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## 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: 

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