Table 29-2
Motor vehicle parts manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Motor vehicle parts manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 691 -473 -445 647 572
Plus: consolidation and conceptual adjustments 159 6,701 595 963 522
Plus: current taxes, including mining 436 155 -125 129 203
Plus: deferred income taxes -75 -56 -50 15 19
Less: profit of tax exempt corporations 1 1 .. .. ..
Deductible dividends 579 7,140 814 1,334 413
Adjusted profit before taxes 631 -813 -839 421 902
Exemptions and deductions:  
Book capital gains and losses -32 -435 -146 -30 46
Less: taxable capital gains 25 30 27 25 9
Net difference, capital gains and losses -57 -465 -173 -55 37
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -43 -19 -92 -104 -22
Total, exemptions and deductions -100 -484 -265 -159 15
Timing differences:  
Depreciation 1,023 1,038 796 746 650
Less: capital cost allowance 875 964 934 948 724
Net difference, depreciation 148 74 -139 -202 -74
Natural resources expenses, (books) 1 1 1 0 1
Less: natural resource expenses, (tax) .. .. .. .. 1
Net difference, natural resources expenses 1 1 1 0 0
Charitable donations net difference, (books minus tax) 1 0 0 0 0
Other timing differences 738 954 1,057 545 249
Total, timing differences 887 1,028 919 343 175
Net taxable income 1,618 700 345 923 1,062
Less: prior year losses applied 91 88 77 176 182
Taxable income (tax base) 1,527 611 268 747 880
Taxes:  
Tax otherwise payable 588 236 102 284 335
Surtax 17 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 154 61 26 74 87
Small business deduction 6 5 5 5 6
Manufacturing and processing profits deduction 98 40 15 50 83
Investment tax credit 40 16 9 36 23
Other credits 24 24 14 32 26
Net part 1 tax payable 284 90 33 86 109
Other direct federal taxes 1 1 0 3 1
Federal tax payable 284 91 33 89 109
Provincial tax payable 180 70 28 79 79
Total taxes 465 161 61 168 188
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