Business loan document checklist for Canada

Your checklist

Tick items as you gather them. Smaller requests need fewer documents, and each lender sets its own list, so treat this as the full set you may be asked for. Having it ready is the fastest way to get an answer.

0 of 19 ready

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Upload your documents as soon as you have them. Please put your company name in each file name, and do not email your SIN, date of birth or banking passwords.

Identity and business

• Government photo ID for each ownerA driver's licence or passport. Lenders verify identity, often with a quick online check.
• Business registration or articles of incorporationA registry search or your incorporation documents, so the lender can confirm who owns the business.
• Business name, address and start dateLenders usually ask for at least 6 months in business.

Banking

• Last 6 months of business bank statements (PDF)Complete statements, every page, from the account where your revenue is deposited.
• Void cheque or pre-authorized debit formUsed to set up repayments and, if approved, to deposit funds.
• List of every other business bank accountIf revenue goes through more than one account, expect to be asked for all of them.

Financial statements and tax

• Last 2 years of financial statementsOften asked for above roughly $80,000. Year-end statements from your accountant are best.
• Current year-to-date income statementEven a simple one helps explain seasonality or recent changes.
• Most recent business tax return and notice of assessmentLarger or more complex requests may need these.
• CRA account balance for GST/HST, payroll and income taxOverdue balances matter. Tell the lender early, and say whether you are on a payment plan.

Debts and obligations

• List of loans, leases and short-term advancesLender, balance, payment amount, payment frequency and end date for each.
• Statements or contracts for any existing advance or equipment leaseNeeded if you want a review of whether a better structure exists.
• Anything in default, collections or on a payment planExplaining it up front is better than having the lender find it.

Working capital

• Accounts receivable aging reportShows who owes you, how much and how late. Matters most for contractors and service businesses.
• Accounts payable aging reportShows what you owe suppliers and how stretched you are.
• Top customers by revenueLenders look at how much depends on one or two customers.

Your request

• Amount you need and how fast you need itBe specific. A range is fine.
• What you will use the money forPayroll, equipment, inventory, a contract, refinancing costly debt.
• How you expect to repayDaily, weekly or monthly payments, and how your revenue supports them.

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Turn the checklist into a lender-ready package

A pile of documents is not a package. Underwriters read a lot of files, and a file that explains itself moves faster. Once you have ticked off the list above, assemble it in this order, as one folder or one PDF per section.

1. One-page cover summary. Who you are, what the business does, how long you have operated, the amount you need, what it is for, how you will repay it and your contact details. Put the numbers that matter most first: revenue, the request and the source of repayment.
2. Use of funds. A short table showing exactly where the money goes, with quotes or invoices behind any equipment, inventory or contract costs.
3. Financial package. Financial statements, tax filings, bank statements and your aging reports, in date order, with current-year figures beside the last year-end.
4. Debt schedule. Every existing loan, lease and advance: who it is with, the balance, the payment, how often you pay and when it ends. A lender will see these payments in your bank statements, so it is better they hear it from you first.
5. Short explanations. A brief, factual note for anything that will raise a question: a slow month, a large one-time item, a lost customer, a returned payment.
6. Supporting documents. IDs, registrations, leases, insurance, licences and contracts from the checklist, each named clearly, for example "2025-Financial-Statements.pdf".

Common reasons a file stalls

• Missing pages or months on bank statements.
• Financial statements that do not match the tax filings.
• Large deposits or returned payments with no explanation.
• A request with no stated source of repayment.
• Photos or unreadable scans in place of clear PDFs.
• Amounts or dates that differ from one document to the next.

Been declined before? The Declined? Fix-It Playbook in our Financing Toolkit explains what lenders usually mean by a decline and how to re-apply with a stronger file.

Common questions