Table 48-2
Rail, truck, water and other transportation — Reconciliation of net profit to taxable income and
taxes payable
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| 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|
| millions of dollars | |||||
| Net profit | 4,304 | 2,225 | 4,358 | 6,017 | 4,697 |
| Plus: consolidation and conceptual adjustments | 37 | 1,888 | 90 | 123 | -20 |
| Plus: current taxes, including mining | 1,032 | 896 | 665 | 595 | 725 |
| Plus: deferred income taxes | 60 | -54 | 356 | 433 | 388 |
| Less: profit of tax exempt corporations | -246 | -27 | -96 | -64 | -21 |
| Deductible dividends | 1,007 | 1,323 | 885 | 1,910 | 1,011 |
| Adjusted profit before taxes | 4,672 | 3,659 | 4,679 | 5,321 | 4,800 |
| Exemptions and deductions: | |||||
| Book capital gains and losses | 431 | 322 | 442 | 256 | 279 |
| Less: taxable capital gains | 169 | 113 | 235 | 147 | 241 |
| Net difference, capital gains and losses | 263 | 209 | 207 | 109 | 38 |
| 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 | 76 | 187 | -78 | -157 | -165 |
| Total, exemptions and deductions | 339 | 396 | 128 | -48 | -127 |
| Timing differences: | |||||
| Depreciation | 3,397 | 3,546 | 3,340 | 3,337 | 3,609 |
| Less: capital cost allowance | 3,632 | 3,725 | 3,635 | 3,509 | 3,584 |
| Net difference, depreciation | -235 | -180 | -295 | -172 | 25 |
| Natural resources expenses, (books) | 2 | 1 | 1 | 0 | 1 |
| Less: natural resource expenses, (tax) | 1 | 1 | 0 | 0 | 1 |
| Net difference, natural resources expenses | 1 | 1 | 1 | 0 | 0 |
| Charitable donations net difference, (books minus tax) | -23 | -1 | 1 | -28 | 2 |
| Other timing differences | 73 | 1,028 | -1,191 | -1,567 | -629 |
| Total, timing differences | -184 | 847 | -1,485 | -1,767 | -602 |
| Net taxable income | 4,150 | 4,111 | 3,066 | 3,602 | 4,325 |
| Less: prior year losses applied | 437 | 290 | 265 | 298 | 450 |
| Taxable income (tax base) | 3,712 | 3,821 | 2,800 | 3,305 | 3,874 |
| Taxes: | |||||
| Tax otherwise payable | 1,406 | 1,458 | 1,064 | 1,257 | 1,428 |
| Surtax | 39 | 4 | 0 | 0 | 0 |
| Less: Federal tax credits and deductions: | |||||
| Federal tax abatement | 341 | 347 | 278 | 330 | 374 |
| Small business deduction | 184 | 202 | 180 | 200 | 247 |
| Manufacturing and processing profits deduction | 0 | 0 | 0 | 0 | 0 |
| Investment tax credit | 7 | 5 | 6 | 4 | 6 |
| Other credits | 174 | 213 | 151 | 207 | 254 |
| Net part 1 tax payable | 740 | 695 | 448 | 518 | 547 |
| Other direct federal taxes | 5 | 5 | 6 | 5 | 4 |
| Federal tax payable | 745 | 700 | 454 | 522 | 551 |
| Provincial tax payable | 332 | 338 | 298 | 340 | 376 |
| Total taxes | 1,076 | 1,039 | 752 | 862 | 927 |
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