Table 68-2
Arts, entertainment and recreation — Reconciliation of net profit to taxable income and taxes payable

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Arts, entertainment and recreation — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 5,593 5,825 5,480 5,612 6,064
Plus: consolidation and conceptual adjustments 62 -2,198 -178 -1,682 -1,557
Plus: current taxes, including mining 139 150 138 157 177
Plus: deferred income taxes 1 -72 -60 -37 -1
Less: profit of tax exempt corporations 4,849 5,340 5,276 3,610 3,661
Deductible dividends 66 85 48 52 105
Adjusted profit before taxes 879 -1,720 56 388 917
Exemptions and deductions:  
Book capital gains and losses 294 161 86 -171 204
Less: taxable capital gains 117 69 67 383 86
Net difference, capital gains and losses 178 92 19 -554 118
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 .. .. .. .. ..
Other exemptions and deductions 356 -1,738 193 323 -3,962
Total, exemptions and deductions 533 -1,645 213 -231 -3,845
Timing differences:  
Depreciation 624 986 1,000 878 1,162
Less: capital cost allowance 495 518 521 511 618
Net difference, depreciation 129 467 478 367 544
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 1 6 0 0 0
Other timing differences 328 487 725 544 -1,281
Total, timing differences 458 961 1,204 912 -737
Net taxable income 804 886 1,047 1,530 4,025
Less: prior year losses applied 184 212 188 458 292
Taxable income (tax base) 621 674 859 1,073 3,732
Taxes:  
Tax otherwise payable 250 260 266 300 330
Surtax 7 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 64 67 69 77 86
Small business deduction 58 62 62 64 65
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 0 0 0 0 1
Other credits 19 22 30 39 56
Net part 1 tax payable 115 109 105 119 122
Other direct federal taxes 4 3 9 3 4
Federal tax payable 119 113 114 122 126
Provincial tax payable 54 59 90 105 424
Total taxes 173 171 203 228 550
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