Shaw 2010 Annual Report Download - page 99

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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:
2010
$
2009
$
Future income tax liabilities:
Property, plant and equipment 180,642 152,677
Broadcast rights 921,441 868,901
Partnership income 373,401 331,063
1,475,484 1,352,641
Future income tax assets:
Non-capital loss carryforwards 8,967 19,687
Deferred charges 28,107 10,986
Foreign exchange on long-term debt and
fair value of derivative instruments 14,547 7,066
51,621 37,739
Net future income tax liability 1,423,863 1,314,902
Current portion of future income tax asset 27,996 21,957
Future income tax liability 1,451,859 1,336,859
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 $144,000 for which no future income
tax asset has been recognized in the accounts. These capital losses can be carried forward
indefinitely.
95
Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2010, 2009 and 2008
[all amounts in thousands of Canadian dollars except share and per share amounts]