Table 34-2
Petroleum product wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable

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Petroleum product wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 288 451 424 83 226
Plus: consolidation and conceptual adjustments -29 291 -70 -145 -116
Plus: current taxes, including mining 100 73 109 59 92
Plus: deferred income taxes 11 -10 -23 -68 -51
Less: profit of tax exempt corporations 0 4 59 142 0
Deductible dividends 26 12 7 7 7
Adjusted profit before taxes 343 790 373 -220 143
Exemptions and deductions:  
Book capital gains and losses 44 60 27 20 58
Less: taxable capital gains 9 8 37 41 31
Net difference, capital gains and losses 35 52 -10 -21 27
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 61 -1 -45 -209 2
Total, exemptions and deductions 96 51 -55 -230 29
Timing differences:  
Depreciation 134 136 136 224 157
Less: capital cost allowance 118 119 106 102 119
Net difference, depreciation 15 16 31 122 37
Natural resources expenses, (books) 2 1 1 3 12
Less: natural resource expenses, (tax) 1 1 1 5 11
Net difference, natural resources expenses 0 0 1 -3 1
Charitable donations net difference, (books minus tax) 1 0 0 0 0
Other timing differences 62 -435 5 194 217
Total, timing differences 78 -419 36 314 255
Net taxable income 325 320 465 323 370
Less: prior year losses applied 17 46 101 53 15
Taxable income (tax base) 308 273 364 270 355
Taxes:  
Tax otherwise payable 119 104 139 103 135
Surtax 3 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 31 27 36 27 36
Small business deduction 12 13 13 12 13
Manufacturing and processing profits deduction 3 0 3 1 3
Investment tax credit 0 0 0 0 0
Other credits 13 16 22 19 28
Net part 1 tax payable 64 49 63 44 56
Other direct federal taxes 1 0 0 1 0
Federal tax payable 64 49 64 45 56
Provincial tax payable 29 25 38 28 36
Total taxes 93 75 102 73 92
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