Table 56-2
Central credit unions — Reconciliation of net profit to taxable income and taxes payable

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Central credit unions — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 125 -117 373 314 241
Plus: consolidation and conceptual adjustments 651 -38 19 -11 655
Plus: current taxes, including mining 89 -18 65 53 45
Plus: deferred income taxes 19 -74 73 0 41
Less: profit of tax exempt corporations .. .. .. .. ..
Deductible dividends 49 8 4 1 69
Adjusted profit before taxes 836 -255 526 354 912
Exemptions and deductions:  
Book capital gains and losses 71 56 29 44 167
Less: taxable capital gains 37 2 3 1 0
Net difference, capital gains and losses 34 54 26 43 167
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -28 -5 26 73 9
Total, exemptions and deductions 6 49 52 116 176
Timing differences:  
Depreciation 43 59 60 17 31
Less: capital cost allowance 58 48 73 22 38
Net difference, depreciation -15 11 -13 -6 -7
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences -754 356 -133 -170 -402
Total, timing differences -769 367 -146 -175 -409
Net taxable income 61 63 327 63 327
Less: prior year losses applied 9 0 116 51 15
Taxable income (tax base) 52 63 212 12 311
Taxes:  
Tax otherwise payable 20 24 80 5 118
Surtax 1 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 5 6 21 1 31
Small business deduction 0 0 0 0 0
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 4 .. .. .. 2
Other credits 8 11 36 2 49
Net part 1 tax payable 3 7 23 1 37
Other direct federal taxes 0 0 0 0 0
Federal tax payable 3 7 23 1 37
Provincial tax payable 4 4 14 0 32
Total taxes 6 11 38 2 69
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