You are correct. However, I would like to correct the way you have asked this question: "Is it correct to say...'I want to propose a toast...'? and when the toast is done you say 'Cheers!'? It's = It is I know you did not ask for this correction but I hope it helps. It's

possible :). But is it correct...? is (are am may can etc. goes to front to form question) when the toast is done, either it's (it=toast here)is done.

Thanks for the correction, i really appreciate it.