Table 20-2
Pharmaceutical and medicine manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Pharmaceutical and medicine 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 705 1,094 776 533 178
Plus: consolidation and conceptual adjustments 270 11,510 265 483 3,467
Plus: current taxes, including mining 656 378 304 215 270
Plus: deferred income taxes 46 13 21 -12 -19
Less: profit of tax exempt corporations .. .. .. -1 ..
Deductible dividends 78 11,662 399 305 3,574
Adjusted profit before taxes 1,599 1,334 968 914 321
Exemptions and deductions:  
Book capital gains and losses -43 1 19 227 -21
Less: taxable capital gains 39 31 44 35 8
Net difference, capital gains and losses -82 -30 -25 193 -29
Resource allowance .. .. .. .. ..
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -58 -70 -119 -81 -47
Total, exemptions and deductions -140 -100 -144 112 -75
Timing differences:  
Depreciation 358 380 320 357 420
Less: capital cost allowance 374 439 328 289 292
Net difference, depreciation -16 -59 -9 68 128
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) 0 0 0 4 7
Other timing differences 275 97 150 472 586
Total, timing differences 258 37 141 544 721
Net taxable income 1,997 1,471 1,253 1,347 1,117
Less: prior year losses applied 91 99 55 37 90
Taxable income (tax base) 1,906 1,372 1,197 1,309 1,026
Taxes:  
Tax otherwise payable 724 521 454 497 390
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 191 137 120 131 103
Small business deduction 3 4 3 3 4
Manufacturing and processing profits deduction 71 81 75 113 84
Investment tax credit 108 109 66 96 49
Other credits 94 54 59 49 47
Net part 1 tax payable 258 137 131 104 104
Other direct federal taxes 0 0 0 0 0
Federal tax payable 258 137 131 105 104
Provincial tax payable 236 148 121 114 101
Total taxes 494 284 252 219 205
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