Table 46-2
Miscellaneous retailers — Reconciliation of net profit to taxable income and taxes payable

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Miscellaneous retailers — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,888 1,978 2,091 2,407 2,291
Plus: consolidation and conceptual adjustments -120 -46 -123 69 481
Plus: current taxes, including mining 610 533 527 561 662
Plus: deferred income taxes 8 5 11 13 25
Less: profit of tax exempt corporations 2 0 2 1 -15
Deductible dividends 258 408 410 552 551
Adjusted profit before taxes 2,126 2,064 2,093 2,498 2,924
Exemptions and deductions:  
Book capital gains and losses 207 220 191 271 199
Less: taxable capital gains 42 41 42 44 49
Net difference, capital gains and losses 165 179 149 227 150
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 16 -12 -42 -47 -15
Total, exemptions and deductions 181 167 107 180 135
Timing differences:  
Depreciation 651 735 818 860 917
Less: capital cost allowance 656 739 871 904 838
Net difference, depreciation -5 -4 -54 -43 79
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 1 1 0 0 0
Net difference, natural resources expenses 0 -1 0 0 0
Charitable donations net difference, (books minus tax) 0 -1 0 0 0
Other timing differences 264 385 456 369 443
Total, timing differences 259 379 403 326 522
Net taxable income 2,204 2,276 2,389 2,644 3,311
Less: prior year losses applied 107 109 98 132 131
Taxable income (tax base) 2,097 2,167 2,290 2,512 3,180
Taxes:  
Tax otherwise payable 806 836 872 957 1,209
Surtax 22 3 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 211 219 229 251 317
Small business deduction 170 189 201 216 229
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 1 1 1 1 1
Other credits 70 84 95 115 202
Net part 1 tax payable 376 345 347 373 459
Other direct federal taxes 7 10 8 9 9
Federal tax payable 383 355 355 382 468
Provincial tax payable 187 199 227 240 295
Total taxes 570 554 582 622 763
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