It's the owner's responsibility to ensure that bookkeeping records are kept up to date and saved. Some of these accounting and financial documents may include: financial statements, general ledger and software, income tax returns, GST/HST/PST returns, customer invoices and sales, purchase receipts, bank statements, credit card receipts, work orders, delivery slips, and all correspondence that support any transactions.
Filings must also be compliant will the Canada Revenue Agency (CRA) and any provincial or territorial ministries. Any fines should be paid off or disclosed before the deal is signed. New owners that purchase a company's assets aren't responsible for any unpaid fines. Instead, it's the owner or directors who are selling the business that must pay up. However, if new owners buy shares of the company, they are on the hook for any unpaid fines. That's why due diligence is so important for buyers.
Buyers purchasing a franchise will need to be aware of any franchisor requirements with respect to bookkeeping. For example, there may be timelines for providing financial information to the franchisor on a monthly basis.