Table 4-2
Total non-financial industries — Reconciliation of net profit to taxable income and taxes payable

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Total non-financial industries — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 162,202 139,666 122,358 161,872 199,832
Plus: consolidation and conceptual adjustments -2,805 1,450 30,604 17,528 -1,191
Plus: current taxes, including mining 40,387 40,003 30,851 33,377 37,947
Plus: deferred income taxes 1,005 1,312 -3,908 3,919 4,698
Less: profit of tax exempt corporations 19,572 18,588 21,261 16,399 16,754
Deductible dividends 46,330 72,159 90,430 84,800 73,582
Adjusted profit before taxes 134,887 91,686 68,214 115,497 150,950
Exemptions and deductions:  
Book capital gains and losses 26,582 14,942 10,615 15,320 19,912
Less: taxable capital gains 15,705 10,896 8,930 11,493 12,036
Net difference, capital gains and losses 10,877 4,046 1,685 3,827 7,876
Resource allowance 1,686 527 0 0 0
Less: royalties 1,450 364 192 -72 0
Net difference, resource allowance 236 163 -192 72 0
Earned depletion allowance 27 22 12 61 54
Other exemptions and deductions -6,748 -3,200 -33,180 1,489 -15,673
Total, exemptions and deductions 4,393 1,032 -31,674 5,448 -7,742
Timing differences:  
Depreciation 70,669 77,181 76,493 74,706 79,325
Less: capital cost allowance 70,868 74,166 78,927 79,831 76,742
Net difference, depreciation -199 3,015 -2,435 -5,125 2,583
Natural resources expenses, (books) 8,669 8,615 12,504 9,238 10,328
Less: natural resource expenses, (tax) 15,650 21,793 19,792 19,561 21,845
Net difference, natural resources expenses -6,981 -13,177 -7,289 -10,323 -11,517
Charitable donations net difference, (books minus tax) -48 19 51 32 90
Other timing differences 36,077 94,492 79,009 76,257 53,817
Total, timing differences 28,849 84,348 69,336 60,840 44,974
Net taxable income 159,343 175,002 169,225 170,890 203,666
Less: prior year losses applied 17,259 17,021 17,063 18,177 19,398
Taxable income (tax base) 142,084 157,981 152,162 152,713 184,268
Taxes:  
Tax otherwise payable 55,118 60,607 56,955 56,749 64,505
Surtax 1,549 177 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 14,287 15,657 14,822 14,772 16,777
Small business deduction 6,704 7,599 7,598 8,136 8,897
Manufacturing and processing profits deduction 1,291 1,552 1,345 1,717 2,337
Investment tax credit 1,833 1,668 1,503 1,563 1,719
Other credits 5,100 7,498 7,591 7,757 10,130
Net part 1 tax payable 27,452 26,811 24,097 22,804 24,645
Other direct federal taxes 782 770 837 856 1,030
Federal tax payable 28,234 27,580 24,934 23,660 25,676
Provincial tax payable 13,559 15,262 15,884 15,206 17,770
Total taxes 41,793 42,842 40,818 38,866 43,446
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