About renewal of business license


I need to know about some business procedures in detail. I found some information regarding this here https://www.ontariobusinesscentral.ca/. What I want to know is about the renewal procedure. I think we must renew the license within 60 days of its expiry. What happens if we couldn’t renew it at the right time. Can we do something? Or should we start the registration form the beginning? If somebody has good knowledge on this please share the details. Thank you