Table 52-2
Telecommunications — Reconciliation of net profit to taxable income and taxes payable

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Telecommunications — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 5,173 3,786 4,911 6,229 6,626
Plus: consolidation and conceptual adjustments 665 3,213 4,274 8,313 1,751
Plus: current taxes, including mining 404 410 694 885 1,163
Plus: deferred income taxes 1,009 1,364 720 956 981
Less: profit of tax exempt corporations 90 123 133 161 157
Deductible dividends 5,005 5,654 5,507 12,145 8,609
Adjusted profit before taxes 2,156 2,995 4,960 4,076 1,755
Exemptions and deductions:  
Book capital gains and losses -41 -262 206 -330 -57
Less: taxable capital gains 212 16 20 97 42
Net difference, capital gains and losses -253 -279 186 -428 -99
Resource allowance 2 0 0 0 0
Less: royalties 2 .. .. .. ..
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 1,853 2,000 -96 494 1,384
Total, exemptions and deductions 1,599 1,721 91 66 1,285
Timing differences:  
Depreciation 4,403 4,810 4,928 3,816 3,836
Less: capital cost allowance 3,817 4,559 5,053 3,810 4,415
Net difference, depreciation 587 251 -126 6 -580
Natural resources expenses, (books) 24 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 24 0 0 0 0
Charitable donations net difference, (books minus tax) -1 -2 -1 -13 -15
Other timing differences 2,362 2,446 314 550 4,083
Total, timing differences 2,972 2,695 187 543 3,488
Net taxable income 3,529 3,969 5,057 4,553 3,958
Less: prior year losses applied 2,276 2,540 2,521 2,215 1,002
Taxable income (tax base) 1,253 1,429 2,536 2,338 2,956
Taxes:  
Tax otherwise payable 573 544 957 879 1,116
Surtax 17 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 150 143 252 231 293
Small business deduction 10 10 12 13 14
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 200 197 177 196 173
Other credits 103 102 220 222 305
Net part 1 tax payable 126 92 297 217 331
Other direct federal taxes 41 9 45 32 51
Federal tax payable 167 101 341 250 381
Provincial tax payable 179 176 311 252 318
Total taxes 346 277 652 502 699
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