Table 63-2
Real estate — Reconciliation of net profit to taxable income and taxes payable

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Real estate — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 15,070 11,313 9,863 14,134 21,264
Plus: consolidation and conceptual adjustments -1,506 377 -921 -1,447 -4,319
Plus: current taxes, including mining 2,032 1,910 1,670 1,800 1,885
Plus: deferred income taxes -226 -5 -63 -45 157
Less: profit of tax exempt corporations 2,820 132 1,583 2,467 3,956
Deductible dividends 2,373 3,798 3,389 3,096 3,099
Adjusted profit before taxes 10,177 9,664 5,577 8,879 11,933
Exemptions and deductions:  
Book capital gains and losses 6,645 5,748 2,936 4,137 5,308
Less: taxable capital gains 3,034 2,426 1,647 1,986 2,332
Net difference, capital gains and losses 3,611 3,322 1,289 2,151 2,975
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 0 0 0 0 0
Other exemptions and deductions -278 1,123 1,070 557 -3,827
Total, exemptions and deductions 3,334 4,444 2,360 2,707 -852
Timing differences:  
Depreciation 3,709 4,222 4,483 4,601 4,293
Less: capital cost allowance 1,724 2,151 2,511 2,644 2,898
Net difference, depreciation 1,985 2,071 1,972 1,957 1,395
Natural resources expenses, (books) 12 5 3 4 8
Less: natural resource expenses, (tax) 22 14 11 11 20
Net difference, natural resources expenses -10 -8 -8 -7 -12
Charitable donations net difference, (books minus tax) 2 4 11 9 27
Other timing differences -148 1,415 3,342 2,424 -291
Total, timing differences 1,828 3,482 5,317 4,383 1,119
Net taxable income 8,672 8,702 8,534 10,555 13,904
Less: prior year losses applied 804 900 913 989 1,000
Taxable income (tax base) 7,868 7,802 7,621 9,566 12,904
Taxes:  
Tax otherwise payable 3,235 3,196 2,816 3,071 3,426
Surtax 84 12 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 780 773 688 750 836
Small business deduction 276 292 282 315 332
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 1 1 2 1 2
Other credits 189 227 227 260 329
Net part 1 tax payable 2,073 1,915 1,617 1,744 1,927
Other direct federal taxes 155 160 186 175 237
Federal tax payable 2,228 2,075 1,804 1,920 2,164
Provincial tax payable 838 810 855 986 1,293
Total taxes 3,067 2,886 2,659 2,905 3,458
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