Table 14-2
Wood product manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Wood product manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit -207 -657 -430 761 198
Plus: consolidation and conceptual adjustments -79 -690 -688 -623 -56
Plus: current taxes, including mining -131 -271 -142 182 58
Plus: deferred income taxes -322 -138 -113 -69 -62
Less: profit of tax exempt corporations 0 0 0 1 -1
Deductible dividends 323 888 421 240 120
Adjusted profit before taxes -1,062 -2,643 -1,794 10 18
Exemptions and deductions:  
Book capital gains and losses -190 833 -13 -228 290
Less: taxable capital gains 98 173 153 76 100
Net difference, capital gains and losses -288 661 -166 -304 190
Resource allowance 0 0 0 0 0
Less: royalties .. .. .. .. ..
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -110 -67 -164 -107 -67
Total, exemptions and deductions -399 594 -330 -411 123
Timing differences:  
Depreciation 1,562 1,802 1,203 1,097 1,042
Less: capital cost allowance 1,385 1,451 1,198 890 860
Net difference, depreciation 177 351 6 207 182
Natural resources expenses, (books) 3 4 6 5 6
Less: natural resource expenses, (tax) 1 0 0 0 0
Net difference, natural resources expenses 2 4 5 5 5
Charitable donations net difference, (books minus tax) 1 4 3 -2 2
Other timing differences 1,940 3,671 2,058 413 632
Total, timing differences 2,120 4,030 2,072 624 821
Net taxable income 1,457 792 607 1,045 717
Less: prior year losses applied 354 111 102 311 168
Taxable income (tax base) 1,103 682 505 734 549
Taxes:  
Tax otherwise payable 449 261 192 279 209
Surtax 12 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 117 68 50 73 55
Small business deduction 36 33 29 30 29
Manufacturing and processing profits deduction 12 8 9 31 10
Investment tax credit 7 5 7 6 5
Other credits 65 33 22 28 34
Net part 1 tax payable 224 115 76 111 76
Other direct federal taxes 7 10 7 10 38
Federal tax payable 231 125 82 120 114
Provincial tax payable 115 66 52 72 52
Total taxes 347 191 135 192 166
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