Table 54-2
Local credit unions — Reconciliation of net profit to taxable income and taxes payable

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Local credit unions — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,875 1,617 1,167 1,617 1,849
Plus: consolidation and conceptual adjustments -406 17 -89 -58 907
Plus: current taxes, including mining 456 415 320 387 419
Plus: deferred income taxes -1 218 -123 -6 185
Less: profit of tax exempt corporations .. .. .. .. 6
Deductible dividends 191 66 9 12 19
Adjusted profit before taxes 1,734 2,202 1,266 1,928 3,335
Exemptions and deductions:  
Book capital gains and losses 7 23 23 10 8
Less: taxable capital gains 2 10 4 2 3
Net difference, capital gains and losses 5 13 19 8 5
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 161 339 -165 840 1,277
Total, exemptions and deductions 167 352 -146 848 1,282
Timing differences:  
Depreciation 252 262 266 272 269
Less: capital cost allowance 300 328 344 354 338
Net difference, depreciation -48 -66 -78 -81 -69
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) .. .. 1 -1 1
Other timing differences -375 -261 -250 285 -504
Total, timing differences -423 -327 -327 203 -571
Net taxable income 1,144 1,524 1,085 1,284 1,481
Less: prior year losses applied 51 15 13 28 18
Taxable income (tax base) 1,093 1,509 1,073 1,255 1,464
Taxes:  
Tax otherwise payable 429 576 410 477 556
Surtax 13 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 113 152 108 126 146
Small business deduction 27 31 23 23 20
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit .. .. .. 1 1
Other credits 134 192 132 159 201
Net part 1 tax payable 167 202 146 169 188
Other direct federal taxes 0 0 0 0 0
Federal tax payable 167 202 146 169 188
Provincial tax payable 87 135 94 111 127
Total taxes 254 337 240 280 315
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