Table 4-2
Total non-financial industries — Reconciliation of net profit to taxable income and taxes payable

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Reconciliation of net profit to taxable income and taxes payable


Table summary
This table displays the results of reconciliation of net profit to taxable income and taxes payable 2006,  2007, 2008, 2009 and  2010, calculated using millions of dollars units of measure (appearing as column headers).
  2006  2007 2008 2009  2010
  millions of dollars
Net profit 162,316 162,202 139,666 122,358 161,632
Plus: consolidation and conceptual
adjustments		 -2,250 -2,805 1,450 30,604 21,143
Plus: current taxes, including
mining		 39,998 40,387 40,003 30,851 35,759
Plus: deferred income taxes 1,372 1,005 1,312 -3,908 1,369
Less: profit of tax exempt corporations 21,448 19,572 18,588 21,261 16,680
Deductible dividends 47,013 46,330 72,159 90,430 100,927
Adjusted profit before taxes 132,975 134,887 91,686 68,214 102,297
Exemptions and deductions:  
Book capital gains and losses 25,067 26,582 14,942 10,615 12,517
Less: taxable capital gains 12,673 15,705 10,896 8,930 8,777
Net difference, capital gains
and losses		 12,394 10,877 4,046 1,685 3,740
Resource allowance 6,205 1,686 527 0 0
Less: royalties 3,946 1,450 364 192 -72
Net difference, resource allowance 2,260 236 163 -192 72
Earned depletion allowance 131 27 22 12 61
Other exemptions and deductions -12,142 -6,748 -3,200 -33,180 -10,754
Total, exemptions and deductions 2,643 4,393 1,032 -31,674 -6,881
Timing differences:  
Depreciation 69,868 70,669 77,181 76,493 74,860
Less: capital cost allowance 68,246 70,868 74,166 78,927 81,202
Net difference, depreciation 1,622 -199 3,015 -2,435 -6,342
Natural resources expenses, (books) 6,861 8,669 8,615 12,504 8,029
Less: natural resource expenses,
(tax)		 15,408 15,650 21,793 19,792 19,095
Net difference, natural resources
expenses		 -8,547 -6,981 -13,177 -7,289 -11,066
Charitable donations net difference,
(books minus tax)		 -21 -48 19 51 43
Other timing differences 36,339 36,077 94,492 79,009 87,384
Total, timing differences 29,393 28,849 84,348 69,336 70,019
Net taxable income 159,733 159,343 175,002 169,225 179,198
Less: prior year losses applied 20,530 17,259 17,021 17,063 18,168
Taxable income (tax base) 139,203 142,084 157,981 152,162 161,030
Taxes:  
Tax otherwise payable 54,179 55,118 60,607 56,955 59,815
Surtax 1,548 1,549 177 0 0
Less: Federal tax credits
and deductions:		  
Federal tax abatement 14,019 14,287 15,657 14,822 15,579
Small business deduction 5,707 6,704 7,599 7,598 8,136
Manufacturing and processing
profits deduction		 1,522 1,291 1,552 1,345 1,726
Investment tax credit 1,756 1,833 1,668 1,503 1,590
Other credits 4,664 5,100 7,498 7,591 8,447
Net part 1 tax payable 28,060 27,452 26,811 24,097 24,337
Other direct federal taxes 999 782 770 837 859
Federal tax payable 29,059 28,234 27,580 24,934 25,196
Provincial tax payable 13,934 13,559 15,262 15,884 16,054
Total taxes 42,993 41,793 42,842 40,818 41,250
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