Table 15-2
Paper manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Paper manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit -1,709 -1,578 -111 1,386 112
Plus: consolidation and conceptual adjustments -674 -980 446 -3,706 -610
Plus: current taxes, including mining 301 -62 200 225 267
Plus: deferred income taxes 36 -506 59 -83 7
Less: profit of tax exempt corporations 0 0 0 9 0
Deductible dividends 183 174 609 181 184
Adjusted profit before taxes -2,229 -3,300 -15 -2,369 -408
Exemptions and deductions:  
Book capital gains and losses -643 32 653 -3,521 44
Less: taxable capital gains 100 157 493 162 112
Net difference, capital gains and losses -742 -125 160 -3,683 -68
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 -63 -17 -721 -456 -250
Total, exemptions and deductions -806 -142 -561 -4,139 -318
Timing differences:  
Depreciation 1,972 1,857 1,285 1,111 849
Less: capital cost allowance 1,598 987 681 1,054 918
Net difference, depreciation 374 870 604 57 -69
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 21 10 2 0 0
Net difference, natural resources expenses -21 -9 -2 0 0
Charitable donations net difference, (books minus tax) -9 3 0 0 0
Other timing differences 2,209 3,231 -186 -427 1,580
Total, timing differences 2,553 4,095 416 -369 1,510
Net taxable income 1,130 937 963 1,401 1,421
Less: prior year losses applied 272 200 280 705 398
Taxable income (tax base) 858 738 683 696 1,023
Taxes:  
Tax otherwise payable 337 281 259 266 389
Surtax 10 2 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 88 74 68 70 102
Small business deduction 6 5 5 5 5
Manufacturing and processing profits deduction 39 32 37 41 71
Investment tax credit 28 13 11 9 9
Other credits 21 26 22 22 44
Net part 1 tax payable 165 132 116 118 158
Other direct federal taxes 2 3 0 0 0
Federal tax payable 167 135 117 118 159
Provincial tax payable 97 85 87 79 107
Total taxes 263 221 203 197 265
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