Air Canada 2009 Annual Report Download - page 111
Download and view the complete annual report
Please find page 111 of the 2009 Air Canada annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
 |
 |
Consolidated Financial Statements and Notes
111
The reconciliation of income tax attributable to continuing operations, computed at the statutory tax rates, to income tax
expense is as follows:
2009 2008
Recovery based on combined federal and provincial rates $ (9) $ (319)
Non-taxable portion of capital (gains) losses (105) 68
Non-deductible expenses 7 53
Effect of tax rate changes on future income taxes 76 51
Other (15) 23
(46) (124)
Valuation allowance (refer to (b) above) 41 148
Provision for (recovery of) income taxes $ (5) $ 24
Signifi cant components of the Provision for (recovery of) income taxes attributable to continuing operations are as follows:
2009 2008
Current tax expense (recovery) $ (7) $ 1
Future income tax recovery relating to temporary differences (115) (176)
Future income tax expense from tax rate changes 76 51
Valuation allowance (refer to (b) above) 41 148
Provision for (recovery of) income taxes $ (5) $ 24
Refer to Note 15 for future income taxes recorded in other comprehensive income related to fuel derivatives designated
under fuel hedge accounting.
Income taxes recovered in 2009 by the Corporation were $5 (2008 – payments of less than $1).
The balances of tax attributes as at December 31, 2009, 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 1,354
2028 1,093
2029 391
$ 2,859
There are no net capital losses (2008 - nil).