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How to Exit Your Import Business

If you’ve decided to exit your import business, or cease importing goods into Canada, be sure to:

1. Close Your Import Account

If you decide that you’ll no longer be bringing commercial goods into Canada, you should contact Canada Revenue Agency to close your import account.

2. Review Your Contractual Obligations to Your Suppliers

Make sure you do not have any outstanding obligations or liabilities with your offshore manufacturers or suppliers. If you’re not sure, you should have a lawyer review your contracts. 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.