Canadian corporation based on its income statement. For simplicity, we’ll use fictional numbers and assume the corporation is subject to the federal corporate income tax rate and relevant provincial tax rates. Here’s a sample income statement for our fictional corporation: Revenue: $1,000,000 Cost of Goods Sold (COGS): $400,000 Gross Profit: $600,000 Operating Expenses: $300,000 Operating […]
Retained earnings are an important concept in accounting, including in Canada. Here’s an explanation of what retained earnings are and their significance: Definition: Retained earnings represent the cumulative net income or profit of a business that is retained within the company rather than distributed to shareholders as dividends. It’s essentially the portion of a company’s […]
In Canada, as in most other countries, the distinction between the income statement (also known as the statement of comprehensive income) and the balance sheet remains the same as described earlier. However, there may be slight variations in terminology or formatting based on accounting standards or regulations specific to Canada, such as those set by […]
Clinton Tano Professional Corporation 
