Change of owner, partners or directors

On this page, you will find information on the following:

• Sole proprietorship
• Partnership
• Corporation
• GST/HST

Whenever one of the owners, partners or directors of your business changes, it is important that you call us at 1-800-959-5525.

Depending on the structure of your business, a change of owner could trigger a legal name change or require the registration of a new business number (BN) and new program accounts.

Sole proprietorship

If you sell or stop operating your business, you must close your business number (BN) and all your CRA accounts.

If you sell your business, the new owner will have to get a new BN and new program accounts for the business. For more information, go to registering your business.

Partnership

If the structure of your partnership changes and a partner leaves or one is added, call us at 1-800-959-5525.

A change of partners will have a different impact on your business depending on your partnership agreement and whether or not your business was registered using the legal names of each partner or the provincially registered partnership operating name.

In some cases, if the partners change, the business is considered a new legal entity and requires a new business number (BN) and CRA accounts.

Corporation

If the structure of your corporation changes and a director leaves or one is added, call us at 1-800-959-5525. Before you call the CRA, owner information for a corporation must be validated with the federal or provincial registry.

It is important that we have the correct director name and social insurance number (SIN) on file because if a corporation (including for-profit or non-profit corporations) fails to deduct, withhold, remit, or pay amounts held in trust for the Receiver General for Canada, the directors of the corporation at the time of failure may be held personally liable along with the corporation to pay the amount owed. This amount includes penalties and interest.

However, if the directors take action to ensure the corporation makes the necessary deductions or remittances, we will not hold them personally responsible.

GST/HST

We ask for the name and social insurance number (SIN) of at least one of the owners, directors or partners, as well as the business activity of the business when registering any new GST/HST program account.

Forms and publications

• Guide T4002, Business and Professional Income
• Guide T4012, T2 Corporation - Income Tax Guide
• Guide RC4070, Information for Small Canadian Businesses

Related topics

• Selling a business
• Closing accounts
• Business Number (BN) registration
• Corporations
• Canada Business Network
• Related provincial and territorial government sites
• Industry Canada

Date modified:

2017-01-03