Table 60-2
Life, health and medical insurance carriers — Reconciliation of net profit to taxable income and taxes payable

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Life, health and medical insurance carriers — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 6,178 6,480 7,283 7,138 6,301
Plus: consolidation and conceptual adjustments -4,492 -2,069 -5,094 -4,180 -2,035
Plus: current taxes, including mining 731 361 478 58 1,138
Plus: deferred income taxes -7 882 -383 138 -162
Less: profit of tax exempt corporations 0 0 2,439 3,129 1,334
Deductible dividends 893 760 835 1,038 262
Adjusted profit before taxes 1,517 4,894 -989 -1,013 3,645
Exemptions and deductions:  
Book capital gains and losses 631 128 387 20 1,140
Less: taxable capital gains -177 14 134 49 96
Net difference, capital gains and losses 808 114 253 -29 1,044
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 19 28 -2,440 -3,136 -1,202
Total, exemptions and deductions 827 142 -2,187 -3,165 -158
Timing differences:  
Depreciation 349 337 354 357 538
Less: capital cost allowance 188 311 309 303 296
Net difference, depreciation 162 26 44 55 242
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) 1 1 1 0 0
Net difference, natural resources expenses -1 -1 -1 0 0
Charitable donations net difference, (books minus tax) -2 0 -5 1 -3
Other timing differences 897 -2,497 1,565 670 -398
Total, timing differences 1,056 -2,472 1,604 725 -159
Net taxable income 1,746 2,280 2,802 2,877 3,645
Less: prior year losses applied 44 82 16 165 144
Taxable income (tax base) 1,702 2,198 2,786 2,712 3,501
Taxes:  
Tax otherwise payable 651 841 1,069 1,022 1,327
Surtax 19 7 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 171 220 281 269 349
Small business deduction 1 1 0 2 2
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 2 1 4 3 2
Other credits 112 173 234 244 356
Net part 1 tax payable 384 452 551 505 618
Other direct federal taxes 48 49 80 146 163
Federal tax payable 432 501 631 651 781
Provincial tax payable 208 279 363 336 423
Total taxes 640 779 994 987 1,205
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