The reconciliation between tax expense and the product of accounting profit multiplied by the Company’s statutory tax rate is as follows: December 28,  December 29, (Amounts in $000s) 2013 2012 Accounting profit before tax at statutory income tax rate of 27.9% (2012 – 27.3%)  $ 12,178 $ 146 Non-deductible expenses for tax purposes: Withholding tax on dividends  771 (402) Non-deductible share-based compensation 1,205 2,209 Other non-deductible items 198 225 Effect of higher income tax rates of U.S. subsidiary  3,832 2,750 Acquisition financing deduction (5,981) (6,813) Other 89 218 Income tax expense (recovery)  $ 12,292 $ (1,667) Consolidated Consolidated statement of statement of income for  financial position as at:  the fifty-two weeks ended: December 28,  December 29,  December 28, December 29, (Amounts in $000s) 2013 2012  2013  2012 Accelerated depreciation for tax purposes on property, plant and equipment  $ (14,802) $ (11,289) $ 3,490 $ (5,237) Inventory (908)  (7,647) (6,741) (107) Intangible assets (35,155)  (36,996) (1,797) (1,583) Pension 2,399 3,849 157 422 Revaluation of cash flow hedges  (257) 150 2 (183) Losses available for offset against future taxable income  2,369  7,195 4,826 4,029 Deferred charges and other  7,012 6,819 (23) (4,450) Deferred income tax recovery  $ — $ — $ (86) $ (7,109) Net deferred income tax liability  $ (39,342) $ (37,919) $ — $ — Reflected in the consolidated statement of financial position as follows:  Deferred income tax assets  4,656  7,207 Deferred income tax liabilities  (43,998)  (45,126) Net deferred income tax liability  $ (39,342) $ (37,919) December 28,  December 29, (Amounts in $000s) 2013 2012 Opening balance, beginning of year  $ (37,919 ) $ (46,324) Deferred income tax recovery during the period recognized in income  86 7,109 Deferred income tax (expense) recovery during the period recognized in retained earnings  (1,041) 1,230 Deferred income tax (expense) recovery during the period recognized in OCI  (468) 66 Closing balance, end of year $ (39,342 ) $ (37,919) Reconciliation of deferred income tax (liabilities) assets, net  Deferred income tax Deferred income tax relates to the following: The Company has net operating losses in its U.S. subsidiaries of $6.6 million (December 29, 2012: $9.7 million) that are available for use  from 2014–2028. A deferred income tax asset has been recognized for the amount that is probable to be realized. The Company can control the distribution of profits, and accordingly, no deferred income tax liability has been recorded on the  undistributed profit of its subsidiaries that will not be distributed in the foreseeable future. The temporary difference associated with investments in subsidiaries, for which a deferred tax liability has not been recognized totals  $0.3 million (December 29, 2012: $0.3 million). There are no income tax consequences attached to the payment of dividends in either 2013 or 2012 by the Company to its shareholders. ANNUAL REPORT 2013 91