Table 49-2
Pipelines, warehousing and transportation support activities — Reconciliation of net profit to taxable income and taxes payable

Warning View the most recent version.

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.

Archived

This page has been archived on the Web.

PDF Symbols  Next table  Previous table

Pipelines, warehousing and transportation support activities — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 2,679 3,166 3,523 3,851 3,923
Plus: consolidation and conceptual adjustments 2,652 -135 4,248 2,572 2,693
Plus: current taxes, including mining 819 390 329 289 462
Plus: deferred income taxes 90 -23 401 274 300
Less: profit of tax exempt corporations 232 246 301 359 378
Deductible dividends 2,023 3,380 4,002 3,826 4,584
Adjusted profit before taxes 3,984 -229 4,199 2,801 2,416
Exemptions and deductions:  
Book capital gains and losses 785 6 5 37 178
Less: taxable capital gains 266 113 64 57 52
Net difference, capital gains and losses 519 -107 -59 -20 126
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 301 658 565 972 427
Total, exemptions and deductions 819 552 507 952 553
Timing differences:  
Depreciation 2,286 2,437 2,638 2,817 2,885
Less: capital cost allowance 1,335 1,497 1,842 2,216 2,169
Net difference, depreciation 951 940 796 601 716
Natural resources expenses, (books) 1 1 1 1 2
Less: natural resource expenses, (tax) 9 8 4 15 17
Net difference, natural resources expenses -8 -7 -4 -14 -15
Charitable donations net difference, (books minus tax) -5 3 7 6 -10
Other timing differences -1,034 2,676 -1,927 301 670
Total, timing differences -97 3,612 -1,127 894 1,361
Net taxable income 3,068 2,831 2,565 2,743 3,224
Less: prior year losses applied 465 609 213 365 368
Taxable income (tax base) 2,603 2,222 2,353 2,378 2,855
Taxes:  
Tax otherwise payable 997 849 644 689 864
Surtax 29 2 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 261 222 168 180 226
Small business deduction 55 63 60 62 73
Manufacturing and processing profits deduction 18 22 17 11 26
Investment tax credit 6 5 11 5 5
Other credits 136 130 101 128 177
Net part 1 tax payable 550 408 286 302 357
Other direct federal taxes 15 14 19 29 34
Federal tax payable 565 421 305 331 391
Provincial tax payable 276 223 260 256 290
Total taxes 841 645 565 586 681
Date modified: