[155,161],"class_list":["post-713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dissolution-closure","tag-business-closure","tag-taxes"],"rttpg_featured_image_url":{"full":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false],"landscape":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false],"portraits":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false],"thumbnail":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808-150x150.jpg",150,150,true],"medium":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808-300x169.jpg",300,169,true],"large":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false],"1536x1536":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false],"2048x2048":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false],"obc-archive-card":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",720,405,false],"obc-archive-card-2x":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false],"obc-archive":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false],"obc-archive-2x":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false],"rt_custom":["https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-content\/uploads\/2018\/11\/Closing-Your-Business-The-Smart-Way-e1483032155808.jpg",800,450,false]},"rttpg_author":{"display_name":"Laura Harvey","author_link":"https:\/\/www.ontariobusinesscentral.ca\/blog\/author\/laura-harvey\/"},"rttpg_comment":0,"rttpg_category":"Dissolution & Closure<\/a>","rttpg_excerpt":"There are several reasons you might choose to close your business. The market might not...","_links":{"self":[{"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/posts\/713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/comments?post=713"}],"version-history":[{"count":1,"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/posts\/713\/revisions"}],"predecessor-version":[{"id":9918,"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/posts\/713\/revisions\/9918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/media\/1661"}],"wp:attachment":[{"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/media?parent=713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/categories?post=713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ontariobusinesscentral.ca\/blog\/wp-json\/wp\/v2\/tags?post=713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}