Table 28-2
Motor vehicle and trailer manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Motor vehicle and trailer manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit -211 -5,296 188 666 2,220
Plus: consolidation and conceptual adjustments -2,074 -267 1,897 412 -155
Plus: current taxes, including mining 816 230 -2,161 -35 6
Plus: deferred income taxes 1,137 -321 1 91 -13
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 135 502 928 5 35
Adjusted profit before taxes -467 -6,156 -1,004 1,129 2,023
Exemptions and deductions:  
Book capital gains and losses -11 -11 -20 -12 -25
Less: taxable capital gains 71 62 23 129 69
Net difference, capital gains and losses -82 -73 -43 -141 -94
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -261 -69 -196 -292 -369
Total, exemptions and deductions -343 -142 -239 -433 -463
Timing differences:  
Depreciation 2,391 3,908 2,075 1,570 966
Less: capital cost allowance 2,542 2,088 3,261 1,355 1,124
Net difference, depreciation -151 1,820 -1,186 215 -159
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) 0 1 1 -2 -3
Other timing differences 2,709 4,814 2,165 -461 -900
Total, timing differences 2,559 6,635 981 -247 -1,061
Net taxable income 2,434 621 216 1,315 1,425
Less: prior year losses applied 53 48 46 158 537
Taxable income (tax base) 2,381 574 170 1,157 888
Taxes:  
Tax otherwise payable 906 219 65 440 337
Surtax 27 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 238 58 17 116 89
Small business deduction 7 7 6 6 7
Manufacturing and processing profits deduction 145 38 7 109 80
Investment tax credit 13 9 9 27 9
Other credits 17 6 5 5 9
Net part 1 tax payable 513 102 21 177 143
Other direct federal taxes 0 0 0 0 0
Federal tax payable 513 102 22 177 143
Provincial tax payable 260 66 19 89 69
Total taxes 773 168 41 267 212
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