Liquidating a small retail business

Once you’ve filed all your outstanding GST/HST returns and paid any outstanding amounts, send Form RC145, Request to close business number accounts (BN), to the CRA.

In Quebec, Revenu Quebec deals with both GST and QST (Quebec Sales Tax).

To close your business, you need to cancel your business registration if you operate a sole proprietorship or partnership.

The catch is that this is called different things in different provinces.

The first step to closing your business is to pass a special resolution.

According to the Business Corporations Act, Then, in Ontario, to close your business, the appropriate Articles of Dissolution must be submitted to the Companies and Personal Property Security Branch, along with a Letter consenting to the dissolution from the Corporations Tax Branch, a covering letter and a fee.

In Alberta, you must file an Articles of Dissolution Form with an authorized service provider.

To close a general or limited partnership, you need to send the Registraire des enterprises a Dissolution and Liquidation form.

In British Columbia, you can cancel your business registration through the Business Development Centre website.

The CRA recommends that you also complete Form RC145, Request to close business number accounts (BN), and send it along with your final return.

Your GST/HST account will also need to be closed when you’re closing your business.

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