On April 11, 2019, Finance Minister Vic Fedeli tabled Ontario’s 2019-20 budget.

This is the first budget for the Progressive Conservative government of Ontario. The Ontario government is projecting deficits until the 2023-24 fiscal year, when a small surplus is projected.

Read our budget summary online.

Your Raymond Chabot Grant Thornton advisor can help you determine the measures that apply to your situation.

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In connection with its March 21, 2019, the Quebec government announced the introduction of a new refundable tax credit encouraging SMEs to hire or retain workers aged 60 years and older.

Calculating the credit

Generally, eligible corporations can benefit from a tax credit relating to employer contributions paid in a calendar year with respect to workers aged 60 years and older.

The credit applies to taxation years ended after December 31, 2018, with regard to employer contributions paid after this date.

Consult our summary of this tax credit.

Your Raymond Chabot Grant Thornton advisor can help you determine which measures apply to your situation and assist you with the steps needed to benefit from these measures.

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The Grant Thornton International IFRS team has published the 2019 version of the IFRS Example Interim Consolidated Financial Statements, which has been revised and updated to reflect changes in IAS 34 Interim Financial Reporting (IAS 34) and other IFRS that are effective for the year ending December 31, 2019. In particular, they reflect the adoption of IFRS 16 Leases, which is effective for annual accounting periods beginning on or after January 1, 2019.

IFRS Example Interim Consolidated Financial Statements – Summary

The Interim Financial Statements illustrate a six-month accounting period beginning on January 1, 2019. They are based on the activities and results of Illustrative Corporation Ltd. and its subsidiaries (the “Group”) – a fictional consulting, service and retail entity that has been preparing IFRS financial statements for several years. The Group produces half-yearly interim financial reports in accordance with IAS 34 on June 30, 2019.

An entity complying with IAS 34 has a choice of preparing a condensed set of Interim Financial Statements or a full set of IFRS Financial Statements. These Interim Financial Statements illustrate a condensed set of Interim Financial Statements based on the requirements of IAS 34.8. Where a full set of financial statements is presented in the interim financial report, the form and content of those financial statements are required to conform to the requirements of IAS 1 Presentation of Financial Statements for a complete set of financial statements (IAS 34.9).

It is important to remember that the objective of preparing example interim financial statements is to illustrate one possible approach to interim reporting by an entity engaging in transactions that are considered typical across a range of non-specialist sectors. The attached financial statements are an illustrative example only and should not be considered comprehensive.

Resources

IFRS Example Interim Consolidated Financial Statements 2019 below.

Please note that this publication has not been modified from its original version.

For more information about this publication, please contact your Raymond Chabot Grant Thornton adviser.

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Manufacturing enterprises are the pillars of the Quebec economy. Over the years, several tax measures have been announced to encourage investments in this sector.

The following is a summary of the principal tax measures that deal more specifically with manufacturing enterprises in 2019.

Read our On-line Tax Strategies bulletin below.