Table 10-2
Construction — Reconciliation of net profit to taxable income and taxes payable

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Construction — 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 10,750 12,332 14,058 16,052 17,401
Plus: consolidation and conceptual adjustments -424 -254 -198 481 20
Plus: current taxes, including mining 3,167 3,182 3,311 3,573 4,100
Plus: deferred income taxes -51 67 84 324 8
Less: profit of tax exempt corporations 57 68 108 124 48
Deductible dividends 1,756 1,687 2,079 2,527 2,895
Adjusted profit before taxes 11,629 13,572 15,067 17,778 18,586
Exemptions and deductions:  
Book capital gains and losses 731 823 1,754 1,458 1,752
Less: taxable capital gains 420 424 732 773 775
Net difference, capital gains and losses 311 398 1,022 685 977
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 0 0 0 0 0
Other exemptions and deductions -448 -270 -454 1,048 1,719
Total, exemptions and deductions -136 129 569 1,733 2,695
Timing differences:  
Depreciation 4,836 4,962 5,193 5,507 6,018
Less: capital cost allowance 4,552 4,614 4,646 4,800 5,315
Net difference, depreciation 284 349 547 707 703
Natural resources expenses, (books) 6 5 7 7 14
Less: natural resource expenses, (tax) 21 19 27 14 18
Net difference, natural resources expenses -15 -14 -20 -7 -4
Charitable donations net difference, (books minus tax) 5 4 2 9 22
Other timing differences 4,285 3,083 3,192 3,613 7,109
Total, timing differences 4,559 3,421 3,721 4,322 7,829
Net taxable income 16,325 16,865 18,220 20,367 23,720
Less: prior year losses applied 1,166 1,106 1,247 1,603 2,363
Taxable income (tax base) 15,159 15,759 16,973 18,764 21,357
Taxes:  
Tax otherwise payable 5,750 5,986 6,361 7,088 8,097
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 1,502 1,564 1,658 1,849 2,114
Small business deduction 1,189 1,238 1,268 1,326 1,519
Manufacturing and processing profits deduction 8 6 6 6 6
Investment tax credit 64 58 56 60 68
Other credits 658 755 930 1,249 1,471
Net part 1 tax payable 2,328 2,365 2,442 2,598 2,918
Other direct federal taxes 87 68 97 165 126
Federal tax payable 2,415 2,434 2,539 2,763 3,044
Provincial tax payable 1,485 1,497 1,560 1,726 1,968
Total taxes 3,900 3,931 4,098 4,489 5,012
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