Shaw 2014 Annual Report Download - page 106

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2014 and 2013
[all amounts in millions of Canadian dollars except share and per share amounts]
Significant changes recognized to deferred income tax assets (liabilities) are as follows:
Property, plant
and equipment
and software
assets
$
Broadcast
rights,
licenses,
trademark
and
brands
$
Partnership
income
$
Non-capital
loss carry-
forwards
$
Accrued
charges
$
Foreign
exchange on
long-term debt
and fair value
of derivative
instruments
$
Total
$
Balance at
September 1, 2012 (133) (840) (271) 33 137 3 (1,071)
Recognized in statement
of income (18) (14) 4 (27) (63) (3) (121)
Recognized in other
comprehensive loss – – – – (1) (1) (2)
Recognized on business
disposition and other 11 41 – – – – 52
Balance at August 31,
2013 (140) (813) (267) 6 73 (1) (1,142)
Recognized in statement
of income (37) (5) 107 – (19) – 46
Recognized in other
comprehensive income – – – – 16 1 17
Balance at August 31,
2014 (177) (818) (160) 6 70 – (1,079)
The Company has capital loss carryforwards of approximately $61 for which no deferred income
tax asset has been recognized in the accounts. These capital losses can be carried forward
indefinitely.
The Company has taxable temporary differences associated with its investment in its
subsidiaries. No deferred tax liabilities have been provided with respect to such temporary
differences as the Company is able to control the timing of the reversal and such reversal is not
probable in the foreseeable future.
The income tax expense differs from the amount computed by applying Canadian statutory rates
to income before income taxes for the following reasons:
2014 2013
$$
Current statutory income tax rate 26.0% 25.9%
Income tax expense at current statutory rates 311 276
Net increase (decrease) in taxes resulting from:
Non-taxable portion of capital gains (8) –
Effect of tax rate changes –10
Recognition of previously unrecognized tax losses (1) (12)
Other 69
Income tax expense 308 283
102