Not every business will stand the test of time. Some will go under due to competition with other cosmetic dentists in Toronto. Others will find that owning a small business isn't the sort of life they had in mind for themselves. You may even need to close your business to move to New Haven. Whatever the reason for your decision to close down your business, you need to do it properly. Here are some important steps for closing a Canadian business. The procedure is very similar in the United States.

Sell Your Equipment and Stock

Generally the first step to closing out a business is to have a massive going out of business sale. For stores, this means liquidating your current stock of fitness equipment in Toronto, often for a significant discount. For businesses that provide a service, it means selling off your assets and equipment, often in the form of an auction. For small businesses, you may be able to get rid of your equipment using classified ads.

Lay Off Your Employees

Now it's time to release your employees back to their English as a second language schools or send them off to find a new job. If you know you're closing out, make sure to give them plenty of time to find a new position - generally two months or more. If you can afford it or their contract requires it, you should also give them some severance pay. You will also need to do up their records of employment so they can collect unemployment insurance while they look for a new job.

Cancel Your Registration

When you started your business, you trademarked the name Steel Coil Strapping Systems, incorporated your business, and registered it with the appropriate authorities as well as business listing companies. It's now time to undo all that work. Cancel your registrations and dissolve your corporation (the government website www.canadabusiness.ca can give you more detailed instructions). You'll also want to cancel any ongoing ad accounts you have, including online ones.

Close Your Tax Account

And finally, after the printable name tags have been recycled and the premises sold, you need to settle up with the Canada Revenue Agency. File a final tax return and close out your accounts, including your PST, GST, and payroll accounts. You may also need to pay any outstanding taxes taxes that you owe and arrange with the bank a plan for repaying your business loan.