Table 24-2
Primary metal manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Primary metal manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 3,532 -2,599 -431 4,031 4,150
Plus: consolidation and conceptual adjustments 3,265 -107 4,309 -3,547 -755
Plus: current taxes, including mining 1,188 749 279 394 361
Plus: deferred income taxes 21 -36 -27 56 221
Less: profit of tax exempt corporations 71 25 -9 0 -1
Deductible dividends 1,069 1,656 453 2,562 1,383
Adjusted profit before taxes 6,866 -3,674 3,686 -1,629 2,596
Exemptions and deductions:  
Book capital gains and losses 3,238 -3,920 164 656 56
Less: taxable capital gains 3,492 1,374 649 455 199
Net difference, capital gains and losses -254 -5,294 -485 202 -142
Resource allowance 0 0 0 0 0
Less: royalties 0 0 -227 0 0
Net difference, resource allowance 0 0 227 0 0
Earned depletion allowance 0 5 0 0 0
Other exemptions and deductions -553 876 -682 244 195
Total, exemptions and deductions -807 -4,413 -940 446 52
Timing differences:  
Depreciation 1,285 1,717 1,918 1,706 1,645
Less: capital cost allowance 703 1,791 1,592 1,620 1,396
Net difference, depreciation 583 -74 325 85 249
Natural resources expenses, (books) 106 91 70 76 9
Less: natural resource expenses, (tax) 281 4,735 3,384 2,323 1,772
Net difference, natural resources expenses -175 -4,643 -3,314 -2,247 -1,763
Charitable donations net difference, (books minus tax) -14 14 15 22 17
Other timing differences -5,150 5,833 -777 4,988 261
Total, timing differences -4,756 1,129 -3,751 2,849 -1,236
Net taxable income 2,917 1,869 876 774 1,307
Less: prior year losses applied 1,029 507 173 109 523
Taxable income (tax base) 1,888 1,362 703 665 784
Taxes:  
Tax otherwise payable 751 509 258 253 298
Surtax 22 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 197 134 68 66 78
Small business deduction 7 7 6 6 6
Manufacturing and processing profits deduction 84 78 40 39 37
Investment tax credit 12 13 6 6 15
Other credits 59 33 18 27 50
Net part 1 tax payable 413 245 121 108 110
Other direct federal taxes 0 0 0 0 0
Federal tax payable 414 245 121 109 110
Provincial tax payable 187 152 80 73 77
Total taxes 601 397 201 182 187
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