Table 39-2
Miscellaneous wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable

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Miscellaneous wholesaler-distributors — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 3,828 3,557 3,318 5,276 5,303
Plus: consolidation and conceptual adjustments -82 -1,396 732 -186 -178
Plus: current taxes, including mining 1,802 1,576 1,342 1,932 1,728
Plus: deferred income taxes -60 52 11 -12 61
Less: profit of tax exempt corporations -2 3 -1 8 22
Deductible dividends 704 623 1,046 904 1,361
Adjusted profit before taxes 4,786 3,163 4,357 6,096 5,531
Exemptions and deductions:  
Book capital gains and losses 303 350 277 224 340
Less: taxable capital gains 125 131 148 137 114
Net difference, capital gains and losses 178 219 129 87 226
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 -216 -1,451 -470 -263 -61
Total, exemptions and deductions -38 -1,233 -341 -176 166
Timing differences:  
Depreciation 1,351 1,408 1,378 1,402 1,454
Less: capital cost allowance 1,256 1,351 1,280 1,405 1,409
Net difference, depreciation 95 57 98 -2 45
Natural resources expenses, (books) 7 3 4 3 9
Less: natural resource expenses, (tax) 4 7 3 4 14
Net difference, natural resources expenses 3 -4 1 -1 -5
Charitable donations net difference, (books minus tax) -1 -1 1 -1 6
Other timing differences 998 1,969 1,244 353 1,676
Total, timing differences 1,094 2,021 1,345 349 1,722
Net taxable income 5,918 6,416 6,042 6,621 7,087
Less: prior year losses applied 315 318 308 367 418
Taxable income (tax base) 5,603 6,098 5,735 6,254 6,669
Taxes:  
Tax otherwise payable 2,141 2,324 2,180 2,374 2,530
Surtax 61 7 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 561 608 570 622 664
Small business deduction 209 219 214 227 238
Manufacturing and processing profits deduction 18 23 18 37 49
Investment tax credit 89 98 104 87 96
Other credits 284 374 392 452 540
Net part 1 tax payable 1,041 1,008 883 949 943
Other direct federal taxes 9 10 12 11 9
Federal tax payable 1,049 1,018 895 961 952
Provincial tax payable 583 606 658 684 688
Total taxes 1,632 1,624 1,553 1,644 1,641
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