CORPORATE ACCRUAL TO TAX CONVERSION WORKSHEET

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1 CORPORATE ACCRUAL TO TAX CONVERSION WORKSHEET Taxable entities who have filed tax returns with Canada Revenue Agency (CRA) on a cash basis and have their financial statements prepared on an accrual basis must complete this worksheet. The worksheet provides the breakdown of income and expenses to calculate program margins on a cash basis. (A worksheet is available that can be printed off and completed) The applicant must reconcile net income per financial statements prepared on an accrual basis to net income as reported for tax purposes on a cash basis. To prepare the accrual to tax conversion you will require for each year: the financial statements and working papers; the Reconciliation of Net Income for Tax Purposes (T2 Schedule 1); and the Statement of Farming Activities T1163 codes. A listing of T1163 codes can be found in the Farming Income and the AgriStability and AgriInvest Programs Guide (RC4060) located on the CRA website. This guide also offers instructions on correct reporting of income and expenses for both AgriInvest and AgriStability. Tax not coded using T1163 will not be eligible for AgriInvest To Complete the Accrual to Tax Conversion Worksheet 1. From the working papers and T2 Schedule 1 obtain the opening and closing amounts for items such as: Accounts Receivable Inventories Capital Gains Accounts Payable Prepaid Expenses Capital Cost Allowance From the financial statements transfer income and expense amounts line by line to column A on the Accrual to Tax Conversion Worksheet. 2. Transfer the opening and closing adjustment figures from number 1 above to the applicable column B or C on the worksheet. Enter any other adjustment(s) listed on the T2 Schedule Calculate the figures in column D using the applicable formula (Income A - B + C = D Expense A + B - C = D). The net income in column D must agree with the net income for income tax purposes on the T2 Schedule 1/T2. An example of the worksheet is attached.

2 Revenue A Per Financial Statement B Closing (-) Debit C Opening (+) Credit D Cash/Tax Basis Statement Wheat $ 200,000 $ 30,000 $ 50,000 $ 220, Barley 300,000 10, , T1163 Code Oats 56,000 56, Purchased Cattle 1,200,000 1,200, AgriInsurance (Production or 40,000 20,000 60,000 crop)/hail insurance 401 Grains, oilseeds, and special crops Total 1,796,000 1,846,000 Cost Of Sales Opening Inventory 800, ,000 0 Purchased cattle 500, , Closing Inventory (600,000) 600,000 0 Total Cost of Sales 700, ,000 Opening (+) Closing (-) Expenses Building & fence repairs 1,000 1, Agricultural contract work 45,000 2,000 5,000 42, Depreciation 70,000 70,000 0 Machinery lease/rental 6,000 5,000 1, Forage (including pellets, silage) 600, , Wheat 20,000 20, Barley 10,000 10, Prepared feed and protein supplement 70,000 70, Fertilizers and soil supplements 60,000 60, Pesticides and chemical treatments 9663 Machinery (gasoline, diesel fuel, oil) 80,000 2,000 82, Small tools 3,000 3, Insurance premiums (crop or production) 7,000 7, Other Insurance Premiums 1,000 1, Interest (real estate, mortgage, other) 46,000 5,000 2,000 49, Rent (land, buildings, pastures) 30,000 30, Other (specify) 2,000 2, Legal and accounting fees 5,000 5,000 3,000 7, Electricity 4,000 4, Total 1,060, ,000 Operating Income 36, ,000 Net Gain On Sale 4,000 4,000 0 Dividend Income 50,000 50,000 0 Income Before Income Tax 90,000 Capital Cost Allowance 80,000 80, Net farming income or (loss) 277, Taxable Capital Gain 3,000 3, , ,000 Net Income per T2S1 $ 280,000

3 Accrual to Tax Conversion Worksheet Reconciliation of Net Income for Tax Purposes T2 Schedule 1 Add Net Income per Financial Statements $90,000 Depreciation 70,000 Opening Inventory 800,000 Opening Accounts Receivable 80,000 Closing Accounts Payable 13,000 Closing Accrued Interest Payable 2,000 $965,000 Deduct Dividend Income 50,000 Closing Inventory 600,000 Closing Accounts Receivable 30,000 Opening Accounts Payable 9,000 Opening Accrued Interest Payable 5,000 Gain on Sale 4,000 Capital Cost Allowance 80,000 $778,000 Income from Business or Property Taxable Gain 3,000 Net Income for Income Tax Purposes $280,000 Accounts Receivable Opening Closing Wheat 50,000 30,000 Crop Insurance 20,000 - Barley 10,000 - $80,000 $30,000 Accounts Payable Opening Closing Equipment Rental - 5,000 Accounting Fees 5,000 3,000 Gas and Oil 2,000 - Custom Work 2,000 5,000 $9,000 $13,000

4 Name Accrual To Tax Worksheet For year ending CODE REVENUE Accrual Closing (-) Opening (+) Cash T1163 Commodity Sales Per Financial For income tax Debit Credit code Statement purposes Additional codes not listed are available in CRA guide 003 Barley 002 Canadian Wheat Board payments 010 Canola 013 Field peas 039 Grain (pellets, screenings, silage) 045 Oats 267 Straw 056 Wheat Other commodities Specific to the T Cows and Bulls 719 Calves 720 Cattle Fat/Slaughter 721 Cattle Feeder 722 Purebred Breeding 341 Swine/hogs 350 Buffalo/Bison 353 Elk 046 Prepared feed 246 Custom Feeding Income (not itemized) Program payments 468 BSE Recovery program AgriInsurance (Production or crop)/hail insurance Grains, oilseeds, and special 401 crops Waterfowl/Wildlife Damage compensation 418 (Grains, oilseeds, special crops) Cost of Production Payment (COP) 426 Canadian Farm Families Options Program 420 Grain and Oilseed Program Payment 486 (GOPP)

5 Accrual To Tax Worksheet CODE Revenue Accrual Closing (-) Opening (+) Cash Other Farming Income 9540 Other program payments 9544 Business Risk Management (BRM) and disaster assistance program payments 9574 Resales, rebates, GST/HST for allowable expenses 9575 Resales, rebates, GST/HST for non-allowable expenses, and recapture of capital cost allowance (CCA) 9601 Agricultural contract work 9605 Patronage Dividends 9607 Interest 9610 Gravel 9611 Trucking 9612 Resale of commodities purchased 9613 Leases (gas, oil well, surface etc.) 9614 Machine rentals 9600 Other (specify) Taxable Capital Gain Gain/Loss on Sale Total Opening Inventory Closing Inventory Gross Income

6 Accrual To Tax Worksheet Code EXPENSES Accrual Opening (+) Closing (-) Cash Commodity purchases and Repayment of Program Benefits 003 Barley 056 Wheat 010 Canola 013 Field pea 045 Oat 264 Forage (including pellets, silage) 706 Cows and Bulls 719 Calves 720 Cattle Fat/Slaughter 721 Cattle Feeder 722 Cattle Purebred Breeding Other commodities Specific to the T Prepared feed (not itemized) 573 Custom feeding expense (not itemized) Allowable expenses 9661 Containers and twine 9662 Fertilizer and soil supplements 9663 Pesticides and chemical treatments 9665 Insurance premiums (crop or production) 9713 Veterinary fees, medicine, and breeding fees 9714 Minerals and salt 9764 Machinery (gasoline, diesel fuel, oil) 9799 Electricity 9801 Freight and shipping 9802 Heating fuel 9815 Arm's length salaries 9822 Storage/drying 9836 Commissions and levies 9953 Private insurance premiums for allowable commodities

7 Accrual To Tax Worksheet CODE Expenses Accrual Opening (+) Closing (-) Cash Non allowable Expenses 9760 Machinery (repairs, licenses, insurance) 9765 Machinery lease/rental 9792 Advertising and promotion costs 9795 Building and fence repairs 9796 Land clearing and draining 9798 Agricultural contract work 9804 Other insurance premiums 9805 Interest (real estate, mortgage, other) 9807 Membership/subscription fees 9808 Office expenses 9809 Legal and accounting fees 9810 Property taxes 9811 Rent (land, buildings, pastures) 9816 Non arm's length salaries 9819 Motor vehicle expenses 9820 Small tools 9821 Soil testing 9823 Licenses/permits 9824 Telephone 9825 Quota rental (tobacco, dairy) 9826 Gravel 9827 Purchases of commodities resold 9829 Motor vehicle interest and leasing costs 9935 Allowance on eligible capital property 9936 Capital cost allowance (CCA) / Amortization 9896 Other (specify) Total Expenses Net Income per F/S 9937 Mandatory Inventory Adjustment Prior year 9938 Optional Inventory Adjustment Prior year 9941 Optional Inventory Adjustment Current Year 9942 Mandatory Inventory Adjustment Current Year Net Income as per T2S(1)

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