Copyright Board Canada

Section III: Supplementary Information

Financial Statements Highlights

Copyright Board of Canada
Condensed Statement of Operations and Departmental Net Financial Position (Unaudited)
For the Year Ended March 31, 2015
  2014-15 Planned Results 2014-15 Actual 2013-14 Actual Difference (2014-15 actual minus 2014-15 planned) Difference (2014-15 actual minus 2013-14 Actual)
Total expenses 3,116,312 3,069,506 2,779,672 (46,806) 289,834
Total revenues - - - - -
Net cost of operations before government funding and transfers 3,116,312 3,069,506 2,779,672 (46,806) 289,834

For fiscal year 2014-15, the Board's total actual expenses are $3 million, an increase of about $200,000 from last year. This is mainly a reflection of higher machinery and equipment expenses.

Copyright Board of Canada
Condensed Statement of Financial Position (Unaudited)
As at March 31, 2015
  2014-15 2013-14 Difference (2014-15 minus 2013-14)
Total net liabilities 639,287 318,136 (321,151)
Total net financial assets 388,893 94,474 294,419
Departmental net debt 250,394 223,662 26,732
Total non-financial assets - 9,980 (9,980)
Departmental net financial position (250,394) (213,682) (36,712)

The Board's net financial position for fiscal year 2014-15 is at ˗$250,000, a decrease of about $37,000 compared to 2013-14. This is mainly a result of an increase in the Board's net debt.

Financial Highlights Graphs

Assets by Type

Total assetsTotal assets are valued at about $420,000 in fiscal year 2014-15. This is due from CRF (93% or $389,000) and accounts receivable held on behalf of Government (7% or $31,000).


Liabilities by Type

LiabilitiesTotal liabilities are valued at about $639,000 for fiscal year 2014-15. This is mostly made up of accounts payable and accrued liabilities (65% or $418,000), employee future benefits (18% or $115,000) and vacation pay and compensatory leave (17% or $106,000).


Expenses by Type

Fiscal yearFor fiscal year 2014-15, total expenses are $3.0 million. These expenses are made up of salaries and employee benefits (58% or $1.7 million) and operating expenses (42% or $1.2 million). The majority of these latter expenses are required for the Board's unique program activity. The balance is made up of expenses associated with internal services.


Financial Statements

The Board's financial statements can be found on the Board's website at Financial Statementsv.

Tax Expenditures and Evaluations

The tax system can be used to achieve public policy objectives through the application of special measures such as low tax rates, exemptions, deductions, deferrals and credits. The Department of Finance Canada publishes cost estimates and projections for these measures annually in the Tax Expenditures and Evaluationsvi publication. The tax measures presented in the Tax Expenditures and Evaluations publication are the sole responsibility of the Minister of Finance.