An income statement is usually called a statement of total return. The objective of the statement of total return is to present the increase or decrease in net assets resulting from all of a fund' s investment activities, but RAP 7 does not prescribe a specific format at a minimum (according to appendix to RAP 7), the face of the statement of total retum should include.
1. Income
a. Dividend income
b. Interest income
c. Other income
2. Expenses
a. Management fees
b. Registration fees
c. Trustee fees
d. Custodian fees
e. Audit fee
f. Other
3. Net gains or losses on value of investments
a. net realized gains on investments sold
b. net change in fair value of investments
c. net realised gains on financial derivatives
d. net unrealized gain on financial derivatives
e. net foreign exchange gains
4. income tax
5. Distribution
6. Total return for the year as in IFRS, additional line items can be presented.