Get Answers to Your Questions - CQK Chartered Professional Accountant FAQ Page

Frequently Asked Questions

• Business Start Up

  Entrepreneur with ideas that he or she wants to monetize. Is looking for assistance to set up his/her business so that it is organized and allows him/her to focus on building the business.

  • For my new business, should I consider Corporation vs. sole proprietorship?
  • Is there a preference between Banks?
  • Start up financing – is it available and how do I apply for it?
  • Do I pay my employees payroll or self employed?
  • Do I need to do some tax planning for HST, Source Deductions, WSIB, Corporate Tax etc.?
  • What should be the Year end of my business?
  • Do I need to prepare budgets and projections and follow up on actual vs. budget?
  • How to file my corporate and personal taxes?
  • How do I organize my financial information? Keep records? Should I use excel or an accounting software?
  • Do I need to hire a bookkeeper?
  • How do I pay myself? Salary, Dividend, cash flow impact?
  • Does CQK involve itself in the above items and advise its clients?
• Tax Advisory

  Business owner receives a call or letter from Canada Revenue Agency (tax authorities). The call can be from CRA -collections officer with a requirement to pay and risk of business bank account being closed. A call from CRA – audit division where the auditor wants to review the books and records. A notice of assessment where the auditor has raised a tax assessment that the business owner disagrees with.

  • If I am being audited by CRA, what should be my first step?
  • Does CQK represent its clients to the Canada Revenue Agency?
  • Does CQK prepare and submit all audit submissions?
  • Does CQK communicate with CRA auditors on behalf of its clients?
  • Does CQK represent its clients to conclusion of audit with CRA that is acceptable to clients?
  • What if the client does not agree with CRA assessment – is there a next step?
  • Does CQK prepare appeals to the CRA assessments?
  • Does CQK use the Tax Courts for its disagreements with audit and appeals?
• Financing

  Business is needs and is looking for funds. Business owner wants to understand the alternatives available, which banks to approach, needs assistance in preparing business plans and projections, wants to understands the implications of getting a loan.

  • Does CQK help its clients in obtaining Start up bank loans?
  • Should I borrow funds from friends and family for business operations? What should be the terms of the loan?
  • Do banks ask for personal guarantees to secure the business loans? If yes, how to manage it? (implications)
• Financial Planning

  Business owner has ideas that will help his business. Needs to validate his ideas by talking to a third party, consider and implement best practices and take calculated risks and make appropriate decisions and implement them.

  • We have a need for a new office or factory space – should we purchase the property or lease it? Do the banks provide financing for the purchase and leasehold improvements?
  • Should we apply for bank loan or look for private financing and implications?
  • Do banks offer contract financing? What are the implications?
  • Do banks offer asset-based financing?
  • Do banks offer Lines of credit based on accounts receivable?

  Business owner is looking to retire, want an exit strategy. The plan can be to sell the existing business or pass it on to the younger generation.

• Estate Planning
  • We need to plan for succession of business and wealth – how to pass the wealth to next generation – does CQK offer these services?
  • We need to withdraw the cash from our business and we need to do some tax planning for this withdrawal – does CQK offer advisory services related to such matters?
  • We have an offer to sell our business and they need business valuations – does CQK provide such services?
  • We have identified a company that is available for sale and we would like to acquire it – what should be our next steps? Does CQK offer support for the due diligence of the target?