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54 COGECO CABLE INC. 2008 Notes to the Consolidated Financial Statements
6. INCOME TAXES
2008 2007
(in thousands of dollars) $ $
CURRENT 23,487 4,659
FUTURE (8,755) 7,511
14,732 12,170
The following table provides the reconciliation between Canadian statutory federal and provincial income taxes and the consolidated
income tax expense:
2008 2007
(in thousands of dollars) $ $
INCOME BEFORE INCOME TAXES 148,014 96,861
COMBINED INCOME TAX RATE 33.50% 34.97%
INCOME TAXES AT COMBINED INCOME TAX RATE 49,585 33,872
ADJUSTMENTS FOR LOSSES OR INCOME SUBJECT TO LOWER OR HIGHER TAX RATES (2,681) (1,285)
DECREASE IN FUTURE INCOME TAXES AS A RESULT OF DECREASES
IN SUBSTANTIVELY ENACTED TAX RATES (24,002) (6,318)
INCOME TAXES ARISING FROM NON-DEDUCTIBLE EXPENSES 803 636
EFFECT OF FOREIGN INCOME TAX RATE DIFFERENCES (9,193) (5,103)
BENEFITS RELATED TO PRIOR YEARS’ MINIMUM INCOME TAXES PAID
AND NON-CAPITAL LOSS CARRYFORWARDS – (9,878)
OTHER 220 246
INCOME TAXES AT EFFECTIVE INCOME TAX RATE 14,732 12,170