Table 70-2
Food services and drinking places — Reconciliation of net profit to taxable income and taxes payable

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Food services and drinking places — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,165 1,321 1,055 1,320 1,449
Plus: consolidation and conceptual adjustments 19 248 -8 -62 102
Plus: current taxes, including mining 403 404 361 422 433
Plus: deferred income taxes 3 -39 31 -10 -24
Less: profit of tax exempt corporations -2 -1 0 -1 0
Deductible dividends 203 187 165 201 357
Adjusted profit before taxes 1,389 1,747 1,274 1,470 1,603
Exemptions and deductions:  
Book capital gains and losses 371 268 264 289 230
Less: taxable capital gains 149 138 123 172 109
Net difference, capital gains and losses 223 130 140 116 121
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 -44 -107 -101 -75 -101
Total, exemptions and deductions 179 23 39 41 20
Timing differences:  
Depreciation 1,256 1,325 1,395 1,515 1,475
Less: capital cost allowance 1,154 1,255 1,362 1,469 1,417
Net difference, depreciation 102 70 33 46 58
Natural resources expenses, (books) 1 1 0 0 0
Less: natural resource expenses, (tax) 9 1 0 0 0
Net difference, natural resources expenses -7 0 0 0 0
Charitable donations net difference, (books minus tax) 1 1 -2 -1 1
Other timing differences 838 480 893 970 886
Total, timing differences 933 551 924 1,015 945
Net taxable income 2,143 2,275 2,158 2,444 2,529
Less: prior year losses applied 286 284 264 271 259
Taxable income (tax base) 1,857 1,991 1,894 2,173 2,270
Taxes:  
Tax otherwise payable 713 764 721 830 863
Surtax 19 3 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 186 199 188 217 225
Small business deduction 186 211 207 227 234
Manufacturing and processing profits deduction 10 13 14 18 21
Investment tax credit 1 1 1 1 2
Other credits 32 40 40 52 63
Net part 1 tax payable 318 302 270 314 318
Other direct federal taxes 5 5 4 5 18
Federal tax payable 323 308 274 319 336
Provincial tax payable 143 156 174 192 193
Total taxes 466 464 448 511 530
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