Blackberry 2004 Annual Report Download - page 47

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45
For the years ended February 28, 2004, March 1, 2003 and March 2, 2002
Deferred income tax assets and liabilities consist of the following temporary differences:
February 28, 2004 March 1, 2003
Assets
Financing costs $ 13,170 $ 4,398
Non-deductible reserves 3,492 6,622
Research and development incentives 45,735 24,897
Tax losses 37,428 29,938
Capital assets 18,252 2,614
Other tax carryforwards 204 186
118,281 68,655
Less: valuation allowance 118,281 68,655
Net deferred income tax assets $–$–
During the third quarter of fiscal 2003, the
Company determined that a significant degree of
uncertainty existed regarding the realization of the
deferred tax assets and that a full valuation
allowance was required. As a result of the increased
valuation allowance, deferred tax assets of
$118,281 have not been recognized for accounting
purposes as of February 28, 2004. This amount
remains available for use against taxes on future
profits. The Company will continue to evaluate and
examine the valuation allowance on a regular basis
and as future uncertainties are resolved, the
valuation allowance may be adjusted accordingly.
At February 28, 2004, the Company has the
following net operating loss carryforwards and tax
credits which are not recognized for accounting
purposes and are scheduled to expire in the
following years:
Net operating Investment tax
losses credits
2005 $21$ –
2006 1,259 490
2007 4,046 726
2008 12,860 2,385
2009 93,675 11
2010 976 13
2011 27 5,524
2012 –9,306
2014 –11,017
2020 102 –
2021 255 –
2022 359 –
Indefinite carryforward 1,080 –
$ 114,660 $ 29,472
The Company has not provided for Canadian
deferred income taxes or foreign withholding taxes
that would apply on the distribution of the earnings
of its non-Canadian subsidiaries, since these
earnings are intended to be reinvested indefinitely.