Selling a business

When selling your business or even part of your business, there are things that you need to know. The following questions will help you in the sale of your business.

Questions and answers

• Do I cancel my Business Number (BN)?
• What happens to my Payroll account?
• What happens to my GST/HST account?
• Is there a change of ownership?
• What is the value of the inventory and other assets?
• Can I claim a capital gains deduction?
• Has a restrictive covenant been given?

There are also tax implications when selling a business.

Forms and publications

• T4001, Employers' Guide - Payroll Deductions and Remittances
• Guide T4002, Business and Professional Income
• Guide RC4022, General Information for GST/HST Registrants
• Booklet RC2, The Business Number and Your Canada Revenue Agency Program Accounts

Related topics

• Tax implications
• Canada Business
• Related provincial and territorial government sites
• Industry Canada

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