Table 47-2
Air transportation — Reconciliation of net profit to taxable income and taxes payable

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Air transportation — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 2,021 447 343 657 319
Plus: consolidation and conceptual adjustments -348 423 -192 -56 -283
Plus: current taxes, including mining 87 74 15 32 62
Plus: deferred income taxes 564 268 33 109 123
Less: profit of tax exempt corporations 1 1 5 -25 -134
Deductible dividends 53 30 288 16 25
Adjusted profit before taxes 2,271 1,181 -95 751 330
Exemptions and deductions:  
Book capital gains and losses 1,406 1,469 -37 10 41
Less: taxable capital gains 476 206 33 28 53
Net difference, capital gains and losses 930 1,263 -70 -18 -12
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 40 167 144 53 163
Total, exemptions and deductions 970 1,430 74 35 151
Timing differences:  
Depreciation 652 814 838 865 896
Less: capital cost allowance 1,512 1,497 310 308 355
Net difference, depreciation -860 -683 528 557 542
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) 10 -12 0 0 -1
Other timing differences 357 1,516 -21 -635 1
Total, timing differences -493 821 507 -78 541
Net taxable income 807 572 338 638 721
Less: prior year losses applied 588 232 174 471 472
Taxable income (tax base) 219 340 164 168 249
Taxes:  
Tax otherwise payable 86 136 62 64 95
Surtax 2 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 22 34 15 16 22
Small business deduction 8 9 6 6 8
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 1 3 0 0 1
Other credits 12 16 10 13 24
Net part 1 tax payable 46 75 29 29 40
Other direct federal taxes 1 0 1 1 2
Federal tax payable 47 75 31 30 42
Provincial tax payable 23 36 17 17 23
Total taxes 70 111 47 46 65
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