Table 36-2
Building material and supplies wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable

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Building material and supplies wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 2,172 2,153 1,352 2,083 2,345
Plus: consolidation and conceptual adjustments -29 116 15 58 46
Plus: current taxes, including mining 871 898 595 694 759
Plus: deferred income taxes -13 -18 -20 30 9
Less: profit of tax exempt corporations 0 1 0 0 0
Deductible dividends 325 374 499 369 324
Adjusted profit before taxes 2,675 2,773 1,443 2,496 2,835
Exemptions and deductions:  
Book capital gains and losses 82 87 47 80 61
Less: taxable capital gains 71 73 20 82 52
Net difference, capital gains and losses 12 14 27 -2 9
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 0 0 0 0 0
Other exemptions and deductions -138 -156 -157 -144 -139
Total, exemptions and deductions -126 -141 -130 -146 -131
Timing differences:  
Depreciation 460 482 520 522 522
Less: capital cost allowance 464 469 511 529 495
Net difference, depreciation -5 13 9 -7 27
Natural resources expenses, (books) 0 1 1 0 0
Less: natural resource expenses, (tax) 1 1 2 2 1
Net difference, natural resources expenses -1 0 -1 -2 0
Charitable donations net difference, (books minus tax) 1 2 6 -5 2
Other timing differences 189 364 801 141 230
Total, timing differences 185 379 815 127 259
Net taxable income 2,987 3,293 2,388 2,769 3,224
Less: prior year losses applied 90 88 57 126 137
Taxable income (tax base) 2,896 3,205 2,331 2,643 3,088
Taxes:  
Tax otherwise payable 1,104 1,222 887 1,006 1,174
Surtax 32 2 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 290 321 233 264 308
Small business deduction 93 98 94 100 103
Manufacturing and processing profits deduction 14 25 12 14 20
Investment tax credit 4 4 6 8 12
Other credits 148 192 145 188 261
Net part 1 tax payable 586 584 396 432 471
Other direct federal taxes 6 5 4 2 12
Federal tax payable 592 590 400 434 483
Provincial tax payable 296 338 259 283 317
Total taxes 888 928 659 717 801
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