Income Taxes |
6 Months Ended |
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Nov. 30, 2015 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
INCOME TAXES
Income tax expense (benefit) is recognized based on management’s best estimate of the annual effective income tax rate expected for the full fiscal year applied to income (loss) before income taxes of the interim period. The Company’s effective tax rate (“ETR”) for the three and six months ended November 30, 2015 was 19.5% (2014 - 54.6%) and 5.4% (2014 - 32.7%), respectively. The decrease in the three and six-month periods’ ETR was due in part to the relative mix of pre-tax income (loss) between Canada and the U.S. (the Company’s primary tax jurisdictions). Unrealized capital losses for which no tax benefit could be recognized reduced the ETR for the current year three and six month periods, and increased the ETR for the comparable prior year periods.
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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