My boss has sold his business - it was an asset sale.  The business was in a corporation, so my boss retains the shares but is no longer operating.  One of the requirements of selling the business was that my boss has to pay for renovations to the premises. The renovations will be done a few months after the transfer of the business to the new owner (the sale closed on January 31, the renovations won't be done until the spring).  For this reason, $80 000 of the sale price was put in trust with my boss' lawyer, who will pay out the renovation expenses from this trust account.

Can I keep the HST account open and claim the ITCs even when the business is no longer operating, until after the renovations are actually done? 

Also, would I still put through the receipts to the Leasehold Improvements account?

It is a franchise and the franchisor determined the requirements of the sale from my boss to another existing franchisee.

Any help would be appreciated.  I could find nothing related to this on the CRA website.