Table 40-2
Motor vehicle and parts dealers — 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This page has been archived on the Web.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 dealers — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,049 1,139 1,388 1,616 1,677
Plus: consolidation and conceptual adjustments -57 -84 -135 -68 -45
Plus: current taxes, including mining 338 355 399 455 431
Plus: deferred income taxes -35 -39 -34 -22 -1
Less: profit of tax exempt corporations 1 0 0 0 0
Deductible dividends 52 55 78 59 81
Adjusted profit before taxes 1,243 1,316 1,541 1,922 1,980
Exemptions and deductions:  
Book capital gains and losses 220 166 129 165 153
Less: taxable capital gains 54 46 49 48 40
Net difference, capital gains and losses 166 120 80 117 113
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 -60 -65 -61 -66 -65
Total, exemptions and deductions 107 55 20 52 47
Timing differences:  
Depreciation 832 877 799 771 784
Less: capital cost allowance 968 1,077 1,032 990 869
Net difference, depreciation -136 -200 -233 -220 -86
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 1
Other timing differences 543 642 592 463 283
Total, timing differences 407 443 360 244 197
Net taxable income 1,543 1,703 1,881 2,114 2,131
Less: prior year losses applied 82 95 112 99 92
Taxable income (tax base) 1,461 1,607 1,769 2,015 2,039
Taxes:  
Tax otherwise payable 560 615 674 769 777
Surtax 16 2 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 146 161 177 201 204
Small business deduction 129 137 143 152 149
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 4 4 4 4 3
Other credits 42 63 79 107 127
Net part 1 tax payable 254 252 271 305 294
Other direct federal taxes 3 3 5 4 12
Federal tax payable 257 255 276 309 307
Provincial tax payable 121 141 177 199 189
Total taxes 379 396 452 507 496
Date modified: