Trading history helps show the enterprise is real and operating, and it supports the non-marginality discussion. It does not settle anything else. Treaty nationality, a substantial sum irrevocably committed and at risk, and the buyer's ability to develop and direct the company are still assessed separately, and profitability cannot supply a qualification the buyer lacks.
Test each element against the deal on the table
Take the elements one at a time. Confirm the buyer's citizenship and the nationality of every owner in the acquiring entity, since Canadian residence without treaty citizenship does not qualify. Then show what the money buys, when it becomes irrevocable, and how much of it is exposed if the business fails.
Finally, describe the buyer's day-to-day authority in concrete terms, hiring, pricing, banking, contracts, rather than repeating a title from the operating agreement. Two of those elements deserve their own sentences. Non-marginality asks whether the enterprise has the present or future capacity to generate more than a minimal living for the investor and family, which a trading record can help show but cannot be assumed to establish.
Develop-and-direct is about control rather than effort: a buyer who will work hard in the business but cannot appoint, price, or bind it stands in a weaker position than the payroll suggests. Hypothetical example: the purchaser of a small veterinary clinic finds the seller intends to retain the treatment protocols and the supplier contracts for two years, which is a control question long before it is a valuation question.