Table 5-2
Agriculture, fishing, hunting, trapping and support activities — Reconciliation of net profit to taxable income and taxes payable

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Agriculture, fishing, hunting, trapping and support activities — 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 3,020 4,602 6,483 6,612 7,123
Plus: consolidation and conceptual adjustments -20 -38 68 -38 38
Plus: current taxes, including mining 567 559 703 805 914
Plus: deferred income taxes -38 49 84 93 114
Less: profit of tax exempt corporations 2 7 2 5 16
Deductible dividends 323 331 456 459 730
Adjusted profit before taxes 3,203 4,834 6,879 7,007 7,443
Exemptions and deductions:  
Book capital gains and losses 1,375 1,398 1,787 1,643 1,922
Less: taxable capital gains 312 348 462 384 442
Net difference, capital gains and losses 1,063 1,050 1,325 1,259 1,480
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 -92 -57 -69 118 65
Total, exemptions and deductions 971 993 1,256 1,377 1,545
Timing differences:  
Depreciation 2,840 3,001 3,313 3,719 4,172
Less: capital cost allowance 2,771 2,938 3,265 3,628 4,104
Net difference, depreciation 69 63 48 91 69
Natural resources expenses, (books) 0 0 0 1 2
Less: natural resource expenses, (tax) 2 1 2 1 2
Net difference, natural resources expenses -1 -1 -2 -1 0
Charitable donations net difference, (books minus tax) -25 -5 1 -2 0
Other timing differences 1,584 -20 -777 -133 248
Total, timing differences 1,627 37 -730 -45 317
Net taxable income 3,860 3,878 4,893 5,584 6,215
Less: prior year losses applied 400 418 467 480 390
Taxable income (tax base) 3,460 3,461 4,426 5,104 5,825
Taxes:  
Tax otherwise payable 1,325 1,328 1,692 1,952 2,230
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 344 345 438 508 580
Small business deduction 458 453 571 665 739
Manufacturing and processing profits deduction 5 4 4 8 19
Investment tax credit 19 18 21 21 21
Other credits 39 47 69 97 120
Net part 1 tax payable 460 461 589 654 751
Other direct federal taxes 30 36 37 52 55
Federal tax payable 491 497 626 706 807
Provincial tax payable 268 258 311 344 398
Total taxes 759 755 937 1,050 1,204
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