Shaw 2015 Annual Report Download - page 91

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Shaw Communications Inc.
Notes to the Consolidated Financial Statements
August 31, 2015 and 2014
[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,
customer
relationships,
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, 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)
Recognized in statement of income (25) (21) 107 34 (33) – 62
Recognized on ViaWest business
acquisition (9) (142) – 46 29 – (76)
Recognized in other comprehensive
income:
Foreign currency translation
adjustments – (29) – 12 1 – (16)
Actuarial gains/losses – – – – (12) – (12)
Balance at August 31, 2015 (211) (1,010) (53) 98 55 – (1,121)
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 the statutory rates to income before income taxes for
the following reasons:
2015
$
2014
$
Current statutory income tax rate 25.7% 26.0%
Income tax expense at current statutory rates 302 311
Net increase (decrease) in taxes resulting from:
Non-taxable portion of capital gains (24) (8)
Effect of tax rate changes 34 –
Recognition of previously unrecognized tax losses –(1)
Other (18) 6
Income tax expense 294 308
Due to foreign operations, the statutory income tax rate for the Company decreased from 26.0% in 2014 to 25.7% in 2015.
2015 Annual Report Shaw Communications Inc. 89