Table 10-2
Construction — Reconciliation of net profit to taxable income and taxes payable

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Construction — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 12,775 13,429 10,750 12,332 14,230
Plus: consolidation and conceptual adjustments -393 -211 -424 -254 -352
Plus: current taxes, including mining 3,298 3,535 3,167 3,182 3,301
Plus: deferred income taxes 130 82 -51 67 62
Less: profit of tax exempt corporations 58 72 57 69 99
Deductible dividends 2,100 2,457 1,756 1,687 2,098
Adjusted profit before taxes 13,651 14,306 11,629 13,570 15,043
Exemptions and deductions:  
Book capital gains and losses 1,727 1,192 731 823 1,625
Less: taxable capital gains 687 629 420 424 697
Net difference, capital gains and losses 1,039 564 311 398 928
Resource allowance 1 0 0 0 0
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance 0 0 0 0 0
Other exemptions and deductions -288 -514 -448 -271 -777
Total, exemptions and deductions 752 49 -136 127 151
Timing differences:  
Depreciation 4,072 4,518 4,836 4,962 5,186
Less: capital cost allowance 3,763 4,191 4,552 4,614 4,660
Net difference, depreciation 309 326 284 349 525
Natural resources expenses, (books) 10 7 6 5 7
Less: natural resource expenses, (tax) 14 15 21 19 28
Net difference, natural resources expenses -5 -8 -15 -14 -21
Charitable donations net difference, (books minus tax) -6 2 5 4 -4
Other timing differences 1,750 2,496 4,285 3,083 2,666
Total, timing differences 2,048 2,816 4,559 3,421 3,166
Net taxable income 14,947 17,072 16,325 16,865 18,058
Less: prior year losses applied 1,129 1,133 1,166 1,106 1,252
Taxable income (tax base) 13,818 15,939 15,159 15,759 16,807
Taxes:  
Tax otherwise payable 5,288 6,111 5,750 5,986 6,375
Surtax 145 25 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 1,376 1,592 1,502 1,564 1,661
Small business deduction 1,110 1,249 1,189 1,238 1,280
Manufacturing and processing profits deduction 5 7 8 6 7
Investment tax credit 47 60 64 58 56
Other credits 426 628 658 755 918
Net part 1 tax payable 2,469 2,601 2,328 2,365 2,453
Other direct federal taxes 53 79 87 68 92
Federal tax payable 2,522 2,681 2,415 2,434 2,545
Provincial tax payable 1,124 1,347 1,485 1,497 1,544
Total taxes 3,645 4,028 3,900 3,931 4,089
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