Financial Forecasting Services

We can help with your accounting needs.
How Can We Help You?

  • This field is for validation purposes and should be left unchanged.


Financial Forecasting Services

Financial forecasting takes many different shapes. It is typically used to reassure a company that they’re headed in a profitable direction, to point out the need for change, or to figure out which industries and/or countries it would be best for a company to expand into to increase profits.

Internal forecasting refers to projected effects of company financial practices and/or changes. External forecasting refers to the projected effects of an industry or region on a company’s finances. Hogg, Shain, & Scheck offers both types of forecasts for businesses in the Greater Toronto Area with the following services:

Forecasts of Current Practices

A projection of how a company’s finances will look in a defined future (e.g. one, five, ten years) if income and expenses continue as currently practiced. This is a base forecast that can be used to compare actual results against forecasts of outside influences. A one-year analysis can also be used to estimate a company’s success in the coming year for tax planning or other purposes.

Forecasts of Changed Practices

A projection of what will likely happen to a company’s finances, if certain internal changes are made now. This forecast is especially useful when a company is uncertain about changing a practice, or when there are a number of changes to choose between. Which will be most effective? Are any speculated changes likely to hurt, rather than help the company long term? When effects of changes are compared together what happens? Changes can include production or sales of new products, alteration of accounting methods or pricing, company reorganization or relocation, etc.

Industry Forecasts

A projection of how a company’s industry is likely to fare in a defined time period. This can be used in at least two ways: To choose which industry would be most profitable to target for future growth, if a company already serves more than one; and to compare potential industries, if a company wants to enter a new one.

Comparison of External vs. Internal Forecasts

A comparison of projections of regional, national, and/or international economic forecasts to see how a company’s finances are likely to be affected from the outside. This is similar to an industry forecast and can be used in a similar way – to protect one’s company against regional economic changes or to choose between countries for exporting purposes.

Effects of Projected Changes in Economy

This is the most detailed, comprehensive financial forecast of all. This forecast analyzes the potential effects on a company if key factors in Canada’s economy change. It can be used for changes in the local economy or in that of another country.

If you think your business could benefit from the financial forecasting services at Hogg, Shain and Scheck, contactus today at 647 557 7591.

What our clients are saying

The latest from our Blog, News, and Events

  • Are you ready for the new trust reporting requirements?

    Are Your Trusts Lined Up In A Row? In 2018, the Federal government proposed new tax legislation (the “New Rules”) for trusts, which was passed into law on December 15, 2022. The New Rules take effect for trusts with taxation years ending on or after December 31, 2023 and impact both trust filing and disclosure
    Read More

  • How Changes to the Trust Reporting Rules Will Impact Charities

    Under the new trust reporting rules introduced in late 2022, certain charities and non-profit organizations (NPOs) will be required to file an annual T3 Trust Income Tax and Information Returns (T3 returns) for their “express trusts”. The T3 filing will be required for any express trusts held after December 30, 2023, and is due by
    Read More

  • HSS Blog – New Bare Trust Rules

    On November 3, 2022, the Federal government’s 2022 Fall Economic Statement confirmed that recently enacted income tax compliance rules for trusts will take effect for taxation years ending on or after December 30, 2023. The new rules impact bare trusts, which are commonly used by real estate owners to hold title of their properties. What
    Read More

  • Can I Claim My Mortgage Payments if I Work at Home in Canada?

    The bad news: In Canada, you cannot claim your home mortgage principal payments when doing your taxes, if you’re a small business owner and work from home. The good news: there is a lot you can claim. You can deduct a portion (we’ll address how much later) of many home expenses required for running your
    Read More