Table 8-2
Mining and quarrying (except oil and gas) — Reconciliation of net profit to taxable income and taxes payable

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Mining and quarrying (except oil and gas) — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 6,779 4,605 5,150 7,285 6,540
Plus: consolidation and conceptual adjustments -1,182 -2,237 -2,444 711 2,886
Plus: current taxes, including mining 1,387 1,487 23 1,199 1,911
Plus: deferred income taxes -150 324 160 570 664
Less: profit of tax exempt corporations -3 8 -79 38 40
Deductible dividends 2,650 1,704 1,570 3,791 3,657
Adjusted profit before taxes 4,187 2,466 1,398 5,937 8,306
Exemptions and deductions:  
Book capital gains and losses 263 -179 983 1,222 799
Less: taxable capital gains 101 122 407 219 235
Net difference, capital gains and losses 162 -301 576 1,003 563
Resource allowance 104 8 0 0 0
Less: royalties -2 -77 -4 -71 0
Net difference, resource allowance 106 84 4 71 0
Earned depletion allowance 12 0 0 53 53
Other exemptions and deductions 141 226 94 -108 -182
Total, exemptions and deductions 421 9 674 1,019 435
Timing differences:  
Depreciation 1,518 2,200 2,288 2,539 2,510
Less: capital cost allowance 1,369 1,932 2,026 3,192 2,970
Net difference, depreciation 149 269 263 -653 -460
Natural resources expenses, (books) 676 928 603 595 779
Less: natural resource expenses, (tax) 609 790 937 1,459 1,871
Net difference, natural resources expenses 66 139 -334 -865 -1,092
Charitable donations net difference, (books minus tax) 3 17 7 10 9
Other timing differences -12 2,897 1,938 1,169 -1,484
Total, timing differences 206 3,321 1,874 -339 -3,026
Net taxable income 3,972 5,777 2,598 4,579 4,845
Less: prior year losses applied 338 393 789 588 322
Taxable income (tax base) 3,634 5,385 1,809 3,991 4,523
Taxes:  
Tax otherwise payable 1,471 2,048 684 1,517 1,719
Surtax 43 3 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 387 504 176 396 449
Small business deduction 9 11 10 10 10
Manufacturing and processing profits deduction 4 8 11 4 6
Investment tax credit 38 73 13 67 127
Other credits 223 548 153 396 501
Net part 1 tax payable 853 907 320 643 627
Other direct federal taxes 13 2 1 1 0
Federal tax payable 866 909 321 644 627
Provincial tax payable 478 636 220 497 535
Total taxes 1,344 1,545 541 1,142 1,163
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