Table 22-2
Plastics and rubber products 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 510 617 -124 458 852
Plus: consolidation and conceptual
adjustments		 6 31 341 72 -1
Plus: current taxes, including
mining		 462 385 271 156 293
Plus: deferred income taxes -170 -28 -24 10 -4
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 146 136 116 54 122
Adjusted profit before taxes 662 869 347 642 1,017
Exemptions and deductions:  
Book capital gains and losses 30 23 72 -19 44
Less: taxable capital gains 41 53 31 27 47
Net difference, capital gains
and losses		 -12 -31 41 -46 -3
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 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
Net difference, 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
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 -112 -63 -37 -68 -87
Total, exemptions and deductions -123 -93 4 -113 -91
Timing differences:  
Depreciation 1,072 1,103 1,084 888 816
Less: capital cost allowance 781 790 786 776 844
Net difference, depreciation 291 312 298 112 -29
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses,
(tax)		 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
Net difference, natural resources
expenses		 0 0 0 0 0
Charitable donations net difference,
(books minus tax)		 0 -5 0 -1 -1
Other timing differences 511 331 524 386 306
Total, timing differences 802 638 822 496 277
Net taxable income 1,588 1,601 1,165 1,252 1,384
Less: prior year losses applied 140 169 75 73 200
Taxable income (tax base) 1,448 1,431 1,090 1,179 1,184
Taxes:  
Tax otherwise payable 576 559 416 448 451
Surtax 17 16 1 0 0
Less: Federal tax credits
and deductions:		  
Federal tax abatement 151 146 109 118 118
Small business deduction 23 25 25 26 27
Manufacturing and processing
profits deduction		 61 59 47 63 70
Investment tax credit 33 43 23 27 21
Other credits 36 32 30 28 30
Net part 1 tax payable 289 270 184 188 185
Other direct federal taxes 3 4 3 2 2
Federal tax payable 292 274 187 190 187
Provincial tax payable 157 145 115 134 126
Total taxes 449 419 302 324 313
.. not available for a specific reference period
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