Choose and diligence the project first, then structure the sales so the proceeds are documented as they arrive, then invest and file. Selling everything before a project is chosen creates an idle balance and a harder funds trail.
Diligence first, liquidation second
Hypothetical example: a Grand Bay-Westfield owner auctions his fleet and sells the terminal in the same quarter, then begins looking at projects with the proceeds sitting in a personal account. Nothing is unlawful about that, but it adds an unexplained holding period to the funds trail and removes his income while he is still deciding.
A steadier sequence is to run project diligence and take Canadian tax advice while the assets are still producing, structure each disposal so that the settlement documents and bank credits are captured as they happen, then transfer and invest. Build in time for the source-of-funds file, which for a twenty-year business is measured in months rather than weeks, and remember that the two-year conditional period and the later filing to remove conditions extend the overall timeline well past the initial approval.