Table 13-2
Clothing, textile and leather manufacturing — 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 117 33 76 92 91
Plus: consolidation and conceptual
adjustments		 -27 -43 18 -21 17
Plus: current taxes, including
mining		 135 100 64 54 58
Plus: deferred income taxes -21 1 -19 -1 -13
Less: profit of tax exempt corporations -2 0 0 0 0
Deductible dividends 43 28 18 25 26
Adjusted profit before taxes 164 63 121 99 127
Exemptions and deductions:  
Book capital gains and losses 46 25 36 15 6
Less: taxable capital gains 10 18 14 7 7
Net difference, capital gains
and losses		 36 7 22 9 -1
Resource 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
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 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 -8 -5 -23 -18 -16
Total, exemptions and deductions 28 2 -1 -9 -18
Timing differences:  
Depreciation 304 259 208 171 139
Less: capital cost allowance 217 196 201 146 160
Net difference, depreciation 87 63 7 25 -21
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses,
(tax)		 0 0 0 0 0
Net difference, natural resources
expenses		 0 0 0 0 0
Charitable donations net difference,
(books minus tax)		 0 -1 0 0 0
Other timing differences 392 377 301 249 193
Total, timing differences 479 439 309 274 173
Net taxable income 615 500 431 382 318
Less: prior year losses applied 61 60 57 80 56
Taxable income (tax base) 553 440 374 301 262
Taxes:  
Tax otherwise payable 212 168 143 115 100
Surtax 6 5 1 0 0
Less: Federal tax credits
and deductions:		  
Federal tax abatement 55 44 37 30 26
Small business deduction 24 24 24 22 21
Manufacturing and processing
profits deduction		 9 6 7 8 7
Investment tax credit 10 10 7 7 6
Other credits 20 14 11 8 6
Net part 1 tax payable 100 74 57 40 34
Other direct federal taxes 1 1 1 2 2
Federal tax payable 101 75 57 41 36
Provincial tax payable 51 39 35 32 26
Total taxes 151 114 92 74 62
.. not available for a specific reference period
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