It depends on the figures and the explanation. The test looks at whether the enterprise produces, or has the capacity to produce, more than a minimal living for the investor and family. Modest results with a credible route to improvement read differently from years of dormancy. Present the accounts honestly and let counsel assess the position against the current record.
Show the trend, not one bad quarter
Pull several periods of figures rather than the most recent statement, so seasonality and one-off events are visible. Identify what caused the shortfall, a lost contract, delayed premises, a supply problem, and what was done in response. Where results improved after a change, say so with numbers. A business that can explain its own performance is easier to assess than one presenting a single confusing snapshot.
E-2 requires treaty-country nationality — Canadian permanent residence alone does not establish it — and the enterprise itself must carry qualifying treaty ownership, with the investor positioned to develop and direct it through at least 50 percent ownership or genuine operational control. Passive property ownership and rent collection do not qualify; a storage business with staff, contracted customers, access and delinquency management, and services sold alongside the space is an active commercial enterprise.