Table 65-2
Professional, scientific and technical services — Reconciliation of net profit to taxable income and taxes payable

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Professional, scientific and technical services — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 6,275 5,887 5,772 -13,078 14,557
Plus: consolidation and conceptual adjustments -65 24 178 -6,999 -29
Plus: current taxes, including mining 3,649 4,060 2,217 2,904 3,078
Plus: deferred income taxes 43 -177 -104 78 11
Less: profit of tax exempt corporations -196 -316 -5 35 -1,072
Deductible dividends 2,038 2,621 1,992 3,955 6,170
Adjusted profit before taxes 8,060 7,489 6,075 -21,085 12,520
Exemptions and deductions:  
Book capital gains and losses 1,594 1,312 413 546 857
Less: taxable capital gains 1,155 862 576 513 1,456
Net difference, capital gains and losses 439 450 -163 34 -599
Resource allowance 6 0 0 0 0
Less: royalties 7 0 0 0 0
Net difference, resource allowance -1 0 0 0 0
Earned depletion allowance 0 0 0 0 0
Other exemptions and deductions -390 -594 -623 -555 -448
Total, exemptions and deductions 48 -143 -785 -521 -1,047
Timing differences:  
Depreciation 2,667 2,823 2,892 3,254 3,189
Less: capital cost allowance 2,330 2,507 2,732 3,607 3,370
Net difference, depreciation 337 316 160 -353 -181
Natural resources expenses, (books) 126 29 41 18 16
Less: natural resource expenses, (tax) 49 54 70 72 33
Net difference, natural resources expenses 77 -25 -29 -53 -17
Charitable donations net difference, (books minus tax) -4 5 0 5 4
Other timing differences 5,431 6,818 7,620 37,321 5,447
Total, timing differences 5,840 7,114 7,751 36,919 5,252
Net taxable income 13,852 14,746 14,612 16,356 18,819
Less: prior year losses applied 1,397 1,182 1,612 1,225 2,009
Taxable income (tax base) 12,455 13,564 12,999 15,130 16,810
Taxes:  
Tax otherwise payable 4,773 5,198 4,922 5,729 6,352
Surtax 131 18 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 1,239 1,352 1,281 1,494 1,657
Small business deduction 1,112 1,277 1,255 1,374 1,535
Manufacturing and processing profits deduction 9 8 12 16 11
Investment tax credit 264 213 200 296 273
Other credits 340 455 472 655 801
Net part 1 tax payable 1,940 1,912 1,702 1,895 2,073
Other direct federal taxes 110 111 90 90 107
Federal tax payable 2,050 2,023 1,792 1,985 2,180
Provincial tax payable 960 1,085 1,212 1,369 1,451
Total taxes 3,009 3,108 3,004 3,354 3,631
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