Table 62-2
Agencies, brokerages and other insurance related activities — Reconciliation of net profit to taxable income and taxes payable

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Agencies, brokerages and other insurance related activities — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,075 1,019 1,108 1,294 1,487
Plus: consolidation and conceptual adjustments -140 -16 -75 -46 -54
Plus: current taxes, including mining 300 310 291 320 353
Plus: deferred income taxes 0 -20 -12 -10 -9
Less: profit of tax exempt corporations 19 21 3 25 19
Deductible dividends 56 122 148 191 157
Adjusted profit before taxes 1,161 1,149 1,162 1,342 1,601
Exemptions and deductions:  
Book capital gains and losses 67 46 82 86 160
Less: taxable capital gains 25 22 30 22 33
Net difference, capital gains and losses 43 24 53 65 127
Resource allowance .. .. .. .. ..
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -71 -71 -69 -79 -107
Total, exemptions and deductions -29 -47 -17 -14 20
Timing differences:  
Depreciation 176 192 223 223 227
Less: capital cost allowance 150 159 178 186 162
Net difference, depreciation 26 33 45 36 66
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 1 0 0 1
Net difference, natural resources expenses 0 -1 0 0 -1
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 133 186 163 162 101
Total, timing differences 159 219 208 198 166
Net taxable income 1,348 1,415 1,386 1,555 1,747
Less: prior year losses applied 36 64 36 46 64
Taxable income (tax base) 1,312 1,351 1,350 1,509 1,683
Taxes:  
Tax otherwise payable 511 516 512 565 633
Surtax 14 2 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 134 135 134 148 166
Small business deduction 120 133 136 146 157
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 0 0 0 0 0
Other credits 39 44 46 60 80
Net part 1 tax payable 232 205 195 211 229
Other direct federal taxes 2 7 10 13 14
Federal tax payable 234 212 204 223 243
Provincial tax payable 111 111 126 137 144
Total taxes 345 324 331 360 387
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