Table 59-2
Securities and commodity exchanges and other financial investment activities — Reconciliation of net profit to taxable income and taxes payable

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Securities and commodity exchanges and other financial investment activities — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 20,652 13,168 10,774 16,729 19,568
Plus: consolidation and conceptual adjustments -555 572 1,450 2,251 -803
Plus: current taxes, including mining 2,506 2,159 1,480 2,097 2,163
Plus: deferred income taxes -98 -224 -126 -9 -100
Less: profit of tax exempt corporations 237 490 -52 2,185 2,213
Deductible dividends 9,973 11,181 11,130 11,466 12,718
Adjusted profit before taxes 12,294 4,004 2,501 7,417 5,898
Exemptions and deductions:  
Book capital gains and losses 6,837 2,130 -116 3,395 4,969
Less: taxable capital gains 3,599 2,582 1,722 2,285 2,658
Net difference, capital gains and losses 3,238 -453 -1,838 1,109 2,311
Resource allowance 1 0 0 0 0
Less: royalties 1 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance 0 0 0 0 0
Other exemptions and deductions 69 339 173 -1,922 -1,867
Total, exemptions and deductions 3,307 -113 -1,665 -813 444
Timing differences:  
Depreciation 1,347 1,448 1,406 1,308 1,188
Less: capital cost allowance 694 801 815 746 838
Net difference, depreciation 653 647 591 562 350
Natural resources expenses, (books) 77 44 24 33 60
Less: natural resource expenses, (tax) 224 171 111 245 115
Net difference, natural resources expenses -147 -127 -87 -212 -54
Charitable donations net difference, (books minus tax) 102 46 39 107 49
Other timing differences -562 4,405 3,636 644 4,879
Total, timing differences 45 4,971 4,178 1,102 5,224
Net taxable income 9,033 9,088 8,345 9,331 10,678
Less: prior year losses applied 827 785 1,744 1,663 1,332
Taxable income (tax base) 8,205 8,302 6,600 7,668 9,346
Taxes:  
Tax otherwise payable 3,433 3,370 2,519 2,878 3,198
Surtax 90 10 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 836 824 623 717 796
Small business deduction 140 156 151 161 182
Manufacturing and processing profits deduction 4 16 5 12 20
Investment tax credit 3 5 3 4 6
Other credits 318 373 317 404 505
Net part 1 tax payable 2,222 2,005 1,420 1,579 1,688
Other direct federal taxes 734 834 851 735 882
Federal tax payable 2,956 2,839 2,271 2,314 2,570
Provincial tax payable 951 941 769 868 1,005
Total taxes 3,907 3,780 3,040 3,182 3,574
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