Books of record for a corporation are
set out in applicable provincial
legislation. Provincial requirements vary in
regard to the type and scope of records to
be maintained by a brokerage.
Example Books of Record
The following is for illustration
purposes only and is excerpted from Business
Corporations Act for the Province of Ontario.
The Act also provides for recording
information by means of mechanical,
electronic data processing, or other storage
facilities.
In terms of financial records, an
auditor is not required for corporations not
publicly offering shares, when all the
shareholders agree, company assets do not
exceed $2,500,000, and revenues are less
than $5,000,000.
Required financial statements are
outlined in the Regulations and must include
a minimum of: balance sheet, statement of
retained earnings, profit and loss
statement, and a statement of changes in
financial position.
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