Table 64-2
Automotive, machinery and equipment and other rental and leasing — Reconciliation of net profit to taxable income and taxes payable

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Automotive, machinery and equipment and other rental and leasing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,578 1,365 1,199 1,612 2,142
Plus: consolidation and conceptual adjustments -150 -15 -46 -350 -101
Plus: current taxes, including mining 456 408 325 303 500
Plus: deferred income taxes 2 -37 19 17 -25
Less: profit of tax exempt corporations 12 13 113 13 27
Deductible dividends 320 224 463 187 253
Adjusted profit before taxes 1,554 1,484 920 1,384 2,237
Exemptions and deductions:  
Book capital gains and losses 360 269 154 187 323
Less: taxable capital gains 98 93 54 76 73
Net difference, capital gains and losses 262 176 100 111 250
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 -126 -127 -228 -126 -98
Total, exemptions and deductions 136 49 -128 -16 153
Timing differences:  
Depreciation 2,539 2,568 2,609 2,567 2,889
Less: capital cost allowance 3,455 3,391 3,171 3,428 3,507
Net difference, depreciation -916 -823 -561 -861 -618
Natural resources expenses, (books) 2 2 1 1 1
Less: natural resource expenses, (tax) 5 3 3 2 3
Net difference, natural resources expenses -3 -1 -2 -1 -2
Charitable donations net difference, (books minus tax) -3 1 1 1 0
Other timing differences 1,240 1,299 1,230 1,192 890
Total, timing differences 319 475 668 331 270
Net taxable income 1,737 1,910 1,716 1,730 2,354
Less: prior year losses applied 235 265 199 259 429
Taxable income (tax base) 1,502 1,644 1,517 1,471 1,925
Taxes:  
Tax otherwise payable 577 632 528 558 726
Surtax 16 2 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 148 163 136 146 190
Small business deduction 66 70 64 70 80
Manufacturing and processing profits deduction 0 0 0 1 1
Investment tax credit 2 2 2 2 1
Other credits 77 102 89 100 167
Net part 1 tax payable 300 296 236 240 288
Other direct federal taxes 19 6 17 6 7
Federal tax payable 319 302 253 246 295
Provincial tax payable 140 162 167 153 193
Total taxes 459 463 420 399 488
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