Table 40-2
Motor vehicle and parts dealers — 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 943 1,049 1,139 1,388 1,611
Plus: consolidation and conceptual
adjustments		 -102 -57 -84 -135 -68
Plus: current taxes, including
mining		 325 338 355 399 455
Plus: deferred income taxes -62 -35 -39 -34 -22
Less: profit of tax exempt corporations 0 1 0 0 0
Deductible dividends 31 52 55 78 59
Adjusted profit before taxes 1,073 1,243 1,316 1,541 1,918
Exemptions and deductions:  
Book capital gains and losses 199 220 166 129 165
Less: taxable capital gains 35 54 46 49 48
Net difference, capital gains
and losses		 164 166 120 80 117
Resource allowance 0 0 0 0 0
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 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 -58 -60 -65 -61 -66
Total, exemptions and deductions 106 107 55 20 52
Timing differences:  
Depreciation 866 832 877 799 803
Less: capital cost allowance 933 968 1,077 1,032 987
Net difference, depreciation -66 -136 -200 -233 -184
Natural resources expenses, (books) 1 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 0 0 0 0
Other timing differences 502 543 642 592 437
Total, timing differences 436 407 443 360 253
Net taxable income 1,403 1,543 1,703 1,881 2,120
Less: prior year losses applied 77 82 95 112 96
Taxable income (tax base) 1,326 1,461 1,607 1,769 2,024
Taxes:  
Tax otherwise payable 507 560 615 674 772
Surtax 14 16 2 0 0
Less: Federal tax credits
and deductions:		  
Federal tax abatement 133 146 161 177 202
Small business deduction 112 129 137 143 152
Manufacturing and processing
profits deduction		 0 0 0 0 0
Investment tax credit 2 4 4 4 4
Other credits 41 42 63 79 108
Net part 1 tax payable 233 254 252 271 306
Other direct federal taxes 2 3 3 5 4
Federal tax payable 236 257 255 276 310
Provincial tax payable 111 121 141 177 200
Total taxes 347 379 396 452 510
.. not available for a specific reference period
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