Retirement or death

Depending on your business structure, the retirement or death of an owner could have an impact on your CRA business accounts.

For GST/HST account information, see GST/HST - Death of a sole proprietor or GST/HST - Death or retirement of a member of a partnership.

Sole proprietorship

When the owner of a sole proprietorship passes away, a final personal income tax and benefit return has to be filed. For more information, see What to do when someone has died.

It will also be necessary to close the business number (BN) and all CRA business accounts after all the final returns and all the amounts owing have been processed.

Partnership

The status of the business account depends entirely on the type of partnership agreement that has been written. It is possible to bring in partners without having to register for a new BN. If a remaining partner no longer wants to be in a partnership but wants to continue with his own business, see Change of owner or directors.

If it is determined that the partnership will cease to exist, see Closing accounts.

Corporation

When a shareholder retires or passes away, the corporation can continue to operate. The structure of the corporation will determine the outcome of the corporation's existence.

Forms and publications

• Guide T4011, Preparing Returns for Deceased Persons
• Guide RC4022, General Information for GST/HST Registrants
• T4001, Employer's Guide - Payroll Deductions and Remittances
• Pamphlet RC4111, Canada Revenue Agency - What To Do Following a Death

Related topics

• What to do when someone has died
• Change of owner or directors
• Closing accounts
• Canada Business
• Related provincial and territorial government sites
• Industry Canada