Table 11-2
Food and soft drink manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Food and soft drink manufacturing — 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 4,271 4,696 4,323 3,447 4,578
Plus: consolidation and conceptual adjustments 549 97 1,896 1,032 2,410
Plus: current taxes, including mining 1,102 978 1,036 966 894
Plus: deferred income taxes 6 210 131 46 168
Less: profit of tax exempt corporations 1 1 1 1 1
Deductible dividends 2,207 1,538 3,271 2,517 3,427
Adjusted profit before taxes 3,719 4,443 4,114 2,973 4,623
Exemptions and deductions:  
Book capital gains and losses 153 72 148 267 137
Less: taxable capital gains 90 144 102 84 66
Net difference, capital gains and losses 63 -73 46 183 70
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 4 435 847 493 923
Total, exemptions and deductions 67 362 893 675 993
Timing differences:  
Depreciation 1,913 1,738 1,804 1,938 2,011
Less: capital cost allowance 2,265 2,978 2,064 2,165 2,200
Net difference, depreciation -352 -1,240 -260 -227 -189
Natural resources expenses, (books) 0 0 2 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 1 0 0
Charitable donations net difference, (books minus tax) 0 -16 -6 2 -2
Other timing differences 597 1,257 1,228 2,267 899
Total, timing differences 245 1 964 2,042 709
Net taxable income 3,898 4,082 4,184 4,339 4,339
Less: prior year losses applied 414 254 260 275 289
Taxable income (tax base) 3,484 3,828 3,925 4,064 4,050
Taxes:  
Tax otherwise payable 1,325 1,456 1,490 1,545 1,540
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 348 381 391 406 404
Small business deduction 45 45 45 45 47
Manufacturing and processing profits deduction 180 230 247 263 283
Investment tax credit 30 30 31 31 29
Other credits 106 124 158 215 205
Net part 1 tax payable 617 647 618 584 572
Other direct federal taxes 27 30 35 24 19
Federal tax payable 644 677 653 608 591
Provincial tax payable 421 420 413 422 420
Total taxes 1,065 1,097 1,066 1,030 1,011
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