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Business Investment CorporationAnnual Report for the Fiscal Year 2005-06

To obtain a copy of this report

ElectronicWebsite: www.gov.nl.ca/intrd/annualreports.htm

PaperDepartment of Innovation, Trade and Rural DevelopmentP.O. Box 8700, Confederation BuildingSt. John’s, Newfoundland and Labrador A1B 4J6

Telephone: (709) 729-7000 Facsimile: (709) 729-4869E-mail: [email protected]

ISBN 0-9736635-1-0

Table of Contents1. Message from the Chairperson 1

2. Overview of the Business Investment Corporation 2 2.1 Mandate 2 2.2 Background 2 2.3 Board of Directors 3 2.4 Administrative Support to the Corporation 3 2.5 Corporation Programs 4

3. Highlights and Accomplishments: 2005-06 5

4. Activities 6 4.1 Program Activities 6 4.2 Financial Statements 6

5. Opportunities and Challenges Ahead 8

Appendix A: Financial Statements 11

Business Investment Corporation Annual Report for the Fiscal Year 2005-06 �

On behalf of the Board of Directors, I am pleased to present the 2005-06 annual report of the Business Investment Corporation to the Minister of Innovation, Trade and Rural Development.

The Business Investment Corporation directs the management of the investment portfolio of the Department of Innovation, Trade and Rural Development and administers new investments made through the Small Business and Market Development Program and the new Small and Medium Enterprise (SME) Fund. The Corporation also administers the Fisheries Loan Guarantee Program, in partnership with the Department of Finance, and the Shellfish Aquaculture Working Capital Fund.

I am pleased to report that the Corporation continued to make solid contributions to small business development during 2005-06. Investments under the Small Business and Market

Development Program and the new SME Fund totaled $4,323,876, leveraging more than twelve million dollars. In addition, the Board oversaw the collection of $2,886,320, which was reinvested in the SME revolving fund.

I want to recognize the collective efforts of all the directors of the Corporation who have served this year. I also thank the dedicated officials in the Department of Innovation, Trade and Rural Development who work so diligently to support the Board in the discharge of its mandate. Their expertise and talents have benefited the people of Newfoundland and Labrador, and their contributions are greatly valued.

Douglas SheppardChairperson, Board of DirectorsBusiness Investment Corporation

1. Message from the Chairperson

Business Investment Corporation Annual Report for the Fiscal Year 2005-06�

2.1 Mandate and Mission

The Business Investment Corporation (BIC) supports the vision of the Department of Innovation, Trade and Rural Development (INTRD) of “a diversified, competitive economy with productive and prosperous people in all regions of the province.”

The Corporation’s mandate is to direct the management of the investment portfolio of the department and to administer new investments made through the Small and Medium Enterprise Fund and the Small Business and Market Development Program; as well as the Fisheries Loan Guarantee Program and the Shellfish Aquaculture Working Capital Fund.

Legislative authority for the Business Investment Corporation resides in the Business Investment Corporation Act. The Corporation, as provided for in the Act, is responsible for:

“... making available and managing investments in small to medium sized private businesses, co-operatives, community development corporations and other enterprises for the purpose of creating employment opportunities for the people of the province.”

2.2 Background

The Business Investment Corporation was established under the authority of the Business Investment Corporation Act on April 1, 2002. The Business Investment Corporation is the successor to three former Crown corporations: Enterprise Newfoundland and Labrador Corporation, the Fisheries Loan Board and the Farm Development Loan Board.

The Business Investment Corporation operates as a Crown agency reporting to the Minister of Innovation, Trade and Rural Development.

2. Overview of the Business Investment Corporation


2.3 Board of Directors

The affairs of the Corporation are managed by an independent Board of Directors appointed by the Lieutenant-Governor in Council. The Board comprises five private sector members and two senior public sector officials:

Chairperson Mr. Douglas Sheppard, Gander

Vice-Chairperson Mr. Geoffrey Peters, St. John’s

Members Mr. Warwick Pike, Happy Valley-Goose Bay Ms. Jane Morgan, St. John’s Mr. Lloyd Hines, Grand Bank Deputy Minister, Department of Finance Deputy Minister, Department of Innovation, Trade and Rural Development

The Board met twelve times in 2005-06 in order to fulfill its mandate. In addition, a sub-committee of the Board, the Corporate Transaction Committee, chaired by the BIC Vice-Chairperson, meets bi-weekly or at the call of the Chair.

Remuneration

The remuneration of the Board consists of • chair: $330 per meeting day;• vice-chair: $285 per meeting day;• three private sector members; $240 per person per meeting day; and• two public employees: no additional remuneration.

2.4 Administrative Support to the Corporation

The Corporation is responsible for the ongoing management and recovery of loans and investments made by the Corporation and its predecessor organizations. The Department of Innovation, Trade and Rural Development provides administrative support to the Corporation. The Corporation does not have its own staff. Administrative costs incurred by the Department of Innovation, Trade and Rural Development in support of the Corporation are not recorded as an expense in the Corporation’s financial statements.

Departmental staff manage the accounting, billing and accountability activities that support investment disbursement and recovery. They manage and monitor revenue collections and maintain accounting records for the province-wide portfolio of loans, equity and grants.


2.5 Programs

The Business Investment Corporation provides funding to help start, revitalize and grow small and medium-sized businesses. It is responsible for the administration of the following programs:

Small and Medium Enterprise FundIn 2005-06, the Province established a $10 million Small and Medium Enterprise (SME) Fund that combined new funding of $7.9 million dollars with the previous funding from the Small Business Seed Capital Equity (SEED) Fund. This fund provides loans and equity investments to small and medium size businesses, targeting specific growth sectors with particular emphasis on those businesses which have export potential and need assistance to enter or expand into external markets. The SME Fund is as a revolving fund providing loans and equity investments to eligible businesses within Newfoundland and Labrador, which indicate a high probability of viability and sustainability.

Small Business and Market Development ProgramThis program provides contributions of up to $25,000 on a matching basis to new entrepreneurs and expanding small businesses to help them acquire the necessary expertise to pursue new business ideas and markets in new growth areas of the economy. In the 2005-06 fiscal year the program had a $1,000,000 budget.

Fisheries Loan Guarantee ProgramThis program supports the development of the province’s independent fish harvesting sector by providing government guarantees, to a maximum of $1.3 million, on loans through commercial banks for the purchase of new or used fishing vessels and new equipment for the improvement, rebuilding or alteration of existing vessels. The program is designed to help the independent fish harvesting sector take advantage of ongoing and emerging new opportunities in the fishery.

Shellfish Aquaculture Working Capital FundThis program provides working capital loans to commercial mussel and other shellfish growers and processors, complementary to funding available through commercial credit sources and other established federal and provincial government programs. The $1.5 million Fund was established in 1998 through two federal/provincial cost-shared economic development agreements and operates on a revolving fund basis.


3. Highlights and Accomplishments

Budget for Fiscal Year 2005-06In March 2005, the Government of Newfoundland and Labrador announced a new $10 million Small and Medium Enterprise (SME) Fund to be established in fiscal year 2005-06. This new fund provides loans and equity investments to small and medium size businesses, targeting specific growth sectors with particular emphasis on those businesses that have export potential and need assistance to enter or expand into external markets. The SME Fund was established as a revolving fund providing loans and equity investments to eligible businesses within Newfoundland and Labrador, which indicate a high probability of viability and sustainability.

Funding for the Business and Marketing Development Program was doubled from $500,000 to one million dollars annually.

Policy and Procedures for new Small and Medium Enterprise FundTo ensure the integrity and sustainability of the fund, a comprehensive Manual of policies and procedures was developed by the Department. The Manual sets basic policy pertaining to the processing of applications, evaluation, funding decisions, security, account management, reporting and accountability. The Board of Directors formally adopted the Manual on June 22, 2005.

Training sessions were held with all appropriate staff to ensure the policy and procedures were fully understood. The Policy and Procedures Committee that created the Manual is mandated to review it on a regular basis. As required, recommendations will be made to the Board of Directors of the Corporation regarding any recommended amendments to policies and procedures.


4.1 Program Activities

The Corporation committed $3,318,559 in 2005-06 through the Small and Medium Enterprise Fund (Term and Equity) in 36 small businesses. In addition, $218,523 was committed to five firms from carried over SEED funding. These investments leveraged $10,255,532 in additional funding from private and public business financing to help start or grow 41 small businesses.

The Corporation committed $788,794 in 2005-06 through the Small Business and Market Develop-ment Program in 76 small businesses, leveraging an additional $1,763,611 in other business financ-ing to help entrepreneurs and small businesses pursue new business ideas and new markets for their products and services.

Total regional investments through the Small Business and Market and Development Program and the Small and Medium Enterprise Fund (including the SEED funding) were:

• Avalon: 34 investments totaling more than $1,144,000;• Eastern: 14 investments totaling more than $672,500; • Central: 19 investments totaling more than $860,500;• Western: 49 investments totaling more than $1,533,000; and• Labrador: one investment totaling more than $44,500.

The Corporation approved $6.5 million in new fisheries loan guarantees in 2005-06 through char-tered banks to 15 fish harvesting enterprises for the purchase of new fishing vessels or the purchase and/or renovation of used vessels to help them take advantage of ongoing and emerging new busi-ness opportunities in the fishery

In 2005-06, the Corporation managed the Shellfish Aquaculture Working Capital Fund that had a budget of $1.5 million invested in 16 enterprises. There were no new investments in this revolving fund during the 2005-06 fiscal year.

The investment portfolio of the Business Investment Corporation consists of 1,366 accounts valued at $59 million, which includes outstanding principal and interest. There is an allowance for doubtful accounts of $50,702,305, so the balance sheet value of the portfolio is $8,297,869. In addition, the Board reviews and approves requests for fishery loan guarantees, which are then issued by the Department of Finance; at March 31, 2006, there were 125 of these guarantees valued at $35.8 million.

In 2005-06, no funds were returned to provincial treasury from payments relating to investments, as collections totaling $2,886,320, was retained in the SME revolving fund for further investments.

4. Activities


4.2 Financial StatementsThe audited financial statements for the Corporation are found in Appendix A of this report. They will be tabled in the House of Assembly in Financial Statements of Crown Corporations, Boards and Authorities for the Year ending March 31, 2006.


New Small and Medium Enterprise Fund implementationAfter the first full year of offering the SME Fund, the Department will review policies and procedures to determine if changes are required that will improve its effectiveness and efficiency, in support of client needs and government objectives. Any proposed changes will go forward for consideration to the Corporation Board. Accountability of the FundThe Department is establishing a comprehensive measurement and accountability framework, including jobs created and net economic benefit to the provincial economy and treasury. This frame-work is expected to be implemented over the next two years and the BIC Board will work with INTRD policy staff to ensure compliance.

Administrative Support to the Corporation In previous years, administrative costs incurred by the Department of Innovation, Trade and Rural Development in support of the Corporation were not recorded as an expense to the Corporation in its financial statements. In the future, additional expenses directly related to operation of the BIC, such as a portion of account managers salaries in regional operations, will be determined and allocated to the Corporation’s financial statements, as approved by the Board.

5. Opportunities and Challenges Ahead

Office of the Auditor General ��

Appendix A: Financial Statements

BUSINESS INVESTMENT CORPORATION

FINANCIAL STATEMENTS

31 MARCH 2006

Office of the Auditor General��

BalanceSheet Statement1

StatementofEquity Statement2

StatementofRevenuesandExpenses Statement3

StatementofCashFlows Statement4

Business Investment CorporationIndex to Financial Statements31 March 2006


ASSETS 2006 2005

Cash(Note2) $ 13,266,173 $ 2,010,687Loansandequityinvestments(Note3) 8,297,869 9,372,734Long-terminvestments(Note4) 9,422 9,422 $21,573,464 $11,392,843 LIABILITIESANDEQUITY Borrowers’deposits $68,517 $ 68,517 Equity 21,504,947 11,324,326 $ 21,573,464 $11,392,843

Contingentliabilities(Note5)Commitments(Note6)

Seeaccompanyingnotes

SignedonbehalfoftheBoard: ChairpersonDirectorofPortfolioManagement


Statement 1


2006 2005

Contributedcapital(Note7)

Balance,beginningofyear $59,764,839 $68,178,530

AquacultureWorkingCapitalFundreserve(Note2) 816 22,486CapitalcontributionsfromtheProvince 10,800,000 3,178,900PrincipalpaidtotheProvince - (3,004,669) Contributionsdisbursedasgrants (464,487) (319,084) Principalwrittenoff,netofrecoveries(Note3) (4,744,609) (8,291,324) Balance,endofyear 65,356,559 59,764,839

Deficit Balance,beginningofyear (48,440,513) (55,367,244) InvestmentincomepaidtotheProvince - (489,302)

Excessofexpensesoverrevenues (155,708) (875,291)

Principalwrittenoff,netofrecoveries(Note3)4,744,609 8,291,324 Balance,endofyear (43,851,612) (48,440,513) Equity,endofyear $21,504,947 $11,324,326



Statement 2


2006 2005

REVENUES

Interestonloans $768,091 $675,841 Otherinvestmentincome 314,855 30,299 Dividendincome 5,753 5,662 1,088,699 711,802 EXPENSES Provisionfordeclineinvalueofloansreceivable andequityinvestments(Note3) $1,244,122 1,566,155 Miscellaneousexpense 285 20,938 1,244,407 1,587,093 Excessofexpensesoverrevenues $(155,708) $(875,291)



Statement 3


2006 2005

CashflowsfromoperatingactivitiesExcessofexpensesoverrevenues $(155,708) $(875,291)Adjustmentsfornon-cashitems Provisionfordeclineinvalueofloansreceivable andequityinvestments 1,244,122 1,566,155

1,088,414 690,864Changesinnon-cashoperatingitems DuefromtheProvince - 49Insurancepremiumreceivable -20,783

1,088,414 711,696 Cashflowsfrominvestingactivities

Increaseinloansandequityinvestments (3,055,577) (3,172,515)Collectionof loansandequityinvestments 2,886,320 3,569,694 (169,257) 397,179

Cashflowsfromfinancingactivities AquacultureWorkingCapitalFundreserve 816 22,486CapitalcontributionsfromtheProvince 10,800,000 3,178,900PrincipalpaidtotheProvince - (3,004,669)Contributionsdisbursedasgrants (464,487) (319,084)InvestmentincomepaidtotheProvince - (489,302) 10,336,329 (611,669) Netincreaseincash 11,255,486 497,206

Cash,beginningofyear 2,010,687 1,513,481 Cash,endofyear $13,266,173 $2,010,687



Statement 4



Authority

TheBusinessInvestmentCorporation(theCorporation)wasestablishedundertheauthorityoftheBusinessInvestmentCorporationAct.TheCorporationisfundedbytheProvinceofNewfoundlandandLabrador(theProvince)andisresponsibleformakingavailableandmanaginginvestmentsinsmalltomediumsizedprivatebusinesses,co-operatives,communitydevelopmentcorporationsandotherenterprisesforthepurposeofcreatingemploymentopportunitiesforthepeopleoftheProvince.TheaffairsoftheCorporationaremanagedbyaBoardofDirectorsappointedbytheLieutenant-GovernorinCouncil.

TheBusinessInvestmentCorporationActcameintoforceeffective1April2002.UnderthisAct,theBusinessInvestmentCorporationwasincorporatedandbecamethesuccessortoEnterpriseNewfoundlandandLabradorCorporation,theFisheriesLoanBoardandtheFarmDevelopmentLoanBoard.AlsounderthisAct,theFisheriesLoanAct,theFarmDevelopmentLoanAct,theEconomicRecoveryCommissionActandtheEnterpriseNewfoundlandandLabradorCorporationActwererepealed.

1.Significantaccountingpolicies

ThesefinancialstatementshavebeenpreparedbytheCorporation’smanagementinaccordancewithCanadiangenerallyacceptedaccountingprinciples.Outlinedbelowarethesignificantaccountingpoliciesfollowed.

(a)Loansreceivable

TheCorporationrecordsloansreceivableatcost.Whenloansareidentifiedasimpaired,theCorporationrecordsan allowancetoreducetheircarryingvaluestotheirestimatedrealizableamounts.Estimatedrealizableamountsare measuredatdiscountedcashflowswhenthecashflowscanbeestimatedwithreasonablereliability,oralternatively, attheestimatednetrealizablevalueoftheunderlyingsecurity.

(b)Equityinvestments

TheCorporationrecordsequityinvestmentsatcost.Incertaincircumstances,theCorporationmayhaveacquired therighttoappointrepresentativestoanequityinvestee’sboardofdirectorsoritmayhaveasignificantinfluenceonthestrategicoperating,investingandfinancingpoliciesoftheinvestee.However,becauseofthenatureoftheCorporation’sinvestmentprocessandthemannerinwhichthesepositionswereacquired,suchcontrolorsignificantinfluencemaynotinfactbeexercisedortheCorporationmaynotintendtomaintainsuchpositions.AccordinglytheCorporation’sequityinvestmentsforallcompaniesinwhichtheCorporationholdsvotingrightsareaccountedforonthecostbasis.

ProvisionismadebytheCorporationforanydeclineinthevalueofinvesteecompanieswhichisconsideredtobe otherthantemporary.

Office of the Auditor General�0


1.Significantaccountingpolicies(cont.)

(c)Revenuerecognition

Interestincomeisaccountedforontheaccrualbasisforallloansotherthantheimpairedportionofloans.Recognitionofinterestinaccordancewiththetermsoftheoriginalloanagreementceaseswhenaloanbecomesimpaired.Aloanisclassifiedasimpairedwhen,intheopinionofmanagement,thereisreasonabledoubtastotheultimatecollectabilityofaportionofprincipalorinterest,orwhenpaymentiscontractuallypastdue90days.Theimpairedportionofloansmayreverttoaccrualstatusonlywhenprincipalandinterestpaymentshavebecomefullycurrentagain,atwhichtimeanyinterestwillberecognizedinthatfiscalyear.

Dividendsarerecordedasincomewhenreceived.

2.AquacultureWorkingCapitalFund

Duringthefiscalyears2000-01to2002-03,theCorporationreceived$1.5millionfromtheAquacultureWorkingCapitalFund(theFund).TheFundassistsindividualsandcompaniesintheshellfishindustrythroughouttheProvincethroughrepayableloans.TheFundisarevolvingfundinwhichloanrepaymentsarenotremittedtotheProvincebutheldbytheCorporationtobepaidoutasfutureaquacultureloans.

Asat31March2006,theFundhad19loansoutstandingtotaling$1,473,326(2005-19loanstotalling$1,518,177).During2003-04,theCorporationestablishedaseparateloanportfolioandbankaccounttoadministertheFundandassistinidentifyingpaymentsthatarereceivedandheldforfutureloans.Asat31March2006,theFundhadabalanceof$76,475(2005-$25,548)whichisincludedinthesefinancialstatementsaspartofcash.

3.Loansandequityinvestments

Thedeterminationofwhetheraloanisimpairedandtheappropriatecarryingvalueofequityinvestments,involvessignificantjudgement.Theestimationofanappropriateallowancefordeclineinvalueofloansreceivableandequityinvestmentsnecessarilyinvolvestheuseofestimates.Thesefinancialstatementsrepresentmanagement’sbestestimatesbasedonavailableinformation.



3.Loansandequityinvestments(cont.)

2006 2005Loansandequityinvestmentsconsistofthefollowing:

Loansreceivable

Principaldueandunpaid $21,276,315 $22,975,201Principalnotyetdue 14,470,691 17,592,047Interestdueandunpaid 2,489,279 3,520,413 38,236,285 44,087,661 Less:allowancefordeclineinvalue (30,704,742) (35,561,456) 7,531,543 8,526,205Equityinvestments

Equityinvestments,atcost 20,763,889 20,782,964Less:allowancefordeclineinvalue (19,997,563) (19,936,435) 766,326 846,529 Loansandequityinvestments $8,297,869 $9,372,734

Theallowanceforthedeclineinvalueofloansreceivableandequityinvestmentsconsistsofthefollowing:

Balance,beginningofyear $55,497,891 $63,340,900Principalwrittenoff,netofrecoveries (4,744,609) (8,291,324)Interestwrittenoff,netofrecoveries (1,295,099) (1,115,197)Interestreceivableadjustment - (2,643)Provisionfordeclineinvalueofloansreceivable andequityinvestments 1,244,122 1,566,155 Balance,endofyear $50,702,305 $55,497,891

TheallowancefordeclineinvalueofloansrepresentstheCorporation’sbestestimateoffutureprobablelosseswithrespecttotheloansreceivableandequityinvestments.TheCorporationrecognizesthatfutureeconomicandindustryconditionsarenotpredictableandtherefore,theirimpactonthefuturecashflowsanticipatedisuncertain.Consequently,adjustmentstotheallowancearepossibledependingontheimpactofthesefutureeventsandmanagement’sbestestimateofthem.



4.Long-terminvestments

Long-terminvestmentsconsistof673sharesofSunLifeFinancialServicesofCanadaIncorporatedwhichweregiventotheCorporationasaresultofthedemutualizationofSunLifeAssuranceCompanyofCanada.Thecarryingvalueofthesharesarerecognizedatthefairmarketvalueof$9,422asdeterminedbythesharepriceatthetimeofthetransferofsharestotheCorporation.Thefairmarketvalueofthesesharesasat31March2006was$33,414(2005-$21,899).

5.Contingentliabilities

(a)AclientoftheCorporationhastakenlegalactionasaresultofcertainallegedtechnicalproblemsthattheclientclaimstohaveexperiencedwithavesselthatwasfinancedthroughtheFisheriesLoanBoardProgram.Theamountofthispotentialclaimisinthe$900,000to$1,100,000range.Inamatterrelatedtothislegalaction,anotherpartyhasbeenawardedaclaimof$1,800,000.TheProvincewillnotappealthisdecision.

(b)AstatementofclaimhasbeenservedontheCorporationbyacompanyclaimingabreachofcontract.Thecompanyisclaimingspecialdamagesof$811,040,othergeneralandunspecifieddamages,interestandcostsassociatedwiththeaction.Thelikelihoodoflossasaresultofthisclaimisnotdeterminable.

(c)AclientoftheCorporationhastakenlegalactiontorecoverinsurancemoniespayableforinsuranceonafishingvessel.TheclaimwhichliststheFisheriesLoanBoardandtheMinisterofFisheriesasco-defendants,isfor$167,000plusinterestaccruingfrom1990onward.Theestimatedfuturevalueofthisclaimcannotbereasonablyestimatedandtheoutcomeofthismattercannotbepredictedatthistime.

6.Commitments

TheCorporationhasoutstandingcommitmentsinrespectofapprovedbutnotyetdisbursedloans,equityinvestmentsand/orgrantsintheamountof$2,854,343(2005-$1,333,318).

7.Contributedcapital

TheCorporationreceivescapitalcontributionsfromtheProvinceandtheGovernmentofCanadaforthepurposeofmakingloans,equityinvestments,andprovidingbusinessandmarketdevelopmentgrants.TheCorporationdependsonthesecapitalcontributionstocarryoutitsmandate.

ContributedcapitalisreducedbytheprincipalportionofloanscollectedandpaidtotheProvince,theprincipalportionofloanswrittenoff,andbycontributionswhichtheCorporationdisbursesasgrantsunderitsBusinessandMarketDevelopmentProgram.


8.Financialinstruments

TheCorporation’sfinancialinstrumentsrecognizedonthebalancesheet,inadditiontothelong-terminvestmentsdescribedinNote4,consistofcash,loansandequityinvestments,andborrowers’deposits.Thecarryingvaluesofcash,andborrowers’depositsapproximatecurrentfairvalueduetotheirnatureandtheshort-termmaturityorcurrentmarketrateassociatedwiththeseinstruments.

TheCorporation’sloansandequityinvestmentsarerecognizedonthebalancesheetatcostwithprovisionbeingmadeforanydeclineintheirvalue.Anyestimatedimpairmentoftheseloansandequityinvestmentshasbeenprovidedforthroughanallowancefordeclineinvalueandnofurthercreditriskexistsfortheseitems.Thecarryingvalueofloansandequityinvestmentsapproximatesdiscountedvalueofexpectedreceipts.Therefore,theircarryingvaluesapproximatetheircurrentfairvalueandtheseinstrumentsarenotsubjecttoanymaterialinterestraterisk.

9.Relatedpartytransactions

TheCorporationisadministeredasadivisionoftheDepartmentofInnovation,TradeandRuralDevelopment.Expensesof$507,807relatedtosalaries,accommodationsandadministrationarepaiddirectlybytheDepartmentandnoprovisionismadeinthesefinancialstatementstoreflectthoseexpenditures.

10.Economicdependence

AsaresultoftheCorporation’srelianceonProvincialfunding,theCorporation’sabilitytocontinueviableoperationsisdependentuponthedecisionsoftheProvince.

11.Incometaxes

TheCorporationisaCrownentityoftheProvinceofNewfoundlandandLabradorandassuchisnotsubjecttoProvincialorFederalincometaxes.


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