Table 21-2
Soap, agriculture, paint and other chemical products manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Soap, agriculture, paint and other chemical products 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 1,406 1,523 2,622 1,818 1,808
Plus: consolidation and conceptual adjustments -149 135 -78 40 -442
Plus: current taxes, including mining 662 368 522 648 479
Plus: deferred income taxes -274 76 93 72 39
Less: profit of tax exempt corporations 0 0 0 0 1
Deductible dividends 267 280 734 246 359
Adjusted profit before taxes 1,379 1,822 2,425 2,333 1,525
Exemptions and deductions:  
Book capital gains and losses 27 3 58 18 117
Less: taxable capital gains 12 12 44 10 77
Net difference, capital gains and losses 15 -9 14 8 40
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 .. .. .. .. ..
Other exemptions and deductions -728 411 1,133 1,262 962
Total, exemptions and deductions -713 402 1,147 1,269 1,002
Timing differences:  
Depreciation 396 407 549 509 512
Less: capital cost allowance 415 473 468 444 425
Net difference, depreciation -19 -67 82 65 87
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 42 15 8 13 13
Net difference, natural resources expenses -42 -15 -7 -13 -13
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 473 150 519 1,828 1,878
Total, timing differences 413 69 593 1,880 1,952
Net taxable income 2,504 1,489 1,871 2,944 2,475
Less: prior year losses applied 71 105 52 190 222
Taxable income (tax base) 2,433 1,384 1,820 2,753 2,253
Taxes:  
Tax otherwise payable 925 526 691 1,044 856
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 243 138 181 274 225
Small business deduction 13 15 15 15 15
Manufacturing and processing profits deduction 92 72 108 232 174
Investment tax credit 18 14 12 15 21
Other credits 124 59 95 115 111
Net part 1 tax payable 435 228 281 394 310
Other direct federal taxes 0 1 0 0 0
Federal tax payable 435 229 282 394 311
Provincial tax payable 276 151 188 282 225
Total taxes 711 380 470 675 535
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