Category: Test 0% Business Financial Health Check 1 / 10 1. 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 2 / 10 2. 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 3 / 10 3. 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 4 / 10 4. 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 5 / 10 5. 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 6 / 10 6. 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 7 / 10 7. 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 8 / 10 8. 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 9 / 10 9. 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 10 / 10 10. 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 Your score isThe average score is 73% 0% 0% P- Business Financial Health Check 1 / 10 1. 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 2 / 10 2. 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 3 / 10 3. 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 4 / 10 4. 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 5 / 10 5. 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 6 / 10 6. 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 7 / 10 7. 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 8 / 10 8. 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 9 / 10 9. 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 10 / 10 10. 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 Your score isThe average score is 0% 0% Download PDF 0% Nik - Business Financial Health Check 1 / 10 1. 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 2 / 10 2. 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 3 / 10 3. 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 4 / 10 4. 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 5 / 10 5. 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 6 / 10 6. 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 7 / 10 7. 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 8 / 10 8. 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 9 / 10 9. 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 10 / 10 10. 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 Fill Out the Form to View Your Assessment Score 10 Your score isThe average score is 90% 0% 0% p1 - Business Financial Health Check 1 / 10 1. 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 Quiz(PDF) Questions(PDF) 2 / 10 2. 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 Quiz(PDF) Questions(PDF) 3 / 10 3. 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 Quiz(PDF) Questions(PDF) 4 / 10 4. 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 Quiz(PDF) Questions(PDF) 5 / 10 5. 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 Quiz(PDF) Questions(PDF) 6 / 10 6. 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 Quiz(PDF) Questions(PDF) 7 / 10 7. 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 Quiz(PDF) Questions(PDF) 8 / 10 8. 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 Quiz(PDF) Questions(PDF) 9 / 10 9. 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 Quiz(PDF) Questions(PDF) 10 / 10 10. 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 Quiz(PDF) Questions(PDF) Your score is 0% Download PDF 0% S- Business Financial Health Check 1 / 10 1. 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 2 / 10 2. 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 3 / 10 3. 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 4 / 10 4. 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 5 / 10 5. 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 6 / 10 6. 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 7 / 10 7. 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 8 / 10 8. 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 9 / 10 9. 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 10 / 10 10. 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 Your score isThe average score is 57% 0%
