Table 2-2
Total all industries — Reconciliation of net profit to taxable income and taxes payable

Warning View the most recent version.

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.

Archived

This page has been archived on the Web.

PDF Symbols  Next table  Previous table

Total all industries — Reconciliation of net profit to taxable income and taxes payable
Table summary
This table displays the results of the reconciliation of net profit to taxable income and taxes payable. The row headers provide information on the different accounts involved in the estimation of taxable income and taxes payable. The column headers provide a yearly breakdown for the five years covered in this tabulation. The values are reported in millions of dollars.
  2009 2010 2011 2012 2013
  millions of dollars
Net profit 164,182 219,844 256,206 247,089 276,049
Plus: consolidation and conceptual adjustments 35,075 21,976 2,735 30,593 41,628
Plus: current taxes, including mining 38,304 45,179 50,760 49,507 51,685
Plus: deferred income taxes -3,917 4,001 5,434 3,243 2,787
Less: profit of tax exempt corporations 24,009 31,464 28,466 32,086 38,010
Deductible dividends 117,546 110,217 100,413 108,555 131,371
Adjusted profit before taxes 92,089 149,319 186,254 189,791 202,769
Exemptions and deductions:  
Book capital gains and losses 11,502 19,614 28,894 23,265 31,349
Less: taxable capital gains 11,450 14,218 15,604 16,389 16,979
Net difference, capital gains and losses 52 5,395 13,290 6,876 14,371
Resource allowance 0 0 0 0 0
Less: royalties 234 -72 0 0 0
Net difference, resource allowance -234 72 0 0 0
Earned depletion allowance 12 61 54 2 1
Other exemptions and deductions -31,859 -7,329 -9,938 20,589 32,962
Total, exemptions and deductions -32,029 -1,801 3,406 27,467 47,333
Timing differences:  
Depreciation 81,733 79,596 81,831 85,794 91,313
Less: capital cost allowance 88,925 89,230 85,831 93,572 98,125
Net difference, depreciation -7,192 -9,635 -4,001 -7,778 -6,812
Natural resources expenses, (books) 12,531 9,272 10,510 13,116 12,036
Less: natural resource expenses, (tax) 19,913 19,870 22,202 24,755 24,580
Net difference, natural resources expenses -7,382 -10,598 -11,692 -11,639 -12,543
Charitable donations net difference, (books minus tax) -114 96 81 -189 89
Other timing differences 105,229 90,894 82,800 126,958 150,203
Total, timing differences 90,541 70,756 67,189 107,351 130,937
Net taxable income 214,661 221,878 250,037 269,676 286,373
Less: prior year losses applied 23,940 23,547 23,360 26,228 26,424
Taxable income (tax base) 190,721 198,331 226,677 243,448 259,948
Taxes:  
Tax otherwise payable 71,589 73,650 83,208 89,135 95,206
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 18,219 18,695 21,189 22,780 24,365
Small business deduction 7,959 8,525 9,289 9,989 11,651
Manufacturing and processing profits deduction 1,349 1,729 2,384 2,518 2,739
Investment tax credit 1,541 1,598 1,792 1,966 1,797
Other credits 11,398 12,257 15,489 19,137 19,868
Net part 1 tax payable 31,122 30,845 33,065 32,746 34,785
Other direct federal taxes 2,250 2,286 2,698 2,881 3,337
Federal tax payable 33,372 33,130 35,764 35,627 38,122
Provincial tax payable 20,353 20,343 22,174 23,350 24,785
Total taxes 53,725 53,473 57,938 58,977 62,907
Date modified: