Table 13-2
Clothing, textile and leather manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Clothing, textile and leather manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 33 76 92 83 206
Plus: consolidation and conceptual adjustments -43 18 -21 25 -19
Plus: current taxes, including mining 100 64 54 57 49
Plus: deferred income taxes 1 -19 -1 -13 -6
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 28 18 25 26 31
Adjusted profit before taxes 63 121 99 127 199
Exemptions and deductions:  
Book capital gains and losses 25 36 15 5 31
Less: taxable capital gains 18 14 7 7 8
Net difference, capital gains and losses 7 22 9 -2 23
Resource allowance .. .. .. .. ..
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -5 -23 -18 -16 -22
Total, exemptions and deductions 2 -1 -9 -18 1
Timing differences:  
Depreciation 259 208 171 139 124
Less: capital cost allowance 196 201 146 160 119
Net difference, depreciation 63 7 25 -21 5
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) -1 0 0 0 0
Other timing differences 377 301 249 191 120
Total, timing differences 439 309 274 171 125
Net taxable income 500 431 382 315 323
Less: prior year losses applied 60 57 80 56 49
Taxable income (tax base) 440 374 301 259 274
Taxes:  
Tax otherwise payable 168 143 115 99 104
Surtax 5 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 44 37 30 26 27
Small business deduction 24 24 22 21 21
Manufacturing and processing profits deduction 6 7 8 7 8
Investment tax credit 10 7 7 6 5
Other credits 14 11 8 6 8
Net part 1 tax payable 74 57 40 34 35
Other direct federal taxes 1 1 2 2 1
Federal tax payable 75 57 41 35 36
Provincial tax payable 39 35 32 26 26
Total taxes 114 92 74 61 62
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