Table 43-2
Food and beverage stores — Reconciliation of net profit to taxable income and taxes payable

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Food and beverage stores — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 7,429 7,953 8,248 8,498 9,072
Plus: consolidation and conceptual adjustments 332 300 2,142 435 1,880
Plus: current taxes, including mining 310 505 697 661 626
Plus: deferred income taxes -13 32 -45 55 68
Less: profit of tax exempt corporations 5,259 6,283 6,244 3,381 3,498
Deductible dividends 650 1,037 2,752 599 3,389
Adjusted profit before taxes 2,149 1,471 2,045 5,670 4,760
Exemptions and deductions:  
Book capital gains and losses 160 107 105 67 131
Less: taxable capital gains 73 44 132 53 127
Net difference, capital gains and losses 88 62 -27 14 4
Resource allowance .. .. .. .. ..
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 774 -332 -257 3,028 2,616
Total, exemptions and deductions 861 -269 -284 3,042 2,620
Timing differences:  
Depreciation 1,132 1,480 1,551 1,608 1,739
Less: capital cost allowance 1,213 1,468 1,674 1,772 1,719
Net difference, depreciation -82 12 -123 -163 20
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 6 0 0 0
Net difference, natural resources expenses 0 -6 0 0 0
Charitable donations net difference, (books minus tax) -45 4 -8 6 6
Other timing differences 137 348 264 282 629
Total, timing differences 10 358 133 125 655
Net taxable income 1,298 2,098 2,463 2,753 2,794
Less: prior year losses applied 125 137 161 295 288
Taxable income (tax base) 1,173 1,961 2,302 2,457 2,507
Taxes:  
Tax otherwise payable 586 748 875 935 954
Surtax 16 3 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 153 196 229 245 250
Small business deduction 74 83 94 97 99
Manufacturing and processing profits deduction 0 1 1 1 1
Investment tax credit 1 1 3 1 1
Other credits 72 111 149 181 206
Net part 1 tax payable 302 359 399 411 397
Other direct federal taxes 36 39 21 34 27
Federal tax payable 338 398 419 444 424
Provincial tax payable 140 200 251 261 256
Total taxes 478 598 670 705 680
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