Table 53-2
Banking and other depository credit intermediation — Reconciliation of net profit to taxable income and taxes payable

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Banking and other depository credit intermediation — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 18,017 13,905 13,063 16,402 21,524
Plus: consolidation and conceptual adjustments -1,396 7,439 9,597 7,960 2,032
Plus: current taxes, including mining 2,957 249 3,023 6,757 6,212
Plus: deferred income taxes 23 -627 480 -129 16
Less: profit of tax exempt corporations 3,820 3,703 3,167 2,136 2,116
Deductible dividends 9,240 17,101 12,513 11,011 11,008
Adjusted profit before taxes 6,540 163 10,483 17,843 16,660
Exemptions and deductions:  
Book capital gains and losses 255 301 19 21 224
Less: taxable capital gains 628 171 467 24 97
Net difference, capital gains and losses -373 130 -449 -3 127
Resource allowance 0 0 0 0 0
Less: royalties .. .. 43 .. ..
Net difference, resource allowance 0 0 -43 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -28 -93 -316 394 -690
Total, exemptions and deductions -401 37 -807 391 -563
Timing differences:  
Depreciation 1,089 1,124 1,039 1,108 1,134
Less: capital cost allowance 2,072 2,322 2,345 2,406 2,212
Net difference, depreciation -982 -1,198 -1,306 -1,298 -1,078
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 4
Net difference, natural resources expenses 0 0 0 0 -4
Charitable donations net difference, (books minus tax) -19 101 -136 2 -2
Other timing differences 4,504 7,219 11,887 6,721 5,716
Total, timing differences 3,502 6,122 10,445 5,426 4,632
Net taxable income 10,444 6,248 21,736 22,877 21,855
Less: prior year losses applied 383 132 4,288 2,444 962
Taxable income (tax base) 10,061 6,115 17,448 20,433 20,892
Taxes:  
Tax otherwise payable 3,794 2,329 6,630 7,763 7,937
Surtax 112 9 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 951 609 1,523 1,814 1,887
Small business deduction 0 0 0 0 0
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 13 2 28 24 21
Other credits 1,001 525 2,273 2,581 2,786
Net part 1 tax payable 1,941 1,203 2,806 3,344 3,243
Other direct federal taxes 242 238 411 465 533
Federal tax payable 2,183 1,440 3,216 3,809 3,777
Provincial tax payable 1,193 777 1,934 2,228 2,164
Total taxes 3,376 2,217 5,150 6,037 5,940
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