Table 20-2
Pharmaceutical and medicine manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Pharmaceutical and medicine manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,465 724 705 1,094 623
Plus: consolidation and conceptual adjustments 365 -50 270 11,510 348
Plus: current taxes, including mining 731 574 656 378 254
Plus: deferred income taxes 165 2 46 13 -2
Less: profit of tax exempt corporations .. .. .. .. ..
Deductible dividends 142 64 78 11,662 399
Adjusted profit before taxes 2,584 1,186 1,599 1,334 824
Exemptions and deductions:  
Book capital gains and losses 1,256 28 -43 1 16
Less: taxable capital gains 684 29 39 31 44
Net difference, capital gains and losses 571 -1 -82 -30 -28
Resource allowance .. .. .. .. ..
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -98 -81 -58 -70 -120
Total, exemptions and deductions 473 -82 -140 -100 -148
Timing differences:  
Depreciation 277 296 358 380 337
Less: capital cost allowance 293 270 374 439 372
Net difference, depreciation -17 26 -16 -59 -35
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) 75 0 0 0 0
Other timing differences -146 417 275 97 145
Total, timing differences -87 444 258 37 110
Net taxable income 2,024 1,712 1,997 1,471 1,082
Less: prior year losses applied 71 34 91 99 66
Taxable income (tax base) 1,953 1,678 1,906 1,372 1,016
Taxes:  
Tax otherwise payable 741 637 724 521 386
Surtax 22 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 195 168 191 137 101
Small business deduction 2 3 3 4 3
Manufacturing and processing profits deduction 46 53 71 81 55
Investment tax credit 105 108 108 109 66
Other credits 89 87 94 54 58
Net part 1 tax payable 324 220 258 137 102
Other direct federal taxes 0 0 0 0 0
Federal tax payable 325 220 258 137 102
Provincial tax payable 199 193 236 148 103
Total taxes 523 413 494 284 204
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