How long does it take to buy a business in Saskatchewan?
This answer covers the law of Saskatchewan.
There is no single answer to how long it takes to buy a business in Saskatchewan, because the timing depends on the size of the business, how the deal is structured, and how quickly each step is finished. A lawyer can help you plan a realistic schedule.
Some rules add fixed steps. If the business is a franchise, the franchisor must give you a disclosure document at least 14 days before any franchise agreement is signed or any payment is made. In an asset purchase, you should search the Saskatchewan Personal Property Registry for liens and require discharges or payout from the price at closing. If you buy assets to start operations in Saskatchewan, you file the Business Assets Declaration within 30 days of the purchase date.
Tax and large-deal rules can also matter. A registrant buyer making the GST/HST election files Form GST44 by the due date of its return for the first reporting period in which tax would otherwise have become payable. Competition Act notice is generally required only if the target's Canadian assets or revenue exceed $93 million and the parties' combined Canadian assets or related revenue exceed $400 million, so most small Saskatchewan deals fall well below it.
Key takeaways
- There is no fixed timeline, because the length of a purchase depends on the size of the business, the deal structure and how quickly each step is finished.
- A franchise purchase has a built-in wait, since the disclosure document must be given at least 14 days before signing or payment.
- Searching the Saskatchewan Personal Property Registry and arranging discharges or payout from the price at closing are part of an asset purchase.
- Some deadlines run after closing, such as the Business Assets Declaration within 30 days of the purchase date when you buy assets to start operations.