taxes... This is from the SEDAR MD&A today.
I'm not a Canadian tax expert but it looks like Rival still has some tax credits available from it's non profitable period. They are accruing taxes for the day when they will start paying. Cashflow is unaffected by this accounting move. Bobwins
Income Taxes
Capital taxes for the September 2005 quarter were virtually unchanged compared with the same quarter in 2004. For the nine months capital taxes were 64 percent lower due to a credit from a prior over-accrual of Saskatchewan resource surcharge. The Company is not currently taxable except for
capital taxes.
The Company has provided $398,000 for future income taxes in the September quarter and $609,000 for the first nine months of 2005, compared with nil for 2004. Higher taxable income in the September 2005 quarter led to an increased provision compared with the second quarter of 2005.
In 2004 no provision was made as a future tax asset still existed at that time.
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