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INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
INCOME TAXES |
Schedule of components of provision for income taxes |
|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2010 |  | 2011 |  | 2012 |
|  | $ |  | $ |  | $ |
Income (Loss) before Income Tax |  |  |  |  |  |  |  |  |  |
Canada |  |  | 18,354,204 |  |  | (23,378,980 | ) |  | 2,616,980 |
Other |  |  | 49,228,109 |  |  | (50,984,454 | ) |  | (203,205,487 | )
|  |  | 67,582,313 |  |  | (74,363,434 | ) |  | (200,588,507 | )
Current Tax |  |  |  |  |  |  |  |  |  |
Canada |  |  | 9,563,915 |  |  | 8,047,733 |  |  | 2,447,930 |
Other |  |  | 13,793,997 |  |  | 13,078,893 |  |  | 13,249,752 |
|  |  | 23,357,912 |  |  | 21,126,626 |  |  | 15,697,682 |
Deferred Tax |  |  |  |  |  |  |  |  |  |
Canada |  |  | (848,566 | ) |  | 2,577,854 |  |  | 1,713,862 |
Other |  |  | (5,755,429 | ) |  | (7,164,540 | ) |  | (22,844,954 | )
|  |  | (6,603,995 | ) |  | (4,586,686 | ) |  | (21,131,092 | )
Total Income Tax (Benefit) Expense |  |  |  |  |  |  |  |  |  |
Canada |  |  | 8,715,349 |  |  | 10,625,587 |  |  | 4,161,792 |
Other |  |  | 8,038,568 |  |  | 5,914,353 |  |  | (9,595,202 | )
|  |  | 16,753,917 |  |  | 16,539,940 |  |  | (5,433,410 | )
Schedule of tax rates applicable on the Company's major operating subsidiaries in China |
Company |  | Applicable enterprise income tax rate under the new EIT Law
--- | --- | ---
CSI Solartronics (Changshu) Co., Ltd. |  | 25%
CSI Solar Technologies Inc. |  | Exempted for 2008 and 2009, and 12.5% for 2010, 2011 and 2012 (half reduction of 25%)
CSI Cells Co., Ltd. |  | Exempted for 2008, 12.5% for 2009, 2010 and 2011 (half reduction of 25%), and 15% for 2012, 2013 and 2014 resulting from its HNTE status
Canadian Solar Manufacturing (Luoyang) Inc. |  | Exempted for 2008, 12.5% for 2009, 2010 and 2011 (half reduction of 25%), and 25% for 2012 onwards
Canadian Solar Manufacturing (Changshu) Inc |  | Exempted for 2008 and 2009, 12.5% for 2010, 2011 and 2012 (half reduction of 25%), and 25% for 2012 onwards
CSI Solar Power (China) Inc. |  | 25%
Schedule of movement and balance of the Company's liability for uncertain tax positions |
|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2010 |  | 2011 |  | 2012 |
|  | $ |  | $ |  | $ |
Beginning balance |  |  | 8,953,568 |  |  | 9,191,281 |  |  | 9,453,041 |
Addition for tax positions related to the current year |  |  | — |  |  | 736,707 |  |  | 1,789,167 |
Addition for tax positions from prior years |  |  | 342,617 |  |  | — |  |  | — |
Reductions for tax positions from prior years/Statute of limitations expirations |  |  | (104,904 | ) |  | (474,947 | ) |  | — |
Ending balance |  |  | 9,191,281 |  |  | 9,453,041 |  |  | 11,242,208 |
Schedule of components of the deferred tax assets and liabilities |
|  | At December 31, 2011 |  | At December 31, 2012 |
--- | --- | --- | --- | --- | ---
|  | $ |  | $ |
Deferred tax assets: |  |  |  |  |  |  |
Accrued warranty costs |  |  | 11,591,771 |  |  | 9,208,666 |
Bad debt provision |  |  | 6,231,452 |  |  | 12,113,049 |
Issuance costs |  |  | 1,006,272 |  |  | 339,267 |
Inventory write-down |  |  | 4,434,180 |  |  | 6,649,004 |
Depreciation difference of property, plant and equipment |  |  | 10,826,169 |  |  | 17,920,711 |
Contingent liabilities |  |  | — |  |  | 4,508,086 |
Net operating losses carry-forward |  |  | 37,960,792 |  |  | 69,189,405 |
Others |  |  | 2,694,473 |  |  | 3,158,341 |
Total deferred tax assets |  |  | 74,745,109 |  |  | 123,086,529 |
Valuation allowance |  |  | (39,745,271 | ) |  | (54,140,359 | )
Total deferred tax assets, net of valuation allowance |  |  | 34,999,838 |  |  | 68,946,170 |
Analysis as: |  |  |  |  |  |  |
Current |  |  | 11,773,066 |  |  | 29,863,674 |
Non-current |  |  | 23,226,772 |  |  | 39,082,496 |
|  |  | 34,999,838 |  |  | 68,946,170 |
Deferred tax liabilities: |  |  |  |  |  |  |
Financial derivatives assets |  |  | 340,817 |  |  | 700,184 |
Acquisition of subsidiaries |  |  | 1,230,740 |  |  | — |
Depreciation difference of property, plant and equipment |  |  | — |  |  | 4,644,722 |
Basis difference relating to SkyPower acquisition |  |  | — |  |  | 62,572,569 |
Others |  |  | 591,555 |  |  | 709,052 |
Total deferred tax liabilities |  |  | 2,163,112 |  |  | 68,626,527 |
Analysis as: |  |  |  |  |  |  |
Current |  |  | 2,163,112 |  |  | 12,474,952 |
Non-current |  |  | — |  |  | 56,151,575 |
|  |  | 2,163,112 |  |  | 68,626,527 |
Schedule of reconciliation between the provision for income tax computed by applying Canadian federal and provincial statutory tax rates to income before income taxes and the actual provision and benefit for income taxes |
|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2010 |  | 2011 |  | 2012 |
Combined federal and provincial income tax rate |  |  | 31 | % |  | 28 | % |  | 27 | %
Expenses not deductible for tax purpose |  |  | 3 | % |  | (19 | )% |  | (1 | )%
Tax exemption and tax relief granted to the Company |  |  | (10 | )% |  | 25 | % |  | — |
Effect of different tax rate of subsidiary operations in other jurisdiction |  |  | (3 | )% |  | (3 | )% |  | (7 | )%
Unrecognized tax benefits |  |  | 1 | % |  | (1 | )% |  | (1 | )%
Valuation allowance |  |  | 2 | % |  | (51 | )% |  | (14 | )%
Exchange gain (loss) |  |  | 1 | % |  | (1 | )% |  | (1 | )%
|  |  | 25 | % |  | (22 | )% |  | 3 | %
Schedule of aggregate amount and per share effect of the tax holiday |
|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2010 |  | 2011 |  | 2012 |
|  | $ |  | $ |  | $ |
The aggregate dollar effect |  |  | 6,781,702 |  |  | 18,162,641 |  |  | — |
Per share effect—basic |  |  | 0.16 |  |  | 0.42 |  |  | — |
Per share effect—diluted |  |  | 0.16 |  |  | 0.42 |  |  | — |

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