Table 6-2
Forestry, logging and support activities — Reconciliation of net profit to taxable income and taxes payable

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Forestry, logging and support activities — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 206 319 12 201 317
Plus: consolidation and conceptual adjustments 138 103 -51 -18 -36
Plus: current taxes, including mining 73 46 36 49 70
Plus: deferred income taxes -4 -16 -11 10 0
Less: profit of tax exempt corporations 1 -7 -4 -2 -5
Deductible dividends 141 42 41 36 36
Adjusted profit before taxes 270 417 -51 208 319
Exemptions and deductions:  
Book capital gains and losses 86 37 26 54 99
Less: taxable capital gains 33 47 27 26 35
Net difference, capital gains and losses 52 -10 -1 28 64
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 66 -33 -14 10 -29
Total, exemptions and deductions 119 -42 -15 38 35
Timing differences:  
Depreciation 709 657 562 516 510
Less: capital cost allowance 637 589 484 451 430
Net difference, depreciation 73 68 78 66 80
Natural resources expenses, (books) 6 3 3 3 3
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 5 3 3 3 3
Charitable donations net difference, (books minus tax) 1 0 0 0 -6
Other timing differences 268 -115 311 193 160
Total, timing differences 347 -44 393 260 237
Net taxable income 499 415 357 430 521
Less: prior year losses applied 67 58 55 73 68
Taxable income (tax base) 432 357 302 356 453
Taxes:  
Tax otherwise payable 164 136 113 134 171
Surtax 4 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 43 35 29 35 45
Small business deduction 48 46 39 47 56
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 3 2 2 2 2
Other credits 11 6 6 7 13
Net part 1 tax payable 63 47 37 43 55
Other direct federal taxes 2 3 2 2 2
Federal tax payable 64 50 39 45 57
Provincial tax payable 29 23 24 26 33
Total taxes 93 73 63 71 89
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