Table 29-2
Motor vehicle parts manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Motor vehicle parts 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 -445 647 524 823 1,388
Plus: consolidation and conceptual adjustments 595 963 519 768 1,451
Plus: current taxes, including mining -125 129 203 287 411
Plus: deferred income taxes -50 15 20 -87 -16
Less: profit of tax exempt corporations 0 0 0 .. ..
Deductible dividends 814 1,334 413 605 1,634
Adjusted profit before taxes -839 421 853 1,186 1,600
Exemptions and deductions:  
Book capital gains and losses -146 -30 47 12 25
Less: taxable capital gains 27 25 11 5 8
Net difference, capital gains and losses -173 -55 36 8 16
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -92 -104 -22 29 306
Total, exemptions and deductions -265 -159 14 37 322
Timing differences:  
Depreciation 796 746 647 656 629
Less: capital cost allowance 934 948 729 757 606
Net difference, depreciation -139 -202 -81 -101 22
Natural resources expenses, (books) 1 0 1 0 0
Less: natural resource expenses, (tax) .. .. 1 .. ..
Net difference, natural resources expenses 1 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 0 0 4
Other timing differences 1,057 545 306 468 360
Total, timing differences 919 343 225 367 386
Net taxable income 345 923 1,063 1,517 1,665
Less: prior year losses applied 77 176 185 91 135
Taxable income (tax base) 268 747 878 1,425 1,530
Taxes:  
Tax otherwise payable 102 284 334 542 581
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 26 74 87 141 151
Small business deduction 5 5 6 7 7
Manufacturing and processing profits deduction 15 50 83 157 171
Investment tax credit 9 36 23 35 29
Other credits 14 32 26 34 42
Net part 1 tax payable 33 86 108 168 181
Other direct federal taxes 0 3 1 2 1
Federal tax payable 33 89 109 169 182
Provincial tax payable 28 79 78 130 142
Total taxes 61 168 187 299 324
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