Frequently Asked Questions
Get Answers to Your Financial Queries
Find clear answers to our most common accounting and tax questions—helping you make informed decisions with confidence.
As soon as you start to think about your business, an accounting professional can help you take the next steps. We can discuss your business’s organization, tax purposes, and operations, along with target pricing and profit margins.
Get some impartial advice from an accounting professional before you consult the bank. A bank will want to see a strong business plan and organized records. Let us help you get ready for your business’s next step!
Does your accounting professional return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accounting professional, the answer should be a resounding “Yes!”
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Limited liability: Separates your personal assets from business debts and claims.
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Tax planning & deferral: Access to the small business deduction and the ability to leave profits in the company to defer personal tax.
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Income strategy: Flexibility to pay salary/dividends and manage your personal tax bracket (within TOSI rules).
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Sale/exit benefits: Potential access to the Lifetime Capital Gains Exemption on qualifying shares when you sell.
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Credibility & growth: Easier to bring in partners/investors, build business credit, and transfer ownership.
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Profits are consistent and you don’t need all the cash personally (you can retain earnings).
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Your risk/exposure is growing (contracts, employees, leases, larger projects).
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You plan to add partners/investors or sell the business in the future.
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Your personal tax bracket is high and corporate tax planning could reduce overall tax.
If several of these apply, it’s worth a review—book a consult and we’ll run the numbers and structure (federal vs. provincial, share classes, HST, payroll, WSIB).
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Budget & forecast: Track monthly vs. budget; set KPI alerts for margins and cash burn.
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Tighten AP/AR: Negotiate supplier terms, use early-payment discounts, and speed up collections.
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Review pricing & mix: Adjust prices, minimums, or packages to protect margins.
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Cut waste: Audit subscriptions, utilities, and inventory carrying costs; automate repetitive tasks.
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Tax efficiency: Capture input tax credits, claim eligible deductions/credits, and choose the right salary/dividend mix.
We can set up a simple dashboard in QuickBooks/Excel to monitor these and keep costs in check.