Common menu bar links

Page content follows

Table 49-2
Pipelines, warehousing and transportation support activities — 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	2,123	2,801	3,029	2,679	3,139
Plus: consolidation and conceptual adjustments	-493	336	226	2,652	-163
Plus: current taxes, including mining	556	695	664	819	402
Plus: deferred income taxes	61	8	-2	90	-29
Less: profit of tax exempt corporations	14	9	247	232	253
Deductible dividends	352	1,257	851	2,023	3,380
Adjusted profit before taxes	1,880	2,575	2,819	3,984	-284
Exemptions and deductions:
Book capital gains and losses	58	650	273	785	7
Less: taxable capital gains	96	284	104	266	113
Net difference, capital gains and losses	-38	366	169	519	-106
Resource allowance	14	18	5	0	0
Less: royalties	20	20	0	0	0
Net difference, resource allowance	-6	-2	5	0	0
Earned depletion allowance	0	0	0	0	0
Other exemptions and deductions	165	29	100	301	681
Total, exemptions and deductions	121	394	274	819	575
Timing differences:
Depreciation	1,774	1,793	1,982	2,286	2,440
Less: capital cost allowance	1,907	1,127	1,103	1,335	1,498
Net difference, depreciation	-133	666	879	951	941
Natural resources expenses, (books)	36	35	1	1	1
Less: natural resource expenses, (tax)	56	43	14	9	8
Net difference, natural resources expenses	-20	-9	-13	-8	-7
Charitable donations net difference, (books minus tax)	-1	1	1	-5	3
Other timing differences	-1,127	-960	-1,261	-1,541	1,427
Total, timing differences	-1,281	-303	-395	-604	2,364
Net taxable income	478	1,878	2,150	2,561	1,505
Plus: current year tax losses	1,288	456	334	507	725
Current year positive taxable income	1,766	2,334	2,484	3,068	2,230
Less: prior year losses applied	213	345	417	465	609
Taxable income (tax base)	1,553	1,989	2,067	2,603	1,621
Taxes:
Tax otherwise payable	576	736	794	997	862
Surtax	17	21	23	29	2
Less: Federal tax credits and deductions:
Federal tax abatement	151	193	207	261	226
Small business deduction	38	43	50	55	63
Manufacturing and processing profits deduction	8	11	26	18	23
Investment tax credit	1	2	3	6	5
Other credits	69	102	92	136	132
Net part 1 tax payable	325	406	438	550	414
Other direct federal taxes	32	30	12	15	14
Federal tax payable	356	436	450	565	428
Provincial tax payable	196	229	226	276	227
Total taxes	553	665	676	841	655

Common menu bar links

Table 49-2Pipelines, warehousing and transportation support activities — Reconciliation of profit

Archived Content

Table 49-2
Pipelines, warehousing and transportation support activities — Reconciliation of profit