Common menu bar links

Page content follows

Table 13-2
Clothing, textile and leather manufacturing — Reconciliation of profit

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.

PDF | Symbols | Next

Reconciliation of profit
	2004	2005	2006	2007	2008
	millions of dollars
Reconciliation of profit to taxable income and taxes payable
Net profit	208	133	117	33	95
Plus: consolidation and conceptual adjustments	-171	-77	-27	-43	20
Plus: current taxes, including mining	153	122	135	100	64
Plus: deferred income taxes	-43	-26	-21	1	-20
Less: profit of tax exempt corporations	0	0	-2	0	0
Deductible dividends	63	43	43	28	14
Adjusted profit before taxes	83	110	164	63	145
Exemptions and deductions:
Book capital gains and losses	-11	0	46	25	36
Less: taxable capital gains	27	11	10	18	14
Net difference, capital gains and losses	-38	-11	36	7	22
Resource allowance	..	..	..	..	..
Less: royalties	0	0	0	0	0
Net difference, resource allowance	0	0	0	0	0
Earned depletion allowance	..	..	..	..	..
Other exemptions and deductions	-38	-38	-8	-5	-23
Total, exemptions and deductions	-76	-49	28	2	-1
Timing differences:
Depreciation	372	327	304	259	208
Less: capital cost allowance	316	326	217	196	173
Net difference, depreciation	56	1	87	63	35
Natural resources expenses, (books)	1	0	0	0	0
Less: natural resource expenses, (tax)	0	0	0	0	0
Net difference, natural resources expenses	1	0	0	0	0
Charitable donations net difference, (books minus tax)	-14	-3	0	-1	0
Other timing differences	64	68	132	87	-35
Total, timing differences	107	66	219	149	0
Net taxable income	267	226	355	210	147
Plus: current year tax losses	406	416	259	290	285
Current year positive taxable income	673	643	615	500	432
Less: prior year losses applied	65	54	61	60	62
Taxable income (tax base)	608	589	553	440	370
Taxes:
Tax otherwise payable	232	225	212	168	142
Surtax	7	6	6	5	1
Less: Federal tax credits and deductions:
Federal tax abatement	59	59	55	44	37
Small business deduction	24	24	24	24	24
Manufacturing and processing profits deduction	18	14	9	6	7
Investment tax credit	9	10	10	10	7
Other credits	18	18	20	14	11
Net part 1 tax payable	110	107	100	74	56
Other direct federal taxes	2	2	1	1	1
Federal tax payable	112	108	101	75	57
Provincial tax payable	55	52	51	39	35
Total taxes	166	160	151	114	92

Common menu bar links

Table 13-2Clothing, textile and leather manufacturing — Reconciliation of profit

Archived Content

Table 13-2
Clothing, textile and leather manufacturing — Reconciliation of profit