Table 31-2
Furniture and related product manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Furniture and related product 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 183 287 288 213 307
Plus: consolidation and conceptual adjustments 152 81 -12 21 62
Plus: current taxes, including mining 82 95 71 74 88
Plus: deferred income taxes -10 -5 2 -49 5
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 220 189 136 326 143
Adjusted profit before taxes 187 268 212 -68 319
Exemptions and deductions:  
Book capital gains and losses 18 9 35 8 39
Less: taxable capital gains 8 10 13 19 18
Net difference, capital gains and losses 10 -1 22 -11 21
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -43 -16 -78 -4 -26
Total, exemptions and deductions -33 -17 -56 -15 -5
Timing differences:  
Depreciation 266 240 249 220 216
Less: capital cost allowance 244 248 214 202 185
Net difference, depreciation 22 -8 35 18 31
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) .. .. .. 1 ..
Net difference, natural resources expenses 0 0 0 -1 0
Charitable donations net difference, (books minus tax) 0 1 0 0 0
Other timing differences 233 182 188 499 176
Total, timing differences 255 175 223 516 206
Net taxable income 476 460 491 464 530
Less: prior year losses applied 55 66 85 65 84
Taxable income (tax base) 421 394 406 399 446
Taxes:  
Tax otherwise payable 160 150 153 152 171
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 42 39 40 40 45
Small business deduction 35 34 33 32 33
Manufacturing and processing profits deduction 9 10 14 13 15
Investment tax credit 5 4 3 4 3
Other credits 10 8 9 12 16
Net part 1 tax payable 59 54 54 50 60
Other direct federal taxes 1 2 1 0 1
Federal tax payable 60 56 54 51 60
Provincial tax payable 43 38 37 36 41
Total taxes 102 94 91 87 102
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