Table 55-2
Non-depository credit intermediation — Reconciliation of net profit to taxable income and taxes payable

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Non-depository credit intermediation — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 4,752 3,095 3,060 9,054 6,869
Plus: consolidation and conceptual adjustments -321 -861 -1,035 -390 -1,342
Plus: current taxes, including mining 1,300 1,091 854 1,014 1,058
Plus: deferred income taxes -138 -53 63 78 318
Less: profit of tax exempt corporations 964 700 -360 3,546 1,980
Deductible dividends 871 1,166 807 589 901
Adjusted profit before taxes 3,760 1,406 2,494 5,621 4,022
Exemptions and deductions:  
Book capital gains and losses 589 177 152 426 449
Less: taxable capital gains 322 229 97 228 232
Net difference, capital gains and losses 267 -52 55 198 217
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 .. .. .. .. ..
Other exemptions and deductions 175 -78 884 -1,631 -3,750
Total, exemptions and deductions 441 -130 939 -1,433 -3,533
Timing differences:  
Depreciation 2,812 2,125 1,481 1,242 1,066
Less: capital cost allowance 7,003 6,174 5,493 5,002 4,733
Net difference, depreciation -4,191 -4,049 -4,012 -3,760 -3,667
Natural resources expenses, (books) 0 1 3 0 2
Less: natural resource expenses, (tax) 3 8 2 42 8
Net difference, natural resources expenses -3 -7 1 -42 -6
Charitable donations net difference, (books minus tax) -3 -1 1 2 3
Other timing differences 4,696 5,925 7,191 4,815 3,681
Total, timing differences 499 1,868 3,181 1,014 11
Net taxable income 3,818 3,404 4,735 8,069 7,566
Less: prior year losses applied 250 216 297 589 741
Taxable income (tax base) 3,568 3,188 4,438 7,479 6,825
Taxes:  
Tax otherwise payable 1,379 1,254 1,686 2,484 2,445
Surtax 46 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 207 216 258 403 393
Small business deduction 17 19 18 19 20
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 1 1 1 1 5
Other credits 238 259 383 631 641
Net part 1 tax payable 962 760 1,027 1,429 1,387
Other direct federal taxes 37 41 40 33 31
Federal tax payable 999 801 1,066 1,463 1,417
Provincial tax payable 525 420 583 922 799
Total taxes 1,523 1,221 1,650 2,385 2,217
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