Table 17-2
Petroleum and coal products manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Petroleum and coal products manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 9,208 10,091 2,947 4,506 9,296
Plus: consolidation and conceptual adjustments 1,462 -724 2,270 243 -456
Plus: current taxes, including mining 2,232 1,683 1,183 651 776
Plus: deferred income taxes 368 824 -123 260 669
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 3,936 6,432 2,416 1,049 1,884
Adjusted profit before taxes 9,334 5,442 3,862 4,612 8,401
Exemptions and deductions:  
Book capital gains and losses 9 217 -45 -61 750
Less: taxable capital gains 28 160 150 76 383
Net difference, capital gains and losses -20 57 -195 -137 367
Resource allowance 181 0 0 0 0
Less: royalties 120 0 0 0 0
Net difference, resource allowance 61 0 0 0 0
Earned depletion allowance 8 3 0 0 0
Other exemptions and deductions 1,723 745 -2,277 1,916 4,164
Total, exemptions and deductions 1,772 805 -2,472 1,778 4,531
Timing differences:  
Depreciation 1,611 1,516 1,828 1,303 1,271
Less: capital cost allowance 1,576 1,393 1,765 2,531 972
Net difference, depreciation 36 123 62 -1,228 300
Natural resources expenses, (books) 268 240 53 10 26
Less: natural resource expenses, (tax) 1,281 1,685 1,580 1,490 1,712
Net difference, natural resources expenses -1,013 -1,445 -1,527 -1,480 -1,686
Charitable donations net difference, (books minus tax) -23 -8 -2 -11 3
Other timing differences 547 4,188 647 3,160 1,255
Total, timing differences -453 2,858 -820 441 -129
Net taxable income 7,109 7,495 5,514 3,274 3,742
Less: prior year losses applied 76 797 330 48 83
Taxable income (tax base) 7,033 6,698 5,183 3,226 3,659
Taxes:  
Tax otherwise payable 2,724 2,552 1,970 1,226 1,391
Surtax 80 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 712 669 516 321 364
Small business deduction 2 2 2 2 2
Manufacturing and processing profits deduction 117 161 78 101 131
Investment tax credit 139 66 34 20 23
Other credits 308 397 388 220 266
Net part 1 tax payable 1,527 1,257 953 563 604
Other direct federal taxes 0 1 1 0 3
Federal tax payable 1,527 1,258 954 563 607
Provincial tax payable 746 747 554 344 389
Total taxes 2,274 2,005 1,508 907 996
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