COSTCO WHOLESALE CORP /NEW
(COST)
Retail-Variety Stores
Filing Date: 2026-10-07
(In Millions)
As of October 7, 2026 ("Filing Date"), the company was overvalued by 12.29%. Current-year-specific growth was 12.5%. The technical assessment uses prices through October 7, 2026, the latest trading observation on or before the filing date. The technical trend was a sideways market. Risk and price-structure evidence: ATR / price 1.85%; maximum drawdown 18.33%; annualized downside volatility 19.7%; prior support 844; prior resistance 1,097. The technical score was -1 (-1). Accordingly, the fundamental recommendation was a hold, and the integrated recommendation was hold.
Key technical factors: 0: moving-average structure is mixed; +1: close is above the 20-day average; -1: 20-day average is below the 50-day average; -2: 50-day average is below the 200-day average; +2: MACD is above both its signal line and zero; -1: maximum drawdown is material (18.3%). Technical evidence does not establish a sufficiently confirmed bearish trend to downgrade the fundamental recommendation.
Since the filing date, the stock generated a 12-day return of 5.65%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
CISCO SYSTEMS INC.
(CSCO)
Computer Communications Equipment
Filing Date: 2026-09-02
(In Millions)
As of September 2, 2026 ("Filing Date"), the company was overvalued by 16.48%. Current-year-specific growth was 26.35%. The technical assessment uses prices through September 2, 2026, the latest trading observation on or before the filing date. The technical trend was a sideways market. Risk and price-structure evidence: ATR / price 2.92%; maximum drawdown 15.8%; annualized downside volatility 34.3%; prior support 66; prior resistance 130. The technical score was -4 (-4). Accordingly, the fundamental recommendation was a hold, and the integrated recommendation was hold.
Key technical factors: 0: moving-average structure is mixed; -1: close is below the 20-day average; -1: 20-day average is below the 50-day average; +2: 50-day average is above the 200-day average; -2: MACD is below its signal line and zero; -1: maximum drawdown is material (15.8%); -1: downside volatility is elevated (34.3%). Technical evidence does not establish a sufficiently confirmed bearish trend to downgrade the fundamental recommendation.
Since the filing date, the stock generated a 47-day loss of 2.7%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
KLA CORP
(KLAC)
Optical Instruments & Lenses
Filing Date: 2026-08-06
(In Thousands)
As of August 6, 2026 ("Filing Date"), the company was overvalued by 33.55%. Current-year-specific growth was 12.11%. The technical assessment uses prices through August 6, 2026, the latest trading observation on or before the filing date. The technical trend was a sideways market. Risk and price-structure evidence: ATR / price 6.28%; maximum drawdown 43.59%; annualized downside volatility 62.79%; prior support 83; prior resistance 307. The technical score was -9 (-9). Accordingly, the fundamental recommendation was a hold, and the integrated recommendation was hold.
Key technical factors: 0: moving-average structure is mixed; -1: close is below the 20-day average; -1: 20-day average is below the 50-day average; +2: 50-day average is above the 200-day average; -2: MACD is below its signal line and zero; -3: maximum drawdown is severe (43.6%); -3: downside volatility is very high (62.8%); -1: ATR is elevated relative to price (6.3%). Elevated volatility, drawdown, or ATR indicates substantial risk. Without a confirmed bearish trend, the fundamental recommendation is retained.
Since the filing date, the stock generated a 74-day loss of 13.88%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
MICROSOFT CORP
(MSFT)
Services-Prepackaged Software
Filing Date: 2026-07-29
(In Millions)
As of July 29, 2026 ("Filing Date"), the company was undervalued by 116.44%. Current-year-specific growth was 20.7%. The technical assessment uses prices through July 29, 2026, the latest trading observation on or before the filing date. The technical trend was a sideways market. Risk and price-structure evidence: ATR / price 2.89%; maximum drawdown 34.91%; annualized downside volatility 29.23%; prior support 349; prior resistance 555. The technical score was -4 (-4). Accordingly, the fundamental recommendation was a buy, and the integrated recommendation was buy.
Key technical factors: 0: moving-average structure is mixed; +1: close is above the 20-day average; -1: 20-day average is below the 50-day average; -2: 50-day average is below the 200-day average; +1: MACD is above its signal line; -2: maximum drawdown is elevated (34.9%); -1: downside volatility is elevated (29.2%). Technical evidence does not establish a sufficiently confirmed bearish trend to downgrade the fundamental recommendation.
Since the filing date, the stock generated a 82-day return of 36.61%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
Lamb Weston Holdings Inc.
(LW)
Canned Frozen & Preservd Fruit Veg & Food Specialties
Filing Date: 2026-07-24
(In Millions)
As of July 24, 2026 ("Filing Date"), the company was overvalued by 31.66%. Current-year-specific growth was -7.25%. The technical assessment uses prices through July 24, 2026, the latest trading observation on or before the filing date. The technical trend was a sideways market. Risk and price-structure evidence: ATR / price 3.17%; maximum drawdown 42.2%; annualized downside volatility 49.64%; prior support 38; prior resistance 67. The technical score was -3 (-3). Accordingly, the fundamental recommendation was no recommendation, and the integrated recommendation was no recommendation.
Key technical factors: 0: moving-average structure is mixed; +1: close is above the 20-day average; +1: 20-day average is above the 50-day average; -2: 50-day average is below the 200-day average; +2: MACD is above both its signal line and zero; -3: maximum drawdown is severe (42.2%); -2: downside volatility is high (49.6%). Technical evidence did not materially change the fundamental recommendation.
Since the filing date, the stock generated a 87-day return of 7.83%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
DUCOMMUN INC /DE/
(DCO)
Aircraft Parts & Auxiliary Equipment NEC
Filing Date: 2026-05-08
(In Thousands)
As of May 8, 2026 ("Filing Date"), the company was undervalued by 6.47%. Current-year-specific growth was 24.15%. The technical assessment uses prices through May 8, 2026, the latest trading observation on or before the filing date. The technical trend was a sideways market. Risk and price-structure evidence: ATR / price 3.44%; maximum drawdown 16.03%; annualized downside volatility 34.7%; prior support 61; prior resistance 149. The technical score was -1 (-1). Accordingly, the fundamental recommendation was a buy, and the integrated recommendation was buy.
Key technical factors: 0: moving-average structure is mixed; -1: close is below the 20-day average; +1: 20-day average is above the 50-day average; +2: 50-day average is above the 200-day average; -1: MACD is below its signal line; -1: maximum drawdown is material (16.0%); -1: downside volatility is elevated (34.7%). Technical evidence does not establish a sufficiently confirmed bearish trend to downgrade the fundamental recommendation.
From the filing date to 90 days later, the stock generated a 90-day return of 46.8%.
Since the filing date, the stock generated a 164-day return of 23.92%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
DOLLAR GENERAL CORP
(DG)
Retail-Variety Stores
Filing Date: 2026-03-20
(In Thousands)
As of March 20, 2026 ("Filing Date"), the company was undervalued by 8.52%. Current-year-specific growth was 23.15%. The technical assessment uses prices through March 20, 2026, the latest trading observation on or before the filing date. The technical trend was a sideways market. Risk and price-structure evidence: ATR / price 3.3%; maximum drawdown 20.99%; annualized downside volatility 29.55%; prior support 81; prior resistance 158. The technical score was -4 (-4). Accordingly, the fundamental recommendation was a buy, and the integrated recommendation was buy.
Key technical factors: 0: moving-average structure is mixed; -1: close is below the 20-day average; -1: 20-day average is below the 50-day average; +2: 50-day average is above the 200-day average; -2: MACD is below its signal line and zero; -1: maximum drawdown is material (21.0%); -1: downside volatility is elevated (29.6%). Technical evidence does not establish a sufficiently confirmed bearish trend to downgrade the fundamental recommendation.
From the filing date to 90 days later, the stock generated a 90-day loss of 8.89%.
Since the filing date, the stock generated a 213-day return of 7.05%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
HOME DEPOT INC.
(HD)
Retail-Lumber & Other Building Materials Dealers
Filing Date: 2026-03-18
(In Millions)
As of March 18, 2026 ("Filing Date"), the company was overvalued by 36.54%. Current-year-specific growth was -2.2%. The technical assessment uses prices through March 18, 2026, the latest trading observation on or before the filing date. The technical trend was a downtrend. Risk and price-structure evidence: ATR / price 2.56%; maximum drawdown 21.84%; annualized downside volatility 21.83%; prior support 326; prior resistance 427. The technical score was -10 (-10). Accordingly, the fundamental recommendation was no recommendation, and the integrated recommendation was no recommendation.
Key technical factors: -3: price and 20/50/200-day averages confirm a downtrend; -1: close is below the 20-day average; -1: 20-day average is below the 50-day average; -2: 50-day average is below the 200-day average; -2: MACD is below its signal line and zero; -1: maximum drawdown is material (21.8%); -1: downside volatility is elevated (21.8%); +1: price is testing the prior support zone. Technical evidence did not materially change the fundamental recommendation.
From the filing date to 90 days later, the stock generated a 90-day return of 1.86%.
Since the filing date, the stock generated a 215-day loss of 6.33%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
Dell Technologies Inc.
(DELL)
Electronic Computers
Filing Date: 2026-03-16
(In Millions)
As of March 16, 2026 ("Filing Date"), the company was undervalued by 88.92%. Current-year-specific growth was 30.64%. The technical assessment uses prices through March 16, 2026, the latest trading observation on or before the filing date. The technical trend was a sideways market. Risk and price-structure evidence: ATR / price 3.75%; maximum drawdown 32.64%; annualized downside volatility 52.03%; prior support 66; prior resistance 168. The technical score was -3 (-3). Accordingly, the fundamental recommendation was a buy, and the integrated recommendation was strong buy.
Key technical factors: 0: moving-average structure is mixed; +1: close is above the 20-day average; +1: 20-day average is above the 50-day average; -2: 50-day average is below the 200-day average; +2: MACD is above both its signal line and zero; -2: maximum drawdown is elevated (32.6%); -3: downside volatility is very high (52.0%). Exceptional undervaluation and growth, supported by positive technical momentum and no confirmed bearish trend, qualify for Strong Buy. Elevated volatility remains a disclosed risk.
From the filing date to 90 days later, the stock generated a 90-day return of 152.7%.
Since the filing date, the stock generated a 217-day return of 190.66%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
HARVARD BIOSCIENCE INC
(HBIO)
Laboratory Analytical Instruments
Filing Date: 2026-03-13
(In Thousands)
As of March 13, 2026 ("Filing Date"), the company was undervalued by 221.24%. Current-year-specific growth was 145.95%. The technical assessment uses prices through March 13, 2026, the latest trading observation on or before the filing date. The technical trend was a sideways market. Risk and price-structure evidence: ATR / price 10.95%; maximum drawdown 59.1%; annualized downside volatility 94.93%; prior support 3; prior resistance 9. The technical score was -10 (-10). Accordingly, the fundamental recommendation was a strong buy, and the integrated recommendation was strong buy.
Key technical factors: 0: moving-average structure is mixed; -1: close is below the 20-day average; -1: 20-day average is below the 50-day average; +2: 50-day average is above the 200-day average; -2: MACD is below its signal line and zero; -3: maximum drawdown is severe (59.1%); -3: downside volatility is very high (94.9%); -2: ATR is very high relative to price (11.0%). Elevated volatility, drawdown, or ATR indicates substantial risk. Without a confirmed bearish trend, the fundamental recommendation is retained.
From the filing date to 90 days later, the stock generated a 90-day return of 40.38%.
Since the filing date, the stock generated a 220-day return of 71.04%.
The Industry and Firm-Specific Risk Premium should capture material specific risks and circumstances, including material developments that may not yet be reflected in historical financial statements or quantitative risk measures. Such matters should be evaluated using reliable information available to the valuation process.
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This document was last updated on September 23, 2026
Philippe Antoine Dube, CPA auditor, M. Tax.
Commands
Formula Bar
| Formula Bar | Displays and edits the formula or value of the active cell. |
| Enter | Commit the formula-bar change and move to the next input below. |
| Escape | Cancel the current formula-bar edit and restore the original formula. |
| = | Start formula editing in the active spreadsheet cell. |
| Cell Reference | While entering a formula, select another cell to insert its cell reference into the formula. |
Cell Navigation
| Enter | Commit the active cell and move to the cell below. |
| Shift + Enter | Move to the cell above without extending the selection. |
| ↑ Up Arrow | Move to the cell above. |
| ↓ Down Arrow | Move to the cell below. |
| ← Left Arrow | Move to the previous cell when the cursor is at the beginning of the cell text. |
| → Right Arrow | Move to the next cell when the cursor is at the end of the cell text. |
| Shift + Arrow | Extend the current cell selection in the direction of the arrow. |
| Tab | Move to the next spreadsheet input and select its contents. |
| Shift + Tab | Move to the previous spreadsheet input and select its contents. |
| F9 | Commit the active cell and process the corresponding cell action. |
| Double Right Arrow | When the cursor is at the end of the cell text, move to the next cell in the row. |
| Double Left Arrow | When the cursor is at the beginning of the cell text, move to the previous cell in the row. |
Cell Selection
| Click | Select a cell and make it the active cell. |
| Ctrl + Click | Add or remove an individual cell from the current selection. |
| Cmd + Click | Add or remove an individual cell from the current selection on macOS. |
| Shift + Click | Select the rectangular range between the selection anchor and the clicked cell. |
| Drag | Select a rectangular range of spreadsheet cells by dragging across them. |
| Ctrl + A | Select all visible spreadsheet inputs. |
| Sum Selection | Calculate the sum of the selected spreadsheet cells. |
Excel-Style Navigation
| Ctrl + ↑ | Jump to the Excel-style upper edge of the current contiguous data region. |
| Ctrl + ↓ | Jump to the Excel-style lower edge of the current contiguous data region. |
| Ctrl + ← | Jump to the Excel-style left edge of the current contiguous data region. |
| Ctrl + → | Jump to the Excel-style right edge of the current contiguous data region. |
| Ctrl + Shift + ↑ | Extend the selection to the Excel-style upper edge of the data region. |
| Ctrl + Shift + ↓ | Extend the selection to the Excel-style lower edge of the data region. |
| Ctrl + Shift + ← | Extend the selection to the Excel-style left edge of the data region. |
| Ctrl + Shift + → | Extend the selection to the Excel-style right edge of the data region. |
Editing
| Backspace | Delete the contents of the active cell or all selected cells. |
| Delete | Delete the contents of the active cell or all selected cells. |
| Ctrl + C | Copy the active cell or selected cells, including formulas where applicable. |
| Cmd + C | Copy the active cell or selected cells on macOS. |
| Ctrl + X | Cut the active cell or selected cells and place their contents on the clipboard. |
| Cmd + X | Cut the active cell or selected cells on macOS. |
| Ctrl + V | Paste clipboard contents starting at the active cell or selected range. |
| Cmd + V | Paste clipboard contents on macOS. |
Undo / Redo
| Ctrl + Z | Undo the most recent spreadsheet action. |
| Cmd + Z | Undo the most recent spreadsheet action on macOS. |
| Ctrl + Y | Redo the most recently undone spreadsheet action. |
| Undo | Restores previous cell values, formulas, selections, pasted ranges, deleted cells, cut operations, and checkmarks where supported. |
| Redo | Reapplies an action that was previously undone. |
Cell Checkmarks
| Ctrl + 1 | Apply or remove the first checkmark to the active cell or selected cells. |
| Ctrl + 2 | Apply or remove the second checkmark to the active cell or selected cells. |
| Ctrl + 3 | Apply or remove the third checkmark to the active cell or selected cells. |
| Edit Cell | Editing a cell automatically clears its checkmark. |
| Copy / Cut / Paste | Spreadsheet operations clear checkmarks from affected cells where applicable. |
Graph Navigation
| Page Up | Display the previous valuation graph. |
| Page Down | Display the next valuation graph. |
| Home | Return to the first valuation graph. |
| End | Move to the last available valuation graph. |
Graph Classification
| Valuation | Classify valuation graphs according to their calculated over/under-valuation. |
| Filing Date | Classify valuation graphs according to filing date. |
| Market Capitalization | Classify valuation graphs according to market capitalization. |
| Industry | Classify valuation graphs according to industry. |
| Classification Change | Changing the classification clears the current graph list and starts the selected classification from the first graph. |
Graph Loading
| Scroll | Automatically load additional valuation graphs when the end of the current graph list is reached. |
| Page Navigation | Additional graphs are loaded automatically when required by navigation. |
Graph Information
| Corporation | Displays the corporation name and ticker. |
| Industry | Displays the company's industry. |
| Filing Date | Displays the company's filing date. |
| Unit of Measure | Displays the unit of measure used by the valuation information. |
| Historical Growth | Displays the historical growth information used in the valuation analysis. |
| Fair Market Value | Displays the calculated fair market value. |
| Market Capitalization | Displays the company's market capitalization. |
| Over / Under Valuation | Displays the calculated difference between fair market value and market capitalization. |
Printing
| Ctrl + P | Prepare and print the selected valuation and/or financial statement pages. |
| Cmd + P | Prepare and print the selected pages on macOS. |
General Commands
| Ctrl + S | Save the current spreadsheet inputs. |
| Cmd + S | Save the current spreadsheet inputs on macOS. |
| Back | Return to the previous application view where supported. |
| Refresh | Reload the current application information. |
| Escape | Cancel the current formula edit or exit the active operation where supported. |
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Capitalization Multiple |
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Specific Growth Volatility |
|||||||||
Current Year Specific Growth |
|||||||||
| Group | |||||||||||||||||
| Net Tangible Assets | |||||||||||||||||
| (In dollars) | |||||||||||||||||
| Net Book Value | FMV Adjustm. | Adjusted Net Asset Value | Excess Assets | Interest-Bearing Debt | Net Tangible Assets | ||||||||||||
| FS | Note 1 | Note 2 | Note 3 | ||||||||||||||
| Group | ||||||||||
Fair Market Value of Tangible Capital Assets |
|||||||||||||||||
Cost |
Net Book Value |
Adjustment to FMV |
Surplus Assets |
Net Operating Assets |
|||||||||||||
Note 1 |
Note 1 |
Note 2 |
|||||||||||||||
Loss of Tax Shelter (note 3) |
|||||||||||||||||
CCA Rate Compounded Based on the FMV of Assets |
|||||||||||||||||
FMV |
Surplus Assets |
Adjusted FMV |
CCA Rate |
Compounded CCA Rate |
|||||||||||||
Note 1 |
Note 2 |
||||||||||||||||
Theoretical Tax Shelter |
|||||||||||||||||
CCA Rate Compounded Based on Existing UCC |
|||||||||||||||||
UCC |
Surplus Assets |
Adjusted UCC |
CCA Rate |
Compounded CCA Rate |
|||||||||||||
Tax Shelter |
|||||||||||||||||
| Group | |||||||||||||||||
| Financial Ratios | |||||||||||||||||
| - | - | - | - | - | - | ||||||||||||
Profitability & Growth |
|||||||||||||||||
Return on Equity |
|||||||||||||||||
Return on Assets |
|||||||||||||||||
Profit Margin |
|||||||||||||||||
Operating Margin |
|||||||||||||||||
Basic Earning Power |
|||||||||||||||||
Leverage |
|||||||||||||||||
Debt-to-Equity |
|||||||||||||||||
Equity Multiplier |
|||||||||||||||||
DuPont |
|||||||||||||||||
Degree Of Financial Leverage |
|||||||||||||||||
Debt-To-EBITDA |
|||||||||||||||||
Interest Coverage |
|||||||||||||||||
Liquidity |
|||||||||||||||||
Current |
|||||||||||||||||
Quick |
|||||||||||||||||
Operating |
|||||||||||||||||
Inventory Turnover |
|||||||||||||||||
Days Of Inventory On Hand |
|||||||||||||||||
Number of Days Payable Outstanding |
|||||||||||||||||
Total Asset Turnover |
|||||||||||||||||
Current Assets |
Non-Current Assets |
Current Liabilities |
Non-Current Liabilities |
Redeemable Noncontrolling Interest |
Retained Earnings (Accumulated Deficit) |
Shareholders's Equity |
Revenues |
Cost Of Revenues |
Research And Development |
Selling, General And Administrative |
Depreciation, Depletion And Amortization |
Financing |
Imparment And Restructuring |
Other Non-Operating Expense (Income) |
Income Taxes |
Equity-Method Investment Activity |
Net Income From Discontinued Operations |
Net Income Attributable To Noncontrolling Interests |
Comprehensive Expenses (Income) |
Cashflow |
Cash And Cash Equivalents |
Operating Activities |
Investing Activities |
Financing Activities |
PROCEDURE 1.1 |
|||||||||||||||||
Assets are equal to liabilities plus shareholders' equity. |
|||||||||||||||||
ASSERTIONS |
|||||||||||||||||
Accuracy |
Assets |
|||||||||||||||||
Liabilities and Shareholders' Equity |
|||||||||||||||||
Accuracy Anomalies |
|||||||||||||||||
PROCEDURE 1.2 |
|||||||||||||||||
The components of the balance sheet are equivalent to the totals and subtotals processed. |
|||||||||||||||||
ASSERTIONS |
|||||||||||||||||
Completeness and Accuracy |
CURRENT ASSETS |
|||||||||||||||||
Components |
|||||||||||||||||
Subtotal |
|||||||||||||||||
Anomaly |
|||||||||||||||||
NON-CURRENT ASSETS |
|||||||||||||||||
Components |
|||||||||||||||||
Subtotal |
|||||||||||||||||
Anomaly |
|||||||||||||||||
CURRENT LIABILITIES |
|||||||||||||||||
Components |
|||||||||||||||||
Subtotal |
|||||||||||||||||
Anomaly |
|||||||||||||||||
NON-CURRENT LIABILITIES |
|||||||||||||||||
Components |
|||||||||||||||||
Subtotal |
|||||||||||||||||
Anomaly |
|||||||||||||||||
CASHFLOWS PROCEDURES |
|
| The variation of the balance sheets components are explained by the variation in cash for the underlying transactions. | |
ASSERTIONS |
|
| Cut-off, existence, completeness and accuracy. | |
SCOPE |
|
| Yearly | |
Filings | Filings | Filings | Filings | Filings | Filings | |||||||||||
| CASH | ||||||||||||||||
| Cash Flow Statement | ||||||||||||||||
| Balance Sheet | ||||||||||||||||
| Explained Differences | ||||||||||||||||
| Anomaly | ||||||||||||||||
PROCEDURE 5.2 |
|
| Transactions have been appropriately classified. | |
ASSERTIONS |
|
| Classification. | |
SCOPE |
|
| Yearly | |
Filings | Filings | Filings | Filings | Filings | Filings | |||||||||||
| Operating Activities | ||||||||||||||||
| Investing Activities | ||||||||||||||||
| Financing Activities | ||||||||||||||||
| BS | Balance Sheets | |||||||||||||||||||
| CF | Cash Flow Statements | |||||||||||||||||||
| . | ||||||||||||||||||||
PROCEDURE 3.1 |
|||||||||||||||||
The components of the Other Comprehensive Income are equivalent to the totals processed. |
|||||||||||||||||
ASSERTIONS |
|||||||||||||||||
Completeness and Accuracy |
Components |
|||||||||||||||||
Subtotal |
|||||||||||||||||
Anomaly |
|||||||||||||||||
PROCEDURE 4.1 |
|||||||||||||||||
The components of the Income Statements are equivalent to the totals processed. |
|||||||||||||||||
ASSERTIONS |
|||||||||||||||||
Completeness and Accuracy |
GROSS MARGIN |
|||||||||||||||||
Components |
|||||||||||||||||
Subtotal |
|||||||||||||||||
Anomaly |
|||||||||||||||||
INCOME (LOSS) BEFORE TAXES |
|||||||||||||||||
Components |
|||||||||||||||||
Subtotal |
|||||||||||||||||
Anomaly |
|||||||||||||||||
NET INCOME (LOSS) |
|||||||||||||||||
Components |
|||||||||||||||||
Subtotal |
|||||||||||||||||
Anomaly |
|||||||||||||||||
PROCEDURE 2.1 |
|||||||||||||||||
The Stockholders' Equity components are equivalent to the totals processed. |
|||||||||||||||||
ASSERTIONS |
|||||||||||||||||
Existence, completeness and accuracy. |
Components |
|||||||||||||||||
Subtotal |
|||||||||||||||||
Anomaly |
|||||||||||||||||
Balance Sheets |
|||||||||||||||||
Current Assets |
|||||||||||||||||
Non-Current Assets |
|||||||||||||||||
Current Liabilities |
|||||||||||||||||
Non-Current Liabilities |
|||||||||||||||||
Shareholders' Equity |
|||||||||||||||||
Comprehensive Income |
|||||||||||||||||
Income Statements |
|||||||||||||||||
Gross Margin |
|||||||||||||||||
Income (Loss) Before Taxes |
|||||||||||||||||
Net Income (Loss) |
|||||||||||||||||
Anomalies |
|||||||||||||||||
Materiality Threshold |
|||||||||||||||||
Anomalies Exceeding Materiality Threshold |
|||||||||||||||||
Anomalies Exceeding Materiality Threshold Over Operating Income |
|||||||||||||||||
Target level of assurance |
|||||||||||||||
Calculation Basis |
|||||||||||||||
Materiality Threshold |
|||||||||||||||
USERS |
|||||||||||||||
|
The web application reads financial statements from the Security and Exchange Commission ("SEC") EDGAR database and computes a business valuation, which the user can then review and edit according to their needs. As such, the public as a whole is potentially a user. |
|||||||||||||||
TYPE OF AUDIT |
|||||||||||||||
|
Data Processing Internal Audit |
|||||||||||||||
NEEDS OF USERS |
|||||||||||||||
|
Users need Financial Statements exempt from material misstatements in order to conduct various analysis aimed at evaluating the entity's financial performance, understanding its financial and cost structure, making investment decisions and implementing appropriate strategies with full knowledge of the underlying circumstances. |
|||||||||||||||
SCOPE |
|||||||||||||||
|
Six most recent years. |
|||||||||||||||
RISK |
|||||||||||||||
|
The financial information obtained from the SEC has already been duly audited. The main risk factor therefore lies in the collection and compilation of this data. |
|||||||||||||||
STRATEGY |
|||||||||||||||
|
Given the nature of the mission, the audit strategy focuses on corroboration procedures to validate the accuracy, completeness, and integrity of the processed data. The main objective is to ensure that all financial information has been correctly extracted, computed, and stored, and that any automated calculations or transformations performed by the system are accurate. The strategy includes checking source data against outputs, reviewing key processing steps, and verifying that any anomalies are properly documented and addressed. |
Net income (loss) for income tax purposes before reorganisation |
|||||||||||||||||||
Dispositions |
|||||||||||||||||||
Unavoidable Capital Gains (Losses) |
|||||||||||||||||||
Triggered Capital Gains |
|||||||||||||||||||
Taxable Capital Gains |
|||||||||||||||||||
Allowable Business Investment Losses ("ABIL") |
|||||||||||||||||||
Recapture of Capital Cost Allowance (Terminal Loss) |
|||||||||||||||||||
Expenses associated with the remuneration of the Shareholder |
|||||||||||||||||||
Unavoidable employment income |
|||||||||||||||||||
Triggered salary |
|||||||||||||||||||
Employer contributions |
|||||||||||||||||||
Corporate net income or (loss) for income tax purposes |
|||||||||||||||||||
Composed of: |
|||||||||||||||||||
Net property income (note 1) |
|||||||||||||||||||
Partnership income not eligible for the Small Business Deduction |
|||||||||||||||||||
Income eligible for the Small Business Deduction |
|||||||||||||||||||
Income not eligible for the Small Business Deduction |
|||||||||||||||||||
Minus: |
|||||||||||||||||||
Charitable donations |
|||||||||||||||||||
Taxable dividends deductible under 112, 113 or 138(6) ITA |
|||||||||||||||||||
Part VI.1 tax deduction at a rate of 3.5 |
|||||||||||||||||||
Triggered deductible Non-Capital Losses from previous years |
|||||||||||||||||||
Triggered deductible net Capital Losses from previous years |
|||||||||||||||||||
Limited partnership losses of previous tax years |
|||||||||||||||||||
Deductions to the Taxable Income |
|||||||||||||||||||
Section 110.5 or subparagraph 115(1)(a)(vii) ITA - Addition for foreign tax deductions |
|||||||||||||||||||
Taxable Income |
|||||||||||||||||||
Summary of tax and credits |
|||||||||||||||||||
Part I Tax |
|||||||||||||||||||
Part IV Tax |
|||||||||||||||||||
Part IV.1 Tax |
|||||||||||||||||||
Part VI.1 Tax |
|||||||||||||||||||
Provincial or territorial tax (except Quebec) |
|||||||||||||||||||
Dividend Refund |
|||||||||||||||||||
Tax Instalments |
|||||||||||||||||||
Taxes to be Paid (to be Received) |
|||||||||||||||||||
Note 1: Net property income |
|||||||||||||||||||
Taxable Capital Gains |
|||||||||||||||||||
Taxable Dividends |
|||||||||||||||||||
Other property income |
|||||||||||||||||||
Note 2: Small Business Deduction |
|||||||||||||||||||
Net income for income tax purposes |
|||||||||||||||||||
Plus: ABIL |
|||||||||||||||||||
Minus: Net property income (note 1) |
|||||||||||||||||||
Minus: Partnership income not eligible for the Small Business Deduction |
|||||||||||||||||||
Income eligible for the Small Business Deduction |
|||||||||||||||||||
Taxable Income, minus 100/28 of the federal foreign non-business Income Tax Credit, minus 4 times the federal foreign business Income Tax Credit, and minus any amount that, because of federal law, is exempt from Part I tax |
|||||||||||||||||||
Reduced Business Limit after assignment |
|||||||||||||||||||
Rate |
|||||||||||||||||||
Small Business Deduction |
|||||||||||||||||||
Note 3: General tax deduction |
|||||||||||||||||||
Taxable Income |
|||||||||||||||||||
Minus : Aggregate investment income |
|||||||||||||||||||
Minus : Income eligible for the Small Business Deduction, the Taxable Income minus 100/28 of the federal foreign non-business Income Tax Credit minus 4 times the federal foreign business Income Tax Credit, and minus any amount that, because of federal law, is exempt from Part I tax, the Business Limit, and the Reduced Business Limit after assignment, whichever is the least |
|||||||||||||||||||
Rate |
|||||||||||||||||||
General tax deduction for Canadian-Controlled Private Corporations |
|||||||||||||||||||
Note 4: Part I Tax |
|||||||||||||||||||
Base amount Part I tax - Taxable income multiplied by 38% |
|||||||||||||||||||
Recapture of Income Tax Credit |
|||||||||||||||||||
Aggregate investment income |
|||||||||||||||||||
Minus : Taxable income minus income eligible for the Small Business Deduction, the Taxable Income minus 100/28 of the federal foreign non-business Income Tax Credit, minus 4 times the federal foreign business Income Tax Credit, and minus any amount that, because of federal law, is exempt from Part I tax, the Business Limit, and the Reduced Business Limit after assignment, whichever is the least |
|||||||||||||||||||
Aggregate investment income or the amount above, whichever is less |
|||||||||||||||||||
Rate |
|||||||||||||||||||
Refundable tax on CCPC's or substantive CCPC's investment income |
|||||||||||||||||||
Minus : Small Business Deduction |
|||||||||||||||||||
Minus : Federal tax abatement at a rate of 10% |
|||||||||||||||||||
Minus : Federal foreign non-business income tax credit |
|||||||||||||||||||
Minus : Federal foreign business income tax credit |
|||||||||||||||||||
Minus : General tax reduction for CCPCs |
|||||||||||||||||||
Minus : Investment tax credit |
|||||||||||||||||||
Part I Tax |
|||||||||||||||||||
Note 5: Refundable portion of Part I tax |
|||||||||||||||||||
Aggregate Investment Income times |
|||||||||||||||||||
Foreign non-business income tax credit |
|||||||||||||||||||
Minus: Foreign investment income times |
|||||||||||||||||||
Minus: Foregin non business income tax credit minus foreign investment income times the applicable rate without being negative |
|||||||||||||||||||
Aggregate investment income, minus foregin non-business income tax credit minus foreign investment income times the applicable rate without being negative |
|||||||||||||||||||
Taxable Income |
|||||||||||||||||||
Minus: Income eligible for the Small Business Deduction, the Taxable Income Minus 100/28 of the federal foreign non-business Income Tax Credit Minus 4 times the federal foreign business Income Tax Credit, and Minus any amount that, because of federal law, is exempt from Part I tax, the Business Limit, and the Reduced Business Limit after assignment, whichever is the least |
|||||||||||||||||||
Minus: Foreign non-business income tax credit times |
|||||||||||||||||||
Minus: Foreign business income tax credit times |
|||||||||||||||||||
Rate |
|||||||||||||||||||
Part I tax payable minus investment tax credit refund |
|||||||||||||||||||
Refundable portion of Part I tax |
|||||||||||||||||||
Note 6: Refundable dividend tax on hand |
|||||||||||||||||||
Eligible refundable dividend tax on hand (ERDTOH) at the end of the previous tax year |
|||||||||||||||||||
Net ERDTOH transferred on an amalgamation or the wind-up of a subsidiary |
|||||||||||||||||||
Part IV tax payable on taxable dividends from connected corporations |
|||||||||||||||||||
Part IV tax payable on eligible dividends from non-connected corporations |
|||||||||||||||||||
Minus : The amount, if any, by which 38 1/3% of the total losses applied against Part IV tax exceeds Part IV tax before deductions minus Part IV tax allocated to ERDTOH minus Part IV tax reduction due to Part IV.1 tax payable |
|||||||||||||||||||
Part IV tax payable allocated to ERDTOH, net of losses claimed |
|||||||||||||||||||
Minus : ERDTOH dividend refund for the previous tax year |
|||||||||||||||||||
ERDTOH at the end of the tax year |
|||||||||||||||||||
Non-eligible refundable dividend tax on hand (NERDTOH) at the end of the previous tax year |
|||||||||||||||||||
Refundable portion of Part I tax |
|||||||||||||||||||
Net NERDTOH transferred on an amalgamation or the wind-up of a subsidiary |
|||||||||||||||||||
Part IV tax before deductions |
|||||||||||||||||||
Minus: Part IV tax allocated to ERDTOH |
|||||||||||||||||||
Minus: Part IV tax reduction due to Part IV.1 tax payable |
|||||||||||||||||||
38 1/3% of the total losses applied against Part IV tax |
|||||||||||||||||||
Part IV tax payable allocated to NERDTOH, net of losses claimed |
|||||||||||||||||||
Minus: NERDTOH dividend refund for the previous tax year |
|||||||||||||||||||
NERDTOH at the end of the tax year |
|||||||||||||||||||
Note 7: Dividend refund |
|||||||||||||||||||
Unavoidable eligible dividends paid in the tax year to the Shareholder |
|||||||||||||||||||
Unavoidable eligible dividends paid in the tax year to others |
|||||||||||||||||||
Triggered eligible dividends paid in the tax year |
|||||||||||||||||||
38 1/3% of total eligible dividends paid in the tax year |
|||||||||||||||||||
ERDTOH balance at the end of the tax year |
|||||||||||||||||||
Elligible dividend refund |
|||||||||||||||||||
Unavoidable non-eligible dividends paid in the tax year to the Shareholder |
|||||||||||||||||||
Unavoidable non-eligible dividends paid in the tax year to the Shareholder |
|||||||||||||||||||
Triggered non-eligible dividends paid in the tax year |
|||||||||||||||||||
38 1/3% of total non-eligible dividends paid in the tax year |
|||||||||||||||||||
NERDTOH balance at the end of the tax year |
|||||||||||||||||||
Non-elligible dividend refund |
|||||||||||||||||||
Additional non-elligible dividend refund |
|||||||||||||||||||
Dividend refund |
|||||||||||||||||||
Note 8: General Rate Income Pool ("GRIP") |
|||||||||||||||||||
GRIP at the end of the previous tax year |
|||||||||||||||||||
Taxable Income for the year |
|||||||||||||||||||
Minus: Income eligible for the Small Business Deduction, the Taxable Income Minus 100/28 of the federal foreign non-business Income Tax Credit Minus 4 times the federal foreign business Income Tax Credit, and Minus any amount that, because of federal law, is exempt from Part I tax, the Business Limit, and the Reduced Business Limit after assignment, whichever is the least |
|||||||||||||||||||
Minus: For CCPCs, the lesser of aggregate investment income and taxable income |
|||||||||||||||||||
After-tax income (income taxable at the general corporate rate multiplied by the general rate factor of 72% for the tax year) |
|||||||||||||||||||
Eligible dividends received in the tax year |
|||||||||||||||||||
Dividends deductible under section 113 received in the tax year |
|||||||||||||||||||
Becoming a CCPC, post-amalgamation or post-wind-up |
|||||||||||||||||||
Minus: Eligible dividends paid in the previous tax year |
|||||||||||||||||||
Excessive eligible dividend designations made in the previous tax year |
|||||||||||||||||||
Total GRIP adjustment for specified future tax consequences to previous tax years |
|||||||||||||||||||
GRIP at the end of the tax year |
|||||||||||||||||||
Eligible dividends paid in the tax year |
|||||||||||||||||||
Residual GRIP after dividend payment for next year GRIP calculation |
|||||||||||||||||||
Note 9: Capital Dividend Account ("CDA") |
|||||||||||||||||||
Net non-taxable portion of Capital Gains |
|||||||||||||||||||
Capital dividends received |
|||||||||||||||||||
Eligible capital property tax years ending before January 1, 2018 |
|||||||||||||||||||
Life insurance proceeds |
|||||||||||||||||||
Life insurance CDA |
|||||||||||||||||||
Non-taxable portion of Capital Gains from a trust before September 16, 2016 |
|||||||||||||||||||
Capital dividends from a trust |
|||||||||||||||||||
Amounts from predecessor and subsidiary corporations (amalgamations and winds-ups before July 14, 1990 only) |
|||||||||||||||||||
Minus: Capital dividends that previouslsy became payable |
|||||||||||||||||||
Triggered Capital Dividend payable immediately |
|||||||||||||||||||
CDA balance |
|||||||||||||||||||
Note 10: Non-Capital Losses ("NCL") |
|||||||||||||||||||
Non-Capital Losses at the beggining of the tax year |
|||||||||||||||||||
Net income (loss) for income tax purposes |
|||||||||||||||||||
Minus: Net capital losses deducted in the year |
|||||||||||||||||||
Minus: Taxable dividends deductible under section 112 or subsection 113(1) or 138(6)ITA ITA |
|||||||||||||||||||
Minus: Amount of Part VI.1 tax deductible under paragraph 110(1)(k) ITA |
|||||||||||||||||||
Section 110.5 or subparagraph 115(1)(a)(vii) ITA - Addition for foreign tax deductions |
|||||||||||||||||||
Non-Capital Losses transferred on an amalgamation or on the wind-up of a subsidiary |
|||||||||||||||||||
Other adjustments (acquisition of control, forgiven amounts, fuel tax rebate, etc.) |
|||||||||||||||||||
Non-Capital Losses of previous tax years applied in the current tax year |
|||||||||||||||||||
Current and previous years Non-Capital Losses applied against current year's taxable dividendes subject to Part IV tax |
|||||||||||||||||||
Non-Capital Losses before any request for a carryback |
|||||||||||||||||||
Total request to carryback Non-Capital Losses |
|||||||||||||||||||
Closing balance of non-capital losses to be carried forward to future tax years |
|||||||||||||||||||
Note 11: Capital losses ("CL") |
|||||||||||||||||||
Capital Losses at the end of the previous tax year |
|||||||||||||||||||
Capital Losses transferred on an amalgamation or on the wind-up of a subsidiary corporation |
|||||||||||||||||||
Current year capital losses |
|||||||||||||||||||
Unused non-capital losses from the 11th previous tax year |
|||||||||||||||||||
ABIL that expired as non-capital losses |
|||||||||||||||||||
Unused non-capital losses from the 11th previous tax year or ABIL that expired as non-capital losses, whichever is least |
|||||||||||||||||||
Multiplied by: One over the Capital Gains inclusion rate |
|||||||||||||||||||
ABILs expired as Non-Capital Losses |
|||||||||||||||||||
Minus: Other adjustments (acquisition of control, forgiven amounts, etc.) |
|||||||||||||||||||
Minus: Capital losses from previous tax years applied against the current year net Capital Gain |
|||||||||||||||||||
Capital Losses before any request for a carryback |
|||||||||||||||||||
Request to carryback Capital Losses |
|||||||||||||||||||
Closing balance of Capital Losses to be carried forward to futur tax years |
|||||||||||||||||||
Note 12: Part IV Tax |
|||||||||||||||||||
Part IV tax on dividends received before deductions |
|||||||||||||||||||
Part IV.I tax payable on dividends subject to Part IV tax |
|||||||||||||||||||
Current and previous years Non-Capital Losses claimed to reduce Part IV tax |
|||||||||||||||||||
Rate |
|||||||||||||||||||
Part IV tax payable |
|||||||||||||||||||
Eligible refundable dividend tax on hand ("ERDTOH") deferred tax benefit |
|||||||||
ERDTOH at the end of the tax year |
|||||||||
Minus: ERDTOH dividend refund for the tax year |
|||||||||
Minus: ERDTOH at the end of the previous tax year |
|||||||||
Plus: ERDTOH dividend refund for the previous tax year |
|||||||||
ERDTOH deferred tax benefit (expense) |
|||||||||
Non-eligible refundable dividend tax on hand ("NERDTOH") deferred tax benefit |
|||||||||
NERDTOH at the end of the tax year |
|||||||||
Minus: NERDTOH dividend refund for the tax year |
|||||||||
Minus: NERDTOH at the end of the previous tax year |
|||||||||
Plus: NERDTOH dividend refund for the previous tax year |
|||||||||
NERDTOH deferred tax benefit (expense) |
|||||||||
Non-Capital Losses ("NCL") deferred tax benefit |
|||||||||
NCL at the end of the tax year |
|||||||||
Minus: NCL at the beginning of the tax year |
|||||||||
Rate |
|||||||||
NCL deferred tax benefit (expense) |
|||||||||
Latent Adjusted Cost Base Cumulated (Used) |
|||||||||
Variation for the year arising from reorganization |
|||||||||
Other variation for the year |
|||||||||
Rate |
|||||||||
Cumulated (Used) Adjusted Cost Base deferred tax benefit (expense) |
|||||||||
Deferred tax benefit (expense) |
|||||||||
Corporation |
|||||||||||
Corporate net income (loss) for income tax purposes |
|||||||||||
Adjust: |
|||||||||||
Minus: Taxable Capital Gains |
|||||||||||
Plus: Monetized Proceeds of Disposition arising from reorganization |
|||||||||||
Plus: Monetized other Proceeds of Disposition |
|||||||||||
Plus: Allowable Business Investment Losses |
|||||||||||
Minus: Recapture of Capital Cost Allowance (Plus: Terminal Loss) |
|||||||||||
Minus: Dividends paid |
|||||||||||
Plus: Notes receivable on distributed Paid-Up Capital and extracted Adjusted Cost Base |
|||||||||||
Minus: Notes payable on distributed Paid-Up Capital and extracted Adjusted Cost Base |
|||||||||||
Minus: Cash disposed of |
|||||||||||
Cashflow for the Firm |
|||||||||||
Minus: |
|||||||||||
Federal corporate income tax before triggered compensation |
|||||||||||
Quebec corporate income tax before triggered compensation |
|||||||||||
Federal corporate income tax on triggered compensation |
|||||||||||
Quebec corporate income tax on triggered compensation |
|||||||||||
Tax |
|||||||||||
Free Cashflow for the Firm |
|||||||||||
Shareholder |
|||||||||||
Personal income according to the alternative minimum tax ("AMT") parallel calculation |
|||||||||||
Adjust: |
|||||||||||
Plus: Capital dividend payable immediately |
|||||||||||
Minus: Stock option benefits |
|||||||||||
Minus: AMT Capital Gains |
|||||||||||
Plus: Monetized Proceeds of Disposition on Small Business Corporation Shares qualified for the Capital Gains Deduction arising from reorganization |
|||||||||||
Plus: Monetized Proceeds of Disposition arising from reorganization |
|||||||||||
Plus: Monetized unavoidable Proceeds of Disposition |
|||||||||||
Plus: Notes against the structure except those otherwise included in cashflow for the Shareholders |
|||||||||||
Cashflow for the Shareholder |
|||||||||||
Minus: |
|||||||||||
Federal personal income tax before triggered compensation |
|||||||||||
Quebec personal income tax before triggered compensation |
|||||||||||
Federal personal income tax on triggered compensation |
|||||||||||
Quebec personal income tax on triggered compensation |
|||||||||||
Employee payroll contributions |
|||||||||||
Tax |
|||||||||||
Free Cashflow for the Shareholder |
|||||||||||
Free Cashflow |
|||||||||||
General |
|||||||||
Method |
|||||||||
Target Type |
|||||||||
Desired Free Cashflow for the Shareholder |
|||||||||
Marginal integrated tax rate beyond which surplus extraction should cease |
|||||||||
Corporate |
|||||||||
Net Income (Loss) for Income Tax Purposes (Schedule 1) |
|||||||||
Net income (loss) for income tax purposes before reorganisation |
|||||||||
Unavoidable employment income from the structure |
|||||||||
Dispositions arising from the reorganization (Schedule 6 and 8) |
|||||||||
Monetized Proceeds of Disposition |
|||||||||
Adjusted Cost Base relating to monetized Proceeds of Disposition |
|||||||||
Unmonetized Proceeds of Disposition |
|||||||||
Adjusted Cost Base relating to unmonetized Proceeds of disposition |
|||||||||
Latent Adjusted Cost Base cumulated (used) |
|||||||||
Allowable Business Investment Losses ("ABIL") |
|||||||||
Recapture of Capital Cost Allowance (Terminal Loss) |
|||||||||
Unavoidable dispositions (Schedule 6 and 8) |
|||||||||
Monetized Proceeds of Disposition |
|||||||||
Adjusted Cost Base relating to monetized Proceeds of Disposition |
|||||||||
Unmonetized Proceeds of Disposition |
|||||||||
Adjusted Cost Base relating to unmonetized Proceeds of disposition |
|||||||||
Latent Adjusted Cost Base cumulated (used) |
|||||||||
Additional Information |
|||||||||
Notes receivable on distributed Paid-Up Capital and extracted Adjusted Cost Base |
|||||||||
Notes payable on distributed Paid-Up Capital and extracted Adjusted Cost Base |
|||||||||
Cash disposed of |
|||||||||
Composition of net income for income tax purposes |
|||||||||
Partnership income not eligible for the Small Business Deduction |
|||||||||
Taxable income |
|||||||||
Charitable donations |
|||||||||
Taxable dividends deductible under 112, 113 or 138(6) ITA |
|||||||||
Non-capital losses from previous years applied to reduce taxable income |
|||||||||
Deductible net capital losses from previous years |
|||||||||
Limited partnership losses of previous tax years |
|||||||||
Aggregate Investment Income and Income Eligible for the Small Business Deduction (note 1 and 2) |
|||||||||
Other property income |
|||||||||
Federal reduced business limit after assignment |
|||||||||
Quebec amount in respect of which the SBD can be claimed |
|||||||||
Federal foreign non-business Income Tax Credit |
|||||||||
Federal foreign business Income Tax Credit |
|||||||||
Foreign investment income |
|||||||||
Any amount that, because of federal law, is exempt from Part I tax |
|||||||||
Part I Tax (note 4) |
|||||||||
Recapture of Income Tax Credit |
|||||||||
Investment Tax Credit |
|||||||||
Refundable dividend tax on hand (note 6) |
|||||||||
Eligible refundable dividend tax on hand ("ERDTOH") at the end of the previous tax year |
|||||||||
Net ERDTOH transferred on an amalgamation or the wind-up of a subsidiary |
|||||||||
Part IV tax payable on taxable dividends from connected corporations |
|||||||||
Part IV tax payable on eligible dividends from non-connected corporations |
|||||||||
ERDTOH dividend refund for the previous tax year |
|||||||||
Non-eligible refundable dividend tax on hand ("NERDTOH") at the end of the previous tax year |
|||||||||
Net NERDTOH transferred on an amalgamation or the wind-up of a subsidiary |
|||||||||
Part IV tax reduction due to Part IV.1 tax payable |
|||||||||
NERDTOH dividend refund for the previous tax year |
|||||||||
Dividend refundable (note 7) |
|||||||||
Unavoidable eligible dividends paid in the tax year to the Shareholder |
|||||||||
Unavoidable eligible dividends paid in the tax year to others |
|||||||||
Unavoidable non-eligible dividends paid in the tax year to the Shareholder |
|||||||||
Unavoidable non-eligible dividends paid in the tax year to others |
|||||||||
General rate income pool ("GRIP") (note 8) |
|||||||||
GRIP at the end of the previous year |
|||||||||
Eligible dividends received in the tax year |
|||||||||
Taxable dividends deductible under section 113 ITA received in the tax year |
|||||||||
Becoming a CCPC, post-amalgamation or post-wind-up adjustment for the purpose of GRIP calculation |
|||||||||
Eligible dividends paid in the previous tax year |
|||||||||
Excessive eligible dividend designations made in the previous tax year |
|||||||||
Total GRIP adjustment for specified future tax consequences to previous tax years |
|||||||||
Capital Dividend Account ("CDA") (note 9) |
|||||||||
CDA at the end of the previous tax year |
|||||||||
Net non-taxable portion of capital gains at the beginning of the year |
|||||||||
Capital dividends received |
|||||||||
Eligible capital property tax years ending before January 1, 2018 |
|||||||||
Life insurance proceeds |
|||||||||
Life insurance CDA |
|||||||||
Non-taxable portion of capital gains from a trust before September 16, 2016 |
|||||||||
Capital dividends from a trust |
|||||||||
Amounts from predecessor and subsidiary corporations (amalgamations and winds-ups before July 14, 1990 only) |
|||||||||
Capital dividends that previouslsy became payable |
|||||||||
Non-Capital Losses (note 10) |
|||||||||
Non-Capital Losses at the beginning of the tax year |
|||||||||
Section 110.5 or subparagraph 115(1)(a)(vii) ITA - Addition for foreign tax deductions |
|||||||||
Non-Capital Losses transferred on an amalgamation or on the wind-up of a subsidiary |
|||||||||
Other adjustments (acquisition of control, forgiven amounts, fuel tax rebate, etc.) |
|||||||||
Current and previous years Non-Capital Losses applied against current year's taxable dividendes subject to Part IV tax |
|||||||||
Total request to carryback Non-Capital Losses |
|||||||||
Capital Losses (note 11) |
|||||||||
Capital Losses at the end of the previous tax year |
|||||||||
Capital Losses transferred on an amalgamation or on the wind-up of a subsidiary corporation |
|||||||||
Unused Non-Capital Losses from the 11th previous tax year |
|||||||||
ABIL that expired as non-capital losses |
|||||||||
Other adjustments (acquisition of control, forgiven amounts, etc.) |
|||||||||
Capital losses from previous tax years applied against the current year net Capital Gains |
|||||||||
Request to carryback Capital Losses |
|||||||||
Part IV (note 12) |
|||||||||
Part IV.I tax payable on dividends subject to Part IV tax |
|||||||||
Summary of tax and credits |
|||||||||
Part IV.1 Tax |
|||||||||
Part VI.1 Tax |
|||||||||
Provincial or territorial tax (except Quebec) |
|||||||||
Federal Tax Instalments |
|||||||||
Quebec Tax Instalments |
|||||||||
Shareholder |
|||||||||
Employment income |
|||||||||
Unavoidable employment income other than from the structure |
|||||||||
Unavoidable stock option benefits for which an election has been made to carry over the inclusion of the benefit to the sale of securities |
|||||||||
Unavoidable stock option benefits |
|||||||||
Unavoidable other employment income |
|||||||||
Pension |
|||||||||
OAS pension |
|||||||||
QPP pension |
|||||||||
Dividends |
|||||||||
Unavoidable eligible dividends other than from the structure |
|||||||||
Unavoidable non-eligible dividends other than from the structure |
|||||||||
Interests |
|||||||||
Unavoidable interest from Canadian sources |
|||||||||
Unavoidable interest and other property income |
|||||||||
Unavoidable deemed interest |
|||||||||
Rental income |
|||||||||
Unavoidable rental income |
|||||||||
Unavoidable related deduction for depreciation and financial costs included in rental income |
|||||||||
Capital Gains (Losses) |
|||||||||
Dispositions arising from the reorganization (Schedule 3) |
|||||||||
Monetized Proceeds of Disposition on Small Business Corporation Shares ("SBCS") qualified for the Capital Gains Deduction ("CGD") |
|||||||||
Monetized Adjusted Cost Base disposed of on SBCS qualified for the CGD |
|||||||||
Unmonetized Proceeds of Disposition on Small Business Corporation Shares ("SBCS") qualified for the Capital Gains Deduction ("CGD") |
|||||||||
Unmonetized Adjusted Cost Base disposed of on SBCS qualified for the CGD |
|||||||||
Monetized Proceeds of Disposition on other capital assets |
|||||||||
Monetized Adjusted Cost Base disposed of on other capital assets |
|||||||||
Unmonetized Proceeds of Disposition on other capital assets |
|||||||||
Unmonetized Adjusted Cost Base disposed of on other capital assets |
|||||||||
Latent Adjusted Cost Base cumulated (used) |
|||||||||
Unavoidable dispositions (Schedule 3) |
|||||||||
Monetized Proceeds of Disposition on other capital assets |
|||||||||
Monetized Adjusted Cost Base disposed of on other capital assets |
|||||||||
Unmonetized Proceeds of Disposition on other capital assets |
|||||||||
Unmonetized Adjusted Cost Base disposed of on other capital assets |
|||||||||
Latent Adjusted Cost Base cumulated (used) |
|||||||||
Capital gains on gifts of publicly listed securities |
|||||||||
Additional Information |
|||||||||
Notes against the structure except those otherwise included in cashflow for the Shareholder |
|||||||||
Self-employment income |
|||||||||
Business income |
|||||||||
Deductions |
|||||||||
Registered Retirement Savings Plan ("RRSP") contributions |
|||||||||
ABIL |
|||||||||
Personnal carrying charges, interest expenses, and other expenses |
|||||||||
Personnal carrying charges, interest expenses, and other expenses carried forward |
|||||||||
Employment expenses |
|||||||||
Security options deductions, 110(1)(d) and (d.1) ITA |
|||||||||
Security options deductions (25%), 725.3 ITA |
|||||||||
Security options deductions (50%), 725.3.1 ITA |
|||||||||
Donated securities |
|||||||||
Alternative Minimum Tax other adjustments |
|||||||||
Non-Capital Losses (note 1) |
|||||||||
Balance at the beginning of the year |
|||||||||
Non-Capital Losses deducted, 111(1)(a) ITA |
|||||||||
Carryback to Prior Years |
|||||||||
Capital Losses (note 2) |
|||||||||
Balance at the beginning of the year |
|||||||||
Capital Losses deducted, 111(1)(b) ITA |
|||||||||
Carryback to Prior Years |
|||||||||
Minimum tax carryover (note 6) |
|||||||||
Federal minimum tax carryover from seventh previous year |
|||||||||
Federal minimum tax carryover from sixth previous year |
|||||||||
Federal minimum tax carryover from fifth previous year |
|||||||||
Federal minimum tax carryover from fourth previous year |
|||||||||
Federal minimum tax carryover from third previous year |
|||||||||
Federal minimum tax carryover from second previous year |
|||||||||
Federal minimum tax carryover from previous year |
|||||||||
Quebec minimum tax carryover from seventh previous year |
|||||||||
Quebec minimum tax carryover from sixth previous year |
|||||||||
Quebec minimum tax carryover from fifth previous year |
|||||||||
Quebec minimum tax carryover from fourth previous year |
|||||||||
Quebec minimum tax carryover from third previous year |
|||||||||
Quebec minimum tax carryover from second previous year |
|||||||||
Quebec minimum tax carryover from previous year |
|||||||||
Taxes and credits |
|||||||||
Federal Tax Instalments |
|||||||||
Quebec Tax Instalments |
|||||||||
Salary vs Dividends (No SBD, surface, 2025)
Salary vs Dividends (No SBD, efficient line, 2025)
Salary vs Dividends (No SBD, 2025, efficient line, LOG)
Salary vs Dividends (SBD, surface, 2025)
Salary vs Dividends (SBD, efficient line, 2025)
Capital Gains (Without a tax deferral, 2025, LOG)
Income Tax Act Parameters |
|||||||||||||||||||||
Corporations |
|||||||||||||||||||||
Corporate capital gains inclusion rate |
|||||||||||||||||||||
Foreign non-business tax credit SBD factor |
|||||||||||||||||||||
Foreign business tax credit SBD factor |
|||||||||||||||||||||
Small business deduction rate |
|||||||||||||||||||||
General rate reduction ("GRR") percentage |
|||||||||||||||||||||
Foreign non-business tax credit GRR factor |
|||||||||||||||||||||
Foreign business tax credit GRR factor |
|||||||||||||||||||||
Refundable portion of Part I tax |
|||||||||||||||||||||
Foreign investment income rate for the purpose of refundable portion of Part I tax calculation |
|||||||||||||||||||||
Part IV tax |
|||||||||||||||||||||
Base rate of Part I tax |
|||||||||||||||||||||
Refundable tax for CCPCs or substantive CCPCs |
|||||||||||||||||||||
Federal tax abatement |
|||||||||||||||||||||
Part VI.1 tax deduction |
|||||||||||||||||||||
General rate income pool factor |
|||||||||||||||||||||
Shareholder |
|||||||||||||||||||||
Gross increase of the eligible dividend |
|||||||||||||||||||||
Gross increase of the non-eligible dividend |
|||||||||||||||||||||
Personal capital gains inclusion rate |
|||||||||||||||||||||
Deduction for workers |
|||||||||||||||||||||
Deduction for workers Rate |
|||||||||||||||||||||
Eligible dividends tax credit |
|||||||||||||||||||||
Non-eligible dividends tax credit |
|||||||||||||||||||||
Federal income tax first bracket |
|||||||||||||||||||||
Federal income tax second bracket |
|||||||||||||||||||||
Federal income tax third bracket |
|||||||||||||||||||||
Federal income tax fourth bracket |
|||||||||||||||||||||
Federal income tax fifth bracket |
|||||||||||||||||||||
Quebec income tax first bracket |
|||||||||||||||||||||
Quebec income tax second bracket |
|||||||||||||||||||||
Quebec income tax third bracket |
|||||||||||||||||||||
Quebec income tax fourth bracket |
|||||||||||||||||||||
Basic personal amount |
|||||||||||||||||||||
Canadian employment amount |
|||||||||||||||||||||
Alternative Minimum Tax ("AMT") |
|||||||||||||||||||||
Capital gains on gifts of publicly lister securities inclusion rate for AMT purposes |
|||||||||||||||||||||
Carrying charges inclusion rate for AMT purposes |
|||||||||||||||||||||
Employment expenses inclusion rate for AMT purposes |
|||||||||||||||||||||
Donated securities inclusion rate for AMT purposes |
|||||||||||||||||||||
Non-Capital Losses inclusion rate for AMT purposes |
|||||||||||||||||||||
Capital Losses inclusion rate for AMT purposes |
|||||||||||||||||||||
AMT exemption |
|||||||||||||||||||||
Non-refundable tax credits inclusion rate for AMT purposes |
|||||||||||||||||||||
Refundable abatement |
|||||||||||||||||||||
OAS benefits base amount |
|||||||||||||||||||||
Net Present Value Parameters |
|||||||||||||
Corporate differed tax assets accumulated during the year |
|||||||||||||
Eligible Refundable Dividend Tax On Hand ("ERDTOH") |
|||||||||||||
Non-Eligible Refundable Dividend Tax On Hand ("NERDTOH") |
|||||||||||||
General Rate Income Pool ("GRIP") |
|||||||||||||
Capital Dividend Account ("CDA") |
|||||||||||||
Non-Capital Losses ("NCL") |
|||||||||||||
Capital Losses ("CL") |
|||||||||||||
Shareholder differed tax assets accumulated during the year |
|||||||||||||
Registered Retirement Savings Plan ("RRSP") contribution rights |
|||||||||||||
Quebec Pension Plan ("QPP") |
|||||||||||||
Minimum Tax Carryover |
|||||||||||||
Remittances |
|||||||||||||||||||||
Gross salary |
|||||||||||||||||||||
Employment Insurance ("EI") |
|||||||||||||||||||||
Quebec Pension Plan ("QPP") |
|||||||||||||||||||||
Additional Quebec Pension Plan ("AQPP") |
|||||||||||||||||||||
Quebec Parental Insurance Plan ("QPIP") |
|||||||||||||||||||||
CNESST |
|||||||||||||||||||||
Health Services Fund ("HSF") |
|||||||||||||||||||||
Employment Insurance ("EI") |
|||||||||||||||||||||
Employee contribution rate |
|||||||||||||||||||||
Employee contribution maximum |
|||||||||||||||||||||
Employer contribution rate |
|||||||||||||||||||||
Employer contribution maximum |
|||||||||||||||||||||
Exemption |
|||||||||||||||||||||
Quebec Pension Plan ("QPP") |
|||||||||||||||||||||
Employee contribution rate |
|||||||||||||||||||||
Employee contribution maximum |
|||||||||||||||||||||
Employer contribution rate |
|||||||||||||||||||||
Employer contribution maximum |
|||||||||||||||||||||
Exemption |
|||||||||||||||||||||
Additional Quebec Pension Plan ("AQPP") |
|||||||||||||||||||||
Employee contribution rate |
|||||||||||||||||||||
Employee contribution maximum |
|||||||||||||||||||||
Employer contribution rate |
|||||||||||||||||||||
Employer contribution maximum |
|||||||||||||||||||||
Exemption |
|||||||||||||||||||||
Quebec Parental Insurance Plan ("QPIP") |
|||||||||||||||||||||
Employee contribution rate |
|||||||||||||||||||||
Employee contribution maximum |
|||||||||||||||||||||
Employer contribution rate |
|||||||||||||||||||||
Employer contribution maximum |
|||||||||||||||||||||
Exemption |
|||||||||||||||||||||
CNESST |
|||||||||||||||||||||
Employer contribution rate |
|||||||||||||||||||||
Employer contribution maximum |
|||||||||||||||||||||
Exemption |
|||||||||||||||||||||
Health Services Fund ("HSF") |
|||||||||||||||||||||
Employer contribution rate |
|||||||||||||||||||||
Employer contribution maximum |
|||||||||||||||||||||
Exemption |
|||||||||||||||||||||
Income |
|||||||||||||||||||||
Employment income |
|||||||||||||||||||||
Employment income from the structure |
|||||||||||||||||||||
Employment income other than from the structure |
|||||||||||||||||||||
Stock option benefits for which an election has been made to carry over the inclusion of the benefit to the sale of securities |
|||||||||||||||||||||
Stock option benefits |
|||||||||||||||||||||
Other employment income |
|||||||||||||||||||||
Pension |
|||||||||||||||||||||
AOS Pension |
|||||||||||||||||||||
QPP Pension |
|||||||||||||||||||||
Dividends |
|||||||||||||||||||||
Eligible dividends |
|||||||||||||||||||||
Non-eligible dividends |
|||||||||||||||||||||
Taxable dividends |
|||||||||||||||||||||
Interests |
|||||||||||||||||||||
Interest from Canadian sources |
|||||||||||||||||||||
Interest and other property income |
|||||||||||||||||||||
Deemed interest (to be paid) |
|||||||||||||||||||||
Rental Income |
|||||||||||||||||||||
Rental Income |
|||||||||||||||||||||
Related deduction for depreciation and financial costs included in rental income |
|||||||||||||||||||||
Capital Gains |
|||||||||||||||||||||
Triggered Capital Gains eligible for the Capital Gains Deduction |
|||||||||||||||||||||
Triggered Capital Gains |
|||||||||||||||||||||
Unavoidable Capital Gains |
|||||||||||||||||||||
Capital Gains on gifts of publicly listed securities |
|||||||||||||||||||||
Taxable Capital Gains |
|||||||||||||||||||||
Business income |
|||||||||||||||||||||
Income |
|||||||||||||||||||||
Deductions |
|||||||||||||||||||||
Deduction for workers |
|||||||||||||||||||||
Registered Retirement Savings Plan ("RRSP") deduction |
|||||||||||||||||||||
ABIL |
|||||||||||||||||||||
Carrying charges |
|||||||||||||||||||||
Employment expenses |
|||||||||||||||||||||
Security options deductions, 110(1)(d) ITA |
|||||||||||||||||||||
Security options deductions (25%), 725.3 ITA |
|||||||||||||||||||||
Security options deductions (50%), 725.3.1 ITA |
|||||||||||||||||||||
Security option deduction (donated securities) |
|||||||||||||||||||||
Non-Capital Losses, 111(1)(a) ITA |
|||||||||||||||||||||
Capital Losses, 111(1)(b) ITA |
|||||||||||||||||||||
Undeducted Capital Losses |
|||||||||||||||||||||
Capital Gains Deduction |
|||||||||||||||||||||
Social benefits repayment |
|||||||||||||||||||||
AMT other adjustments |
|||||||||||||||||||||
AMT exemption |
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Deductions |
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Taxable Income |
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Taxes and credits |
|||||||||||||||||||||
Income tax (note 3 and 4) |
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Dividend tax credit |
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Non-refundable tax credits (note 5) |
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Alternative Minimum Tax (note 6) |
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Refundable abatement |
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Social benefits repayment |
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Employment Insurance excess contributions |
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Quebec Pension Plan excess contributions |
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Quebec Parental Insurance Plan excess contributions |
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Tax withheld and instalments |
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Net balance |
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Note 1: Non-Capital Losses |
|||||||||||||||||||||
Balance at the beginning of the year |
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Minus: Claimed in Current Year |
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Plus: Current Year Loss |
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Minus: Carryback to Prior Years |
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Balance at the end of the year |
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Note 2: Capital Losses (at historical inclusion rate) |
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Balance at the beginning of the year |
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Minus: Claimed in Current Year |
|||||||||||||||||||||
Plus: Current Year Capital Loss |
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Minus: Carryback to Prior Years |
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Balance at the end of the year |
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Note 3: Federal income tax |
|||||||||||||||||||||
$57,375 or less |
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$57,375 up to $114,750 |
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$114,750 up to $177,882 |
|||||||||||||||||||||
$177,882 up to $253,414 |
|||||||||||||||||||||
$253,414 and above |
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Federal income tax |
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Note 4: Quebec income tax |
|||||||||||||||||||||
$53,255 or less |
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$53,255 up to $106,495 |
|||||||||||||||||||||
$106,495 up to $129,590 |
|||||||||||||||||||||
$129,590 and above |
|||||||||||||||||||||
Quebec income tax |
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Note 5: Non-refundable tax credits |
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Basic personal amount |
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Canadian employment amount |
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Non-refundable tax credits |
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Note 6: Minimum tax carryover |
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Minimum tax carryover from seventh previous year |
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Minimum tax carryover from sixth previous year |
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Minimum tax carryover from fifth previous year |
|||||||||||||||||||||
Minimum tax carryover from fourth previous year |
|||||||||||||||||||||
Minimum tax carryover from third previous year |
|||||||||||||||||||||
Minimum tax carryover from second previous year |
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Minimum tax carryover from previous year |
|||||||||||||||||||||
Minimum tax carryover (additional tax) for current year |
|||||||||||||||||||||
Minimum tax carryover |
|||||||||||||||||||||
Eligible refundable dividend tax on hand ("ERDTOH") deferred tax expense |
|||||||||
ERDTOH at the end of the tax year |
|||||||||
Minus: ERDTOH dividend refund for the tax year |
|||||||||
Minus: ERDTOH at the end of the previous tax year |
|||||||||
Plus: ERDTOH dividend refund for the previous tax year |
|||||||||
Portion attributable to the Shareholder |
|||||||||
Rate |
|||||||||
ERDTOH deferred tax expense |
|||||||||
Non-eligible refundable dividend tax on hand ("NERDTOH") deferred tax expense |
|||||||||
NERDTOH at the end of the tax year |
|||||||||
Minus: NERDTOH dividend refund for the tax year |
|||||||||
Minus: NERDTOH at the end of the previous tax year |
|||||||||
Plus: NERDTOH dividend refund for the previous tax year |
|||||||||
Portion attributable to the Shareholder |
|||||||||
Rate |
|||||||||
NERDTOH deferred tax expense |
|||||||||
General Rate Income Pool ("GRIP") |
|||||||||
GRIP at the end of the tax year |
|||||||||
Minus: Eligible dividends paid in the tax year |
|||||||||
Minus: GRIP at the end of the previous tax year |
|||||||||
Plus: Eligible dividends paid in the previous tax year |
|||||||||
Portion attributable to the Shareholder |
|||||||||
Rate |
|||||||||
GRIP deferred tax benefit (expense) |
|||||||||
Capital Dividend Account ("CDA") |
|||||||||
CDA at the end of the tax year |
|||||||||
Minus: CDA at the end of the previous tax year |
|||||||||
Portion attributable to the Shareholder |
|||||||||
Rate |
|||||||||
CDA deferred tax benefit (expense) |
|||||||||
Latent Adjusted Cost Base Cumulated (Used) |
|||||||||
Variation for the year arising from reorganization |
|||||||||
Other variation for the year |
|||||||||
Rate |
|||||||||
Cumulated (Used) Adjusted Cost Base deferred tax benefit (expense) |
|||||||||
Undeducted provincial carrying charges |
|||||||||
Undeducted provincial carrying charges at the end of the tax year |
|||||||||
Minus: Undeducted provincial carrying charges at the end of the previous tax year |
|||||||||
Rate |
|||||||||
Undeducted provincial carrying charges deferred tax benefit (expense) |
|||||||||
Non-Capital Losses |
|||||||||
Balance at the end of the tax year |
|||||||||
Minus: Balance at the beginning of the tax year |
|||||||||
Plus: Carryback |
|||||||||
Rate |
|||||||||
Non-Capital Losses deferred tax benefit (expense) |
|||||||||
Capital Losses (at historical inclusion rate) |
|||||||||
Balance at the end of the tax year |
|||||||||
Minus: Balance at the beginning of the tax year |
|||||||||
Plus: Carryback |
|||||||||
Rate |
|||||||||
Non-Capital Losses deferred tax benefit (expense) |
|||||||||
Federal Alternative Minimum Tax ("AMT") |
|||||||||
Variation for the year |
|||||||||
Rate |
|||||||||
Federal AMT deferred tax benefit (expense) |
|||||||||
Quebec Alternative Minimum Tax ("AMT") |
|||||||||
Variation for the year |
|||||||||
Rate |
|||||||||
Quebec AMT deferred tax benefit (expense) |
|||||||||
Deferred tax benefits (expense) |
|||||||||
Shareholder's Triggered Cashflows |
|||||||
Salary |
|||||||
Eligible dividends |
|||||||
Non-eligible dividends |
|||||||
Capital dividend |
|||||||
Proceeds of disposition on Small Business Corporation Shares qualified for the Capital Gains Deduction |
|||||||
Proceeds of disposition on other capital assets |
|||||||
Notes against the structure except those otherwise included in personal income |
|||||||
Federal personal income tax on triggered compensation |
|||||||
Quebec personal income tax on triggered compensation |
|||||||
Employee payroll contributions |
|||||||
Triggered cashflows |
|||||||
Minus: Target |
|||||||
Difference |
|||||||
Cashflow for the Firm |
|||||||||
Cashflow for the Shareholder |
|||||||||
Taxes and contributions |
|||||||||
Corporate |
|||||||||
Shareholder |
|||||||||
Free cashflow |
|||||||||
Integrated Tax Rate |
|||||||||
Integrated Marginal Tax Rate applicable to the next $1,000 of Net Extracted Surplus |
|||||||||