Common menu bar links

Page content follows

Table 33-2
Food, beverage, tobacco and farm product wholesaler-distributors — 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	737	993	1,394	1,725	1,413
Plus: consolidation and conceptual adjustments	915	-42	9	205	94
Plus: current taxes, including mining	412	373	593	550	829
Plus: deferred income taxes	-38	14	-7	37	23
Less: profit of tax exempt corporations	-212	1	1	9	-8
Deductible dividends	1,038	189	558	474	407
Adjusted profit before taxes	1,199	1,147	1,431	2,034	1,960
Exemptions and deductions:
Book capital gains and losses	56	35	71	362	73
Less: taxable capital gains	23	21	50	57	33
Net difference, capital gains and losses	33	15	21	305	40
Resource allowance	..	..	..	..	..
Less: royalties	..	..	..	..	..
Net difference, resource allowance	..	..	..	..	..
Earned depletion allowance	..	..	..	..	..
Other exemptions and deductions	-15	-28	-93	34	-40
Total, exemptions and deductions	18	-13	-72	339	0
Timing differences:
Depreciation	577	563	674	618	674
Less: capital cost allowance	551	493	627	577	643
Net difference, depreciation	26	70	47	41	31
Natural resources expenses, (books)	0	0	0	0	0
Less: natural resource expenses, (tax)	0	0	0	1	1
Net difference, natural resources expenses	0	0	0	-1	-1
Charitable donations net difference, (books minus tax)	2	-1	0	0	0
Other timing differences	-146	-124	37	20	600
Total, timing differences	-119	-55	84	59	630
Net taxable income	1,063	1,105	1,588	1,754	2,590
Plus: current year tax losses	333	237	233	301	277
Current year positive taxable income	1,396	1,342	1,821	2,055	2,867
Less: prior year losses applied	93	82	90	119	120
Taxable income (tax base)	1,303	1,261	1,731	1,936	2,746
Taxes:
Tax otherwise payable	505	490	665	740	1,046
Surtax	15	14	19	21	3
Less: Federal tax credits and deductions:
Federal tax abatement	132	129	174	194	274
Small business deduction	47	50	54	60	68
Manufacturing and processing profits deduction	7	7	14	8	12
Investment tax credit	3	5	3	5	3
Other credits	61	62	89	107	190
Net part 1 tax payable	270	253	349	386	502
Other direct federal taxes	9	9	17	3	3
Federal tax payable	279	261	367	389	505
Provincial tax payable	125	128	176	195	306
Total taxes	404	389	542	584	810

Common menu bar links

Table 33-2Food, beverage, tobacco and farm product wholesaler-distributors — Reconciliation of profit

Archived Content

Table 33-2
Food, beverage, tobacco and farm product wholesaler-distributors — Reconciliation of profit