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Table 61-2
Property and casualty insurance carriers — Reconciliation of profit

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Reconciliation of profit
  2004  2005 2006 2007  2008
  millions of dollars
Reconciliation of profit to taxable income and taxes payable  
Net profit 5,108 5,210 6,428 5,769 2,452
Plus: consolidation and conceptual adjustments -2,468 -1,029 -840 -1,853 -2,261
Plus: current taxes, including mining 1,245 1,627 1,709 1,400 506
Plus: deferred income taxes -137 -224 44 31 39
Less: profit of tax exempt corporations 951 397 851 708 3
Deductible dividends 423 316 327 694 730
Adjusted profit before taxes 2,374 4,870 6,163 3,944 2
Exemptions and deductions:  
Book capital gains and losses 382 737 746 701 94
Less: taxable capital gains 22 91 23 63 60
Net difference, capital gains and losses 359 646 723 637 34
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -643 -75 -229 -119 -106
Total, exemptions and deductions -283 572 493 518 -72
Timing differences:  
Depreciation 154 144 106 132 154
Less: capital cost allowance 118 168 113 132 163
Net difference, depreciation 36 -25 -7 0 -8
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) -1 -1 -1 -2 8
Other timing differences 1,101 336 -2,750 -120 973
Total, timing differences 1,136 310 -2,758 -123 973
Net taxable income 3,793 4,609 2,912 3,303 1,046
Plus: current year tax losses 0 52 498 54 1,068
Current year positive taxable income 3,793 4,660 3,409 3,357 2,114
Less: prior year losses applied 364 434 71 20 15
Taxable income (tax base) 3,429 4,226 3,338 3,337 2,098
Taxes:  
Tax otherwise payable 1,262 1,594 1,279 1,276 843
Surtax 35 44 37 38 0
Less: Federal tax credits and deductions:  
Federal tax abatement 330 404 331 332 219
Small business deduction 4 5 4 5 2
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 1 3 5 0 1
Other credits 230 280 240 236 187
Net part 1 tax payable 734 946 737 739 435
Other direct federal taxes 13 9 5 4 3
Federal tax payable 747 955 742 743 438
Provincial tax payable 322 453 400 400 274
Total taxes 1,069 1,408 1,142 1,143 712
Date Modified: 2010-02-15

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