Canada Revenue Agency Financial Statements - Administered Activities

Canada Revenue Agency
Statement of Administered Assets and Liabilities
As at March 31
(In millions of dollars)

Approved by:

Canada Revenue Agency
Statement of Administered Revenues and Pension Contributions
For the year ended March 31
(In millions of dollars)

Canada Revenue Agency
Statement of Administered Expenses and Recoveries
For the year ended March 31
(In millions of dollars)

Canada Revenue Agency
Statement of Administered Cash Flows
For the year ended March 31
(In millions of dollars)

Canada Revenue Agency
Notes to the Financial Statements – Administered Activities

1. Authority and objectives

The Canada Revenue Agency (CRA) is an agent of Her Majesty in right of Canada under the Canada Revenue Agency Act. The CRA is a departmental corporation named in Schedule II of the Financial Administration Act and reports to Parliament through the Minister of National Revenue.

The mandate of the CRA is to support the administration and enforcement of tax legislation and other related legislation. The CRA provides support, advice, and services by:

1. supporting the administration and enforcement of the program legislation;
2. implementing agreements between the Government of Canada or the CRA and the government of a province, territory, or other public body performing a function of government in Canada to carry out an activity or administer a tax or program;
3. implementing agreements or arrangements between the CRA and departments or agencies of the Government of Canada to carry out an activity or administer a program; and
4. implementing agreements between the Government of Canada and First Nations governments to administer a tax.

The CRA administers revenues, including income and sales taxes and Employment insurance premiums, administers tax legislation, delivers a number of social benefit programs to Canadians for the federal, provincial, territorial, and First Nations governments, and administers other amounts, including Canada Pension Plan contributions, for other groups or organizations. In addition to the Canada Revenue Agency Act, the CRA is responsible for administering and enforcing the following acts or parts of acts: the Air Travellers Security Charge Act, the Canada Pension Plan, the Children’s Special Allowances Act, Part V.1 of the Customs Act, the Employment Insurance Act, the Excise Act, the Excise Tax Act (including the goods and services tax (GST) and the harmonized sales tax (HST) except for GST/HST on imported goods), the Excise Act, 2001, the Income Tax Act, the Universal Child Care Benefit Act, the Greenhouse Gas Pollution Pricing Act, the Public Health Events of National Concern Payments Act , the Canada Emergency Response Benefit Act, the Canada Emergency Student Benefit Act, the Canada Recovery Benefits Act and, others including various provincial acts.

In the province of Quebec, Revenu Québec (RQ) acts as an agent of the CRA in administering and enforcing the GST, except for GST in respect of selected listed financial institutions. The CRA monitors cash transfers made by RQ, reports the GST revenues administered on its behalf, and transfers funds out of the Consolidated Revenue Fund, which is administered by the Receiver General for Canada, to RQ so it can issue refunds.

Under an agreement with the province of Nova Scotia, the CRA receives worker’s compensation payments and transfers these to the province. The CRA’s mandate for administering customs legislation is limited to the collection functions noted under Part V.1 of the Customs Act. The CRA also provides collection services to Employment and Social Development Canada for certain accounts receivable under various acts.

2. Summary of significant accounting policies

For financial reporting purposes, the CRA’s activities have been divided into two sets of financial statements: agency activities and administered activities. The purpose of these administered activities statements is to give information about the tax-related revenues, expenses, assets, and liabilities that the CRA administers on behalf of the federal, provincial, and territorial governments, First Nations, and other organizations. The CRA administers individual income tax for all provinces except Quebec, and corporation income tax for all provinces except Quebec and Alberta. The Financial Statements – Agency Activities include the operational revenues and expenses that the CRA manages and uses to run the organization.

The Canada Revenue Agency Act requires the CRA to prepare financial statements in accordance with accounting principles consistent with those applied in preparing the financial statements of the Government of Canada. As a result, CRA follows those accounting principles to account for the federal administered activities. In addition, activities administered for the provincial and territorial governments, First Nations, and other organizations are accounted for on the same basis as those administered for the federal government, and may differ from the accounting principles used by those provincial and territorial governments, First Nations, and other organizations. These stated accounting policies are based on Canadian public sector accounting standards.

A summary of the significant accounting policies follows:

(a) Revenues and pension contributions recognition

Revenues and pension contributions are recognized in the year in which the event that generates the revenue or the pension contribution occurs and when the effective date of the related legislation has passed and either the legislation, regulation or by-laws have been approved by the legislature or the ability to assess and collect tax has been provided through legislative convention.

The Canadian tax system is based on self-assessment, so taxpayers are expected to understand the tax laws and comply with them. This has an impact on the completeness of tax revenues when taxpayers fail to comply with tax laws, for example, if they do not report all of their income. The CRA has implemented systems and controls to detect and correct situations where taxpayers are not complying with the various acts it administers. These systems and controls include audits of taxpayer records when the CRA decides they are necessary, but these procedures cannot be expected to identify all sources of unreported income or other cases of non-compliance with tax laws.

An assessment (or reassessment) of tax includes all decisions and other steps made or taken by the Minister of National Revenue and officials of the CRA under the federal, provincial, and territorial acts or sections of the acts the CRA administers to calculate tax payable by taxpayers. When verifying a taxpayer’s return, the CRA uses the various tax acts it administers and other criteria it developed that are designed to substantially meet the provisions of these acts. Reassessments include changes to taxes previously assessed at the request of the taxpayer, for example to claim a subsequent loss carry-back, or changes the CRA initiated as a result of applying procedures to verify reporting compliance, such as taxpayer audits. An estimate of future reassessments is recorded for amounts under appeal to the various courts in accordance with the accounting policy on contingent liabilities (note 2 (h)) and for amounts under objection in accordance with the accounting policy on taxes under objection (note 2 (g)).

Revenues are reported net of tax concessions. As foregone revenue, tax concessions do not give rise to assets or expenses of the taxing government. Refundable tax credits, deductions, or exemptions provided by the federal, provincial, territorial, or First Nations governments are considered tax concessions when they provide tax relief to taxpayers and relate to the types of taxes that are a revenue source administered by the CRA. When the CRA does not administer the related tax revenue, these refundable tax credits, deductions, or exemptions are accounted for as transfers made through the tax system.

Revenues and pension contributions for the fiscal year include adjustments between the estimates of previous years and actual amounts, as well as reassessments relating to prior years. Revenues do not include estimates of unreported taxes, or the impact of future reassessments that cannot yet be reliably determined.

The following policies are applied for specific streams:

1. Income tax revenues:

   Income tax revenues are recognized when the taxpayer has earned income that is subject to tax. Income is calculated net of tax deductions and credits allowed under the Income Tax Act, including refundable taxes resulting from current-year activity. For non-resident taxpayers (individuals and corporations), revenues are recognized when the taxpayers receive income from which tax is withheld on active and inactive income they earned in Canada.

   Income tax revenues are measured from amounts assessed/reassessed and from estimates of amounts not yet assessed/reassessed based on cash received that relates to the fiscal year ended March 31.

2. Canada Pension Plan contributions, and Employment insurance premiums:

   Canada Pension Plan (CPP) contributions from employees, employers, and self-employed persons are recognized when the pensionable income is earned. Employment insurance (EI) premiums are recognized as revenue in the period the insurable earnings are earned.

   CPP contributions, and EI premiums are measured from amounts assessed/reassessed and from estimates of amounts not yet assessed/reassessed based on cash received that relates to the fiscal year ended March 31.

3. Other taxes, duties, and charges:

   Goods and services tax (GST) and harmonized sales tax (HST) revenues on domestic goods and services, as well as the Quebec sales tax in respect of selected listed financial institutions are recognized at the time the goods are sold or the services provided. Revenues are reported net of input tax credits, GST/HST rebates, and the GST quarterly tax credits in the case of GST revenues. Input tax credits are the recovery of GST/HST paid or owed on purchases related to domestic and imported commercial activities of the taxpayer. Rebates are granted in various circumstances, for example to relieve the tax burden in areas where the cost of housing is very high, or to allow for the recovery of taxes on purchases where the purchaser cannot claim an input tax credit. The GST quarterly tax credit for low-income individuals and families is recorded in the period to which it relates. It is intended to offset the cost of the tax for low-income individuals and families.

   For excise taxes, revenue is recognized when a taxpayer sells goods taxable under the Excise Tax Act. For excise duties, revenue is recognized when the taxpayer manufactures goods taxable under the Excise Act and the Excise Act, 2001.

   For cannabis duties, revenue is recognized when a taxpayer manufactures goods taxable under the Excise Act, 2001.

   Air travellers security charge revenues are recognized when they are earned.

   These revenues are measured from amounts assessed/reassessed, and from estimates of amounts not yet assessed/reassessed based on cash received or historical information, that relate to the fiscal year ended March 31.

4. Fuel charge proceeds

   Fuel charge proceeds is accounted for as a charge earned from non-exchange transactions. Fuel charge proceeds are recognized as revenues in the period the charge is earned which is the production and the delivery by registered distributor of the fuel under the Greenhouse Gas Pollution Pricing Act. Revenues are measured from amounts assessed/reassessed and from estimates of amounts not yet assessed/reassessed based on cash received that relates to the fiscal year ended March 31.

5. Interest, penalties, and other revenues:

   Interest, penalties, and other revenues are recorded when they are earned. Except for the portion related to CPP which is credited to the CPP account, all interest and penalty revenues are reported as revenues administered for the federal government as stated in the terms of the tax collection agreements with the provinces and territories. Interest and penalties are recorded net of amounts waived or cancelled under the various tax acts.

(b) Expenses

1. Transfers:

   Transfers are recognized in the year during which the events giving rise to them occur, provided that the transfer is authorized and all eligibility criteria have been met by the recipient, and a reasonable estimate of the amounts can be made.

   Recoveries of transfers are recognized as reduction of the expense. These recoveries are measured from amounts calculated by the redetermination of benefits processed during the fiscal year.

2. Interest expense:

   Refunds may arise late, largely from the resolution of long-standing corporation tax files in favour of the taxpayer. Interest is accrued on refunds from the date that the tax instalment was initially paid to the date that the case is resolved. The CRA records the interest expense in the fiscal year to which it relates.

3. Administered recoveries:

   Recoveries of old age security, employment insurance benefits and Canada Recovery Benefit are recognized when the taxpayer has earned sufficient income to trigger the recovery of these benefits. These recoveries are measured from amounts assessed/reassessed and from estimates of amounts not yet assessed based on cash received that relates to the fiscal year ended March 31. The CRA reports only recoveries assessed through the individual income tax system. Recoveries determined by other federal government departments are not reported in these financial statements.

(c) Cash on hand

The CRA deposits all monies received to the Consolidated Revenue Fund. Cash on hand refers to amounts received in the CRA’s offices or by its agents up to March 31 but not yet deposited to the credit of the Consolidated Revenue Fund of the Government of Canada. The CRA or its agents deposit funds to the Consolidated Revenue Fund on a daily basis.

(d) Amounts receivable from taxpayers and benefits recipients 

Amounts receivable from taxpayers and benefits recipients include taxes, interest, penalties, recoveries of benefit programs payments and other revenues assessed or estimated by the CRA but not yet collected. A significant portion of the amounts receivable results from recording accrued receivables that relate to the current fiscal year but are not due until the next fiscal year.

(e) Allowance for doubtful accounts

The allowance for doubtful accounts is management’s best estimate of the collectability of amounts that have been assessed or benefits that have been paid, including the related interest and penalties. The allowance for doubtful accounts has two components. A general allowance is calculated based on the age and type of tax accounts using rates based on historical collection experience. A specific allowance is calculated based on an annual review of all accounts over $10 million.

The allowance for doubtful accounts is adjusted every year through the doubtful accounts expense and is reduced by amounts written off as uncollectible during the year. The annual expense is reported in the Statement of Administered Expenses and Recoveries. Except for the portion related to CPP contributions, which is charged to the CPP account, the provision is charged to expenses administered for the federal government because the CRA assumes all collection risks, as stated in the terms of the tax collection agreements with the provinces, territories, and First Nations.

(f) Amounts payable to taxpayers and benefits recipients

Amounts payable to taxpayers and benefits recipients include transfers, refunds and related interest assessed or estimated by the CRA that were not paid up to March 31. A significant portion of the amounts payable results from recording accrued payables that relate to the current fiscal year but are not due for payment until the next fiscal year.

(g) Taxes under objection

Taxes under objection are assessed taxes for which the taxpayer filed a notice of objection. For cases where it is determined that the CRA has little or no discretion to avoid settlement, the amounts to be paid is recorded in the amounts payable to taxpayers or in reduction of the amounts receivable from taxpayers, as applicable. The amounts in objection for which a liability has not been recorded are disclosed in note 9 to the financial statements.

(h) Contingent liabilities

Contingent liabilities are potential liabilities resulting from taxes assessed which have been appealed to the Tax Court of Canada, the Federal Court of Appeal, or the Supreme Court of Canada. Amounts in appeal might become actual liabilities if one or more future events occurs or does not occur. If the future event is likely to occur or likely to not occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and the revenues are reduced. The extent of these cases are not disclosed as it could have an adverse effect on their outcome. If the likelihood cannot be determined or an amount cannot be reasonably estimated, the contingency is disclosed in note 10 to the financial statements.

(i) Measurement uncertainty

To prepare these statements, management has to make estimates and assumptions that affect the amounts of assets, liabilities, revenues, expenses, and recoveries reported. Estimates are used to record unassessed tax revenues and the related amounts receivable and payable, as well as the allowance for doubtful accounts. In particular, estimates are made to determine individual and trust income tax revenues, corporation income tax revenues, non-resident tax withholdings, GST/HST revenues, energy taxes, other excise taxes and duties revenues, Air travelers security charge revenues, EI premiums, CPP contributions, and the related amounts receivable and payable.

A key assumption used in estimating tax revenues is that tax instalments and historical information on refund rates, payments received upon filing tax returns, and amounts receivable assessed are good indicators of the amount of tax revenue earned to March 31 that has not yet been assessed. Another assumption is that historical tax assessment information is a good basis to allocate tax revenues between their various components (for example, between federal, provincial, and territorial tax revenues). Relevant factors such as new administered activities, legislative changes, and economic factors may also be considered. Finally, the key assumption used to estimate the general allowance for doubtful accounts is that historical collection information is a good indicator of uncollectible receivables.

Estimates are based on the best information available at the time of preparation of these statements and management believes these estimates and assumptions to be reasonable. Actual results could differ significantly from the estimates and any differences are recorded in the year the actual amounts are determined. Management monitors the accuracy of the estimates and the underlying assumptions through annual validation procedures and adjusts its estimation models as required.

The CRA expects that the estimates and assumptions used in the preparation of the financial statements will continue to be affected. The full potential impact of the COVID‐19 outbreak is unknown as it will depend on future developments that are uncertain. Such uncertainties include the duration and depth of the outbreak.

3. Amounts receivable from taxpayers and benefit recipients

The following table provides details of the amounts receivable as reported in the Statement of Administered Assets and Liabilities. Amounts receivable from individuals and employers include Canada Pension Plan contributions and Employment insurance premiums as applicable.

Changes in the allowance for doubtful accounts include the following:

The doubtful accounts expense of $5,256 million ($4,252 million in 2020) reported above includes an amount of $5,162 million ($4,144 million in 2020) recorded as an expense administered for the Government of Canada (see note 2(e)) and $94 million ($108 million in 2020) recorded as an expense administered for the Canada Pension Plan.

4. Amounts receivable under the tobacco civil settlements

On July 31, 2008, the federal and provincial governments entered into civil settlement agreements with two tobacco companies to resolve potential civil claims. Under the terms of the agreements, payments totalling $850 million are to be made to Canada, for Canada and the provinces. The federal government’s share is $325 million and the provincial governments’ share is $525 million. The settlement agreements state that the amounts will be fully paid by 2023. These amounts are recorded at the nominal value. The current balance of   $49 million ($26 million federal and $23 million provincial) represents the remaining unpaid balance as at March 31 2021. 

5. Amounts payable to taxpayers and benefit recipients

The following table provides details of the amounts payable as reported in the Statement of Administered Assets and Liabilities:

6. Amounts payable to provinces

The following table provides details of amounts payable to provinces as reported in the Statement of Administered Assets and Liabilities:

The CRA is acting as an agent for the provinces under the tobacco civil settlements. The CRA’s liability to the provinces for their expected share of the settlement amounts is limited to the amounts that will ultimately be collected from the tobacco companies.

The Department of Finance makes payments out of the Consolidated Revenue Fund to provinces, territories and First Nations for taxes which the CRA administers. These amounts payable to provinces, territories, and First Nations are not recorded in these financial statements because they are outside the CRA’s responsibility.

The CRA received $303 million in Nova Scotia worker’s compensation payments during the year ($304 million in 2020), these payments are transferred directly to the province. Since this is a flow through arrangement, it is not reported as administered revenues. 

7. Deposit accounts

Deposit accounts are established to record cash and securities required to guarantee payment of GST for non-resident registrants and certain licensees for excise taxes, which are both payable pursuant to the Excise Tax Act. The following table provides activity on the deposit accounts as reported in the Statement of Administered Assets and Liabilities:

8. Net amount due to the Consolidated Revenue Fund

The net amount due to the Consolidated Revenue Fund on behalf of the Government of Canada and others is the difference between administered assets (taxes not yet received and/or deposited in the Consolidated Revenue Fund) and administered liabilities payable by the CRA out of the Consolidated Revenue Fund.

The net cash deposited in the Consolidated Revenue Fund of the Government of Canada includes amounts the CRA receives on behalf of the federal government, provinces, territories, and other organizations, less refunds and payments issued from the Consolidated Revenue Fund during the year.

The following table provides the change in the net amount due to the Consolidated Revenue Fund, on behalf of the Government of Canada and others, during the fiscal year:

9. Taxes under objection

Taxes under objections as defined in note 2 (g) for which a liability has not been recorded, amounts to $25.8 billion as of March 31, 2021 ($23.0 billion for 2020).

10. Contingent liabilities

Contingent liabilities as defined in note 2 (h), for which it is not determinable as to whether a liability exists or a reasonable estimate of the potential loss cannot be made, represent $5.0 billion as of March 31, 2021 ($5.1 billion for 2020). 

11. Goods and services tax revenues

The GST reported on the Statement of Administered Revenues and Pension Contributions includes the federal portion of harmonized sales tax (HST). It is net of input tax credits (ITC), rebates, and the GST quarterly tax credit for low‑income individuals and families that the CRA administers. It does not include GST revenues on imported goods, which are administered and reported by the Canada Border Services Agency. The CRA has sole responsibility for administering all ITC, including those claimed on imported goods. ITC relating to GST on imports are not accounted for separately from ITC relating to GST on domestic transactions.

The following table provides details of the GST revenues that the CRA administers for the Government of Canada as reported in the Statement of Administered Revenues and Pension Contributions:

12. Cannabis duties

The Cannabis Act which received royal assent on June 21, 2018, effectively placed cannabis cultivators, producers and packagers within the existing rules for excise duties that cover producers of tobacco, wine and alcoholic spirits, with modifications as applicable. The CRA began the administration of the excise duty framework for cannabis products on October 17, 2018, on behalf of federal, provincial and territorial governments. This framework includes amendments to the Excise Act, 2001 and related regulations to impose duties, which generally apply to all cannabis products sold for both medical or recreational purposes. 

13. Interest, penalties, and other revenues

Various tax legislations give the CRA the authority, under certain conditions, to assess interest related to taxes due and penalties related to non-compliance with regulations by taxpayers. Interest is charged on overdue balances using rates determined quarterly, which in most cases are based on the ninety day Treasury Bills rate rounded plus 4%. The interest rate applicable as at March 31, 2021 on most overdue balances was 5% (6% in 2020). The CRA has the authority to waive or cancel the interest and penalties that would normally be charged under certain circumstances such as processing delays caused by the CRA, financial hardship experienced by taxpayers, or other extraordinary circumstances.

Other revenues consist of miscellaneous fees and charges such as court fines and administration charges for dishonoured payments.

The following table provides details on interest, penalties, and other revenues that the CRA administers for the federal government as reported in the Statement of Administered Revenues and Pension Contributions:

14. Provincial portion of harmonized sales tax

The CRA administers the provincial portion of the HST for the provinces of Ontario, Nova Scotia, New Brunswick, Newfoundland and Labrador and Prince Edward Island as well as returns for the period from July 2010 to March 2013 for British Columbia. The CRA recorded these revenues in accordance with the accounting policies described in note 2 (a).

The provincial portion of HST reported on the Statement of Administered Revenues and Pension Contributions is net of input tax credits (ITC), rebates and credits accounted as tax concessions. It includes the recaptured ITC, which applies to certain types of supplies purchased by large businesses. It does not include the provincial portion of HST collected on imported goods, which is administered and reported by the Canada Border Services Agency.

The following table provides details on the provincial portion of HST revenues as reported in the Statement of Administered Revenues and Pension Contributions:

15. Other revenues

The following table provides details of other revenues the CRA administers for provincial and territorial governments and First Nations as reported in the Statement of Administered Revenues and Pension Contributions. 

16. Pension contributions, interest, and penalties administered for the Canada Pension Plan

The following table provides details of the transactions the CRA administers for the Canada Pension Plan as reported in the Statement of Administered Revenues and Pension Contributions:

17. Provincial and territorial climate action tax credits and rebates

The Greenhouse Gas Pollution Pricing Act (GGPPA), which received Royal Assent on June 21, 2018, provides authority to the Government of Canada to implement a carbon pricing system for provinces and territories that do not have a system that meets the federal standard. Through the Climate Action Incentive (CAI), all direct proceeds from the federal carbon pricing system are redistributed to residents in the provinces and territories where the federal system was adopted.

Provinces and territories, that may have their own carbon pricing system or are in the process of implementing a federal-approved system, can redistribute their carbon pricing system proceeds through other rebates and credits programs. Some of these climate action tax credits and rebates programs are administered by the CRA on behalf of the provinces and territories.

The following table provides details of the expenses the CRA administers for the provincial and territorial climate action tax credits and rebates as reported in the Statement of Administered Expenses and Recoveries:

18. Canada’s COVID-19 Economic Response Plan

Since March 2020, the Government of Canada announced a series of tax and economic measures under the Canada’s COVID-19 Economic Response Plan (the Response Plan) to support the Canadian economy during the COVID-19 global pandemic. The Response Plan is designed to help stabilize the Canadian economy.

The following table provides details on transfers related to the Response Plan that the CRA administers as reported in the Statement of Administered Expenses and Recoveries:

In addition to the above table, the Response Plan also provided for an additional payment of GST quarterly tax credit for low-income individuals and families of $5.4 billion. Furthermore, the amount of Canada benefit programs for children includes a one additional payment of $2.0 billion for Canada Child Benefit of and $567 million of Canada Child Benefit Young Child Supplement.

* Program administered on behalf of Employment and Social Development Canada.

† The gross amount of Transfers to Individuals is $65,369 million reduced by the amounts of canceled cheques, repayments by individuals, redeterminations by the CRA and other adjustments totalling $1,651 million resulted in a net amount of $63,718 million.

19.  Related-party transactions

The CRA is related in terms of common ownership to all Government of Canada departments, agencies, and Crown corporations. These transactions all take place in the normal course of business based on the provisions of the Income Tax Act, Excise Tax Act and established directives and procedures.

The individuals income tax, Employment insurance premiums and Canada Pension Plan contributions deducted at source from employees by federal departments and other organizations are declared and transferred to the CRA, and are included in the revenues and pension contributions administered by the CRA. Employment insurance premiums include the federal government employer share.

The GST collected by federal government departments and other organizations is declared and transferred to the CRA, and included in the GST revenues and the provincial portion of HST. The GST administered by the CRA includes the GST that federal departments and some organizations pay to their suppliers on domestic purchases.

The CRA administers corporation’s income tax payable by certain Crown corporations. Finally, the CRA also administers a refund set-off program that provides for individuals tax refunds to be used to pay debts owed under federal, provincial, or territorial programs.

The CRA entered into an agreement with Employment and Social Development Canada (ESDC) to administer, on their behalf, transfers to individuals included in the Canada’s COVID-19 Economic Response Plan. Those programs are the Canada Emergency Response Benefit, the Canada Recovery Benefit, the Canada Emergency Student Benefit, the Canada Recovery Caregiving Benefit and the Canada Recovery Sickness Benefit.

In addition to the above transactions, which are included in these financial statements, the CRA provides collection services to the Canada Border Services Agency (CBSA) under Part V.I of the Customs Act. It also provides collection services to ESDC for certain accounts receivable under the Canada Education Savings Act, the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Canada Pension Plan, the Old Age Security Act. The related payments are made directly to either the CBSA or ESDC, who are responsible for their deposits to the Consolidated Revenue Fund, as well as their accounting and reporting. These payments are not recorded in the CRA’s accounts. 

20.  Comparative Figures

Certain comparative figures have been reclassified to conform to the presentation adopted in the current year.