Table 44-2
Gasoline stations — Reconciliation of net profit to taxable income and taxes payable

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Gasoline stations — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 409 520 413 372 603
Plus: consolidation and conceptual adjustments -120 -31 -62 -18 -87
Plus: current taxes, including mining 61 69 59 56 97
Plus: deferred income taxes -3 -3 1 7 0
Less: profit of tax exempt corporations -1 -1 -1 2 4
Deductible dividends 8 12 12 12 10
Adjusted profit before taxes 341 543 399 402 599
Exemptions and deductions:  
Book capital gains and losses 81 100 48 36 70
Less: taxable capital gains 26 31 15 13 18
Net difference, capital gains and losses 55 69 33 24 52
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 0 0 0 0 0
Other exemptions and deductions 75 95 63 106 173
Total, exemptions and deductions 129 164 96 130 225
Timing differences:  
Depreciation 183 186 194 207 270
Less: capital cost allowance 151 158 180 197 262
Net difference, depreciation 32 27 15 10 8
Natural resources expenses, (books) 11 1 0 0 0
Less: natural resource expenses, (tax) 6 1 0 0 0
Net difference, natural resources expenses 5 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 91 -48 36 60 92
Total, timing differences 128 -21 50 70 100
Net taxable income 340 358 354 342 475
Less: prior year losses applied 42 31 33 23 24
Taxable income (tax base) 297 327 321 320 451
Taxes:  
Tax otherwise payable 114 126 122 122 171
Surtax 3 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 30 33 32 32 45
Small business deduction 31 35 36 34 37
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 0 0 0 0 0
Other credits 5 8 8 10 25
Net part 1 tax payable 50 52 46 46 65
Other direct federal taxes 1 1 1 0 1
Federal tax payable 51 53 46 46 66
Provincial tax payable 22 25 28 28 40
Total taxes 73 77 75 74 106
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