Table 28-2
Motor vehicle and trailer manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Motor vehicle and trailer 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 188 666 2,190 -1,558 2,312
Plus: consolidation and conceptual adjustments 1,897 412 -128 -377 -167
Plus: current taxes, including mining -2,161 -35 7 189 355
Plus: deferred income taxes 1 91 -12 -2,852 -418
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 928 5 35 41 15
Adjusted profit before taxes -1,004 1,129 2,023 -4,639 2,067
Exemptions and deductions:  
Book capital gains and losses -20 -12 -25 -6 -5
Less: taxable capital gains 23 129 69 4 13
Net difference, capital gains and losses -43 -141 -94 -9 -19
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -196 -292 -369 -16 -12
Total, exemptions and deductions -239 -433 -463 -25 -31
Timing differences:  
Depreciation 2,075 1,570 966 1,067 1,127
Less: capital cost allowance 3,261 1,355 1,124 975 1,216
Net difference, depreciation -1,186 215 -159 92 -88
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 1 -2 -3 0 0
Other timing differences 2,165 -461 -894 5,966 -148
Total, timing differences 981 -247 -1,055 6,057 -236
Net taxable income 216 1,315 1,431 1,444 1,861
Less: prior year losses applied 46 158 538 847 391
Taxable income (tax base) 170 1,157 893 596 1,470
Taxes:  
Tax otherwise payable 65 440 339 226 559
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 17 116 89 59 147
Small business deduction 6 6 7 7 8
Manufacturing and processing profits deduction 7 109 80 52 169
Investment tax credit 9 27 10 10 26
Other credits 5 5 9 15 16
Net part 1 tax payable 21 177 143 82 193
Other direct federal taxes 0 0 0 1 0
Federal tax payable 22 177 143 83 193
Provincial tax payable 19 89 69 59 119
Total taxes 41 267 213 142 312
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