reports without decimals?

[Scott Armitage]

My Canadian income tax return includes decimals, so I don't use any
rounding at all. I believe this is the norm for returns filed with NetFile
now, and only paper returns are truncated/rounded to dollars, but I could
be wrong. You are correct that they provide a little bit of slack, but in
my opinion this is just encouraging bad accounting processes.


On Fri, Mar 28, 2014 at 6:08 PM, R. Victor Klassen <rvklassen at gmail.com>wrote:

> Many years ago I learned that the Canadian taxing authorities are willing
> to allow for small errors due to rounding.  Thus, if your math on the tax
> return, which is presented with numbers rounded both on the way to
> subtotals and in subtotals and totals, doesn’t work out, but it’s close
> enough, they trust your figures, and assume it was a rounding issue.  I
> forget how many dollars they allow to deviate in this way - perhaps five.
>
> Thus you CAN, at least in this taxation regime, calculate everything to
> the penny (or fraction thereof, if you like), but report to the nearest
> dollar, and it doesn’t matter when rounded(A) + rounded(B) does not equal
> rounded(A+B).
>
>
> On Mar 28, 2014, at 3:52 PM, Mike or Penny Novack <
> stepbystepfarm at mtdata.com> wrote:
>
> > I showed an example with a transaction but yes of course, same problem
> with the balance sheet, income statement, etc. And as I DID indicate, not
> simply a matter of making the current report/tax filing rounded in balance
> but that must jibe with the previous one << at least it does in the filings
> that I have to fill out >>  I was simply giving an example for rounded(A) +
> rounded(B) /= rounded(A+B) for those who need concrete examples rather than
> algebraic expressions.
> >
> > This is NOT something easily automated. I find that a slight amount of
> "fudging" is usually necessary. Hopefully that can be done adjusting just
> ONE item in the filing, rounding up instead of down or down instead of up,
> to make everything come out in balance AND mating seamlessly to the
> previous year's filing. But I often have to do that with a bit of trial and
> error to pick the right thing to adjust AND it's not always just one thing
> << or the actual adjustment might be smaller if more than one thing fudged
> --- I assume better to have fudged two items each by just a few cents than
> to adjust one by close to a dollar >>
> >
> > Michael
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