Table 41-2
Furniture, home furnishings, electronics and appliance stores — Reconciliation of net profit to taxable income and taxes payable

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Furniture, home furnishings, electronics and appliance stores — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 610 350 350 753 833
Plus: consolidation and conceptual adjustments 19 196 80 55 -85
Plus: current taxes, including mining 208 216 220 245 218
Plus: deferred income taxes -7 50 13 11 20
Less: profit of tax exempt corporations 0 1 1 1 0
Deductible dividends 106 104 78 155 61
Adjusted profit before taxes 724 707 584 909 924
Exemptions and deductions:  
Book capital gains and losses -117 38 70 88 106
Less: taxable capital gains 28 26 17 27 42
Net difference, capital gains and losses -145 13 52 61 64
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -30 -31 -35 -33 -87
Total, exemptions and deductions -175 -19 17 28 -24
Timing differences:  
Depreciation 322 351 376 368 373
Less: capital cost allowance 317 398 405 405 353
Net difference, depreciation 5 -47 -29 -37 20
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) 1 0 0 0 0
Other timing differences 45 394 378 155 105
Total, timing differences 51 347 349 119 125
Net taxable income 950 1,073 916 1,000 1,074
Less: prior year losses applied 65 105 66 60 102
Taxable income (tax base) 885 968 849 940 971
Taxes:  
Tax otherwise payable 339 370 323 358 371
Surtax 9 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 88 96 85 93 97
Small business deduction 77 83 74 76 75
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 1 1 1 1 1
Other credits 26 36 35 44 54
Net part 1 tax payable 156 155 129 143 144
Other direct federal taxes 2 2 2 2 2
Federal tax payable 158 158 131 145 146
Provincial tax payable 71 83 82 89 88
Total taxes 228 241 213 234 234
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