Tucows 2015 Annual Report Download - page 109

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assets and liabilities are determined based on the difference between the financial statement carrying values and tax base of
assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable
income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be
realized.
Fiscal 2014 includes tax on profits of $3.4 million, offset by a recovery of $0.3 million related to investment tax
credits.
Fiscal 2013 includes tax on profits of $1.8 million, offset by a recovery of $0.2 million related to investment tax
credits.
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