when the instruments are initially recognized. Upon conversion, no gain or loss is recognized.
(L) Taxation
(i) Current income tax
Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities, net of recoveries, based on the 
tax rates and laws enacted or substantively enacted at the reporting date.  Current income tax relating to items recognized directly in equity 
is recognized in equity and not profit or loss.  Management periodically evaluates positions taken in tax returns with respect to situations in 
which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
(ii) Deferred income tax
Deferred income tax is provided using the liability method on all temporary differences at the reporting date between the tax bases of 
assets and liabilities and their carrying amounts for financial reporting purposes, except where the temporary difference arises from 
the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that, at the time of the 
transaction, affects neither accounting nor taxable profit or loss.
74 Killam ProPerties inc | 2013