Air Canada 2006 Annual Report Download - page 94
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December 31
2006
December 31
2005
Future tax assets
Non-capital loss carry forward $ 10 $ 334
Post-employment obligations 685 805
Accounting provisions not currently deductible for tax 180 184
Tax basis of capital over book basis 316 413
Eligible capital expenditures 10 7
Unearned revenues 355 32
Net other 34 63
Total future tax assets 1,590 1,838
Future tax liabilities
Intangible assets 210 361
Net future tax assets 1,380 1,477
Less valuation allowance 1,169 1,694
Net recorded future income tax asset (liability) $ 211 $ (217)
The reconciliation of income tax attributable to continuing operations, computed at the statutory tax rates, to
income tax expense (recovery) is as follows:
December 31
2006
December 31
2005
Provision (recovery) based on combined federal and provincial rates $ (25) $ -
Non-taxable portion of capital gains 1 (2)
Large corporations tax - 10
Non-deductible expenses 14 12
Effect of tax rate changes on future income taxes 2 -
Effect of statutory tax rates substantially enacted during the year 64 (17)
Other 2 -
58 3
Valuation allowance (61) 18
(Recovery of) provision for income taxes $ (3) $ 21
Significant components of the provision for income taxes attributable to continuing operations are as follows:
December 31
2006
December 31
2005
Current tax expense $ - $ 10
Future income tax expense relating to temporary difference (6) 10
Future income tax recovery from tax rate changes 64 (17)
Valuation allowance (61) 18
(Recovery of) provision for income taxes $ (3) $ 21
No income taxes were paid in 2005 and 2006 by the Corporation.
The balances of tax attributes as at December 31, 2006, namely the balances of non-capital loss carry
forwards, vary amongst different taxing jurisdictions. The following are the Federal tax loss expiry dates:
Tax losses
2010 $ 9
2014 16
$ 25
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