Table 37-2
Farm, construction, forestry, mining and other industrial machinery and equipment and supplies merchant wholesalers — Reconciliation of net profit to taxable income and taxes payable

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Farm, construction, forestry, mining and other industrial machinery and equipment 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 938 1,593 2,642 3,124 2,414
Plus: consolidation and conceptual adjustments -17 -58 -523 -21 81
Plus: current taxes, including mining 388 437 666 742 645
Plus: deferred income taxes -20 17 25 7 40
Less: profit of tax exempt corporations -3 -1 0 -1 1
Deductible dividends 217 273 598 427 212
Adjusted profit before taxes 1,074 1,717 2,212 3,425 2,966
Exemptions and deductions:  
Book capital gains and losses 160 142 -110 210 285
Less: taxable capital gains 45 34 21 41 57
Net difference, capital gains and losses 115 108 -131 169 228
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 -30 -87 -32 117 74
Total, exemptions and deductions 86 21 -163 286 302
Timing differences:  
Depreciation 871 817 850 978 960
Less: capital cost allowance 744 732 712 1,230 864
Net difference, depreciation 127 85 138 -252 96
Natural resources expenses, (books) 0 0 0 1 0
Less: natural resource expenses, (tax) 1 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 1 -1 0 0 1
Other timing differences 698 219 491 493 218
Total, timing differences 825 304 629 242 315
Net taxable income 1,814 2,000 3,004 3,381 2,979
Less: prior year losses applied 129 147 133 125 149
Taxable income (tax base) 1,685 1,853 2,871 3,256 2,830
Taxes:  
Tax otherwise payable 641 705 1,091 1,237 1,076
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 168 185 286 325 282
Small business deduction 79 84 100 102 102
Manufacturing and processing profits deduction 12 8 17 18 17
Investment tax credit 12 11 11 13 10
Other credits 97 124 240 319 271
Net part 1 tax payable 273 292 437 461 394
Other direct federal taxes 2 3 3 2 4
Federal tax payable 275 295 440 463 398
Provincial tax payable 178 192 290 330 284
Total taxes 453 487 730 793 682
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