Table 50-2
Publishing industries (except Internet) — Reconciliation of net profit to taxable income and taxes payable

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Publishing industries (except Internet) — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 2,876 549 813 3,007 -1,667
Plus: consolidation and conceptual adjustments 137 623 2,218 905 993
Plus: current taxes, including mining 199 235 277 358 309
Plus: deferred income taxes 115 100 32 137 216
Less: profit of tax exempt corporations 6 6 3 20 3
Deductible dividends 1,997 2,225 2,050 2,738 1,991
Adjusted profit before taxes 1,324 -725 1,287 1,648 -2,143
Exemptions and deductions:  
Book capital gains and losses 513 7 -24 -75 -239
Less: taxable capital gains 69 37 82 131 129
Net difference, capital gains and losses 444 -30 -106 -207 -368
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -88 -205 -180 -89 -94
Total, exemptions and deductions 356 -234 -286 -296 -462
Timing differences:  
Depreciation 845 845 1,059 910 669
Less: capital cost allowance 805 795 1,357 1,188 607
Net difference, depreciation 40 51 -298 -279 62
Natural resources expenses, (books) 0 0 1 1 0
Less: natural resource expenses, (tax) 1 0 1 0 0
Net difference, natural resources expenses -1 0 0 1 0
Charitable donations net difference, (books minus tax) -11 -1 0 0 -1
Other timing differences 839 2,280 286 550 3,672
Total, timing differences 867 2,330 -12 272 3,733
Net taxable income 1,835 1,839 1,561 2,216 2,052
Less: prior year losses applied 957 791 561 439 388
Taxable income (tax base) 879 1,048 1,000 1,777 1,664
Taxes:  
Tax otherwise payable 341 400 375 671 631
Surtax 10 2 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 89 105 99 176 165
Small business deduction 24 27 26 30 32
Manufacturing and processing profits deduction 7 7 5 14 13
Investment tax credit 58 51 38 42 36
Other credits 44 63 70 142 145
Net part 1 tax payable 128 149 137 268 239
Other direct federal taxes 9 12 14 18 7
Federal tax payable 137 161 152 286 246
Provincial tax payable 95 117 115 196 171
Total taxes 232 279 266 482 417
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