(D) Rate Reconciliation NOTE 17. ACCOUNTS PAYABLE AND OTHER LIABILITIES (A) Current Payables and Accrued Liabilities (B) Deferred Revenue NOTE 18. FINANCE LEASE OBLIGATIONS 2013 ANNUAL REPORT  85 The following table reconciles the expected income tax expense using the statutory tax rate to the expense: The statutory income tax rate of 25.9% (2012 – 25.5%) increased due to changes in Capstone's allocation of provincial taxable income. (E) Current Income Taxes Current income taxes payable of $2,581 are included in accounts payable and other liabilities on the statement of financial position (see note 17(a)). Income taxes payable primarily comprised $318 (2012 - $1,099) for Part V.1 on preferred dividends and $1,494 (2012 - Nil) for Part XII.6 for Canadian Renewable and Conservation Expense ("CRCE") CRCE penalties, as well as potential claims which may arise as a result of possible  reassessments denying personal tax deductions to the investors. Part XII.6 taxes arose from the acquisition of ReD as a result of obligations to incur  qualifying CRCE for previously issued flow-through shares. The remaining $769 $  are attributable to current income taxes payable (2012 - $1,087). Deferred revenue represents grants and contributions received by the utilities – water segment in respect of assets that are not related to the water  network less amounts amortized to the statement of income: For the year ended December 31, 2013, the Corporation repaid $3,339 (December 31, 2012 - $5,172) on finance leases, including interest of $126 (December 31, 2012 – $221). For the year ended Dec 31, 2013 Dec 31, 2012 Income (loss) before income taxes 75,420 56,751 Statutory income tax rate 25.9% 25.5% Income tax expense based on statutory income tax rate 19,534 14,472 Permanent differences 492 (1,461) Tax rate differentials (14,812) (7,076) Unrecognized losses arising in the year 2,018 4,075 Impact on attributes renounced to shareholders 1,200 — Part XII.6 taxes and penalties 294 — Other (516) 788 Total income tax recovery 8,210 10,798 Dec 31, 2013 Dec 31, 2012 Dividends payable 7,833 6,302 Income taxes payable 2,581 2,186 Other accounts payable and accrued liabilities 106,438 98,279 116,852 106,767 2013 2012 As at January 1 6,298 1,363 Contributions received 7,933 4,856 Amortized to statement of income (290) (55) Net foreign exchange difference 1,648 134 As at December 31 15,589 6,298 Interest Rate Maturity Dec 31, 2013 Dec 31, 2012 Utilities – water: equipment leases 3.61 - 4.10% 2014 – 2020 4,370 7,201 4,370 7,201 Less: current portion (609) (3,502) Non-current portion 3,761 3,699