Table 61-2
Property and casualty insurance carriers — Reconciliation of net profit to taxable income and taxes payable

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Property and casualty insurance carriers — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 5,769 2,944 3,358 3,595 3,894
Plus: consolidation and conceptual adjustments -1,853 -1,943 -199 -809 -949
Plus: current taxes, including mining 1,400 514 622 874 828
Plus: deferred income taxes 31 18 -38 17 256
Less: profit of tax exempt corporations 708 501 561 251 135
Deductible dividends 694 794 1,374 785 909
Adjusted profit before taxes 3,944 240 1,808 2,641 2,985
Exemptions and deductions:  
Book capital gains and losses 701 98 208 214 976
Less: taxable capital gains 63 60 12 15 15
Net difference, capital gains and losses 637 38 196 200 961
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -119 -112 193 516 17
Total, exemptions and deductions 518 -75 389 716 978
Timing differences:  
Depreciation 132 169 197 179 204
Less: capital cost allowance 132 167 217 193 165
Net difference, depreciation 0 2 -20 -14 39
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) -2 7 -7 0 1
Other timing differences -67 2,207 1,807 1,871 2,258
Total, timing differences -69 2,216 1,780 1,856 2,299
Net taxable income 3,357 2,530 3,199 3,781 4,306
Less: prior year losses applied 20 15 69 264 245
Taxable income (tax base) 3,337 2,516 3,129 3,518 4,061
Taxes:  
Tax otherwise payable 1,276 1,002 1,211 1,312 1,543
Surtax 38 3 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 332 261 316 343 404
Small business deduction 5 2 4 5 4
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 0 1 1 1 2
Other credits 236 220 285 341 454
Net part 1 tax payable 739 520 607 622 678
Other direct federal taxes 4 6 4 13 20
Federal tax payable 743 527 611 634 697
Provincial tax payable 400 323 399 421 469
Total taxes 1,143 849 1,010 1,055 1,167
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