Table 23-2
Non-metallic mineral product manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Non-metallic mineral product 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 1,025 1,287 1,413 1,401 1,336
Plus: consolidation and conceptual adjustments 67 -64 -335 24 -105
Plus: current taxes, including mining 251 297 292 309 197
Plus: deferred income taxes -4 43 7 8 1
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 117 218 162 197 184
Adjusted profit before taxes 1,221 1,345 1,214 1,544 1,244
Exemptions and deductions:  
Book capital gains and losses 90 31 89 64 110
Less: taxable capital gains 36 34 40 32 75
Net difference, capital gains and losses 54 -3 49 32 36
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 -37 -10 -42 -27 -16
Total, exemptions and deductions 17 -14 7 5 20
Timing differences:  
Depreciation 742 740 687 655 571
Less: capital cost allowance 790 781 633 582 621
Net difference, depreciation -48 -41 54 73 -50
Natural resources expenses, (books) 1 1 1 0 2
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 1 0 1 0 2
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 107 83 136 -175 -104
Total, timing differences 60 42 191 -102 -152
Net taxable income 1,265 1,400 1,398 1,438 1,072
Less: prior year losses applied 83 53 37 70 52
Taxable income (tax base) 1,182 1,347 1,361 1,368 1,021
Taxes:  
Tax otherwise payable 451 512 518 520 389
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 118 135 136 137 102
Small business deduction 21 21 20 21 20
Manufacturing and processing profits deduction 53 70 78 81 59
Investment tax credit 13 15 17 12 7
Other credits 40 50 62 75 55
Net part 1 tax payable 205 221 205 194 145
Other direct federal taxes 1 1 1 1 2
Federal tax payable 206 221 205 194 147
Provincial tax payable 135 146 140 139 103
Total taxes 341 367 345 333 251
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