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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Schedule of components of provision for income taxes

		Years Ended December 31,
		2012			2013			2014
		$			$			$
Income (Loss) before Income Tax
Canada			2,616,980			41,700,153			248,666,430
Other			(203,205,487	)		11,503,569			72,650,567
​	​	​	​	​	​	​	​	​	​	​
			(200,588,507	)		53,203,722			321,316,997
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Current Tax
Canada			2,447,930			1,694,557			17,721,440
Other			13,249,752			9,989,086			29,017,566
​	​	​	​	​	​	​	​	​	​	​
			15,697,682			11,683,643			46,739,006
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Deferred Tax
Canada			1,713,862			11,493,561			40,894,769
Other			(22,844,954	)		(15,538,418	)		(10,202,862	)
​	​	​	​	​	​	​	​	​	​	​
			(21,131,092	)		(4,044,857	)		30,691,907
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Total Income Tax (Benefit) Expense
Canada			4,161,792			13,188,118			58,616,209
Other			(9,595,202	)		(5,549,332	)		18,814,704
​	​	​	​	​	​	​	​	​	​	​
			(5,433,410	)		7,638,786			77,430,913
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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.		25% for 2013 and onwards; 12.5% for 2012 (half reduction of 25%)
CSI Cells Co., Ltd.		25% for 2013 and onwards; 15% for 2012 resulting from its High and New Technology Enterprise ("HNTE") status
Canadian Solar Manufacturing (Luoyang) Inc.		25% for 2012 and onwards;
Canadian Solar Manufacturing (Changshu) Inc.		25% for 2013 and onwards; 12.5% for 2012 (half reduction of 25%)
CSI Solar Power (China) Inc.		25%
Suzhou Sanysolar Materials Technology Co., Ltd.		15% for 2015, 2014 and 2013 resulting from its HNTE status; 25% for 2012

Schedule of movement and balance of the Company's liability for uncertain tax positions

		Years Ended December 31,
		2012			2013			2014
		$			$			$
Beginning balance			9,453,041			11,242,208			13,000,601
Addition for tax positions related to the current year			1,789,167			1,806,512			402,548
Reductions for tax positions from prior years/Statute of limitations expirations			—			(48,119	)		(2,558,867	)
​	​	​	​	​	​	​	​	​	​	​
Ending balance			11,242,208			13,000,601			10,844,282
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of components of the deferred tax assets and liabilities

		At December 31, 2013			At December 31, 2014
		$			$
Deferred tax assets:
Accrued warranty costs			9,249,470			10,508,762
Bad debt allowance			13,418,947			9,318,321
Issuance costs			491,570			1,596,677
Inventory write-down			4,451,285			5,308,475
Depreciation difference of property, plant and equipment			23,431,856			26,148,567
Accrued liabilities related to countervailing and anti-dumping duty deposits			—			13,850,162
Deferred tax assets relating to sale of solar power plants			—			21,096,549
Net operating losses carry-forward			93,376,674			65,876,351
Others			4,858,010			6,947,306
​	​	​	​	​	​	​	​
Total deferred tax assets			149,277,812			160,651,170
Valuation allowance			(57,189,659	)		(52,984,988	)
​	​	​	​	​	​	​	​
Total deferred tax assets, net of valuation allowance			92,088,153			107,666,182
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Analysis as:
Current			29,137,910			40,810,322
Non-current			62,950,243			66,855,860
​	​	​	​	​	​	​	​
			92,088,153			107,666,182
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Deferred tax liabilities:
Foreign currency derivative assets			1,538,914			1,166,646
Depreciation difference of property, plant and equipment			5,598,193			5,264,152
Deferred profit of projects			15,236,918			70,359,704
Basis difference related to SkyPower acquisition			58,664,950			26,459,081
Others			922,772			1,806,298
​	​	​	​	​	​	​	​
Total deferred tax liabilities			81,961,747			105,055,881
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Analysis as:
Current			57,918,099			94,710,638
Non-current			24,043,648			10,345,243
​	​	​	​	​	​	​	​
			81,961,747			105,055,881
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of movement of the valuation allowance

		Years Ended December 31,
		2012			2013			2014
		$			$			$
Beginning balance			39,745,271			54,140,359			57,189,659
Additions (Reversals)			14,530,536			4,670,785			(4,411,223	)
Foreign exchange effect			(135,448	)		(1,621,485	)		206,552
​	​	​	​	​	​	​	​	​	​	​
Ending balance			54,140,359			57,189,659			52,984,988
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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,
		2012			2013			2014
Combined federal and provincial income tax rate			27	%		27	%		27	%
Expenses not deductible for tax purpose			(1	)%		—			—
Effect of different tax rate of subsidiary operations in other jurisdiction			(7	)%		1	%		(2	)%
Unrecognized tax benefits			(1	)%		5	%		—
Valuation allowance			(14	)%		5	%		(1	)%
Change of tax rates in subsequent years			—			(23	)%		—
Exchange gain (loss)			(1	)%		—			—
​	​	​	​	​	​	​	​	​	​	​
			3	%		15	%		24	%
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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Tabular disclosure of tax rates and related years to which the major operating subsidiaries in China are subject to.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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