Table 5-2
Agriculture, fishing, hunting, trapping and support activities — Reconciliation of net profit to taxable income and taxes payable

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Agriculture, fishing, hunting, trapping and support activities — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 3,570 4,794 3,020 4,602 6,128
Plus: consolidation and conceptual adjustments 38 -12 -20 -38 94
Plus: current taxes, including mining 520 578 567 559 683
Plus: deferred income taxes 71 49 -38 49 75
Less: profit of tax exempt corporations 0 4 -51 -3 3
Deductible dividends 212 258 323 331 401
Adjusted profit before taxes 3,986 5,147 3,256 4,845 6,576
Exemptions and deductions:  
Book capital gains and losses 1,477 1,465 1,375 1,398 1,514
Less: taxable capital gains 425 420 312 348 376
Net difference, capital gains and losses 1,052 1,046 1,063 1,050 1,138
Resource allowance 0 0 0 0 0
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -69 -35 -39 -47 -80
Total, exemptions and deductions 983 1,011 1,024 1,003 1,058
Timing differences:  
Depreciation 2,504 2,655 2,840 3,001 3,305
Less: capital cost allowance 2,366 2,507 2,771 2,938 3,261
Net difference, depreciation 137 148 69 63 44
Natural resources expenses, (books) 1 1 0 0 0
Less: natural resource expenses, (tax) 3 3 2 1 2
Net difference, natural resources expenses -2 -2 -1 -1 -2
Charitable donations net difference, (books minus tax) 2 -4 -25 -5 -3
Other timing differences -8 -513 1,584 -20 -812
Total, timing differences 128 -370 1,627 37 -772
Net taxable income 3,132 3,766 3,860 3,878 4,746
Less: prior year losses applied 362 419 400 418 448
Taxable income (tax base) 2,770 3,347 3,460 3,461 4,299
Taxes:  
Tax otherwise payable 1,073 1,296 1,325 1,328 1,648
Surtax 29 5 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 277 335 344 345 428
Small business deduction 333 435 458 453 568
Manufacturing and processing profits deduction 3 4 5 4 5
Investment tax credit 22 17 19 18 23
Other credits 24 28 39 47 67
Net part 1 tax payable 443 483 460 461 556
Other direct federal taxes 18 22 30 36 34
Federal tax payable 461 505 491 497 591
Provincial tax payable 178 198 268 258 301
Total taxes 639 704 759 755 892
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