Notes to Consolidated Financial Statements [in thousands of Canadian dollars, except per share amounts] December 31, 2012 and 2011 Significant components of CI’s deferred income tax liabilities and assets are as follows at December 31, 2011: The ultimate realization of deferred tax assets is dependent upon future taxable profits during the periods in which  those temporary differences become deductible. Management considers the expected reversal of deferred tax liabilities  and projected future taxable income in making this assessment. Based upon the level of historical taxable income and  projections for future taxable income over the periods in which the deferred tax assets are deductible, management  believes it is probable that CI will realize the benefits of these deductible differences. Financial assets are classified into three categories, FVPL, loans and receivables and available-for sale. As at December 31, 2012,  FVPL assets include cash and cash equivalents carried at fair value and classified as Level 1 fair value hierarchy of $24,137  [December 31, 2011 - $122,550,]. The carrying amount of loans and receivables include client and trust funds on deposit  of $127,712 [December 31, 2011 - $124,978 ], accounts receivable of $62,585 [December 31, 2011 - $63,300] and other assets  of $18,252 [December 31, 2011 - $18,184]. AFS assets as at December 31, 2012 include CI’s marketable securities of $66,155  carried at fair value of which $26,875 have been classifi ed in the Level 1 fair value hierarchy and $39,280 in the Level 2 fair  value hierarchy, respectively [December 31, 2011 - $42,099 and $25,798 in the Level 1 fair value hierarchy and $16,301 in the  Level 2 fair value hierarchy, respectively]. 10. FINANCIAL INSTRUMENTS 77 Recognized  in other  As at  Recognized in comprehensive  As at  December 31, 2010 net income income (loss) December 31, 2011  $ $ $ $ Deferred income tax liabilities  Fund contracts  264,831  (3,099)  —  261,732 Deferred sales commissions  132,874  (10,020)  —  122,854 Total deferred income tax liabilities  397,705 (13,119) — 384,586 Deferred income tax assets Equity-based compensation 6,576  (472)  —  6,104 Non-capital loss carryforwards  32,652  (24,512)  —  8,140 Provisions for other liabilities  2,609  (435)  —  2,174 Other 7,093 (451) 324 6,966 Total deferred income tax assets  48,930 (25,870) 324 23,384 Net deferred income tax liabilities  348,775 12,751 (324) 361,202