Common menu bar links

Page content follows

Table 15-2
Paper manufacturing — Reconciliation of profit

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.

PDF | Symbols | Next

Reconciliation of profit
	2004	2005	2006	2007	2008
	millions of dollars
Reconciliation of profit to taxable income and taxes payable
Net profit	345	-1,297	1,051	-1,709	-1,495
Plus: consolidation and conceptual adjustments	76	209	-754	-674	-928
Plus: current taxes, including mining	284	261	211	301	-63
Plus: deferred income taxes	-246	-788	-119	36	-518
Less: profit of tax exempt corporations	0	0	0	0	0
Deductible dividends	535	1,100	305	183	169
Adjusted profit before taxes	-76	-2,715	83	-2,229	-3,173
Exemptions and deductions:
Book capital gains and losses	26	-171	307	-643	32
Less: taxable capital gains	68	475	411	100	142
Net difference, capital gains and losses	-41	-646	-103	-742	-110
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	-121	-231	-197	-63	-99
Total, exemptions and deductions	-163	-877	-300	-806	-209
Timing differences:
Depreciation	2,233	2,799	2,025	1,972	1,847
Less: capital cost allowance	1,623	1,285	1,028	1,598	985
Net difference, depreciation	611	1,513	997	374	862
Natural resources expenses, (books)	0	0	1	0	0
Less: natural resource expenses, (tax)	1	0	2	21	10
Net difference, natural resources expenses	0	0	-1	-21	-9
Charitable donations net difference, (books minus tax)	8	1	-8	-9	3
Other timing differences	-1,478	571	-709	1,277	2,122
Total, timing differences	-860	2,086	279	1,621	2,978
Net taxable income	-773	247	662	197	13
Plus: current year tax losses	2,040	776	630	932	896
Current year positive taxable income	1,268	1,023	1,292	1,130	909
Less: prior year losses applied	178	109	410	272	199
Taxable income (tax base)	1,089	914	882	858	710
Taxes:
Tax otherwise payable	493	374	347	337	280
Surtax	14	11	10	10	2
Less: Federal tax credits and deductions:
Federal tax abatement	130	98	91	88	74
Small business deduction	6	6	6	6	5
Manufacturing and processing profits deduction	70	45	40	39	32
Investment tax credit	57	42	18	28	13
Other credits	21	23	23	21	26
Net part 1 tax payable	223	171	178	165	132
Other direct federal taxes	47	35	2	2	3
Federal tax payable	271	206	181	167	135
Provincial tax payable	142	89	97	97	85
Total taxes	413	295	278	263	221

Common menu bar links

Table 15-2Paper manufacturing — Reconciliation of profit

Archived Content

Table 15-2
Paper manufacturing — Reconciliation of profit