Air Canada 2008 Annual Report Download - page 113
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Consolidated Financial Statements and Notes
113
The reconciliation of income tax attributable to continuing operations, computed at the statutory tax rates, to income tax
expense is as follows:
2008 2007
Provision (recovery) based on combined federal and provincial rates $ (319) $ 206
Non-taxable portion of capital (gains) losses 68 (32)
Non-deductible expenses 53 17
Effect of tax rate changes on future income taxes 51 64
Other 23 11
(124) 266
Valuation allowance (refer to (b) above) 148 (76)
Provision for income taxes $ 24 $ 190
Significant components of the Provision for income taxes attributable to continuing operations are as follows:
2008 2007
Current tax expense $ 1 $ 16
Future income tax expense (recovery) relating to temporary differences (176) 186
Future income tax expense from tax rate changes 51 64
Valuation allowance 148 (76)
Provision for income taxes $ 24 $ 190
In addition to the above items impacting the Provision for income taxes, during 2007, 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
(Note 18). Refer to Note 15 for future income taxes recorded in Other comprehensive income related to fuel derivatives
designated under fuel hedge accounting.
Income taxes paid in 2008 by the Corporation were less than $1 (2007 - $6).
The balances of tax attributes as at December 31, 2008, 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
2014 $ 18
2026 3
2027 1,380
2028 956
$ 2,357
There are no net capital losses (2007 - $61).