Balance Sheet
37. (1) Every balance sheet must set out separately as assets at least, (a) cash, bank term deposits and deposits or similar instruments with regulated financial institutions other than the corporation; (b) securities, showing separately at least, (i) securities issued or guaranteed by Canada or any province of Canada, stating the basis of valuation, and parenthetically indicating their aggregate market value, (ii) short term paper not included under clause (a), stating the basis of valuation, and parenthetically indicating its aggregate at market value, (iii) bonds, debentures and like securities not included under clause (a) or subclause (i) or (ii), stating the basis of valuation and parenthetically indicating their aggregate market value, (iv) shares, other than shares of subsidiaries and securities dealers, distinguishing common shares from other shares, stating the basis of valuation and parenthetically indicating their aggregate market value, (v) investment in subsidiaries, valued on the equity method, and (vi) investment in securities dealers, valued on the equity method where the relationship of the securities dealer to the corporation is that of a subsidiary or a company under significant influence; (c) the amounts that are owing to the corporation, whether on account of a loan or otherwise, from subsidiaries and other equity accounted-for investees; (d) investment income that is due and accrued if it is not included with investments; (e) advances to and fees receivable from estates, trusts and agencies; (f) loans to individuals; (g) loans to persons other than individuals; (h) mortgages, stating the basis of valuation; (i) office premises, equipment and leasehold improvements, stating, (i) the basis of valuation, (ii) the amount of accumulated allowance for depreciation and amortization, (iii) if valued on the basis of an appraisal, the date of the appraisal, and (iv) if the appraisal took place within five years before the date to which the balance sheet is made up, the disposition in the accounts of the corporation of any amount added to or deducted from the assets on appraisal; (j) real estate held for investment stating the basis of valuation and the amount of the accumulated allowance for depreciation; (k) real estate held for sale, stating the basis of valuation and the amount of accumulated allowance for depreciation; and (l) assets not included under clauses (a) to (k). R.R.O. 1990, Reg. 733, s. 37 (1); O. Reg. 413/97, s. 5 (1). (2) Every balance sheet must set out separately as liabilities at least, (a) liabilities in respect of demand deposit accounts; (b) debentures, bonds and similar securities issued by a loan corporation; (c) money received for guaranteed investment by a trust corporation; (d) interest due and accrued on deposits, debentures or guaranteed certificates, if not included with the corresponding liability; (e) bank loans and overdrafts, including interest due and accrued; (f) money borrowed under section 159 of the Act, including interest due and accrued; (g) subordinated indebtedness; (h) liability for current income taxes; (i) dividends declared but not paid; (j) deferred income; (k) amounts owing by the corporation to its directors, officers and shareholders, excluding amounts owing on deposits; (l) amounts owing by the corporation to subsidiaries and to other equity accounted-for investees; (m) liabilities not included under clauses (a) to (l), segregating those that arose other than in the ordinary course of business; and (n) deferred income taxes. R.R.O. 1990, Reg. 733, s. 37 (2); O. Reg. 413/97, s. 5 (2). (3) Every balance sheet must set out separately as shareholders’ equity at least, (a) the authorized capital of the corporation, giving the number of each class of shares, and a brief description of each such class indicating, (i) dividend rates on preference shares and whether or not they are cumulative, (ii) the redemption and retraction prices of redeemable or retractable shares, and (iii) the existence of conversion provisions, and details of any changes during the year; (b) the issued capital of the corporation, giving the number of shares of each class issued and outstanding, and showing the number of shares of each class issued since the date of the last balance sheet and the amount received, together with the arrears, if any, of dividends for cumulative preference shares; and (c) retained earnings or deficit. (4) Despite subsections (1) to (3), any item required to be disclosed on the balance sheet may be disclosed in the notes to the financial statements or in another financial statement or, if the amount of the item is not significant, it may be combined with another item on the balance sheet. R.R.O. 1990, Reg. 733, s. 37 (3, 4). Notes to the Financial Statements