Table 45-2
Clothing, department and other general merchandise stores — 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This page has been archived on the Web.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

Clothing, department and other general merchandise stores — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 2,302 2,338 1,880 2,841 2,440
Plus: consolidation and conceptual adjustments -248 -488 -109 -98 -91
Plus: current taxes, including mining 843 831 871 1,008 1,030
Plus: deferred income taxes 22 -47 -9 20 52
Less: profit of tax exempt corporations -1 1 0 1 1
Deductible dividends 322 588 272 583 300
Adjusted profit before taxes 2,597 2,046 2,361 3,189 3,130
Exemptions and deductions:  
Book capital gains and losses 160 112 3 57 124
Less: taxable capital gains 82 67 53 55 484
Net difference, capital gains and losses 78 45 -50 1 -360
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 48 -27 -72 -39 -194
Total, exemptions and deductions 126 18 -122 -38 -554
Timing differences:  
Depreciation 1,308 1,232 1,527 1,536 1,537
Less: capital cost allowance 1,337 1,163 1,568 1,519 1,234
Net difference, depreciation -29 68 -40 17 303
Natural resources expenses, (books) 0 0 1 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 1 0 0
Charitable donations net difference, (books minus tax) 2 0 0 1 0
Other timing differences 1,106 1,121 875 473 551
Total, timing differences 1,079 1,190 835 490 853
Net taxable income 3,550 3,218 3,318 3,717 4,537
Less: prior year losses applied 364 150 150 172 386
Taxable income (tax base) 3,186 3,068 3,168 3,545 4,151
Taxes:  
Tax otherwise payable 1,215 1,169 1,204 1,348 1,578
Surtax 33 2 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 318 306 316 354 414
Small business deduction 100 106 104 113 112
Manufacturing and processing profits deduction 0 0 0 1 1
Investment tax credit 1 1 2 2 2
Other credits 180 199 226 281 394
Net part 1 tax payable 649 558 555 598 655
Other direct federal taxes 5 3 3 4 4
Federal tax payable 654 561 559 601 659
Provincial tax payable 289 334 364 393 442
Total taxes 943 895 922 994 1,102
Date modified: