Main Purpose of Estate Planning

Establish your needs, for example:

	Preparation, review or audit of financial statements.
	Preparation of income tax returns.
	Tax planning.
	Assistance with cash flow statements.
	Small business startup, business sale or purchase.
	Tax appeals and so on.

Define your immediate needs:

	Revenue Canada demanding a tax return.
	Planning to establish a business.

Assess your level of accounting knowledge:

If you have little knowledge, choose an accountant who can explain basic concepts.

Get organized:

Ensure your financial papers, receipts etc. are organized and in order...this can save on the accountant's time to sort, which can save on fees.

Determine how accessible your accountant needs to be:

	Will he or she need to be available on an immediate basis?
	Will he or she travel to your office (this should never be a problem)?

Consider the nature of the work required:

	This should include the type and size of the engagement and the billing costs.
	Based on the above, you will be able to determine whether to engage an independent practitioner or a larger accounting firm.

When you speak to a prospective accountant, consider the following questions:

	Prior working experience with your type of business?
	After describing your needs, does the accountant make comments which indicate an understanding of your type of business?
	What is the accountant's standard billing procedure?
	Who will do the work...the accountant or a staff member?
	Is the accountant prepared to give you names of other clients in a similar or related line of business?
	Is the accountant open to the idea of using other experts?

Other factors you should look for:

	Educational background.
	What professional organizations are they involved in?
	Have they undergone the practice review program.
	Do they look at all the elements that affect you - income, estate, retirement, and other financial planning issues...even some non-financial areas?

Do you get along?

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Prepared by: Gary F. McLean, CGA