Table 69-2
Accommodation services — Reconciliation of net profit to taxable income and taxes payable

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Accommodation services — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,416 972 620 914 887
Plus: consolidation and conceptual adjustments -288 -144 -41 -81 42
Plus: current taxes, including mining 262 224 177 162 185
Plus: deferred income taxes 5 2 -4 20 0
Less: profit of tax exempt corporations 7 3 2 0 7
Deductible dividends 93 139 187 163 379
Adjusted profit before taxes 1,296 910 563 852 727
Exemptions and deductions:  
Book capital gains and losses 811 384 243 225 309
Less: taxable capital gains 316 170 111 121 157
Net difference, capital gains and losses 495 213 131 103 152
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 0 4 8 8 -67
Total, exemptions and deductions 495 218 139 111 85
Timing differences:  
Depreciation 715 730 765 791 826
Less: capital cost allowance 562 662 721 739 755
Net difference, depreciation 153 69 44 52 70
Natural resources expenses, (books) 0 0 0 1 1
Less: natural resource expenses, (tax) 1 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) -6 -2 2 3 3
Other timing differences 322 356 464 150 380
Total, timing differences 468 423 510 205 453
Net taxable income 1,269 1,115 934 946 1,096
Less: prior year losses applied 263 151 119 114 136
Taxable income (tax base) 1,006 964 815 831 960
Taxes:  
Tax otherwise payable 394 375 308 316 366
Surtax 11 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 101 96 80 82 94
Small business deduction 63 65 60 62 65
Manufacturing and processing profits deduction 1 0 0 0 0
Investment tax credit 0 0 0 0 2
Other credits 32 37 33 37 52
Net part 1 tax payable 207 179 134 135 154
Other direct federal taxes 6 4 5 4 6
Federal tax payable 213 183 140 139 160
Provincial tax payable 89 85 77 74 85
Total taxes 303 268 217 213 245
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