Table 12-2
Alcoholic beverage and tobacco manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Alcoholic beverage and tobacco manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 463 885 1,496 1,300 1,486
Plus: consolidation and conceptual adjustments 978 45 -171 19 -435
Plus: current taxes, including mining 407 313 404 379 248
Plus: deferred income taxes 20 -3 91 84 188
Less: profit of tax exempt corporations 0 0 432 330 352
Deductible dividends 1,108 13 7 18 1
Adjusted profit before taxes 759 1,228 1,381 1,434 1,134
Exemptions and deductions:  
Book capital gains and losses 100 50 13 110 0
Less: taxable capital gains 31 13 12 79 73
Net difference, capital gains and losses 69 37 1 32 -73
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -20 -17 -460 -357 -108
Total, exemptions and deductions 49 20 -458 -326 -181
Timing differences:  
Depreciation 301 249 263 264 152
Less: capital cost allowance 224 270 293 315 191
Net difference, depreciation 77 -21 -30 -51 -39
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) -1 3 -2 0 0
Other timing differences 101 -183 -457 -329 -3
Total, timing differences 177 -202 -488 -380 -42
Net taxable income 886 1,006 1,351 1,380 1,273
Less: prior year losses applied 16 12 149 141 13
Taxable income (tax base) 870 994 1,202 1,239 1,260
Taxes:  
Tax otherwise payable 333 379 457 471 479
Surtax 10 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 88 100 120 124 126
Small business deduction 2 2 2 3 3
Manufacturing and processing profits deduction 37 51 67 68 84
Investment tax credit 3 3 2 1 0
Other credits 24 32 40 47 52
Net part 1 tax payable 190 193 226 227 214
Other direct federal taxes 19 15 30 29 30
Federal tax payable 209 207 257 256 244
Provincial tax payable 96 116 151 147 142
Total taxes 305 323 407 403 386
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