Table 6-2
Forestry, logging and support activities — Reconciliation of net profit to taxable income and taxes payable

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Forestry, logging 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 12 201 296 428 464
Plus: consolidation and conceptual adjustments -51 -18 -38 -115 -67
Plus: current taxes, including mining 36 49 69 70 84
Plus: deferred income taxes -11 10 -3 -4 3
Less: profit of tax exempt corporations -4 -2 -5 0 24
Deductible dividends 41 36 37 48 57
Adjusted profit before taxes -51 208 292 331 402
Exemptions and deductions:  
Book capital gains and losses 26 54 98 78 96
Less: taxable capital gains 27 26 32 29 30
Net difference, capital gains and losses -1 28 66 49 65
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 -14 10 -24 4 35
Total, exemptions and deductions -15 38 42 53 100
Timing differences:  
Depreciation 562 516 510 507 551
Less: capital cost allowance 484 451 427 422 459
Net difference, depreciation 78 66 82 85 92
Natural resources expenses, (books) 3 3 3 3 2
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 3 3 3 3 2
Charitable donations net difference, (books minus tax) 0 0 -6 -33 -33
Other timing differences 311 193 190 181 251
Total, timing differences 393 260 269 237 313
Net taxable income 357 430 520 514 614
Less: prior year losses applied 55 73 66 66 82
Taxable income (tax base) 302 356 453 448 533
Taxes:  
Tax otherwise payable 113 134 169 166 195
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 29 35 44 43 51
Small business deduction 39 47 55 52 58
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 2 2 2 2 2
Other credits 6 7 14 16 23
Net part 1 tax payable 37 43 54 53 62
Other direct federal taxes 2 2 2 3 2
Federal tax payable 39 45 57 56 64
Provincial tax payable 24 26 33 32 39
Total taxes 63 71 89 88 104
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