Locate business in Canada that are for sale that attract your interest. Look at some in your area by driving around or look at the local newspaper. Talk to friends in business who may know an owner who is interested in selling their business. Also look at publications like the Ontario Gazette for the names of companies which may be in default or dissolved. These may be companies which you could buy.
Look at information related to buying a business. Some of this can be found on the Canadian government website. Go to the website and click on the language that you want to read the information in, either French or English. Then click on Canada Business on the sidebar. From here go, to the buying a business link on the sidebar. On the page that opens up, you will find more information on buying a business in Canada.
Investigate the business that you have decided you may want to buy. Look at the business financial status, its profits, losses, employee retention, pay for employees, management and the form of business, among other things. Also, examine the property. Note any debt still owed, its condition and the status of title. Research to find any negative and positive publicity on the business.
Note the place that it has in the community. This may be improved upon or not by new ownership. If the business has been a family-run operation for years that many in the community enjoy, then a new owner who is not affiliated with that family may not be welcomed. However, if that family has not been taking care of its customers or the property, then a new owner may be welcomed.
Determine how the business will help your own personal goals. Do a self-assessment to fine tune what your goals are and how to achieve them through the new business. A self-assessment may be found on the BDC (Business Development Bank of Canada) website.
Investigate the permits and licenses that are required for your business. Most licenses and permits are offered locally and are needed if a business going to create certain hazards in the community. A business does not have to be registered with local authorities, but often is for increased credibility and for some protection for their business name. Registration often costs $50 and is performed online or by a government agent. If a business makes less than $30,000 a year then it does not have to register for GST, or goods and sales tax.
A business also does not have to be registered with the tax authority as long as you pay taxes annually. Businesses of a certain size do have to register for taxation scheme with teh Canada Revenue Agency. These taxation schemes include the GST, registered charity work, excise duties, among many others.
Raise money through investors, get a bank loan or use your own money to get buy the business. You may have to use a combination of these three means to get the business financed. Investors may include the BDC or angel investors, who are part of a global angel investor network. Talk to the owner to see how much he or she wants for the business. Pay a down payment or the full value of the business. If you have to only give a down payment, continue making payments on the business until paid in full.