Table 12-2
Alcoholic beverage and tobacco manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Alcoholic beverage and tobacco 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 1,496 1,300 1,470 1,481 1,806
Plus: consolidation and conceptual adjustments -171 19 -423 216 25
Plus: current taxes, including mining 404 379 247 304 451
Plus: deferred income taxes 91 84 192 196 -15
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 7 18 1 168 121
Adjusted profit before taxes 1,813 1,764 1,486 2,030 2,146
Exemptions and deductions:  
Book capital gains and losses 13 110 -5 4 12
Less: taxable capital gains 12 79 71 72 49
Net difference, capital gains and losses 1 32 -76 -69 -38
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -28 -27 243 242 761
Total, exemptions and deductions -26 4 167 173 723
Timing differences:  
Depreciation 263 264 151 167 166
Less: capital cost allowance 293 315 197 201 193
Net difference, depreciation -30 -51 -46 -34 -27
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) -2 0 0 0 2
Other timing differences -457 -329 2 -412 322
Total, timing differences -488 -380 -44 -446 296
Net taxable income 1,351 1,380 1,275 1,411 1,719
Less: prior year losses applied 149 141 10 21 15
Taxable income (tax base) 1,202 1,239 1,265 1,390 1,704
Taxes:  
Tax otherwise payable 457 471 481 528 648
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 120 124 126 139 170
Small business deduction 2 3 3 3 4
Manufacturing and processing profits deduction 67 68 84 96 139
Investment tax credit 2 1 1 2 2
Other credits 40 47 52 73 79
Net part 1 tax payable 226 227 214 215 253
Other direct federal taxes 30 29 30 30 24
Federal tax payable 257 256 244 245 278
Provincial tax payable 151 147 142 151 184
Total taxes 407 403 386 395 462
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