Table 25-2
Fabricated metal product and machinery manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Fabricated metal product and machinery manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 2,376 3,493 2,041 2,468 4,312
Plus: consolidation and conceptual adjustments -10 -8 -205 1,501 -18
Plus: current taxes, including mining 971 1,095 710 695 880
Plus: deferred income taxes 9 -7 -65 8 65
Less: profit of tax exempt corporations 1 1 0 48 62
Deductible dividends 635 757 587 1,723 924
Adjusted profit before taxes 2,712 3,815 1,894 2,901 4,252
Exemptions and deductions:  
Book capital gains and losses 337 570 24 126 182
Less: taxable capital gains 91 115 73 84 114
Net difference, capital gains and losses 246 454 -49 41 68
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 -247 -306 -190 -187 -193
Total, exemptions and deductions -2 148 -239 -146 -125
Timing differences:  
Depreciation 1,609 1,692 1,623 1,480 1,516
Less: capital cost allowance 1,510 1,658 1,692 1,500 1,471
Net difference, depreciation 99 34 -69 -20 45
Natural resources expenses, (books) 0 1 1 1 0
Less: natural resource expenses, (tax) 5 1 1 1 0
Net difference, natural resources expenses -5 0 0 0 0
Charitable donations net difference, (books minus tax) 1 5 1 3 -4
Other timing differences 1,211 1,202 1,720 654 353
Total, timing differences 1,307 1,241 1,651 637 394
Net taxable income 4,020 4,908 3,784 3,684 4,772
Less: prior year losses applied 287 364 294 309 468
Taxable income (tax base) 3,733 4,544 3,490 3,375 4,304
Taxes:  
Tax otherwise payable 1,432 1,734 1,328 1,285 1,638
Surtax 40 6 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 375 454 346 335 427
Small business deduction 166 173 150 154 182
Manufacturing and processing profits deduction 83 142 105 113 157
Investment tax credit 69 104 81 68 76
Other credits 110 148 139 130 206
Net part 1 tax payable 669 720 507 484 590
Other direct federal taxes 5 6 4 5 3
Federal tax payable 674 726 511 489 593
Provincial tax payable 344 445 368 336 409
Total taxes 1,018 1,171 879 825 1,002
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