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Significant components of CI’s deferred income tax liabilities and assets are as follows at December 31, 2011: 

<img src='content_image/208778.jpg'>

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. 

## 10. FINANCIAL INSTRUMENTS 

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]. 

