Taxes Payable

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Taxes Payable

9. Taxes Payable

The taxes payable consist of:

● A payroll tax liability of $141,050 (CDN$182,589) in Greenestone Muskoka which is being paid off as and when cash flow permits.

● The Company has assets and operates businesses in Canada and is required to disclose these operations to the US taxation authorities, the requisite disclosure has not been made. Management has reserved the maximum penalty due to the IRS in terms of non-disclosure. The Company is taking steps to comply with US disclosure requirements, and has established a provision in the amount of $250,000.

● A provision for income taxes in the Company’s Canadian operations.

	September 30,  2018		December 31, 2017
Payroll taxes	$	141,050	$	155,894
US penalties due		250,000		250,000
Income tax payable		274,590		283,346
	$	665,640	$	689,240