Table 17-2
Petroleum and coal products manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Petroleum and coal products 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 2,947 4,506 9,276 3,825 8,415
Plus: consolidation and conceptual adjustments 2,270 243 -440 3,346 1,438
Plus: current taxes, including mining 1,183 651 776 944 1,184
Plus: deferred income taxes -123 260 669 2,863 1,734
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 2,416 1,049 1,884 1,808 3,060
Adjusted profit before taxes 3,862 4,612 8,397 9,170 9,711
Exemptions and deductions:  
Book capital gains and losses -45 -61 750 655 650
Less: taxable capital gains 150 76 383 363 484
Net difference, capital gains and losses -195 -137 367 292 167
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 -2,277 1,916 4,163 11,006 11,788
Total, exemptions and deductions -2,472 1,778 4,530 11,298 11,954
Timing differences:  
Depreciation 1,828 1,303 1,271 1,122 1,275
Less: capital cost allowance 1,765 2,531 969 2,399 2,584
Net difference, depreciation 62 -1,228 302 -1,276 -1,310
Natural resources expenses, (books) 53 10 26 21 21
Less: natural resource expenses, (tax) 1,580 1,490 1,712 1,973 2,260
Net difference, natural resources expenses -1,527 -1,480 -1,686 -1,951 -2,239
Charitable donations net difference, (books minus tax) -2 -11 3 17 3
Other timing differences 647 3,160 1,264 10,317 12,039
Total, timing differences -820 441 -117 7,106 8,493
Net taxable income 5,514 3,274 3,750 4,978 6,250
Less: prior year losses applied 330 48 89 153 348
Taxable income (tax base) 5,183 3,226 3,661 4,825 5,903
Taxes:  
Tax otherwise payable 1,970 1,226 1,391 1,834 2,243
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 516 321 365 481 590
Small business deduction 2 2 2 1 2
Manufacturing and processing profits deduction 78 101 131 256 339
Investment tax credit 34 20 23 32 26
Other credits 388 220 267 367 426
Net part 1 tax payable 953 563 604 696 859
Other direct federal taxes 1 0 3 1 0
Federal tax payable 954 563 607 697 860
Provincial tax payable 554 344 389 506 633
Total taxes 1,508 907 996 1,203 1,492
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