Table 14-2
Wood product manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Wood 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 -430 761 51 758 1,070
Plus: consolidation and conceptual adjustments -688 -623 99 422 -99
Plus: current taxes, including mining -142 182 51 191 214
Plus: deferred income taxes -113 -69 -59 23 46
Less: profit of tax exempt corporations 0 0 -1 0 0
Deductible dividends 421 240 121 550 245
Adjusted profit before taxes -1,794 11 23 844 987
Exemptions and deductions:  
Book capital gains and losses -13 -228 302 60 -17
Less: taxable capital gains 153 76 104 57 72
Net difference, capital gains and losses -166 -304 198 2 -89
Resource allowance 0 0 0 0 0
Less: royalties .. .. .. .. ..
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -164 -107 -28 2 -8
Total, exemptions and deductions -330 -410 170 5 -97
Timing differences:  
Depreciation 1,203 1,097 1,025 979 991
Less: capital cost allowance 1,198 890 841 901 894
Net difference, depreciation 6 207 184 78 97
Natural resources expenses, (books) 6 5 8 7 6
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 5 5 7 6 6
Charitable donations net difference, (books minus tax) 3 -2 3 -2 -5
Other timing differences 2,058 413 645 -47 663
Total, timing differences 2,072 624 838 35 761
Net taxable income 607 1,045 690 875 1,845
Less: prior year losses applied 102 311 171 169 750
Taxable income (tax base) 505 734 520 705 1,095
Taxes:  
Tax otherwise payable 192 279 197 269 417
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 50 73 52 70 109
Small business deduction 29 30 29 28 29
Manufacturing and processing profits deduction 9 31 11 18 14
Investment tax credit 7 6 5 15 28
Other credits 22 28 30 53 116
Net part 1 tax payable 76 111 70 85 121
Other direct federal taxes 7 10 29 2 4
Federal tax payable 82 120 99 86 125
Provincial tax payable 52 72 49 66 102
Total taxes 135 192 148 152 228
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