Table 27-2
Electrical equipment, appliance and component manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Electrical equipment, appliance and component manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 512 429 295 588 634
Plus: consolidation and conceptual adjustments 80 187 0 46 29
Plus: current taxes, including mining 510 450 383 378 257
Plus: deferred income taxes -69 -49 -108 -74 50
Less: profit of tax exempt corporations 0 0 -1 0 1
Deductible dividends 86 69 69 226 160
Adjusted profit before taxes 948 948 503 712 810
Exemptions and deductions:  
Book capital gains and losses -31 111 17 10 8
Less: taxable capital gains 22 60 5 16 37
Net difference, capital gains and losses -53 50 13 -7 -29
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 -6 -37 1,340 1,336 -359
Total, exemptions and deductions -58 14 1,353 1,329 -388
Timing differences:  
Depreciation 193 179 176 178 217
Less: capital cost allowance 267 326 201 180 182
Net difference, depreciation -73 -147 -25 -2 35
Natural resources expenses, (books) 0 0 1 1 0
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses 0 0 0 1 0
Charitable donations net difference, (books minus tax) 0 -2 0 0 0
Other timing differences 183 411 1,786 1,492 152
Total, timing differences 110 263 1,761 1,491 187
Net taxable income 1,116 1,197 912 873 1,385
Less: prior year losses applied 47 78 55 52 101
Taxable income (tax base) 1,070 1,119 857 821 1,284
Taxes:  
Tax otherwise payable 407 426 325 312 488
Surtax 12 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 107 112 86 82 128
Small business deduction 12 13 13 14 15
Manufacturing and processing profits deduction 26 35 31 39 49
Investment tax credit 23 12 16 26 27
Other credits 44 49 40 34 82
Net part 1 tax payable 206 205 140 117 187
Other direct federal taxes 0 1 0 0 0
Federal tax payable 207 205 140 118 187
Provincial tax payable 109 123 102 91 140
Total taxes 316 329 243 209 326
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