Table 3-2
Total finance and insurance industries — Reconciliation of net profit to taxable income and taxes payable

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Total finance and insurance 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 41,824 57,972 62,997 68,789 81,395
Plus: consolidation and conceptual adjustments 4,471 4,448 -1,070 10,885 17,513
Plus: current taxes, including mining 7,453 11,803 12,499 12,348 12,212
Plus: deferred income taxes -9 82 577 -335 -235
Less: profit of tax exempt corporations 3,311 9,477 7,466 9,607 13,990
Deductible dividends 27,116 25,417 26,890 31,300 40,307
Adjusted profit before taxes 23,312 39,410 40,647 50,779 56,588
Exemptions and deductions:  
Book capital gains and losses 886 4,294 8,300 4,550 5,519
Less: taxable capital gains 2,520 2,725 3,268 4,099 4,866
Net difference, capital gains and losses -1,634 1,569 5,032 451 653
Resource allowance 0 0 0 0 0
Less: royalties 42 0 0 0 0
Net difference, resource allowance -42 0 0 0 0
Earned depletion allowance 0 0 0 0 0
Other exemptions and deductions 758 -3,230 -2,445 -1,678 -1,494
Total, exemptions and deductions -918 -1,661 2,587 -1,227 -841
Timing differences:  
Depreciation 5,240 4,889 4,862 5,051 5,268
Less: capital cost allowance 9,997 9,400 8,951 10,360 11,524
Net difference, depreciation -4,757 -4,510 -4,090 -5,309 -6,256
Natural resources expenses, (books) 27 34 65 119 103
Less: natural resource expenses, (tax) 121 309 144 249 344
Net difference, natural resources expenses -94 -275 -79 -130 -241
Charitable donations net difference, (books minus tax) -165 64 -15 -27 40
Other timing differences 26,221 14,637 19,378 9,739 2,336
Total, timing differences 21,205 9,916 15,195 4,273 -4,122
Net taxable income 45,436 50,987 53,256 56,279 53,308
Less: prior year losses applied 6,877 5,370 3,818 3,971 3,352
Taxable income (tax base) 38,558 45,618 49,438 52,309 49,956
Taxes:  
Tax otherwise payable 14,633 16,901 18,247 18,815 17,370
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 3,397 3,924 4,299 4,492 4,130
Small business deduction 361 389 418 416 479
Manufacturing and processing profits deduction 5 12 21 14 13
Investment tax credit 38 34 41 50 27
Other credits 3,808 4,501 5,192 6,164 5,625
Net part 1 tax payable 7,025 8,041 8,277 7,678 7,097
Other direct federal taxes 1,412 1,429 1,667 1,666 1,921
Federal tax payable 8,438 9,470 9,944 9,344 9,018
Provincial tax payable 4,470 5,137 5,304 5,436 5,152
Total taxes 12,907 14,607 15,248 14,780 14,171
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