Table 32-2
Miscellaneous manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Miscellaneous 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 232 487 429 546 553
Plus: consolidation and conceptual adjustments -44 -122 -29 -130 -96
Plus: current taxes, including mining 128 116 106 146 180
Plus: deferred income taxes -8 4 -12 -8 12
Less: profit of tax exempt corporations 1 1 0 0 0
Deductible dividends 48 30 57 44 70
Adjusted profit before taxes 260 454 436 511 579
Exemptions and deductions:  
Book capital gains and losses -52 13 11 30 54
Less: taxable capital gains 11 12 13 9 22
Net difference, capital gains and losses -63 2 -1 21 32
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 6 -83 -34 -26 -26
Total, exemptions and deductions -57 -81 -35 -5 6
Timing differences:  
Depreciation 269 253 269 279 290
Less: capital cost allowance 305 285 270 287 281
Net difference, depreciation -35 -32 -2 -8 9
Natural resources expenses, (books) 109 0 0 0 0
Less: natural resource expenses, (tax) 130 0 0 1 0
Net difference, natural resources expenses -22 0 0 -1 0
Charitable donations net difference, (books minus tax) 2 0 0 0 0
Other timing differences 447 183 301 343 389
Total, timing differences 393 151 299 334 398
Net taxable income 709 686 771 850 971
Less: prior year losses applied 57 72 67 58 70
Taxable income (tax base) 652 614 704 793 901
Taxes:  
Tax otherwise payable 248 234 265 301 343
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 59 57 66 75 86
Small business deduction 45 47 50 55 60
Manufacturing and processing profits deduction 16 17 20 19 23
Investment tax credit 12 12 12 17 14
Other credits 18 16 25 40 47
Net part 1 tax payable 98 85 92 96 113
Other direct federal taxes 1 1 1 1 1
Federal tax payable 99 85 92 96 114
Provincial tax payable 60 54 59 68 78
Total taxes 158 140 152 164 193
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