Table 18-2
Basic chemical manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Basic chemical 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 254 1,198 1,355 1,779 2,155
Plus: consolidation and conceptual adjustments 366 -79 -171 -487 -167
Plus: current taxes, including mining 65 291 578 546 472
Plus: deferred income taxes -31 29 55 34 16
Less: profit of tax exempt corporations .. .. .. .. ..
Deductible dividends 108 159 158 182 125
Adjusted profit before taxes 547 1,279 1,659 1,690 2,352
Exemptions and deductions:  
Book capital gains and losses 13 11 1 -205 -4
Less: taxable capital gains 65 66 9 20 40
Net difference, capital gains and losses -52 -55 -8 -224 -44
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 -77 43 81 233 182
Total, exemptions and deductions -129 -12 73 9 138
Timing differences:  
Depreciation 639 632 695 762 801
Less: capital cost allowance 742 602 513 601 636
Net difference, depreciation -103 30 182 161 165
Natural resources expenses, (books) 0 0 0 1 1
Less: natural resource expenses, (tax) 1 1 1 1 0
Net difference, natural resources expenses -1 -1 -1 0 1
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 237 -326 383 538 237
Total, timing differences 133 -296 565 700 403
Net taxable income 808 994 2,150 2,381 2,617
Less: prior year losses applied 286 229 147 80 185
Taxable income (tax base) 522 765 2,004 2,301 2,433
Taxes:  
Tax otherwise payable 198 291 761 874 924
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 52 76 199 229 241
Small business deduction 1 2 2 2 2
Manufacturing and processing profits deduction 31 31 126 167 192
Investment tax credit 7 6 52 57 80
Other credits 15 43 103 121 123
Net part 1 tax payable 93 133 280 297 287
Other direct federal taxes 1 0 0 0 0
Federal tax payable 93 133 280 298 287
Provincial tax payable 60 81 194 229 241
Total taxes 154 214 474 527 528
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