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What is the purpose of the Tax Continuity Worksheet?

The purpose of the Tax Continuity Worksheet is to reconcile the CRA (re)assessments to the journalized taxes receivable/payable, and to record the current year tax provision.

This worksheet assumes that the client has booked all Federal and Provincial corporate income tax transactions to the Income tax receivable (payable) account or the R&D receivable (payable) account. Where this is not the case, it allows for adjustments.