What Documents Do You Need to Sell a Small Business in Canada?

Buyers, their lenders and their advisors will ask for the same handful of documents. Gathering them before you list saves weeks later, and shows buyers you run a tidy business.

Why get your documents ready early?

Most delays in a small business sale come from waiting on paperwork: last year's statements, a copy of the lease, a list of equipment. A buyer who has to wait weeks for basic information can lose interest, or start to worry about what they'll find. Having a simple, organized file ready lets you answer questions quickly and calmly.

You don't need everything on day one. Use the checklist below to see what you have, what's missing, and who can help you find it.

1. Financial records

• Year-end financial statements for about the last three years.
• Business tax returns for the same years.
• Current year-to-date figures (a recent income statement and balance sheet).
• A short note explaining any one-time or owner-related expenses, so a buyer can see the business's true earnings. Our guide on EBITDA explains why this matters.
• GST (and PST, where it applies) filings and confirmation they're up to date. See GST and PST when selling a business.
• A list of any loans, lines of credit or equipment leases, with balances.

2. Legal and corporate records

• If you're incorporated: articles of incorporation, the minute book and a list of shareholders. Buyers in a share sale will look at these closely.
• Business licences and permits, and when each one renews.
• Your premises lease, including any renewal options and whether the landlord must approve a new tenant.
• Key contracts with customers, suppliers or franchisors, and whether they can be transferred.
• Trademarks, domain names, websites and social media accounts the business owns.
• Insurance policies and any open claims.

3. Assets and inventory

• A list of equipment, vehicles and fixtures, with rough age and condition.
• Which assets are owned outright and which are leased or financed.
• A recent inventory count, if you carry stock.
• Any registered liens or security against business assets. In BC and Alberta, these are recorded in each province's Personal Property Registry, and the buyer's lawyer will usually search it.

4. Staff information

• A staff summary by role, with hours, pay and start dates. Leave names off until a deal is close.
• Any written employment or contractor agreements.
• Confirmation that payroll remittances and workers' compensation premiums (WorkSafeBC in BC, WCB in Alberta) are up to date. Buyers often ask for a clearance letter.
• If you're telling staff about the sale, see what to tell your staff when you're selling.

5. Customers and suppliers

• Sales by type of customer or product, and how much comes from your largest few customers (no names needed at first).
• Main suppliers, payment terms and any exclusive arrangements.
• Recurring revenue, such as memberships, service contracts or subscriptions.

6. How the business runs day to day

• A simple description of the weekly routine: opening, ordering, bookkeeping, payroll.
• Written steps for the jobs only you do today.
• Logins and accounts that will need to be handed over (list them; never share passwords until closing).
• Seasonal patterns and the busiest and slowest months.

This is the part most owners skip, and it's often what makes a buyer comfortable. A business that can run without you is easier to sell and easier to finance.

When to share what

1. Before an NDA: a short summary only: type of business, general area, rough sales range and asking price.
2. After an NDA and proof the buyer can pay: financial statements, tax returns, the lease, equipment list and staff summary without names. See how to weed out buyers.
3. After a signed letter of intent: customer and supplier details, staff names, contracts and the full file for the buyer's lawyer and accountant. See what is a letter of intent?

Keeping it organized

• Keep one folder (paper or digital) with a section for each heading above.
• Name files clearly, for example "2025 year-end financial statements".
• Keep a short list of what you've shared, with whom and when.
• Black out personal details such as home addresses and social insurance numbers before sharing anything.

Quick checklist

• ☐ Three years of financial statements and tax returns
• ☐ Current year-to-date figures
• ☐ Notes on one-time and owner expenses
• ☐ GST/PST filings up to date
• ☐ Lease, licences and key contracts
• ☐ Corporate records (if incorporated)
• ☐ Equipment and inventory lists
• ☐ Loans, leases and liens listed
• ☐ Staff summary and remittances up to date
• ☐ Customer and supplier summary
• ☐ Day-to-day routine written down

Our free printable seller checklist and resource kit cover the same ground. For the wider plan, see how to prepare your business for sale.