Table 7-2
Oil and gas extraction and support activities — Reconciliation of net profit to taxable income and
taxes payable
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| 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|
| millions of dollars | |||||
| Net profit | 16,047 | 17,790 | 3,210 | 17,339 | 7,783 |
| Plus: consolidation and conceptual adjustments | -5,184 | -1,229 | 11,937 | 6,656 | 613 |
| Plus: current taxes, including mining | 2,830 | 5,106 | 4,623 | 1,698 | 2,833 |
| Plus: deferred income taxes | -1,526 | 248 | -4,441 | 706 | 22 |
| Less: profit of tax exempt corporations | 101 | 201 | 274 | 76 | 57 |
| Deductible dividends | 6,152 | 19,530 | 42,351 | 16,484 | 16,001 |
| Adjusted profit before taxes | 5,914 | 2,184 | -27,296 | 9,838 | -4,808 |
| Exemptions and deductions: | |||||
| Book capital gains and losses | 954 | 909 | 776 | 6,721 | 3,237 |
| Less: taxable capital gains | 1,370 | 907 | 1,607 | 3,600 | 2,374 |
| Net difference, capital gains and losses | -416 | 3 | -831 | 3,120 | 863 |
| Resource allowance | 1,385 | 519 | 0 | 0 | 0 |
| Less: royalties | 1,317 | 440 | 422 | -1 | 0 |
| Net difference, resource allowance | 68 | 79 | -422 | 1 | 0 |
| Earned depletion allowance | 8 | 14 | 12 | 7 | 1 |
| Other exemptions and deductions | -8,776 | -3,098 | -26,481 | -4,065 | -6,934 |
| Total, exemptions and deductions | -9,116 | -3,003 | -27,722 | -937 | -6,070 |
| Timing differences: | |||||
| Depreciation | 3,278 | 3,071 | 3,422 | 4,000 | 5,239 |
| Less: capital cost allowance | 7,204 | 6,441 | 6,891 | 7,640 | 8,150 |
| Net difference, depreciation | -3,926 | -3,370 | -3,469 | -3,641 | -2,911 |
| Natural resources expenses, (books) | 7,297 | 7,231 | 11,505 | 8,421 | 9,335 |
| Less: natural resource expenses, (tax) | 13,197 | 14,310 | 13,416 | 13,974 | 16,143 |
| Net difference, natural resources expenses | -5,901 | -7,079 | -1,911 | -5,554 | -6,807 |
| Charitable donations net difference, (books minus tax) | -3 | -17 | 21 | 40 | 61 |
| Other timing differences | 5,348 | 22,751 | 27,477 | 9,926 | 21,231 |
| Total, timing differences | -4,481 | 12,285 | 22,118 | 772 | 11,573 |
| Net taxable income | 10,549 | 17,472 | 22,544 | 11,546 | 12,836 |
| Less: prior year losses applied | 778 | 793 | 1,419 | 1,382 | 2,762 |
| Taxable income (tax base) | 9,772 | 16,679 | 21,125 | 10,165 | 10,074 |
| Taxes: | |||||
| Tax otherwise payable | 3,725 | 6,416 | 8,001 | 3,787 | 3,727 |
| Surtax | 108 | 12 | 0 | 0 | 0 |
| Less: Federal tax credits and deductions: | |||||
| Federal tax abatement | 966 | 1,644 | 2,075 | 974 | 949 |
| Small business deduction | 108 | 124 | 100 | 110 | 131 |
| Manufacturing and processing profits deduction | 13 | 5 | 10 | 37 | 37 |
| Investment tax credit | 118 | 110 | 99 | 74 | 128 |
| Other credits | 376 | 1,466 | 1,816 | 904 | 1,030 |
| Net part 1 tax payable | 2,252 | 3,080 | 3,901 | 1,688 | 1,452 |
| Other direct federal taxes | 55 | 21 | 27 | 22 | 24 |
| Federal tax payable | 2,307 | 3,101 | 3,928 | 1,710 | 1,476 |
| Provincial tax payable | 1,006 | 1,722 | 2,194 | 1,027 | 999 |
| Total taxes | 3,313 | 4,824 | 6,122 | 2,737 | 2,476 |
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