The honest 12-24-month path to a Canadian public listing.
Going public in Canada isn't a marketing event — it's a regulatory process governed by CSA National Instruments, provincial securities acts, and IIROC underwriter rules. Total realistic cost end-to-end: $500K-$1M CAD before you raise a dollar. This is the sequence.
Not financial or legal advice. The estimates below are directional and vary by jurisdiction, revenue stage, and advisor. Consult a securities lawyer registered with your provincial regulator before acting on any of this.
Month 0-3
Foundation
$50K-100K CAD
Engage a securities lawyer registered with your provincial regulator (OSC in Ontario, AMF in Quebec).
Engage a CPA firm to prepare and audit 2 years of historical financials to IFRS.
Choose your exchange: TSX Venture Exchange (mid-market, $2M+ market cap) or Canadian Securities Exchange (smaller, faster).
Draft your business plan and 3-year forecast in the format the underwriter will require.
Governance: appoint at least 2 independent directors and form an Audit Committee.
Month 3-9
Prospectus preparation
$200K-500K CAD
IIROC-registered underwriter engagement (agent for TSX-V listing; direct listing possible on CSE).
Draft the prospectus — a 100-200 page document covering business, risks, financials, management, use of proceeds.
Submit the prospectus to your provincial securities regulator for review (typical review: 3-6 months, expect 2 rounds of comments).
Concurrent CSA National Instrument 41-101 compliance review.
Due-diligence sessions with the underwriter — expect 40-80 hours of management time.
Month 9-15
Marketing & IPO
$150K-400K CAD (underwriter commission 6-8% of raise)
Roadshow — 2-3 weeks of investor meetings in Toronto, Montreal, Vancouver, Calgary.
Book-building — the underwriter compiles investor demand.
Pricing meeting — set the IPO price and share count.
Final prospectus filing and listing on TSX-V or CSE.
First trading day.
Month 15+
Post-listing obligations
$100K-250K CAD/year ongoing
Quarterly financial statements filed with CSA within 45 days of quarter-end.
Annual audited financials + MD&A within 90 days of year-end.
Material change reports within 10 days of any material event.