Table 15-2
Paper manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Paper 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 -111 1,386 -6 679 953
Plus: consolidation and conceptual adjustments 446 -3,706 -510 263 82
Plus: current taxes, including mining 200 225 272 178 126
Plus: deferred income taxes 59 -83 59 -8 91
Less: profit of tax exempt corporations 0 0 0 1 0
Deductible dividends 609 181 185 237 731
Adjusted profit before taxes -15 -2,360 -371 874 521
Exemptions and deductions:  
Book capital gains and losses 653 -3,521 35 -26 105
Less: taxable capital gains 493 162 113 121 58
Net difference, capital gains and losses 160 -3,683 -79 -147 47
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 -721 -448 -204 30 156
Total, exemptions and deductions -561 -4,130 -283 -117 202
Timing differences:  
Depreciation 1,285 1,111 864 839 926
Less: capital cost allowance 681 1,054 904 907 872
Net difference, depreciation 604 57 -41 -69 54
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 2 0 0 1 0
Net difference, natural resources expenses -2 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 -1 -2 0
Other timing differences -186 -427 1,584 427 526
Total, timing differences 416 -369 1,543 357 581
Net taxable income 963 1,401 1,456 1,347 899
Less: prior year losses applied 280 705 428 283 216
Taxable income (tax base) 683 696 1,028 1,064 683
Taxes:  
Tax otherwise payable 259 266 391 404 260
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 68 70 103 106 68
Small business deduction 5 5 5 5 5
Manufacturing and processing profits deduction 37 41 71 83 48
Investment tax credit 11 9 9 26 25
Other credits 22 22 44 51 38
Net part 1 tax payable 116 118 159 132 75
Other direct federal taxes 0 0 0 1 0
Federal tax payable 117 118 160 133 75
Provincial tax payable 87 79 107 112 72
Total taxes 203 197 266 245 147
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