Shaw 2012 Annual Report Download - page 108

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2012 and 2011
[all amounts in millions of Canadian dollars except share and per share amounts]
The income tax expense differs from the amount computed by applying Canadian statutory rates
to income before income taxes for the following reasons:
2012 2011
$$
Current statutory income tax rate 26.3% 27.9%
Income tax expense at current statutory rates 256 220
Net increase (decrease) in taxes resulting from:
Effect of tax rate changes 11 –
Recognition of previously unrecognized deferred tax assets (32) –
Originating temporary differences recorded at future tax rates expected
to be in effect when realized 22
Other (23) 7
Income tax expense 214 229
Due to Canadian federal and provincial enacted corporate income tax rate changes, the
statutory income tax rate for the Company decreased from 27.9% in 2011 to 26.3% in 2012.
The components of income tax expense are as follows:
2012 2011
$$
Current income tax expense 257 220
Deferred tax expense (recovery) related to temporary differences (22) 9
Deferred tax expense from tax rate changes 11 –
Deferred tax recovery from recognition of previously unrecognized deferred
tax assets (32) –
Income tax expense 214 229
104