If you’ve decided to exit your export business, or cease exporting your products, be sure to:
1. Close Your Export Account
If you decide that you’ll no longer be selling your goods abroad, you should contact Canada Revenue Agency to close your export account.
2. Review Your Contractual Obligations to Your Customers
Make sure you do not have any outstanding obligations to your customers, and that you have received final payment for your last shipment. If you have questions about your contracts, you should have a lawyer review them. If you don’t have a lawyer, you can contact the B.C. Lawyer Referral Service.
3. Understand the Legalities of Closing Your Business
If you’re exiting your business altogether, whether by selling your business, passing it on to your family or others, or through dissolution or bankruptcy, it’s important to consider the legalities of relinquishing ownership.