Table 71-2
Repair, maintenance and personal services — Reconciliation of net profit to taxable income and taxes payable

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Repair, maintenance and personal services — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 1,832 1,883 1,685 2,072 2,537
Plus: consolidation and conceptual adjustments -46 -13 -30 5 36
Plus: current taxes, including mining 422 421 353 375 412
Plus: deferred income taxes -7 -11 -13 -6 -1
Less: profit of tax exempt corporations 325 191 288 393 456
Deductible dividends 73 123 119 186 209
Adjusted profit before taxes 1,803 1,966 1,588 1,866 2,319
Exemptions and deductions:  
Book capital gains and losses 273 267 149 198 262
Less: taxable capital gains 104 129 77 73 80
Net difference, capital gains and losses 169 138 73 126 182
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 59 141 86 0 -534
Total, exemptions and deductions 228 278 158 125 -352
Timing differences:  
Depreciation 929 991 1,034 1,033 1,087
Less: capital cost allowance 858 949 996 968 1,010
Net difference, depreciation 70 43 38 65 77
Natural resources expenses, (books) 1 1 1 1 1
Less: natural resource expenses, (tax) 1 0 0 1 1
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 1 0 2 1 1
Other timing differences 640 713 1,279 1,095 628
Total, timing differences 710 756 1,320 1,161 706
Net taxable income 2,285 2,443 2,749 2,901 3,377
Less: prior year losses applied 208 216 252 268 250
Taxable income (tax base) 2,077 2,228 2,497 2,634 3,127
Taxes:  
Tax otherwise payable 793 853 777 820 984
Surtax 21 4 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 207 222 203 214 257
Small business deduction 233 265 250 260 310
Manufacturing and processing profits deduction 6 5 5 6 6
Investment tax credit 7 8 9 8 9
Other credits 31 38 35 45 68
Net part 1 tax payable 330 319 275 288 333
Other direct federal taxes 4 6 7 7 7
Federal tax payable 335 325 282 294 340
Provincial tax payable 144 157 242 225 259
Total taxes 479 483 524 519 599
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