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This document was last updated on September 25, 2025

General

Shareholder

Group

Ticker

Exchanges

Industry

Region

Corporate Fiscal Year End

Civil Year End

Unit of Measure

Engagements

Watermark

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

Net Income From Discontinued Operations

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

CASH

Cash Flow Statement

Balance Sheet

Explained Differences

Anomaly

PROCEDURE 5.2
Transactions have been appropriately classified.
ASSERTIONS
Classification.
SCOPE
Yearly

Filings

Operating Activities

Investing Activities

Financing Activities

Balance Sheets

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

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.

Risk Free Rate
Equity Risk Premium
Liquidity and Marketability Risk Premium
Small Firm Risk Premium
Industry Risk Premium
Firm-Specific Risk Premium
Return on equity ("KE")
Interest Rates before Taxes ("KD")
Tax Rate ("t")
Weigthed Debt ("WD")
Weigthed Equity ("WE")
Weigthed Average Cost of Capital ("WACC")
Minus: Growth Rate
Growth Adjusted WACC
Capitalization Multiple

Earnings Before Taxes

Plus:

Depreciation, Depletion And Amortization

Interest

Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA")

Adjust:

Impairment And Restructuring

Other Non-Operating Expense (Income)

Adjusted Operating Earnings Before Taxes

Weighting

Weighted Adjusted Operating Earnings Before Taxes

Adjust:

Operating Earnings

Adjust:

Discretionary Operating Cashflow

Fair Market Value of Tangible Capital Assets

Cost

Net Book Value

Adjustment to FMV

Surplus Assets

Net Operating Assets

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

Discretionary Operating Cashflow
Capitalization Multiple
Capitalized Cashflows
Plus: PVTS related to the UCC balance

Plus: PVTS related to the Non-Capital Losses Balance
Plus: PVTS related to the Capital Losses Balance
Plus: PVTS related to the RDTOH Balances

Going Concern Value
Plus: Net Excess Assets
Minus: Interest-Bearing Debt
Fair Market Value of the Company’s Shares
Midpoint of the Fair Market Value Range of Shares

Going Concern Value
Minus: Net Tangible Asset
Goodwill and Other Intangible Assets
Midpoint of the Fair Market Value Range of Goodwill and Other Intangible Assets

Profitability & Growth

Return on Equity

Return on Assets

Profit Margin

Operating Margin

Dividend Payments

Earnings Retention

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

Fixed Assets Turnover

Total Asset Turnover

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Net income (loss) for income tax purposes before reorganisation, capital gains, Allowable Business Investment Losses ("ABIL"), salary and employer contributions

Dispositions

Unavoidable Capital Gains (Losses)

Triggered Capital Gains

Taxable Capital Gains

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

Net 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

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: Cashflow 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, Capital Gains, Allowable Business Investment Losses ("ABIL") and Shareholder's salary and employer contributions
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
Cashflow 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 TA
Security options deductions (50%), 725.3.1 TA
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

Income Tax Act Parametres

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

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 TA

Security options deductions (50%), 725.3.1 TA

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

Deductions

Taxable Income

Taxes and credits

Income tax (note 3 and 4)

Dividend tax credit

Non-refundable tax credits (note 5)

Alternative Minimum Tax (note 6)

Refundable abatement

Social benefits repayment

Employment Insurance excess contributions

Quebec Pension Plan excess contributions

Quebec Parental Insurance Plan excess contributions

Tax withheld and instalments

Net balance

Note 1: Non-Capital Losses

Balance at the beginning of the year

Minus: Claimed in Current Year

Plus: Current Year Loss

Minus: Carryback to Prior Years

Balance at the end of the year

Note 2: Capital Losses (at historical inclusion rate)

Balance at the beginning of the year

Minus: Claimed in Current Year

Plus: Current Year Capital Loss

Minus: Carryback to Prior Years

Balance at the end of the year

Note 3: Federal income tax

$57,375 or less

$57,375 up to $114,750

$114,750 up to $177,882

$177,882 up to $253,414

$253,414 and above

Federal income tax

Note 4: Quebec income tax

$53,255 or less

$53,255 up to $106,495

$106,495 up to $129,590

$129,590 and above

Quebec income tax

Note 5: Non-refundable tax credits

Basic personal amount

Canadian employment amount

Non-refundable tax credits

Note 6: Minimum tax carryover

Minimum tax carryover from seventh previous year

Minimum tax carryover from sixth previous year

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

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

						Federal								Quebec
						2024		2025		2026		2027		2024		2025		2026		2027

Low

High

Net Book Value

FMV Adjustment

Adjusted Net Asset Value

Excess Assets

Interest-Bearing Debt

Net Tangible Assets

FS

Note 1

Note 2

Note 3

Current Tax Benefit (Expense)

Deferred Tax Benefit (Expense)

Total

Rate

Federal

Quebec

Federal

Quebec

General Calculation

Parallel Calculation (AMT)

General Calculation

Parallel Calculation (AMT)

Employee structure contributions

Employee other contributions

Employee Excess contributions

Employer structure contributions

Federal

Quebec

2024

2025

2026

2027

2024

2025

2026

2027

Discount rate

Forecast horizon (Years)

Tax income growth rate

Realization probability

Files

Identification

Financial Statements

Business Valuation

Audit

CCPC Canadian Tax

NVDA

NVIDIA CORP

1045810

AAPL

APPLE INC.

320193

GOOGL

ALPHABET INC.

1652044

MSFT

MICROSOFT CORP

789019

AMZN

AMAZON COM INC

1018724

META

META PLATFORMS, INC.

1326801

LLY

ELI LILLY & CO

59478

WMT

WALMART INC.

104169

MA

MASTERCARD INC

1141391

NFLX

NETFLIX INC

1065280

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