Selling your business includes the sale of assets or shares.
If you are selling or purchasing a business’ assets, you should get a purchase certificate. We need to be informed if the seller will not continue operating after the sale to determine their reporting and payment obligations with us.
A valid WSIB purchase certificate (PDF) verifies that the company selling, leasing or transferring all or part of a business (including major assets) has WSIB coverage and there are no outstanding debts on the account. We may hold the purchaser liable for all amounts owed by the vendor up to the date of sale if you do not get a valid purchase certificate.
You need to make the request for the purchase certificate from us before the date of sale. You will need to provide the following information:
- WSIB account number
- requestor’s information (including vendor’s authorization, if required)
- vendor information
- purchaser information
- date of sale transaction
- type of sales transaction (share or asset)
- list of assets
- value of assets (if partial sale)
- copy of the purchase agreement
- whether the vendor will continue to operate
The purchase certificate worksheet (PDF) and the purchase certificates policy can help you with the process. A purchase certificate is valid for 30 days from the date of issue printed on the certificate. If the transaction does not take place during the certificate’s validity period, you may request another certificate.
Please email the completed purchase certificate worksheet to email@example.com.
We will send the purchase certificate to the requestor once completed. Please note, you still need to send a closure request to us once the sale is completed to advise of the last date employees were employed by the seller.
If you are selling shares, a new legal entity is not created, so a purchase certificate is not required. However, you must email the Share Purchase Agreement to firstname.lastname@example.org and include the account number in the subject line.
You will also need to notify us if there is a change in the business’ name by sending us the Articles of Amendment (if applicable) or any updates to your address(es).
The WSIB will make the required updates on the account. Please note we will not send written confirmation.