Table 68-2
Arts, entertainment and recreation — 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 5,367 5,593 5,825 5,480 5,682
Plus: consolidation and conceptual
adjustments		 55 62 -2,198 -178 -287
Plus: current taxes, including
mining		 106 139 150 138 156
Plus: deferred income taxes 0 1 -72 -60 -32
Less: profit of tax exempt corporations 5,123 4,849 5,340 5,276 3,611
Deductible dividends 54 66 85 48 52
Adjusted profit before taxes 351 879 -1,720 56 1,856
Exemptions and deductions:  
Book capital gains and losses 176 294 161 86 -81
Less: taxable capital gains 76 117 69 67 135
Net difference, capital gains
and losses		 100 178 92 19 -216
Resource allowance 0 0 0 0 0
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 49 356 -1,738 193 1,660
Total, exemptions and deductions 150 533 -1,645 213 1,444
Timing differences:  
Depreciation 582 624 986 1,000 786
Less: capital cost allowance 458 495 518 521 589
Net difference, depreciation 123 129 467 478 197
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)		 -3 1 6 0 1
Other timing differences 440 328 487 725 480
Total, timing differences 561 458 961 1,204 678
Net taxable income 763 804 886 1,047 1,090
Less: prior year losses applied 192 184 212 188 128
Taxable income (tax base) 571 621 674 859 962
Taxes:  
Tax otherwise payable 223 250 260 266 299
Surtax 6 7 1 0 0
Less: Federal tax credits
and deductions:		  
Federal tax abatement 58 64 67 69 77
Small business deduction 52 58 62 62 64
Manufacturing and processing
profits deduction		 0 0 0 0 0
Investment tax credit 0 0 0 0 0
Other credits 16 19 22 30 39
Net part 1 tax payable 103 115 109 105 119
Other direct federal taxes 4 4 3 9 3
Federal tax payable 107 119 113 114 122
Provincial tax payable 50 54 59 90 92
Total taxes 157 173 171 203 215
.. not available for a specific reference period
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