Table 32-2
Miscellaneous manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Miscellaneous manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 397 386 232 487 453
Plus: consolidation and conceptual adjustments -84 -409 -44 -122 -35
Plus: current taxes, including mining 158 128 128 116 110
Plus: deferred income taxes -3 -72 -8 4 -12
Less: profit of tax exempt corporations 0 1 2 1 0
Deductible dividends 61 66 48 30 56
Adjusted profit before taxes 407 -33 259 454 459
Exemptions and deductions:  
Book capital gains and losses 100 21 -52 13 21
Less: taxable capital gains 9 14 11 12 12
Net difference, capital gains and losses 91 7 -63 2 8
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -4 6 5 -83 -35
Total, exemptions and deductions 87 13 -58 -81 -26
Timing differences:  
Depreciation 270 349 269 253 267
Less: capital cost allowance 271 292 305 285 272
Net difference, depreciation -2 56 -35 -32 -5
Natural resources expenses, (books) 0 7 109 0 0
Less: natural resource expenses, (tax) 0 0 130 0 0
Net difference, natural resources expenses 0 7 -22 0 0
Charitable donations net difference, (books minus tax) 0 2 2 0 0
Other timing differences 405 712 447 183 288
Total, timing differences 404 777 393 151 283
Net taxable income 724 731 709 686 768
Less: prior year losses applied 69 75 57 72 64
Taxable income (tax base) 654 656 652 614 704
Taxes:  
Tax otherwise payable 249 250 248 234 266
Surtax 7 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 63 62 59 57 66
Small business deduction 44 47 45 47 51
Manufacturing and processing profits deduction 10 13 16 17 21
Investment tax credit 12 9 12 12 12
Other credits 16 18 18 16 24
Net part 1 tax payable 111 103 98 85 93
Other direct federal taxes 0 1 1 1 1
Federal tax payable 111 103 99 85 93
Provincial tax payable 54 53 60 54 59
Total taxes 165 156 158 140 153
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