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Corporate Tax Continuity Worksheet

This worksheet reconciles C*+ ,re-assessments to .ournali/ed tax amounts, and determines the current tax
provision.

0our clients situation1

Tax !ear end 2ec 3$, 4'$5

6pening tax receivable ,pa!able-
o 2ec 3$, 4'$3 ,$(,'''- % pa!able from prior !ear filing
o 2ec 3$, 4'$4 &,''' % refund from capital loss carr!back

4'$3 assessment
o Total federal taxes 4(,'''
o 7et provincial taxes $','''
o Instalments paid 4','''

4'$4 reassessment ,in current tax !ear-
o Total federal taxes 5(,'''
o *efund interest (''

4'$4 assessment ,in previous tax !ear-
o Total federal taxes ((,'''

Pa!ments ,received- paid during the tax !ear
o Pa!ment ,refund- related to 4'$3 $(,'''
o Pa!ment ,refund- related to 4'$4 ,$',(''-

4'$5 corporate tax return
o Total tax pa!able 4(,'''
o Instalments paid in 4'$5 $&,'''
o Taxable credit entitled (,'''

Calculate the over8under accrual to the tax provision account, along with applicable .ournal entries for the
!ear.

Opco
Corporate Tax Continuity
Tax year ended December 31, 2014
Tax year end Dec 31, 2014
Tax year start Jan 1, 2014
December 31, 2013 (15,000.00 (15,000.00
December 31, 2012 !,000.00 !,000.00
December 31, 2011 "
December 31, 2010 "
December 31, 200# "
($,000.00 " " " " ($,000.00
T2 " %ine 0&1
'e(
Date
)nrea*i+ed e,ents "
-ourna*i+ed
recei,ab*e (payab*e
)nrea*i+ed e,ents "
-ourna*i+ed
recei,ab*e (payab*e
.d-usted income tax
recei,ab*e (payab*e
as at
December 31, 2013
T2 " %ine 0&0
Temp*ate support
Oct 1, 2014 .ndre/ 0repared
'e,ie/ed
.ppro,ed
'e(
1otes
Openin2 income tax
recei,ab*e (payab*e
(or tax year ended
)nrea*i+ed e,ents /it3 -ourna*i+ed accrua*s
)nrea*i+ed e,ents "
-ourna*i+ed
recei,ab*e (payab*e
'e(unds 3e*d bac4
(unpaid amounts
(or prior year
(reassessments
5ncome tax
recei,ab*e (payab*e
as at
December 31, 2013
Journa*i+ed tax recei,ab*e (payab*e ba*ances
Tax Temp*ates 5nc. 1 o( 4
2014"10"2$
12655
Opco
Corporate Tax Continuity
Tax year ended December 31, 2014
Tax year end Dec 31, 2014
Tax year start Jan 1, 2014
T2 " %ine 0&1
Date
T2 " %ine 0&0
Temp*ate support
Oct 1, 2014 .ndre/ 0repared
'e,ie/ed
.ppro,ed
'e(
Dec 31, 2013 Dec 31, 2012
.ssessment 'eassessment
Tax item
1.00 7 3.00 7 5.00 7 $.00 7 #.00 7 11.00 7 13.00 7 15.00 7
Dec 31, 2013 Dec 31, 2012
Tax item
0art 58 tax payab*e
'e(undab*e 0art 5 Tax
Tota* 9 sum o( (edera* taxes 25,000.00 45,000.00
1et pro,incia* and territoria* tax (credit 10,000.00
(Di,idend re(und
(Ot3er credits
(Taxab*e credits on*y, exc*udin2 ':D
(5nsta*ments and payments (20,000.00
'e,ersa* o( (re(und interest (500.00
'e,ersa* o( (re(und interest -ourna*i+ed "
('e,ersa* o( interest and pena*ties
('e,ersa* o( interest and pena*ties -ourna*i+ed
Dec 31, 2012
Tax item
0art 58 tax payab*e
'e(undab*e 0art 5 Tax
Tota* 9 sum o( (edera* taxes 55,000.00
1et pro,incia* and territoria* tax (credit
(Di,idend re(und
(Ot3er credits
(Taxab*e credits on*y, exc*udin2 ':D
'e(
1O('.
1O('.
.s per pre,ious (reassessment
1O('.
1O('.
1O('.
'e(
1O('.
;%
1O('.
;%
1O('.
1O('.
<,ent date
1O('.
Tax year ended
1O('.
('eassessments bet/een January 1, 2014 and December 31, 2014
.ssessment 9 reassessment 9 interest on*y
.s per current (reassessment
1O('.
'e(
Debited (credited to income statement " taxab*e credits, exc*udin2 ':D
<,ent date
Debited (credited to e=uity " re(undab*e taxes
Debited (credited to e=uity " di,idend re(und
Tax year ended
Tax year ended
Tax Temp*ates 5nc. 2 o( 4
2014"10"2$
12655
Opco
Corporate Tax Continuity
Tax year ended December 31, 2014
Tax year end Dec 31, 2014
Tax year start Jan 1, 2014
T2 " %ine 0&1
Date
T2 " %ine 0&0
Temp*ate support
Oct 1, 2014 .ndre/ 0repared
'e,ie/ed
.ppro,ed
'e(
5ncome tax recei,ab*e (payab*e " " " " " " " "
5ncome tax pro,ision
'e(undab*e taxes paid
Di,idend tax re(und
'eduction o( ot3er expense accounts 9 ot3er income
5nterest income
5nterest and pena*ties expense
Custom
Custom
December 31, 2013 (15,000.00 " " " 15,000.00 " "
December 31, 2012 !,000.00 2,000.00 500.00 " (10,500.00 " "
December 31, 2011 " " " " " "
December 31, 2010 " " " " " "
December 31, 200# " " " " " "
($,000.00 2,000.00 500.00 " 4,500.00 " "
"
"
"
'e(
"
"
Tax year ended
<ndin2 income tax
recei,ab*e (payab*e
as at December 31,
2014
Debit (credit
5ncrease to
income tax
recei,ab*e (payab*e
Tota* amount
paid (re(unded
'econci*iation o( prior year tax ba*ances
.d-ustment .d-ustment
.ccount
1otes
(500.00
"
2,500.00
(2,000.00
"
.d-ustment
"
Tax e((ects (rom (reassessments " -ourna* entry
.d-ustment .d-ustment .d-ustment
"
"
)nrea*i+ed e,ents "
-ourna*i+ed
recei,ab*e (payab*e
5ncome tax
recei,ab*e (payab*e
(rom *oss carrybac4s
or ot3er ad-ustments
"
.d-usted income tax
recei,ab*e (payab*e
as at December 31,
2013
'e(unds 3e*d bac4
(unpaid amounts
(or prior year
(reassessments
Current year net
interest recei,ab*e
(payab*e
1otes
.d-ustment .d-ustment
'econci*iation " income tax recei,ab*e (payab*e
"
Tax Temp*ates 5nc. 3 o( 4
2014"10"2$
12655
Opco
Corporate Tax Continuity
Tax year ended December 31, 2014
Tax year end Dec 31, 2014
Tax year start Jan 1, 2014
T2 " %ine 0&1
Date
T2 " %ine 0&0
Temp*ate support
Oct 1, 2014 .ndre/ 0repared
'e,ie/ed
.ppro,ed
'e(
'e(undab*e portion o( 0art 5 tax
0art 58 tax payab*e
Tota* tax payab*e 25,000.00
(Di,idend re(und
(Tax insta*ments paid (1!,000.00
(Tota* credits (23,000.00
(5nsta*ments paid a(ter Dec 31, 2014 inc*uded on %ine !40 "
(Taxab*e credits, exc*udin2 ':D credits (or Dec 31, 2014 (5,000.00
Tax item
<stimated income taxes recei,ab*e (payab*e
5ncrease (decrease to re(undab*e taxes paid
(5ncrease decrease to di,idend re(und
(5ncrease decrease to expense reduction 9 ot3er income
5ncome tax recei,ab*e (payab*e (20,000.00 " (2,000.00 (2,000.00 22,500.00
5ncome tax pro,ision 25,000.00 23,000.00 25,000.00
'e(undab*e taxes paid " " "
Di,idend tax re(und " " "
'eduction o( expenses 9 ot3er income (5,000.00 (5,000.00 (5,000.00
Custom " (500.00
Custom " "
Taxes recei,ab*e (payab*e (rom *oss carrybac4s or ot3er ad-ustments
Tax return input " Dec 31, 2014 tax year
T2 " %ine !40
Type o( ad-ustment
'e(
Tax year ended
Tax pro,ision (reco,ery " -ourna* entry
Tax pro,ision (reco,ery " Dec 31, 2014 tax year
T2 " %ine 450
T2 " %ine $$0
>c3 3 " %ine 3&0
T2 " %ine $!4
?inancia* statement inte2ration Tax year components " Dec 31, 2014
.ccount Debit (credit
'eduction o( expenses 9 ot3er income
5ncome tax pro,ision
.d-ustment
.ccount 'e( @a*ance @a*ance
1et payments
(re(unds
5ncome tax recei,ab*e (payab*e
'e(
T2 " %ine !#0
Di,idend tax re(und
'e(undab*e taxes paid
5nterest income (rom taxes
1otes
5nterest and pena*ties expense
Tax Temp*ates 5nc. 4 o( 4
2014"10"2$
12655