Statistics Canada
Symbol of the Government of Canada

Table 14-2
Wood product manufacturing — Reconciliation of profit

Warning View the most recent version.

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.

Reconciliation of profit
  2004  2005 2006 2007  2008
  millions of dollars
Reconciliation of profit to taxable income and taxes payable  
Net profit 3,330 1,996 2,077 -207 -656
Plus: consolidation and conceptual adjustments -213 -592 639 -79 -691
Plus: current taxes, including mining 931 730 790 -131 -271
Plus: deferred income taxes 7 -215 -38 -322 -138
Less: profit of tax exempt corporations -2 -5 1 0 0
Deductible dividends 446 1,128 1,397 323 888
Adjusted profit before taxes 3,612 795 2,071 -1,062 -2,643
Exemptions and deductions:  
Book capital gains and losses -98 171 308 -190 833
Less: taxable capital gains 40 137 326 98 173
Net difference, capital gains and losses -138 34 -18 -288 661
Resource allowance 0 0 0 0 0
Less: royalties .. .. .. .. ..
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -90 -86 -22 -110 -67
Total, exemptions and deductions -229 -52 -40 -399 594
Timing differences:  
Depreciation 1,536 2,287 1,740 1,562 1,802
Less: capital cost allowance 1,503 1,430 1,171 1,385 1,451
Net difference, depreciation 33 857 569 177 351
Natural resources expenses, (books) 20 27 1 3 4
Less: natural resource expenses, (tax) 1 1 1 1 0
Net difference, natural resources expenses 19 25 1 2 4
Charitable donations net difference, (books minus tax) 0 -9 -10 1 4
Other timing differences -1,883 80 -284 51 1,307
Total, timing differences -1,830 953 276 231 1,666
Net taxable income 2,010 1,801 2,387 -432 -1,572
Plus: current year tax losses 663 748 749 1,889 2,218
Current year positive taxable income 2,673 2,549 3,136 1,457 646
Less: prior year losses applied 187 877 637 354 111
Taxable income (tax base) 2,486 1,671 2,499 1,103 535
Taxes:  
Tax otherwise payable 1,026 666 974 449 261
Surtax 29 19 26 12 1
Less: Federal tax credits and deductions:  
Federal tax abatement 269 175 255 117 68
Small business deduction 30 32 33 36 33
Manufacturing and processing profits deduction 152 61 78 12 8
Investment tax credit 15 45 20 7 5
Other credits 60 66 139 65 33
Net part 1 tax payable 528 305 475 224 115
Other direct federal taxes 33 32 19 7 10
Federal tax payable 561 337 494 231 125
Provincial tax payable 290 184 256 115 66
Total taxes 851 522 750 347 191