Table 57-2
Financial transactions processing, loan brokers and other activities related to credit intermediation — Reconciliation of net profit to taxable income and taxes payable

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Financial transactions processing, loan brokers and other activities related to credit intermediation — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 341 372 647 625 545
Plus: consolidation and conceptual adjustments -82 -56 -55 -201 -71
Plus: current taxes, including mining 102 83 178 54 50
Plus: deferred income taxes 15 33 3 -18 23
Less: profit of tax exempt corporations 1 0 210 286 125
Deductible dividends 27 63 23 11 31
Adjusted profit before taxes 348 369 539 164 390
Exemptions and deductions:  
Book capital gains and losses 81 -36 78 -4 67
Less: taxable capital gains 8 55 3 15 12
Net difference, capital gains and losses 73 -91 76 -19 55
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -16 -9 -158 -342 -141
Total, exemptions and deductions 57 -101 -82 -360 -86
Timing differences:  
Depreciation 122 125 149 108 101
Less: capital cost allowance 121 209 138 97 99
Net difference, depreciation 1 -84 11 10 2
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) 1 .. .. .. ..
Net difference, natural resources expenses -1 .. .. .. ..
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 77 -51 252 -218 67
Total, timing differences 78 -135 263 -207 69
Net taxable income 369 335 884 318 545
Less: prior year losses applied 40 48 40 33 64
Taxable income (tax base) 329 288 844 285 481
Taxes:  
Tax otherwise payable 127 111 256 109 125
Surtax 4 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 33 29 67 28 32
Small business deduction 14 16 14 17 17
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 0 0 0 0 1
Other credits 17 14 50 15 21
Net part 1 tax payable 67 52 124 48 53
Other direct federal taxes 0 0 0 1 1
Federal tax payable 67 52 125 49 54
Provincial tax payable 33 28 104 27 49
Total taxes 100 80 228 76 103
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