102 12. INCOME TAXES (a) Future income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting pur- poses and the amounts used for income tax purposes. Significant components of the Company’s future tax liabilities and assets as of August 31 are as follows: (thousands of Canadian dollars) 2000 1999 Future tax liability Deferred charges deducted for tax purposes but capitalized for accounting purposes 1,706 1,540 Capital cost allowance in excess of book depreciation 2,017 – Deferred gain on sale of investment 48,275 – Deferred partnership income 2,661 – Differences in tax basis and accounting basis in investment 3,999 – Broadcast licenses 126,982 74,949 Other, net 442 – Total future tax liability 186,082 76,489 Future tax asset Book depreciation in excess of capital cost allowance – 170 Employment obligations recognized on purchase equation 4,084 – Loss carryforwards 12,100 9,704 Differences in tax and accounting cost base on investments – 2,346 Other, net – 570 Total future tax asset 16,184 12,790 Net future tax liability 169,898 63,699