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Table 53-2
Banking and other depository credit intermediation — 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 14,974 14,293 15,717 18,017 13,755
Plus: consolidation and conceptual adjustments 4,646 1,230 3,902 -1,396 1,968
Plus: current taxes, including mining 3,961 3,774 3,481 2,957 354
Plus: deferred income taxes 121 2 61 23 -607
Less: profit of tax exempt corporations 4,733 3,722 3,821 3,820 3,676
Deductible dividends 7,398 6,683 11,047 9,240 17,068
Adjusted profit before taxes 11,572 8,894 8,294 6,540 -5,274
Exemptions and deductions:  
Book capital gains and losses 311 417 61 255 330
Less: taxable capital gains 249 108 88 628 186
Net difference, capital gains and losses 62 310 -27 -373 144
Resource allowance 0 0 0 0 0
Less: royalties .. .. .. .. ..
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -72 -139 -240 -28 -46
Total, exemptions and deductions -10 170 -266 -401 98
Timing differences:  
Depreciation 1,427 2,142 1,168 1,089 1,105
Less: capital cost allowance 1,522 1,827 1,875 2,072 2,196
Net difference, depreciation -95 315 -708 -982 -1,091
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 2 0 0 0 0
Net difference, natural resources expenses -2 0 0 0 0
Charitable donations net difference, (books minus tax) 0 20 -20 -19 127
Other timing differences 3,651 252 5,068 4,491 12,704
Total, timing differences 3,554 588 4,341 3,490 11,741
Net taxable income 15,136 9,312 12,901 10,431 6,358
Plus: current year tax losses 27 1,567 47 13 11
Current year positive taxable income 15,164 10,879 12,947 10,444 6,370
Less: prior year losses applied 223 136 198 383 127
Taxable income (tax base) 14,940 10,743 12,749 10,061 6,243
Taxes:  
Tax otherwise payable 5,764 4,412 4,946 3,794 2,392
Surtax 170 130 146 112 11
Less: Federal tax credits and deductions:  
Federal tax abatement 1,324 1,057 1,208 951 625
Small business deduction 0 0 0 0 0
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 0 2 23 13 2
Other credits 1,301 1,188 1,268 1,001 531
Net part 1 tax payable 3,309 2,294 2,593 1,941 1,245
Other direct federal taxes 186 203 145 242 264
Federal tax payable 3,495 2,498 2,738 2,183 1,509
Provincial tax payable 1,714 1,350 1,523 1,193 797
Total taxes 5,209 3,847 4,260 3,376 2,306
Date Modified: 2010-02-15

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