Table 65-2
Professional, scientific and technical services — 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 5,911 6,275 5,887 5,772 -13,106
Plus: consolidation and conceptual
adjustments		 -284 -65 24 178 -6,947
Plus: current taxes, including
mining		 2,112 3,649 4,060 2,217 2,908
Plus: deferred income taxes -33 43 -177 -104 76
Less: profit of tax exempt corporations 51 -196 -316 -5 17
Deductible dividends 1,100 2,038 2,621 1,992 3,953
Adjusted profit before taxes 6,555 8,060 7,489 6,075 -21,039
Exemptions and deductions:  
Book capital gains and losses 1,672 1,594 1,312 413 596
Less: taxable capital gains 985 1,155 862 576 512
Net difference, capital gains
and losses		 687 439 450 -163 84
Resource allowance 13 6 0 0 0
Less: royalties 10 7 0 0 0
Net difference, resource allowance 3 -1 0 0 0
Earned depletion allowance 0 0 0 0 0
Other exemptions and deductions -357 -390 -594 -623 -539
Total, exemptions and deductions 332 48 -143 -785 -456
Timing differences:  
Depreciation 2,673 2,667 2,823 2,892 3,264
Less: capital cost allowance 2,113 2,330 2,507 2,732 3,616
Net difference, depreciation 560 337 316 160 -352
Natural resources expenses, (books) 86 126 29 41 18
Less: natural resource expenses,
(tax)		 73 49 54 70 72
Net difference, natural resources
expenses		 12 77 -25 -29 -53
Charitable donations net difference,
(books minus tax)		 -2 -4 5 0 6
Other timing differences 4,768 5,431 6,818 7,620 37,344
Total, timing differences 5,338 5,840 7,114 7,751 36,944
Net taxable income 11,559 13,852 14,746 14,612 16,362
Less: prior year losses applied 1,241 1,397 1,182 1,612 1,231
Taxable income (tax base) 10,319 12,455 13,564 12,999 15,131
Taxes:  
Tax otherwise payable 3,970 4,773 5,198 4,922 5,727
Surtax 111 131 18 0 0
Less: Federal tax credits
and deductions:		  
Federal tax abatement 1,032 1,239 1,352 1,281 1,494
Small business deduction 931 1,112 1,277 1,255 1,374
Manufacturing and processing
profits deduction		 10 9 8 12 16
Investment tax credit 218 264 213 200 296
Other credits 282 340 455 472 654
Net part 1 tax payable 1,607 1,940 1,912 1,702 1,893
Other direct federal taxes 73 110 111 90 90
Federal tax payable 1,680 2,050 2,023 1,792 1,983
Provincial tax payable 817 960 1,085 1,212 1,370
Total taxes 2,497 3,009 3,108 3,004 3,353
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