Table 23-2
Non-metallic mineral product manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Non-metallic mineral product manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,472 1,180 1,025 1,287 1,462
Plus: consolidation and conceptual adjustments -106 -63 67 -64 -317
Plus: current taxes, including mining 595 480 251 297 291
Plus: deferred income taxes 4 -12 -4 43 7
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 62 234 117 218 165
Adjusted profit before taxes 1,903 1,350 1,221 1,345 1,279
Exemptions and deductions:  
Book capital gains and losses 94 84 90 31 87
Less: taxable capital gains 31 15 36 34 40
Net difference, capital gains and losses 62 69 54 -3 47
Resource allowance 0 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 -18 -21 -37 -10 -42
Total, exemptions and deductions 45 48 17 -14 6
Timing differences:  
Depreciation 651 678 742 740 687
Less: capital cost allowance 682 738 790 781 634
Net difference, depreciation -30 -61 -48 -41 53
Natural resources expenses, (books) 5 3 1 1 1
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 5 3 1 0 1
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 128 349 107 83 72
Total, timing differences 103 292 60 42 126
Net taxable income 1,961 1,595 1,265 1,400 1,399
Less: prior year losses applied 104 62 83 53 38
Taxable income (tax base) 1,857 1,532 1,182 1,347 1,361
Taxes:  
Tax otherwise payable 711 583 451 512 518
Surtax 21 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 187 153 118 135 136
Small business deduction 21 21 21 21 20
Manufacturing and processing profits deduction 43 64 53 70 77
Investment tax credit 15 14 13 15 17
Other credits 79 53 40 50 63
Net part 1 tax payable 387 278 205 221 205
Other direct federal taxes 1 7 1 1 1
Federal tax payable 389 285 206 221 206
Provincial tax payable 198 163 135 146 140
Total taxes 587 449 341 367 346
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