Table 37-2
Farm, construction, forestry, mining and other industrial machinery and equipment and supplies wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable

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Farm, construction, forestry, mining and other industrial machinery and equipment and supplies wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,567 1,605 938 1,593 2,722
Plus: consolidation and conceptual adjustments -131 39 -17 -58 -535
Plus: current taxes, including mining 514 533 388 437 668
Plus: deferred income taxes -7 6 -20 17 26
Less: profit of tax exempt corporations 0 18 -3 -1 0
Deductible dividends 210 213 217 273 601
Adjusted profit before taxes 1,733 1,952 1,074 1,717 2,280
Exemptions and deductions:  
Book capital gains and losses 196 206 160 142 -109
Less: taxable capital gains 43 41 45 34 20
Net difference, capital gains and losses 153 165 115 108 -129
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 -19 -2 -30 -87 -29
Total, exemptions and deductions 134 163 86 21 -158
Timing differences:  
Depreciation 798 877 871 817 848
Less: capital cost allowance 706 752 744 732 712
Net difference, depreciation 92 125 127 85 136
Natural resources expenses, (books) 10 0 0 0 0
Less: natural resource expenses, (tax) 1 0 1 0 0
Net difference, natural resources expenses 9 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 1 -1 0
Other timing differences 234 162 698 219 435
Total, timing differences 336 288 825 304 571
Net taxable income 1,934 2,077 1,814 2,000 3,009
Less: prior year losses applied 131 92 129 147 141
Taxable income (tax base) 1,804 1,984 1,685 1,853 2,868
Taxes:  
Tax otherwise payable 687 758 641 705 1,091
Surtax 20 2 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 180 199 168 185 287
Small business deduction 78 85 79 84 100
Manufacturing and processing profits deduction 9 7 12 8 17
Investment tax credit 8 7 12 11 10
Other credits 83 111 97 124 239
Net part 1 tax payable 350 350 273 292 439
Other direct federal taxes 2 2 2 3 3
Federal tax payable 351 353 275 295 443
Provincial tax payable 177 192 178 192 291
Total taxes 528 545 453 487 733
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