Notes to the Consolidated Financial Statements
Dollar amounts are in thousands of Canadian dollars (except share and per share amounts)
2. Significant Accounting Policies (continued) 
Deferred income tax assets are recognized only to the extent that it is probable that taxable profit will be available against which deductible 
temporary differences, carried forward tax credits, or tax losses can be utilized. The carrying value of deferred income tax assets are 
reviewed at each reporting date and reduced to the extent it is no longer probable that the income tax asset will be recovered.
The Company determines the deferred tax consequences associated with temporary differences relating to investment properties as if the 
carrying amount of the investment property is recovered entirely through sale.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or 
the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred income tax relating to items recognized directly in equity is recognized in equity and not in profit or loss.
3. Significant Accounting Judgments, Estimates and Assumptions
In the application of Killam’s accounting policies, which are described in Note 2, Management is required to make judgments, estimates 
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and 
associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ 
from these estimates.
The judgments, estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized 
in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the 
revision affects both current and future periods. 
Judgments Other Than Estimates
In the process of applying the Company’s accounting policies, management has made the following judgments, which have the most 
significant effect on the amounts recognized in the consolidated financial statements:
Property Acquisitions
When investment properties are acquired, management considers whether the acquisition represents the acquisition of an asset or a 
business. The Company accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to 
the property. More specifically, consideration is made of the extent to which significant processes are acquired and, in particular, the extent 
of ancillary services provided by the subsidiary (e.g., maintenance, cleaning, security, bookkeeping, leasing operations, etc.).
Management believes that the majority of the Company’s acquisitions will be classified as asset acquisitions. During the acquisition of 
most properties, Killam buys the asset itself and any short‑term leases that are in place.  Generally, Killam does not purchase any business 
systems or processes with a property.  Management considers an acquisition to be a business combination if all the following criteria are 
met:
•  The acquisition includes a property portfolio (multiple buildings),
•  A significant staff complement is included, including a maintenance team, leasing representatives and property management personnel, 
and
•  Systems are acquired and continue to be incorporated into operations.
Investment Properties
The Company’s accounting policies relating to investment properties are described in Note 2(F). In applying this policy, judgment is 
applied in determining whether certain costs are additions to the carrying amount of the property and, for properties under construction, 
identifying the point at which substantial completion of the property occurs and identifying the directly attributable borrowing costs