Table 4-2
Total non-financial industries — Reconciliation of net profit to taxable income and taxes payable

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Total non-financial 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 122,358 161,872 193,209 178,300 194,654
Plus: consolidation and conceptual adjustments 30,604 17,528 3,805 19,708 24,115
Plus: current taxes, including mining 30,851 33,377 38,261 37,160 39,473
Plus: deferred income taxes -3,908 3,919 4,857 3,578 3,023
Less: profit of tax exempt corporations 20,697 21,987 21,000 22,478 24,020
Deductible dividends 90,430 84,800 73,523 77,254 91,064
Adjusted profit before taxes 68,778 109,909 145,607 139,013 146,180
Exemptions and deductions:  
Book capital gains and losses 10,615 15,320 20,594 18,715 25,830
Less: taxable capital gains 8,930 11,493 12,336 12,291 12,112
Net difference, capital gains and losses 1,685 3,827 8,258 6,425 13,717
Resource allowance 0 0 0 0 0
Less: royalties 192 -72 0 0 0
Net difference, resource allowance -192 72 0 0 0
Earned depletion allowance 12 61 54 2 1
Other exemptions and deductions -32,617 -4,099 -7,493 22,268 34,456
Total, exemptions and deductions -31,111 -140 819 28,694 48,175
Timing differences:  
Depreciation 76,493 74,706 76,969 80,742 86,045
Less: capital cost allowance 78,927 79,831 76,880 83,211 86,601
Net difference, depreciation -2,435 -5,125 89 -2,469 -556
Natural resources expenses, (books) 12,504 9,238 10,445 12,997 11,934
Less: natural resource expenses, (tax) 19,792 19,561 22,058 24,506 24,236
Net difference, natural resources expenses -7,289 -10,323 -11,613 -11,509 -12,302
Charitable donations net difference, (books minus tax) 51 32 95 -163 50
Other timing differences 79,009 76,257 63,422 117,219 147,867
Total, timing differences 69,336 60,840 51,993 103,078 135,059
Net taxable income 169,225 170,890 196,781 213,397 233,065
Less: prior year losses applied 17,063 18,177 19,541 22,257 23,072
Taxable income (tax base) 152,162 152,713 177,240 191,140 209,993
Taxes:  
Tax otherwise payable 56,955 56,749 64,961 70,320 77,835
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 14,822 14,772 16,890 18,288 20,235
Small business deduction 7,598 8,136 8,871 9,573 11,172
Manufacturing and processing profits deduction 1,345 1,717 2,364 2,503 2,726
Investment tax credit 1,503 1,563 1,751 1,916 1,770
Other credits 7,591 7,757 10,296 12,973 14,243
Net part 1 tax payable 24,097 22,804 24,789 25,068 27,688
Other direct federal taxes 837 856 1,031 1,215 1,416
Federal tax payable 24,934 23,660 25,820 26,283 29,104
Provincial tax payable 15,884 15,206 16,870 17,915 19,633
Total taxes 40,818 38,866 42,690 44,197 48,736
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