Table 58-2
Securities and commodity contracts intermediation and brokerage — Reconciliation of net profit to taxable income and taxes payable

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Securities and commodity contracts intermediation and brokerage — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,269 272 991 1,203 629
Plus: consolidation and conceptual adjustments -108 22 -49 -67 346
Plus: current taxes, including mining 233 192 142 187 175
Plus: deferred income taxes -24 15 54 20 18
Less: profit of tax exempt corporations 2 -3 -17 -7 53
Deductible dividends 568 376 272 313 500
Adjusted profit before taxes 800 128 884 1,037 616
Exemptions and deductions:  
Book capital gains and losses 161 71 23 81 82
Less: taxable capital gains 172 73 48 84 105
Net difference, capital gains and losses -11 -2 -25 -3 -23
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 -45 -6 -9 -17 -84
Total, exemptions and deductions -56 -8 -34 -21 -107
Timing differences:  
Depreciation 70 86 65 76 95
Less: capital cost allowance 69 71 85 90 73
Net difference, depreciation 1 16 -20 -14 22
Natural resources expenses, (books) 1 1 0 0 1
Less: natural resource expenses, (tax) 41 6 7 20 6
Net difference, natural resources expenses -41 -6 -7 -20 -5
Charitable donations net difference, (books minus tax) -2 -15 -56 -47 -64
Other timing differences 108 811 102 -144 269
Total, timing differences 67 807 19 -226 222
Net taxable income 923 943 936 833 945
Less: prior year losses applied 89 242 258 86 129
Taxable income (tax base) 834 701 679 747 817
Taxes:  
Tax otherwise payable 323 270 261 286 313
Surtax 9 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 83 70 68 75 82
Small business deduction 14 16 14 16 16
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit .. 1 1 .. 1
Other credits 48 49 51 63 77
Net part 1 tax payable 186 135 126 133 137
Other direct federal taxes 25 65 17 23 19
Federal tax payable 211 199 144 156 155
Provincial tax payable 95 79 83 86 87
Total taxes 306 279 227 242 242
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