NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 16. INCOME TAXES (A) Deferred Income Tax (B)   Timing of Deferred Income Tax Recovery (C) Tax Loss Carry-forwards The net deferred income tax liability without taking into consideration the offsetting of balances within the same jurisdiction are detailed as follows: A continuity of the net deferred income tax liability follows: The timing of deferred income tax recovery is summarized as follows: The aggregate amount of temporary differences associated with investments in subsidiaries and equity-accounted investees, for which deferred tax liabilities have not been recognized, as at December 31, 2013 was $31,730 (December 31, 2012 – $12,612). These liabilities have not been  recorded as the reversal of such differences are not expected to create a tax liability. Capstone's tax loss carry-forwards, and the portion recognized in deferred income tax assets were as follows: The Corporation additionally has $17,544 of unused tax credits, which have not been recognized as a tax asset as at December 31, 2013 (December 31, 2012 – $14,659). 84 CAPSTONE INFRASTRUCTURE CORPORATION As at Dec 31, 2013 Dec 31, 2012 Deferred income tax assets 494 3,038 Deferred income tax liabilities (182,567) (155,495) Net, deferred income tax liability (182,073) (152,457) As at Dec 31, 2013 Dec 31, 2012 Non-capital loss carry-forwards 45,520 3,431 Loan premium and deferred financing costs 13,076 13,286 Financial Instruments 3,319 7,562 Levelization amounts 1,505 3,116 Asset retirement obligations 873 528 Other 824 625 Deferred income tax assets 65,117 28,548 Capital assets (193,516) (139,024) Intangibles (44,246) (32,368) Retirement benefit surplus (9,246) (8,712) Other (182) (901) Deferred income tax liabilities (247,190) (181,005) Net, deferred income tax liability (182,073) (152,457) As at Dec 31, 2013 Dec 31, 2012 Net, deferred income tax liability as at January 1 (152,457) (145,304) Recorded in earnings (6,206) (11,019) Recognized in OCI (8,540) 5,063 Business acquisition (15,548) — Other 678 (1,197) Net, deferred income tax liability as at December 31 (182,073) (152,457) As at Dec 31, 2013 Dec 31, 2012 Within 12 months 4,731 17,983 After more than 12 months (186,804) (170,440) Net, deferred tax liability (182,073) (152,457) Expiry Recognized Unrecognized Dec 31, 2013 Dec 31, 2012 Canadian – capital losses No expiry — 84,610 84,610 84,610 Canadian – non-capital losses 2025 – 2033 171,784 70,649 242,433 73,480 US – non-capital losses 2023 – 2027 — 15,379 15,379 14,385 UK – capital losses (£2,864) No expiry — 5,048 5,048 4,633 UK – advanced corporation tax (£3,922) No expiry — 6,913 6,913 6,345