Shaw 2011 Annual Report Download - page 114

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2011, 2010 and 2009
[all amounts in thousands of Canadian dollars except share and per share amounts]
15. 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:
2011 2010
$$
Future income tax liabilities:
Property, plant and equipment and software intangibles 154,626 180,642
Broadcast rights and licenses 1,275,389 921,441
Partnership income 377,931 373,401
1,807,946 1,475,484
Future income tax assets:
Non-capital loss carryforwards 51,746 8,967
Deferred charges 96,926 28,107
Program rights 6,309 –
Foreign exchange on long-term debt and fair value of derivative
instruments 1,248 14,547
156,229 51,621
Net future income tax liability 1,651,717 1,423,863
Long-term portion of future income tax asset 21,810 –
Current portion of future income tax asset 25,798 27,996
Future income tax liability 1,699,325 1,451,859
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 $149,600 for which no future
income tax asset has been recognized in the accounts. These capital losses can be carried
forward indefinitely.
110