Table 19-2
Resin, synthetic rubber, and artificial and synthetic fibres and filaments manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Resin, synthetic rubber, and artificial and synthetic fibres and filaments manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 499 -186 26 799 771
Plus: consolidation and conceptual adjustments -227 690 398 77 290
Plus: current taxes, including mining 160 203 114 222 215
Plus: deferred income taxes -89 38 -23 -46 -4
Less: profit of tax exempt corporations .. .. .. .. ..
Deductible dividends 244 224 196 347 539
Adjusted profit before taxes 98 521 318 704 734
Exemptions and deductions:  
Book capital gains and losses -43 -11 41 -47 25
Less: taxable capital gains 4 26 18 15 13
Net difference, capital gains and losses -47 -37 23 -62 12
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -83 -35 -66 103 -29
Total, exemptions and deductions -130 -72 -43 42 -17
Timing differences:  
Depreciation 322 296 138 110 305
Less: capital cost allowance 202 185 166 88 177
Net difference, depreciation 120 111 -28 23 128
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) 0 0 -1 0 0
Other timing differences -38 520 203 -4 -22
Total, timing differences 82 631 174 19 106
Net taxable income 310 1,225 535 681 857
Less: prior year losses applied 1 283 57 25 71
Taxable income (tax base) 309 941 478 656 786
Taxes:  
Tax otherwise payable 129 358 182 249 299
Surtax 4 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 34 94 48 65 78
Small business deduction 1 1 1 2 2
Manufacturing and processing profits deduction 18 66 40 59 80
Investment tax credit 1 1 1 1 6
Other credits 5 19 3 7 9
Net part 1 tax payable 74 177 89 116 124
Other direct federal taxes 0 1 0 0 0
Federal tax payable 74 177 89 116 124
Provincial tax payable 35 99 51 69 79
Total taxes 109 277 140 185 203
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