Table 9-2
Utilities — Reconciliation of net profit to taxable income and taxes payable

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Utilities — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 7,919 8,165 7,534 8,210 9,075
Plus: consolidation and conceptual adjustments -743 -764 558 595 -2,180
Plus: current taxes, including mining 521 477 542 328 381
Plus: deferred income taxes -55 49 -47 -52 -9
Less: profit of tax exempt corporations 6,016 6,064 6,595 5,049 4,954
Deductible dividends 845 827 825 2,637 1,600
Adjusted profit before taxes 780 1,035 1,167 1,395 713
Exemptions and deductions:  
Book capital gains and losses -114 48 68 28 68
Less: taxable capital gains 233 69 26 50 45
Net difference, capital gains and losses -347 -21 42 -22 23
Resource allowance 2 0 0 0 0
Less: royalties 1 0 0 0 0
Net difference, resource allowance 1 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -5 -275 -205 626 -5,536
Total, exemptions and deductions -351 -296 -163 604 -5,512
Timing differences:  
Depreciation 1,627 1,721 1,812 1,782 3,931
Less: capital cost allowance 1,535 1,600 1,934 2,061 2,407
Net difference, depreciation 92 121 -121 -279 1,525
Natural resources expenses, (books) 55 32 52 54 78
Less: natural resource expenses, (tax) 86 110 136 136 166
Net difference, natural resources expenses -31 -77 -85 -82 -88
Charitable donations net difference, (books minus tax) 4 -4 3 3 2
Other timing differences 430 388 1,135 1,355 -52
Total, timing differences 494 428 932 996 1,387
Net taxable income 1,625 1,759 2,262 1,787 7,612
Less: prior year losses applied 334 148 112 310 221
Taxable income (tax base) 1,291 1,611 2,150 1,478 7,391
Taxes:  
Tax otherwise payable 520 548 664 467 530
Surtax 15 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 135 142 174 122 138
Small business deduction 6 4 5 5 5
Manufacturing and processing profits deduction 14 8 8 10 8
Investment tax credit 4 1 2 1 1
Other credits 81 117 148 111 148
Net part 1 tax payable 296 275 328 218 229
Other direct federal taxes 35 32 48 55 49
Federal tax payable 330 308 376 272 278
Provincial tax payable 191 186 262 170 856
Total taxes 522 493 638 443 1,134
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