Shaw 2009 Annual Report Download - page 87

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The income tax expense or recovery differs from the amount computed by applying Canadian
statutory rates to income before income taxes for the following reasons:
2009
$
2008
$
2007
$
Current statutory income tax rate 30.2% 32.0% 33.75%
Income tax expense at current statutory rates 219,286 220,043 179,208
Increase (decrease) in taxes resulting from:
Non-taxable portion of foreign exchange gains or
losses and amounts on sale/write-down of assets
and investments (551) – (95)
Decrease in valuation allowance (3,463) (9,867) (9,941)
Effect of future tax rate reductions (22,582) (187,990) (25,535)
Originating temporary differences recorded at future
tax rates expected to be in effect when realized (9,675) (11,794) (3,040)
Other 7,759 5,974 2,274
Income tax expense 190,774 16,366 142,871
Significant components of income tax expense (recovery) are as follows:
2009
$
2008
$
2007
$
Current income tax expense 23,300 ––
Future income tax expense related to origination and
reversal of temporary differences 193,519 214,223 178,347
Future income tax recovery resulting from rate changes
and valuation allowance (26,045) (197,857) (35,476)
Income tax expense 190,774 16,366 142,871
83
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]