Tourism Chilliwack Inc. Financial Statements
TOURISM CHILLIWACK INC.
Notes to Financial Statements (continued)
Year ended December 31, 2013
5. Share capital:
2013
2012
Authorized:
Unlimited Common shares
Issued with no par value:
100 Common shares
$
1 $
1
6. Related party transactions and economic dependence:
During the year, the City of Chilliwack (the "City") provided funds under operating agreements
totalling $430,000 (2012 - $430,000) to the Company. The City has agreed to provide future
annual operating funds based on a pre-determined formula.
The Company is a wholly-owned subsidiary of the City.
7. Financial instruments:
The carrying value of cash, long-term investments, accounts receivable, accounts payable and
accrued liabilities approximate their fair value due to the relatively short periods to maturity of
these items.
8. Income taxes:
The Company is exempt from income taxes under Section 149 of the Income Tax Act, Canada.
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