Table 25-2
Fabricated metal product and machinery manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Fabricated metal product and machinery 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 2,041 2,468 4,128 4,600 5,127
Plus: consolidation and conceptual adjustments -205 1,501 176 -189 363
Plus: current taxes, including mining 710 695 909 1,100 1,145
Plus: deferred income taxes -65 8 59 79 72
Less: profit of tax exempt corporations 0 0 -1 0 0
Deductible dividends 587 1,723 971 811 1,631
Adjusted profit before taxes 1,894 2,950 4,303 4,779 5,077
Exemptions and deductions:  
Book capital gains and losses 24 126 423 263 362
Less: taxable capital gains 73 84 110 63 87
Net difference, capital gains and losses -49 41 314 200 274
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 -190 -139 -105 -65 -51
Total, exemptions and deductions -239 -98 209 135 224
Timing differences:  
Depreciation 1,623 1,480 1,532 1,570 1,665
Less: capital cost allowance 1,692 1,500 1,478 1,503 1,676
Net difference, depreciation -69 -20 55 67 -11
Natural resources expenses, (books) 1 1 0 0 0
Less: natural resource expenses, (tax) 1 1 0 3 1
Net difference, natural resources expenses 0 0 0 -3 -1
Charitable donations net difference, (books minus tax) 1 3 -3 -2 1
Other timing differences 1,720 654 793 1,022 959
Total, timing differences 1,651 637 845 1,084 948
Net taxable income 3,784 3,684 4,939 5,728 5,801
Less: prior year losses applied 294 309 453 449 435
Taxable income (tax base) 3,490 3,375 4,486 5,280 5,366
Taxes:  
Tax otherwise payable 1,328 1,285 1,704 2,006 2,041
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 346 335 445 523 531
Small business deduction 150 154 183 202 206
Manufacturing and processing profits deduction 105 113 165 203 210
Investment tax credit 81 68 79 91 87
Other credits 139 130 219 319 329
Net part 1 tax payable 507 484 614 669 677
Other direct federal taxes 4 5 3 4 7
Federal tax payable 511 489 617 673 684
Provincial tax payable 368 336 426 498 507
Total taxes 879 825 1,043 1,170 1,191
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