Table 22-2
Plastics and rubber products manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Plastics and rubber products manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 617 -124 458 848 400
Plus: consolidation and conceptual adjustments 31 341 72 -1 234
Plus: current taxes, including mining 385 271 156 289 258
Plus: deferred income taxes -28 -24 10 -4 -8
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 136 116 54 125 86
Adjusted profit before taxes 869 347 642 1,007 798
Exemptions and deductions:  
Book capital gains and losses 23 72 -19 40 63
Less: taxable capital gains 53 31 27 46 13
Net difference, capital gains and losses -31 41 -46 -6 50
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -63 -37 -68 -87 -162
Total, exemptions and deductions -93 4 -113 -93 -112
Timing differences:  
Depreciation 1,103 1,084 888 810 835
Less: capital cost allowance 790 786 776 836 745
Net difference, depreciation 312 298 112 -25 89
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) -5 0 -1 0 0
Other timing differences 331 524 386 289 392
Total, timing differences 638 822 496 263 481
Net taxable income 1,601 1,165 1,252 1,364 1,392
Less: prior year losses applied 169 75 73 190 168
Taxable income (tax base) 1,431 1,090 1,179 1,173 1,224
Taxes:  
Tax otherwise payable 559 416 448 447 465
Surtax 16 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 146 109 118 117 122
Small business deduction 25 25 26 27 26
Manufacturing and processing profits deduction 59 47 63 69 81
Investment tax credit 43 23 27 20 19
Other credits 32 30 28 30 40
Net part 1 tax payable 270 184 188 184 176
Other direct federal taxes 4 3 2 2 1
Federal tax payable 274 187 190 186 178
Provincial tax payable 145 115 134 125 126
Total taxes 419 302 324 310 303
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