Table 18-2
Basic chemical manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Basic chemical manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 816 362 254 1,198 1,424
Plus: consolidation and conceptual adjustments -203 160 366 -79 -168
Plus: current taxes, including mining 255 204 65 291 577
Plus: deferred income taxes -128 -120 -31 29 62
Less: profit of tax exempt corporations .. .. .. .. ..
Deductible dividends 69 197 108 159 156
Adjusted profit before taxes 671 409 547 1,279 1,739
Exemptions and deductions:  
Book capital gains and losses 45 5 13 11 3
Less: taxable capital gains 112 64 65 66 10
Net difference, capital gains and losses -67 -59 -52 -55 -7
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 -53 -57 -77 43 80
Total, exemptions and deductions -120 -117 -129 -12 73
Timing differences:  
Depreciation 618 640 639 632 696
Less: capital cost allowance 540 662 742 602 518
Net difference, depreciation 78 -22 -103 30 178
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 1 1 1 1 1
Net difference, natural resources expenses -1 -1 -1 -1 -1
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences -31 360 237 -326 320
Total, timing differences 47 337 133 -296 497
Net taxable income 837 862 808 994 2,163
Less: prior year losses applied 93 113 286 229 147
Taxable income (tax base) 745 749 522 765 2,017
Taxes:  
Tax otherwise payable 284 285 198 291 766
Surtax 8 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 75 75 52 76 201
Small business deduction 1 1 1 2 2
Manufacturing and processing profits deduction 31 36 31 31 126
Investment tax credit 20 14 7 6 53
Other credits 23 24 15 43 104
Net part 1 tax payable 143 135 93 133 281
Other direct federal taxes 0 0 1 0 0
Federal tax payable 143 135 93 133 281
Provincial tax payable 81 83 60 81 195
Total taxes 224 218 154 214 476
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