Table 13-2
Clothing, textile and leather manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Clothing, textile and leather 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 92 83 188 201 257
Plus: consolidation and conceptual adjustments -21 25 -3 -44 -14
Plus: current taxes, including mining 54 57 50 69 63
Plus: deferred income taxes -1 -13 -6 6 3
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 25 26 33 35 37
Adjusted profit before taxes 99 127 196 197 272
Exemptions and deductions:  
Book capital gains and losses 15 5 30 21 11
Less: taxable capital gains 7 7 8 13 5
Net difference, capital gains and losses 9 -2 22 8 6
Resource allowance .. .. .. .. ..
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -18 -16 -21 -10 -13
Total, exemptions and deductions -9 -18 1 -2 -7
Timing differences:  
Depreciation 171 139 124 115 113
Less: capital cost allowance 146 160 119 99 93
Net difference, depreciation 25 -21 4 16 20
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 3 2
Net difference, natural resources expenses 0 0 0 -3 -2
Charitable donations net difference, (books minus tax) 0 0 0 2 0
Other timing differences 249 191 135 132 90
Total, timing differences 274 171 139 146 108
Net taxable income 382 315 333 346 387
Less: prior year losses applied 80 56 49 58 60
Taxable income (tax base) 301 259 284 287 326
Taxes:  
Tax otherwise payable 115 99 107 109 124
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 30 26 28 28 32
Small business deduction 22 21 21 21 21
Manufacturing and processing profits deduction 8 7 9 9 10
Investment tax credit 7 6 6 5 5
Other credits 8 6 8 11 17
Net part 1 tax payable 40 34 35 34 39
Other direct federal taxes 2 2 2 1 1
Federal tax payable 41 35 37 35 40
Provincial tax payable 32 26 27 27 31
Total taxes 74 61 64 62 71
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