Pragati

p1 - Business Financial Health Check

1 / 10

1. If you have employees or contractors, how confident are you in your payroll compliance?

Very confident — remittances are on time and workers are classified correctly

Mostly confident, but it hasn’t been formally reviewed recently

I’ve had some issues, delays, or questions about classification

I don’t have employees or contractors

2 / 10

2. How clearly can you see your cash position 4–8 weeks ahead?

Very clearly, I have a rolling cash flow forecast

Somewhat, I check my bank balance regularly but don’t forecast

Not clearly, I usually find out when cash gets tight

I have no forward visibility into cash at all

3 / 10

3. Have you ever had your business valued, or thought seriously about what it would take to sell or transition it?

Yes, I have a current valuation and an active exit or succession plan

I’ve thought about it but haven’t done anything formal yet

Not yet, it’s something I know I need to address

I plan to run this business indefinitely / haven’t thought about it

4 / 10

4. How do you pay yourself from your business?

A mix of salary and dividends, planned annually with a CPA

Salary only or dividends only – set up formally with source deductions

Salary or dividends, but it hasn’t been formally reviewed

I take draws when I need money – no formal structure

5 / 10

5. How current are your books right now?

Up to date within the last 30 days

1–3 months behind

More than 3 months behind

I catch up once a year at tax time

6 / 10

6. Do you claim home office, vehicle, or meals & entertainment expenses?

Yes — with detailed records, receipts, and a mileage log

Yes — but my documentation could be stronger

Yes, but I’m not sure what CRA actually requires

I don’t claim these, or I’m not sure if I should

7 / 10

7. When you make a major business decision such as hiring, pricing, a big purchase, what are you basing it on?

Current financial reports and a clear picture of margins and cash

A mix of financials and gut feel

Mostly intuition — I don’t have reliable numbers in time

I’m not sure what I should be looking at

8 / 10

8. When did you last have a proactive tax planning conversation with your accountant — not just filing?

Within the last 6 months – we plan proactively year-round

Once a year, usually around filing time

A few years ago or only when I had a specific question

Never, or I’m not sure what proactive tax planning means

9 / 10

9. How is your business currently structured?

Incorporated structure has been reviewed with a CPA

Incorporated, but I’m not sure if my structure has been optimized

Sole proprietor or partnership – I’ve thought about incorporating

Sole proprietor or not sure – never formally reviewed

10 / 10

10. Do you know your CRA-assigned GST/HST filing frequency, and are you filing on time?

Yes, I know my filing frequency and always file on time

I think so, but I’m not 100% sure of my assigned frequency

I’ve been late or missed a filing at least once

I don’t file GST/HST or I’m not sure if I need to

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