Notes to Consolidated Financial Statements [in thousands of Canadian dollars, except per share amounts] December 31, 2012 and 2011 [c] Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and  liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of CI’s  deferred income tax liabilities and assets are as follows at December 31, 2012: Recognized  in other  As at  Recognized in comprehensive  As at  December 31, 2011 net income income (loss) December 31, 2012  $ $ $ $ Deferred income tax liabilities  Fund contracts  261,732  12,885  —  274,617 Deferred sales commissions  122,854  (5,135)  —  117,719 Total deferred income tax liabilities  384,586 7,750 — 392,336 Deferred income tax assets Equity-based compensation 6,104  (5,070)  —  1,034 Non-capital loss carryforwards  8,140  (3,222)  —  4,918 Provisions for other liabilities  2,174  (305)  —  1,869 Other 6,966 (1,175) (306) 5,485 Total deferred income tax assets  23,384 (9,772) (306) 13,306 Net deferred income tax liabilities  361,202 17,522 306 379,030 76