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Table 7-2
Oil and gas extraction and support activities — Reconciliation of profit
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| 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|
| millions of dollars | |||||
| Reconciliation of profit to taxable income and taxes payable | |||||
| Net profit | 13,949 | 19,502 | 25,021 | 16,047 | 19,220 |
| Plus: consolidation and conceptual adjustments | 2,969 | -144 | -4,061 | -5,184 | 7,054 |
| Plus: current taxes, including mining | 3,091 | 3,717 | 5,024 | 2,830 | 3,508 |
| Plus: deferred income taxes | 2,615 | 2,325 | -58 | -1,526 | 570 |
| Less: profit of tax exempt corporations | 53 | 153 | 280 | 101 | 201 |
| Deductible dividends | 6,243 | 6,932 | 5,708 | 6,152 | 19,361 |
| Adjusted profit before taxes | 16,328 | 18,314 | 19,939 | 5,914 | 10,790 |
| Exemptions and deductions: | |||||
| Book capital gains and losses | 1,199 | 165 | 1,622 | 954 | 706 |
| Less: taxable capital gains | 988 | 885 | 1,987 | 1,370 | 1,267 |
| Net difference, capital gains and losses | 211 | -720 | -365 | -416 | -561 |
| Resource allowance | 6,394 | 5,075 | 4,649 | 1,385 | 974 |
| Less: royalties | 4,011 | 4,406 | 3,466 | 1,317 | 1,009 |
| Net difference, resource allowance | 2,383 | 669 | 1,183 | 68 | -35 |
| Earned depletion allowance | 26 | 67 | 54 | 8 | 14 |
| Other exemptions and deductions | -6,309 | -1,263 | -7,135 | -8,776 | -2,935 |
| Total, exemptions and deductions | -3,689 | -1,246 | -6,263 | -9,116 | -3,517 |
| Timing differences: | |||||
| Depreciation | 1,863 | 1,628 | 2,360 | 3,278 | 3,011 |
| Less: capital cost allowance | 5,143 | 5,422 | 6,080 | 7,204 | 7,052 |
| Net difference, depreciation | -3,280 | -3,794 | -3,720 | -3,926 | -4,041 |
| Natural resources expenses, (books) | 4,442 | 5,037 | 5,681 | 7,297 | 7,285 |
| Less: natural resource expenses, (tax) | 11,089 | 10,267 | 12,688 | 13,197 | 13,728 |
| Net difference, natural resources expenses | -6,647 | -5,230 | -7,007 | -5,901 | -6,443 |
| Charitable donations net difference, (books minus tax) | -14 | 1 | 5 | -3 | 6 |
| Other timing differences | -866 | -861 | -2,131 | -254 | 4,396 |
| Total, timing differences | -10,807 | -9,883 | -12,853 | -10,084 | -6,082 |
| Net taxable income | 9,210 | 9,678 | 13,348 | 4,947 | 8,225 |
| Plus: current year tax losses | 1,753 | 1,933 | 2,552 | 5,603 | 5,837 |
| Current year positive taxable income | 10,963 | 11,611 | 15,901 | 10,549 | 14,062 |
| Less: prior year losses applied | 2,250 | 1,101 | 2,026 | 778 | 753 |
| Taxable income (tax base) | 8,713 | 10,510 | 13,875 | 9,772 | 13,309 |
| Taxes: | |||||
| Tax otherwise payable | 3,594 | 4,091 | 5,454 | 3,725 | 5,175 |
| Surtax | 105 | 120 | 160 | 108 | 13 |
| Less: Federal tax credits and deductions: | |||||
| Federal tax abatement | 900 | 981 | 1,392 | 966 | 1,315 |
| Small business deduction | 65 | 83 | 105 | 108 | 124 |
| Manufacturing and processing profits deduction | 45 | 40 | 34 | 13 | 5 |
| Investment tax credit | 97 | 82 | 142 | 118 | 109 |
| Other credits | 303 | 574 | 423 | 376 | 986 |
| Net part 1 tax payable | 2,290 | 2,450 | 3,518 | 2,252 | 2,650 |
| Other direct federal taxes | 214 | 194 | 123 | 55 | 48 |
| Federal tax payable | 2,504 | 2,644 | 3,641 | 2,307 | 2,698 |
| Provincial tax payable | 1,034 | 1,167 | 1,543 | 1,006 | 1,398 |
| Total taxes | 3,538 | 3,811 | 5,184 | 3,313 | 4,096 |
