Table 21-2
Soap, agriculture, paint and other chemical products manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Soap, agriculture, paint and other chemical products manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,501 1,848 1,406 1,523 3,110
Plus: consolidation and conceptual adjustments -310 -450 -149 135 -542
Plus: current taxes, including mining 376 478 662 368 521
Plus: deferred income taxes -49 259 -274 76 87
Less: profit of tax exempt corporations 0 0 67 7 0
Deductible dividends 116 185 267 280 733
Adjusted profit before taxes 1,402 1,950 1,312 1,816 2,443
Exemptions and deductions:  
Book capital gains and losses 20 -312 27 3 56
Less: taxable capital gains 13 16 12 12 43
Net difference, capital gains and losses 7 -328 15 -9 13
Resource allowance 0 0 0 0 0
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 425 1,322 -794 405 1,135
Total, exemptions and deductions 433 994 -780 396 1,147
Timing differences:  
Depreciation 418 413 396 407 521
Less: capital cost allowance 663 374 415 473 454
Net difference, depreciation -246 39 -19 -67 66
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 1 1 42 15 8
Net difference, natural resources expenses -1 -1 -42 -15 -7
Charitable donations net difference, (books minus tax) 1 -1 0 0 0
Other timing differences 512 746 473 150 513
Total, timing differences 266 783 413 69 572
Net taxable income 1,236 1,739 2,504 1,489 1,868
Less: prior year losses applied 42 55 71 105 50
Taxable income (tax base) 1,194 1,684 2,433 1,384 1,818
Taxes:  
Tax otherwise payable 458 640 925 526 691
Surtax 13 3 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 120 168 243 138 181
Small business deduction 13 13 13 15 15
Manufacturing and processing profits deduction 37 72 92 72 108
Investment tax credit 17 19 18 14 12
Other credits 44 66 124 59 95
Net part 1 tax payable 240 305 435 228 282
Other direct federal taxes 0 1 0 1 1
Federal tax payable 241 306 435 229 282
Provincial tax payable 126 182 276 151 188
Total taxes 367 488 711 380 470
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