Table 3-2
Total finance and insurance industries — Reconciliation of net profit to taxable income and
taxes payable
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| 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|
| millions of dollars | |||||
| Net profit | 60,052 | 42,757 | 41,824 | 57,972 | 62,908 |
| Plus: consolidation and conceptual adjustments | -8,701 | 3,068 | 4,471 | 4,448 | -1,314 |
| Plus: current taxes, including mining | 10,074 | 5,354 | 7,453 | 11,803 | 12,441 |
| Plus: deferred income taxes | -181 | 169 | -9 | 82 | 586 |
| Less: profit of tax exempt corporations | 5,750 | 5,412 | 5,951 | 11,550 | 7,981 |
| Deductible dividends | 22,562 | 31,637 | 27,116 | 25,417 | 26,575 |
| Adjusted profit before taxes | 32,933 | 14,300 | 20,673 | 37,336 | 40,064 |
| Exemptions and deductions: | |||||
| Book capital gains and losses | 9,399 | 2,993 | 886 | 4,294 | 8,242 |
| Less: taxable capital gains | 4,679 | 3,219 | 2,520 | 2,725 | 3,252 |
| Net difference, capital gains and losses | 4,720 | -225 | -1,634 | 1,569 | 4,990 |
| Resource allowance | 1 | 0 | 0 | 0 | 0 |
| Less: royalties | 1 | 0 | 42 | 0 | 0 |
| Net difference, resource allowance | 0 | 0 | -42 | 0 | 0 |
| Earned depletion allowance | 0 | 0 | 0 | 0 | 0 |
| Other exemptions and deductions | 116 | 331 | -1,881 | -5,304 | -6,537 |
| Total, exemptions and deductions | 4,837 | 106 | -3,558 | -3,735 | -1,547 |
| Timing differences: | |||||
| Depreciation | 6,393 | 5,927 | 5,240 | 4,889 | 4,852 |
| Less: capital cost allowance | 10,786 | 10,590 | 9,997 | 9,400 | 8,952 |
| Net difference, depreciation | -4,393 | -4,663 | -4,757 | -4,510 | -4,100 |
| Natural resources expenses, (books) | 78 | 46 | 27 | 34 | 64 |
| Less: natural resource expenses, (tax) | 270 | 187 | 121 | 309 | 134 |
| Net difference, natural resources expenses | -192 | -141 | -94 | -275 | -70 |
| Charitable donations net difference, (books minus tax) | 74 | 140 | -165 | 64 | -14 |
| Other timing differences | 8,656 | 18,300 | 26,221 | 14,637 | 15,667 |
| Total, timing differences | 4,145 | 13,636 | 21,205 | 9,916 | 11,483 |
| Net taxable income | 32,241 | 27,830 | 45,436 | 50,987 | 53,095 |
| Less: prior year losses applied | 1,748 | 1,599 | 6,877 | 5,370 | 3,714 |
| Taxable income (tax base) | 30,493 | 26,231 | 38,558 | 45,618 | 49,381 |
| Taxes: | |||||
| Tax otherwise payable | 11,942 | 10,292 | 14,633 | 16,901 | 18,196 |
| Surtax | 344 | 32 | 0 | 0 | 0 |
| Less: Federal tax credits and deductions: | |||||
| Federal tax abatement | 2,865 | 2,523 | 3,397 | 3,924 | 4,286 |
| Small business deduction | 339 | 374 | 361 | 389 | 420 |
| Manufacturing and processing profits deduction | 4 | 16 | 5 | 12 | 20 |
| Investment tax credit | 25 | 12 | 38 | 34 | 40 |
| Other credits | 2,152 | 1,860 | 3,808 | 4,501 | 5,172 |
| Net part 1 tax payable | 6,901 | 5,540 | 7,025 | 8,041 | 8,258 |
| Other direct federal taxes | 1,093 | 1,240 | 1,412 | 1,429 | 1,662 |
| Federal tax payable | 7,994 | 6,780 | 8,438 | 9,470 | 9,920 |
| Provincial tax payable | 3,606 | 3,097 | 4,470 | 5,137 | 5,300 |
| Total taxes | 11,600 | 9,878 | 12,907 | 14,607 | 15,220 |
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