Air Canada 2007 Annual Report Download - page 107

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Consolidated Financial Statements and Notes
107
Signifi cant components of the provision for income taxes attributable to continuing operations are as follows:
2007 2006
Current tax expense $ 16 $ -
Future income tax expense (recovery) relating to changes in temporary differences 183 (6 )
Future income tax expense from tax rate changes 67 64
Valuation allowance (76 ) (61 )
Provision for (recovery of) income taxes $ 190 $ (3 )
In addition to the above items impacting the provision for income taxes, a future income tax expense of $5 was recorded in
contributed surplus related to the proceeds from repair schemes and non-compete agreement with ACTS (refer to Note 20).
Refer to Note 17 for future income taxes recorded in other comprehensive income related to fuel derivatives designated
under fuel hedge accounting.
Income taxes paid in 2007 by the Corporation were $6. No income taxes were paid in 2006 by the Corporation.
The balances of tax attributes as at December 31, 2007, 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 $ 8
2014 16
2027 90
$ 114
There are $61 of net capital losses that have no expiry date.