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2020–21 Future-oriented statement of operations

These future-oriented statements of operations provide information on the planned expenses that we manage. We prepare these statements based on the plans and priorities described in our yearly departmental plans. The information below serves the ’future-oriented condensed statement of operations’ subsection in the corresponding departmental plan released each year.

All financial table amounts are in dollars.

Future-oriented statement of operations (unaudited) for the year ending March 31, 2021
Forecast results
Planned Results
Expenses Registration services and compliance * 3,995,377 4,395,694
Internal services 1,394,433 1,079,749
Total 5,389,810 5,475,443
Revenues 0 0
Net cost of operations before government funding and transfers 5,389,810 5,475,443

* Taking effect in 2020-21, our reporting framework amalgamates 3 existing programs into 1 unified program. The 2019-20 forecast results for all program-related expenses is a tally of the 3 programs in effect during 2019-20.

The following accompanying notes are an integral part of this statement.

Methodology and significant assumptions

This statement is based on the priorities and plans described in our 2020-21 departmental plan.

The information in the forecast results for 2019-20 is based on actual results as at December 31, 2019 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for 2020-21.

The main assumptions underlying the forecasts are as follows:

  • our activities will remain substantially the same as in the previous year; and
  • expenses including the determination of amounts internal and external to the government, are based on past experience. The general historical pattern is expected to continue.

These assumptions are made as at December 31, 2019.

Variations and changes to the forecast financial information

Although every attempt has been made to forecast final results for the remainder of 2019-20 and for 2020-21, actual results achieved for both years are likely to differ from the forecast information presented, and this variation could be material.

In preparing this statement, we have made estimates and assumptions about the future. These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and are continually evaluated.

Factors that could lead to material differences between future-oriented and historical statements of operations include:

  • the timing and the amount of acquisitions and disposals of property, plant and equipment, which may affect gains, losses and amortization expense;
  • the implementation of new collective agreements; and
  • other changes to the operating budget, such as new initiatives or technical adjustments later in the fiscal year.

After our 2020-21 departmental plan is tabled in Parliament, we will not be updating the forecasts for any changes in financial resources made in ensuing supplementary estimates. Any variances will be explained in the corresponding departmental results report.

Summary of significant accounting policies

This statement has been prepared using the Government of Canada’s accounting policies in effect for 2019-20, and is based on Canadian public sector accounting standards. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards.

Expenses are generally recorded when goods are received or services are rendered and include expenses related to personnel, professional and special services, repair and maintenance, utilities, materials and supplies, as well as amortization of tangible capital assets. Provisions to reflect changes in the value of assets or liabilities, such as provisions for bad debts, loans, investments and advances and inventory obsolescence, as well as utilization of inventories and prepaid expenses, and other are also included in other expenses.

Parliamentary authorities

We are financed by the Government of Canada through parliamentary authorities. Financial reporting of authorities provided differs from financial reporting according to generally accepted accounting principles because authorities are based mainly on cash flow requirements. Items recognized in the future-oriented statement of operations in one year may be funded through parliamentary authorities in prior, current or future years. Accordingly, there is a different net cost of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:

Reconciliation of net cost of operations to requested authorities

Net cost of operations before government funding and transfers
Forecast results
Planned results
Net cost of operations before government funding and transfers 5,389,810 5,475,443
Adjustments for items affecting net cost of operations but not affecting authorities Amortization of tangible capital assets (341,237) (341,230)
Gain (loss) on disposal of tangible capital assets 0 0
Services provided without charge by other government departments (527,258) (569,557)
Increase in vacation pay and compensatory leave (16,681) (7,737)
Increase in employee future benefits 0 0
Increase in accrued liabilities not charged to authorities 0 0
Bad debt expense 0 0
Refunds of previous years' expenditures 0 0
Total (885,176) (918,524)
Adjustment for items not affecting net cost of operations but affecting authorities Acquisition of tangible capital assets 350,000 0
Proceeds from disposal of tangible capital assets 0 0
Decrease in lease obligations for tangible capital assets 0 0
Loans issued on behalf of government 0 0
Increase in inventory 0 0
Increase in prepaid expenses 3,312 0
Total 353,312 0
Requested authorities forecasted to be used 6,242,244 4,973,387
Authorities provided / requested
Forecast results
Planned results
Authorities provided / requested Vote 1: operating expenditures 5,794,461 4,531,633
Capital expenditures 0 0
Statutory amounts 447,783 441,754
Total 6,242,244 4,973,887
Less Estimated unused authorities and other adjustments 0 0
Requested authorities forecasted to be used 6,242,244 4,973,387
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