|
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Years ended December 31, 2005 and 2004 (in thousands of dollars, except per share amounts)
21. INCOME TAXES:
Income tax expense attributable to income differs from the amounts computed by applying the combined federal and provincial income tax rate of 35.52% (2004 – 35.54%) to pre-tax income from operations as a result of the following:
|
|
|
2005
|
2004
|
|
| Income before income taxes |
$ 156,955
|
$ 102,461
|
|
| Computed expected tax expense |
$ 55,750
|
$ 36,415
|
| Non-deductible expenses |
1,400
|
945
|
| Share of affiliate loss |
248
|
433
|
| Deferred revenue not affecting tax |
(3,385)
|
(3,692)
|
| Impact of changes in substantively enacted income tax rates |
(301)
|
–
|
| Other |
(110)
|
(130)
|
|
|
$ 53,602
|
$ 33,971
|
|
The income tax provisions for the years ended December 31, 2005 and 2004 are as follows:
|
|
|
2005
|
2004
|
|
| Current tax expense |
$ 79,624
|
$ 54,595
|
| Future tax expense |
(26,022)
|
(20,624)
|
|
|
$ 53,602
|
$ 33,971
|
|
The tax effects of temporary differences that give rise to significant portions of the future tax asset at December 31, 2005 and 2004 are presented below:
|
|
|
2005
|
2004
|
|
| Non-capital loss carryforwards |
$ 1,434
|
$ 1,048
|
| Premises and equipment |
5,660
|
5,279
|
| Cumulative eligible capital |
34,131
|
35,810
|
| Financing costs |
710
|
1,142
|
| Deferred listing revenue |
93,110
|
68,864
|
| Other temporary differences |
8,544
|
5,424
|
|
|
|
$ 143,589
|
$ 117,567
|
|
| Future tax asset: |
|
|
|
| Current |
$ 4,571
|
$ 5,694
|
| Long-term |
139,018
|
111,873
|
|
|
|
$ 143,589
|
$ 117,567
|
|
|
