Table 36-2
Building material and supplies merchant wholesalers — Reconciliation of net profit to taxable income and taxes payable

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Building material and supplies 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 1,352 2,083 2,325 2,788 2,401
Plus: consolidation and conceptual adjustments 15 58 66 253 125
Plus: current taxes, including mining 595 694 778 821 720
Plus: deferred income taxes -20 30 7 11 7
Less: profit of tax exempt corporations 0 0 0 3 -2
Deductible dividends 499 369 291 406 201
Adjusted profit before taxes 1,443 2,496 2,886 3,465 3,054
Exemptions and deductions:  
Book capital gains and losses 47 80 61 525 239
Less: taxable capital gains 20 82 56 65 79
Net difference, capital gains and losses 27 -2 5 461 160
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 0 0 0 0 0
Other exemptions and deductions -157 -144 -140 42 -18
Total, exemptions and deductions -130 -146 -135 503 142
Timing differences:  
Depreciation 520 522 517 534 580
Less: capital cost allowance 511 529 493 496 532
Net difference, depreciation 9 -7 24 39 48
Natural resources expenses, (books) 1 0 0 0 0
Less: natural resource expenses, (tax) 2 2 1 0 4
Net difference, natural resources expenses -1 -2 0 0 -3
Charitable donations net difference, (books minus tax) 6 -5 2 2 -1
Other timing differences 801 141 278 586 275
Total, timing differences 815 127 303 627 319
Net taxable income 2,388 2,769 3,323 3,589 3,231
Less: prior year losses applied 57 126 139 146 118
Taxable income (tax base) 2,331 2,643 3,184 3,443 3,113
Taxes:  
Tax otherwise payable 887 1,006 1,209 1,307 1,185
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 233 264 317 343 311
Small business deduction 94 100 102 106 106
Manufacturing and processing profits deduction 12 14 21 24 17
Investment tax credit 6 8 12 7 5
Other credits 145 188 271 333 302
Net part 1 tax payable 396 432 485 495 443
Other direct federal taxes 4 2 13 4 4
Federal tax payable 400 434 498 499 447
Provincial tax payable 259 283 328 351 317
Total taxes 659 717 825 849 763
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