Table 7-2
Oil and gas extraction and support activities — Reconciliation of net profit to taxable income and taxes payable

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Oil and gas extraction 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 3,210 17,339 9,400 884 -751
Plus: consolidation and conceptual adjustments 11,937 6,656 -2,558 4,256 445
Plus: current taxes, including mining 4,623 1,698 2,816 2,854 1,776
Plus: deferred income taxes -4,441 706 109 -401 113
Less: profit of tax exempt corporations 167 108 7 184 38
Deductible dividends 42,351 16,484 16,044 19,026 16,130
Adjusted profit before taxes -27,189 9,806 -6,285 -11,617 -14,585
Exemptions and deductions:  
Book capital gains and losses 776 6,721 3,096 2,263 4,604
Less: taxable capital gains 1,607 3,600 2,390 1,707 1,278
Net difference, capital gains and losses -831 3,120 706 555 3,326
Resource allowance 0 0 0 0 0
Less: royalties 422 -1 0 0 0
Net difference, resource allowance -422 1 0 0 0
Earned depletion allowance 12 7 1 2 0
Other exemptions and deductions -26,375 -4,097 -6,703 -1,018 6,297
Total, exemptions and deductions -27,616 -969 -5,995 -461 9,623
Timing differences:  
Depreciation 3,422 4,000 5,200 4,600 5,288
Less: capital cost allowance 6,891 7,640 8,182 8,003 9,056
Net difference, depreciation -3,469 -3,641 -2,982 -3,403 -3,768
Natural resources expenses, (books) 11,505 8,421 9,439 12,068 10,892
Less: natural resource expenses, (tax) 13,416 13,974 16,348 18,970 19,324
Net difference, natural resources expenses -1,911 -5,554 -6,909 -6,902 -8,432
Charitable donations net difference, (books minus tax) 21 40 57 -44 18
Other timing differences 27,477 9,926 22,984 35,459 48,555
Total, timing differences 22,118 772 13,150 25,110 36,373
Net taxable income 22,544 11,546 12,860 13,954 12,165
Less: prior year losses applied 1,419 1,382 2,803 3,136 2,607
Taxable income (tax base) 21,125 10,165 10,058 10,818 9,558
Taxes:  
Tax otherwise payable 8,001 3,787 3,733 4,024 3,558
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 2,075 974 946 1,020 905
Small business deduction 100 110 132 140 155
Manufacturing and processing profits deduction 10 37 37 1 0
Investment tax credit 99 74 131 241 234
Other credits 1,816 904 1,048 1,309 1,165
Net part 1 tax payable 3,901 1,688 1,440 1,313 1,099
Other direct federal taxes 27 22 23 32 39
Federal tax payable 3,928 1,710 1,463 1,345 1,138
Provincial tax payable 2,194 1,027 987 1,057 948
Total taxes 6,122 2,737 2,450 2,401 2,086
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