Terminating a corporation’s existence is sometimes a necessary evil of doing business. In order to legally dissolve a Federal corporation and receive a Certificate of Dissolution, you will need to file Articles of Dissolution. Ontario Business Central is able to file Articles of Dissolution quickly and easily on your behalf. Once completed, you can notify the Canada Revenue Agency, Financial Institutions, suppliers and clients that the corporation has terminated its existence.
The Articles of Dissolution cost $185.32 in total. The fee is made up of $149.00 for our fee of preparing the form filing and gaining approval from you to proceed. There is a $15.00 handling fee as well. If you are looking to cease Ontario operations at the same time there is an additional fee of $79.99 bringing the total to $275.71.
The Articles of Dissolution will be provided to you in ‘draft’ for your review, acceptance and signature prior to submission with the Federal government. Once the draft is approved the turnaround time is 24 hours.
Yes the Corporate Key is required. A Corporate Key is always required when making changes to a Federal corporation for security purposes. This number would have been provided to you at the time of incorporating as part of the information sheet.
The corporation’s shareholders will need to approve the dissolution. This is done by special resolution. If there is more than one class/group of shareholders each must provide their own authorization to allow for the dissolution. If the corporation has no shareholders, the director(s) are able to pass the resolution to dissolve on their own. You do not need to submit copies of the special resolutions when you file to dissolve your federal corporation but you must keep the records just in case.
No, if you haven’t filed or paid the corporate tax for the most recent year, you can complete the articles of dissolution and file the tax return subsequently. If you have historic years that you haven’t filed the corporate tax return or have remaining money owing to, it is best to reach out to CRA before filing. Your corporation must be in good standing at the time of dissolving.
When you have ceased operations and filed for Articles of Dissolution you can notify Revenue Canada, the institutions you bank with, tax accounts, clients and anyone else associated with your corporation to let them know that you are no longer in business. Should you reverse your decision and decide that you do not want to dissolve the corporation even after Articles of Dissolution have been filed, you can revive it.
We are here to assist you and to make the process simple. If you have any questions or are not sure what type of business you operate, please feel free to take a quick moment and either call 1-888-760-8358 or send us a quick message to [email protected]. Alternatively if you don’t see what you would like to do, just reach out to us and we can look at obtaining a quote for a service not listed on the website.