Table 24-2
Primary metal manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Primary metal 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 -431 4,031 -328 -3,598 -1,900
Plus: consolidation and conceptual adjustments 4,309 -3,547 3,688 549 1,746
Plus: current taxes, including mining 279 394 354 -9 28
Plus: deferred income taxes -27 56 220 517 -201
Less: profit of tax exempt corporations -1 0 -1 -1 -1
Deductible dividends 453 2,562 1,382 1,053 7,245
Adjusted profit before taxes 3,678 -1,629 2,553 -3,593 -7,572
Exemptions and deductions:  
Book capital gains and losses 164 656 74 -57 -1,418
Less: taxable capital gains 649 455 198 157 159
Net difference, capital gains and losses -485 202 -124 -214 -1,577
Resource allowance 0 0 0 0 0
Less: royalties -227 0 0 0 0
Net difference, resource allowance 227 0 0 0 0
Earned depletion allowance 0 0 0 0 0
Other exemptions and deductions -690 244 195 -352 313
Total, exemptions and deductions -949 446 71 -566 -1,264
Timing differences:  
Depreciation 1,918 1,706 1,638 1,684 1,739
Less: capital cost allowance 1,592 1,620 1,389 1,464 1,137
Net difference, depreciation 325 85 249 220 602
Natural resources expenses, (books) 70 76 9 15 15
Less: natural resource expenses, (tax) 3,384 2,323 1,772 1,549 847
Net difference, natural resources expenses -3,314 -2,247 -1,763 -1,535 -831
Charitable donations net difference, (books minus tax) 15 22 17 12 -15
Other timing differences -777 4,988 297 5,960 8,671
Total, timing differences -3,751 2,849 -1,200 4,657 8,426
Net taxable income 876 774 1,283 1,630 2,119
Less: prior year losses applied 173 109 516 833 1,574
Taxable income (tax base) 703 665 766 798 545
Taxes:  
Tax otherwise payable 258 253 291 303 207
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 68 66 77 80 54
Small business deduction 6 6 6 7 7
Manufacturing and processing profits deduction 40 39 36 42 34
Investment tax credit 6 6 15 38 13
Other credits 18 27 50 54 32
Net part 1 tax payable 121 108 108 82 68
Other direct federal taxes 0 0 0 0 0
Federal tax payable 121 109 108 82 68
Provincial tax payable 80 73 75 77 55
Total taxes 201 182 183 159 123
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