Table 35-2
Motor vehicle and motor vehicle parts and accessories merchant wholesalers — Reconciliation of net profit to taxable income and taxes payable

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Motor vehicle and motor vehicle parts and accessories 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 537 960 1,261 1,098 1,215
Plus: consolidation and conceptual adjustments 34 7 -24 -131 236
Plus: current taxes, including mining 276 343 383 382 312
Plus: deferred income taxes 4 -27 -39 16 81
Less: profit of tax exempt corporations 0 1 1 0 0
Deductible dividends 67 82 139 119 148
Adjusted profit before taxes 785 1,202 1,441 1,246 1,695
Exemptions and deductions:  
Book capital gains and losses 28 40 37 30 61
Less: taxable capital gains 16 18 12 17 27
Net difference, capital gains and losses 12 22 26 14 34
Resource allowance 0 0 0 0 0
Less: royalties .. .. .. .. ..
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -26 20 -42 -41 -34
Total, exemptions and deductions -14 41 -17 -27 0
Timing differences:  
Depreciation 636 596 648 557 592
Less: capital cost allowance 1,468 909 734 989 887
Net difference, depreciation -832 -312 -86 -432 -295
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 1,241 568 163 964 219
Total, timing differences 410 255 77 533 -76
Net taxable income 1,208 1,415 1,535 1,806 1,619
Less: prior year losses applied 62 102 106 67 44
Taxable income (tax base) 1,146 1,313 1,428 1,738 1,575
Taxes:  
Tax otherwise payable 436 500 543 660 600
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 114 131 143 174 157
Small business deduction 38 39 43 41 42
Manufacturing and processing profits deduction 3 1 3 3 1
Investment tax credit 2 2 2 3 6
Other credits 78 105 131 186 167
Net part 1 tax payable 201 221 222 254 226
Other direct federal taxes 1 1 1 3 2
Federal tax payable 202 222 223 257 228
Provincial tax payable 136 150 150 184 164
Total taxes 338 372 374 441 392
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