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Table 11-2
Food and soft drink manufacturing — Reconciliation of profit

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Reconciliation of profit
  2004  2005 2006 2007  2008
  millions of dollars
Reconciliation of profit to taxable income and taxes payable  
Net profit 2,959 2,411 2,892 3,271 3,952
Plus: consolidation and conceptual adjustments 528 380 369 -215 -654
Plus: current taxes, including mining 1,116 916 806 1,079 940
Plus: deferred income taxes 104 9 -57 -116 -105
Less: profit of tax exempt corporations 108 -2 0 -1 1
Deductible dividends 1,542 1,631 1,369 1,914 864
Adjusted profit before taxes 3,058 2,087 2,642 2,106 3,268
Exemptions and deductions:  
Book capital gains and losses -34 8 328 295 579
Less: taxable capital gains 59 44 129 194 121
Net difference, capital gains and losses -93 -35 199 101 458
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -107 17 -95 6 79
Total, exemptions and deductions -200 -18 104 107 537
Timing differences:  
Depreciation 1,870 1,970 1,906 1,799 1,892
Less: capital cost allowance 1,881 1,768 1,787 1,631 2,065
Net difference, depreciation -10 202 118 167 -173
Natural resources expenses, (books) 1 0 2 2 1
Less: natural resource expenses, (tax) 1 1 1 0 0
Net difference, natural resources expenses 0 0 1 1 1
Charitable donations net difference, (books minus tax) 5 4 3 6 3
Other timing differences -296 206 27 617 81
Total, timing differences -301 412 148 791 -87
Net taxable income 2,957 2,517 2,686 2,791 2,644
Plus: current year tax losses 470 461 645 652 797
Current year positive taxable income 3,427 2,978 3,331 3,443 3,442
Less: prior year losses applied 270 266 342 286 267
Taxable income (tax base) 3,157 2,713 2,989 3,157 3,175
Taxes:  
Tax otherwise payable 1,247 1,093 1,198 1,214 1,267
Surtax 37 32 35 35 4
Less: Federal tax credits and deductions:  
Federal tax abatement 327 285 312 317 330
Small business deduction 33 35 35 38 42
Manufacturing and processing profits deduction 152 123 127 118 159
Investment tax credit 31 31 26 26 29
Other credits 60 68 81 92 94
Net part 1 tax payable 680 583 653 658 617
Other direct federal taxes 42 23 11 10 14
Federal tax payable 722 606 664 668 632
Provincial tax payable 333 309 334 337 369
Total taxes 1,055 915 998 1,005 1,001
Date Modified: 2010-02-15

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