Westjet 2000 Annual Report Download - page 35

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Thunder Bay
7. Income taxes:
During the year, the Corporation adopted the new method of accounting for income taxes. The liability
method is described in note 1.
Income taxes vary upon the amount that would be computed by applying the basic Federal and
Provincial tax rate of 45% to earnings before taxes as follows:
2000 1999
Expected income tax provision $ 23,718 $ 13,207
Add (deduct):
Non-deductible expenses 35 55
Other (124) (10)
Capital taxes 170 264
Large corporations tax 475 —
Future tax reductions (1,822) —
$ 22,452 $ 13,516
The components of the net future income tax liability at December 31, 2000 is as follows:
Future income tax assets:
Share issue costs $ 1,334
Future income tax liabilities:
Capital assets $ 17,162
Net future income tax liability $ 15,828
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