Table 33-2
Food, beverage, tobacco and farm product wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable

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Food, beverage, tobacco and farm product wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,725 1,803 2,119 3,231 3,307
Plus: consolidation and conceptual adjustments 205 -47 345 520 559
Plus: current taxes, including mining 550 658 673 804 904
Plus: deferred income taxes 37 24 14 47 31
Less: profit of tax exempt corporations 9 -8 1 62 38
Deductible dividends 474 407 767 1,273 1,227
Adjusted profit before taxes 2,034 2,038 2,383 3,267 3,537
Exemptions and deductions:  
Book capital gains and losses 362 73 48 145 124
Less: taxable capital gains 57 33 18 23 38
Net difference, capital gains and losses 305 40 30 122 86
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 34 -40 -88 -35 -189
Total, exemptions and deductions 339 0 -58 87 -102
Timing differences:  
Depreciation 618 674 697 729 819
Less: capital cost allowance 577 643 742 847 796
Net difference, depreciation 41 31 -45 -118 22
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 1 1 0 0 0
Net difference, natural resources expenses -1 -1 0 0 0
Charitable donations net difference, (books minus tax) 0 -1 0 0 0
Other timing differences 320 374 227 86 46
Total, timing differences 360 403 182 -31 69
Net taxable income 2,055 2,441 2,624 3,149 3,708
Less: prior year losses applied 119 120 163 172 189
Taxable income (tax base) 1,936 2,321 2,461 2,976 3,519
Taxes:  
Tax otherwise payable 740 885 935 1,131 1,334
Surtax 21 3 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 194 231 246 297 348
Small business deduction 60 68 74 76 76
Manufacturing and processing profits deduction 8 12 15 19 27
Investment tax credit 5 3 7 5 4
Other credits 107 154 175 250 352
Net part 1 tax payable 386 419 418 485 528
Other direct federal taxes 3 3 3 4 3
Federal tax payable 389 422 422 489 531
Provincial tax payable 195 252 284 331 378
Total taxes 584 674 706 820 909
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