Shaw 2009 Annual Report Download - page 86

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14. INCOME TAXES
Future income taxes reflect the net tax effects of temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for income
tax purposes. Significant components of the Company’s future income tax liabilities and assets are
as follows:
2009
$
2008
$
Future income tax liabilities:
Property, plant and equipment 152,677 143,965
Broadcast rights 868,901 879,660
Partnership income 331,063 271,157
1,352,641 1,294,782
Future income tax assets:
Non-capital loss carryforwards 19,687 137,220
Deferred charges 10,123 2,792
Foreign exchange on long-term debt and fair value of derivative
instruments 7,066 10,164
36,876 150,176
Net future income tax liability 1,315,765 1,144,606
Current portion of future income tax asset 21,957 137,220
Future income tax liability 1,337,722 1,281,826
Realization of future income tax assets is dependent on generating sufficient taxable income during
the period in which the temporary differences are deductible. Although realization is not assured,
management believes it is more likely than not that all future income tax assets will be realized
based on reversals of future income tax liabilities, projected operating results and tax planning
strategies available to the Company and its subsidiaries.
The Company has capital loss carryforwards of approximately $165,000 for which no future income
tax asset has been recognized in the accounts. These capital losses can be carried forward
indefinitely.
82
Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2009, 2008 and 2007
[all amounts in thousands of Canadian dollars except share and per share amounts]