Table 9-2
Utilities — Reconciliation of net profit to taxable income and taxes payable

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Utilities — 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 7,534 8,210 7,540 4,719 8,417
Plus: consolidation and conceptual adjustments 558 595 -2,008 -60 936
Plus: current taxes, including mining 542 328 380 297 387
Plus: deferred income taxes -47 -52 -19 183 190
Less: profit of tax exempt corporations 6,601 6,412 4,872 2,901 5,769
Deductible dividends 825 2,637 1,224 1,292 1,607
Adjusted profit before taxes 1,162 31 -204 947 2,554
Exemptions and deductions:  
Book capital gains and losses 68 28 72 32 75
Less: taxable capital gains 26 50 45 80 63
Net difference, capital gains and losses 42 -22 27 -48 12
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 -211 -737 -598 110 817
Total, exemptions and deductions -168 -759 -572 62 829
Timing differences:  
Depreciation 1,812 1,782 1,873 2,027 2,158
Less: capital cost allowance 1,934 2,061 2,400 2,367 2,511
Net difference, depreciation -121 -279 -527 -341 -353
Natural resources expenses, (books) 52 54 78 42 5
Less: natural resource expenses, (tax) 136 136 166 164 149
Net difference, natural resources expenses -85 -82 -88 -121 -144
Charitable donations net difference, (books minus tax) 3 3 2 1 -1
Other timing differences 1,135 1,355 2,026 999 682
Total, timing differences 932 996 1,413 539 185
Net taxable income 2,262 1,787 1,781 1,424 1,909
Less: prior year losses applied 112 310 223 288 487
Taxable income (tax base) 2,150 1,478 1,558 1,136 1,422
Taxes:  
Tax otherwise payable 664 467 529 417 527
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 174 122 138 109 138
Small business deduction 5 5 5 5 6
Manufacturing and processing profits deduction 8 10 8 6 2
Investment tax credit 2 1 1 1 2
Other credits 148 111 148 132 176
Net part 1 tax payable 328 218 229 164 204
Other direct federal taxes 48 55 49 75 92
Federal tax payable 376 272 278 239 295
Provincial tax payable 262 170 162 119 152
Total taxes 638 443 440 359 447
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