Air Canada 2010 Annual Report Download - page 111
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Consolidated Financial Statements and Notes
111
The provision for (recovery of) income taxes differs from the amount that would have resulted from applying the statutory
income tax rate to income before income tax expense as follows:
2010 2009
Provision (recovery) based on combined federal and provincial rates $ 47 $ (9)
Non-taxable portion of capital gains (23) (105)
Non-deductible expenses (non-taxable income) (11) 7
Effect of tax rate changes on future income taxes 7 76
Other (18) (15)
2 (46)
Valuation allowance (refer to (c) above) 46 41
Provision for (recovery of) income taxes $ 48 $ (5)
Significant components of the Provision for (recovery of) income taxes are as follows:
2010 2009
Current tax recovery $ (4) $ (7)
Future income tax recovery relating to temporary differences (1) (115)
Future income tax expense from tax rate changes 7 76
Future income tax expense related to the valuation allowance 46 41
Provision for (recovery of) income taxes $ 48 $ (5)
Refer to Note 15 for future income taxes recorded in other comprehensive income related to fuel derivatives designated
under fuel hedge accounting.
Income taxes paid in 2010 by the Corporation were $4 (2009 – recovery of $5).
The balances of tax attributes as at December 31, 2010, namely the balances of non-capital loss carryforwards, vary
amongst different taxing jurisdictions. The following are the Federal non-capital tax loss expiry dates:
Tax Losses
2026 2
2027 524
2028 904
2029 431
2030 11
$ 1,872
There are no net capital losses as at December 31, 2010 (2009 - nil).