Table 2-2
Total all industries — Reconciliation of net profit to taxable income and taxes payable

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.

Archived

This page has been archived on the Web.

PDF Symbols  Next table  Previous table

Total all industries — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 222,254 182,424 164,182 219,844 262,740
Plus: consolidation and conceptual adjustments -11,506 4,518 35,075 21,976 -2,506
Plus: current taxes, including mining 50,462 45,357 38,304 45,179 50,388
Plus: deferred income taxes 824 1,481 -3,917 4,001 5,283
Less: profit of tax exempt corporations 25,322 23,999 27,212 27,950 24,735
Deductible dividends 68,892 103,795 117,546 110,217 100,157
Adjusted profit before taxes 167,820 105,986 88,887 152,833 191,014
Exemptions and deductions:  
Book capital gains and losses 35,981 17,936 11,502 19,614 28,154
Less: taxable capital gains 20,384 14,115 11,450 14,218 15,288
Net difference, capital gains and losses 15,597 3,821 52 5,395 12,866
Resource allowance 1,686 527 0 0 0
Less: royalties 1,450 364 234 -72 0
Net difference, resource allowance 236 163 -234 72 0
Earned depletion allowance 27 23 12 61 54
Other exemptions and deductions -6,631 -2,869 -35,062 -3,815 -22,210
Total, exemptions and deductions 9,229 1,138 -35,232 1,713 -9,289
Timing differences:  
Depreciation 77,061 83,108 81,733 79,596 84,177
Less: capital cost allowance 81,654 84,756 88,925 89,230 85,694
Net difference, depreciation -4,592 -1,649 -7,192 -9,635 -1,517
Natural resources expenses, (books) 8,747 8,661 12,531 9,272 10,392
Less: natural resource expenses, (tax) 15,920 21,979 19,913 19,870 21,979
Net difference, natural resources expenses -7,173 -13,318 -7,382 -10,598 -11,587
Charitable donations net difference, (books minus tax) 26 159 -114 96 76
Other timing differences 44,734 112,792 105,229 90,894 69,485
Total, timing differences 32,994 97,984 90,541 70,756 56,458
Net taxable income 191,584 202,832 214,661 221,878 256,761
Less: prior year losses applied 19,007 18,620 23,940 23,547 23,112
Taxable income (tax base) 172,577 184,212 190,721 198,331 233,649
Taxes:  
Tax otherwise payable 67,060 70,899 71,589 73,650 82,701
Surtax 1,894 209 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 17,153 18,180 18,219 18,695 21,063
Small business deduction 7,043 7,972 7,959 8,525 9,317
Manufacturing and processing profits deduction 1,295 1,567 1,349 1,729 2,357
Investment tax credit 1,858 1,680 1,541 1,598 1,759
Other credits 7,252 9,358 11,398 12,257 15,301
Net part 1 tax payable 34,353 32,351 31,122 30,845 32,903
Other direct federal taxes 1,874 2,010 2,250 2,286 2,692
Federal tax payable 36,228 34,361 33,372 33,130 35,595
Provincial tax payable 17,165 18,359 20,353 20,343 23,071
Total taxes 53,393 52,720 53,725 53,473 58,666
Date modified: