Table 35-2
Motor vehicle and parts wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable

Warning View the most recent version.

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.

Archived

This page has been archived on the Web.

PDF Symbols  Next table  Previous table

Motor vehicle and parts wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 809 732 537 960 1,260
Plus: consolidation and conceptual adjustments 193 -311 34 7 -43
Plus: current taxes, including mining 454 289 276 343 378
Plus: deferred income taxes -66 -58 4 -27 -37
Less: profit of tax exempt corporations 0 6 0 1 1
Deductible dividends 66 84 67 82 135
Adjusted profit before taxes 1,324 562 785 1,202 1,422
Exemptions and deductions:  
Book capital gains and losses 62 41 28 40 38
Less: taxable capital gains 21 18 16 18 11
Net difference, capital gains and losses 41 23 12 22 27
Resource allowance 0 0 0 0 0
Less: royalties .. .. .. .. ..
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 11 -35 -26 20 -44
Total, exemptions and deductions 52 -12 -14 41 -17
Timing differences:  
Depreciation 438 517 636 596 649
Less: capital cost allowance 1,444 1,481 1,468 909 733
Net difference, depreciation -1,006 -964 -832 -312 -84
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 1,078 1,621 1,241 568 158
Total, timing differences 72 657 410 255 74
Net taxable income 1,343 1,231 1,208 1,415 1,513
Less: prior year losses applied 37 33 62 102 107
Taxable income (tax base) 1,306 1,197 1,146 1,313 1,406
Taxes:  
Tax otherwise payable 500 457 436 500 535
Surtax 14 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 131 120 114 131 140
Small business deduction 37 39 38 39 43
Manufacturing and processing profits deduction 3 4 3 1 2
Investment tax credit 2 2 2 2 2
Other credits 71 72 78 105 128
Net part 1 tax payable 270 221 201 221 219
Other direct federal taxes 1 1 1 1 1
Federal tax payable 271 222 202 222 220
Provincial tax payable 141 132 136 150 148
Total taxes 412 355 338 372 368
Date modified: