Table 9-2
Utilities — 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 8,027 7,919 8,165 7,534 8,387
Plus: consolidation and conceptual
adjustments		 39 -743 -764 558 557
Plus: current taxes, including
mining		 502 521 477 542 345
Plus: deferred income taxes -28 -55 49 -47 -40
Less: profit of tax exempt corporations 6,842 6,016 6,064 6,595 5,206
Deductible dividends 1,657 845 827 825 2,589
Adjusted profit before taxes 42 780 1,035 1,167 1,455
Exemptions and deductions:  
Book capital gains and losses 63 -114 48 68 29
Less: taxable capital gains 31 233 69 26 50
Net difference, capital gains
and losses		 33 -347 -21 42 -21
Resource allowance 29 2 0 0 0
Less: royalties 4 1 0 0 0
Net difference, resource allowance 25 1 0 0 0
Earned depletion allowance Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period
Other exemptions and deductions -1,073 -5 -275 -205 842
Total, exemptions and deductions -1,015 -351 -296 -163 821
Timing differences:  
Depreciation 1,633 1,627 1,721 1,812 1,940
Less: capital cost allowance 1,509 1,535 1,600 1,934 2,063
Net difference, depreciation 125 92 121 -121 -123
Natural resources expenses, (books) 64 55 32 52 48
Less: natural resource expenses,
(tax)		 93 86 110 136 133
Net difference, natural resources
expenses		 -30 -31 -77 -85 -85
Charitable donations net difference,
(books minus tax)		 -4 4 -4 3 3
Other timing differences 485 430 388 1,135 1,782
Total, timing differences 576 494 428 932 1,577
Net taxable income 1,633 1,625 1,759 2,262 2,211
Less: prior year losses applied 266 334 148 112 334
Taxable income (tax base) 1,367 1,291 1,611 2,150 1,877
Taxes:  
Tax otherwise payable 504 520 548 664 478
Surtax 15 15 0 0 0
Less: Federal tax credits
and deductions:		  
Federal tax abatement 131 135 142 174 125
Small business deduction 4 6 4 5 5
Manufacturing and processing
profits deduction		 12 14 8 8 11
Investment tax credit 1 4 1 2 1
Other credits 80 81 117 148 113
Net part 1 tax payable 291 296 275 328 223
Other direct federal taxes 45 35 32 48 53
Federal tax payable 336 330 308 376 276
Provincial tax payable 192 191 186 262 210
Total taxes 528 522 493 638 486
.. not available for a specific reference period
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