Table 34-2
Petroleum and petroleum products merchant wholesalers — Reconciliation of net profit to taxable income and taxes payable

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Petroleum and petroleum products merchant wholesalers — 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 424 83 226 1,067 573
Plus: consolidation and conceptual adjustments -70 -145 -116 -1,238 278
Plus: current taxes, including mining 109 59 91 115 262
Plus: deferred income taxes -23 -68 -54 100 155
Less: profit of tax exempt corporations 1 0 0 0 0
Deductible dividends 7 7 7 34 239
Adjusted profit before taxes 432 -78 140 10 1,029
Exemptions and deductions:  
Book capital gains and losses 27 20 57 -614 20
Less: taxable capital gains 37 41 31 44 30
Net difference, capital gains and losses -10 -21 26 -658 -10
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 14 -67 2 351 376
Total, exemptions and deductions 4 -88 28 -307 366
Timing differences:  
Depreciation 136 224 157 157 266
Less: capital cost allowance 106 102 119 72 243
Net difference, depreciation 31 122 37 85 23
Natural resources expenses, (books) 1 3 12 12 3
Less: natural resource expenses, (tax) 1 5 11 25 5
Net difference, natural resources expenses 1 -3 1 -13 -2
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 5 194 217 316 1,027
Total, timing differences 36 314 255 388 1,048
Net taxable income 465 323 366 705 1,711
Less: prior year losses applied 101 53 13 47 622
Taxable income (tax base) 364 270 354 657 1,089
Taxes:  
Tax otherwise payable 139 103 135 250 414
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 36 27 35 66 109
Small business deduction 13 12 13 12 12
Manufacturing and processing profits deduction 3 1 3 3 0
Investment tax credit 0 0 0 0 0
Other credits 22 19 28 72 131
Net part 1 tax payable 63 44 56 97 161
Other direct federal taxes 0 1 0 0 1
Federal tax payable 64 45 56 98 162
Provincial tax payable 38 28 36 66 110
Total taxes 102 73 92 164 272
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