Cogeco 2007 Annual Report Download - page 55

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Notes to Consolidated Financial Statements COGECO CABLE INC. 2007 53
5) INCOME TAXES
2007 2006
(amounts are in thousands of dollars) $ $
CURRENT 4,659 4,074
FUTURE 7,511 5,200
12,170 9,274
The following table provides the reconciliation between Canadian statutory federal and provincial income taxes and the
consolidated income tax expense:
2007 2006
(amounts are in thousands of dollars) $ $
INCOME BEFORE INCOME TAXES 96,861 74,830
COMBINED INCOME TAX RATE 34.97% 35.09%
INCOME TAXES AT COMBINED INCOME TAX RATE 33,872 26,258
LOSS OR INCOME SUBJECT TO LOWER OR HIGHER TAX RATES (1,285) (226)
DECREASE IN FUTURE INCOME TAXES AS A RESULT OF DECREASES
IN SUBSTANTIVELY ENACTED TAX RATES (6,318) (19,820)
LARGE CORPORATION TAX — 600
INCOME TAXES ARISING FROM NON-DEDUCTIBLE EXPENSES 636 1,430
EFFECT OF FOREIGN INCOME TAX RATE DIFFERENCES (5,103) 314
BENEFIT RELATED TO PRIOR YEARS’ MINIMUM INCOME TAXES PAID
AND NON-CAPITAL LOSS CARRYFORWARDS (9,878) —
OTHER 246 718
INCOME TAXES AT EFFECTIVE INCOME TAX RATE 12,170 9,274