Table 33-2
Food, beverage, tobacco and farm product merchant wholesalers — Reconciliation of net profit to taxable income and taxes payable

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Food, beverage, tobacco and farm product 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 2,119 3,231 3,084 2,984 3,490
Plus: consolidation and conceptual adjustments 345 520 587 574 675
Plus: current taxes, including mining 673 804 857 837 1,021
Plus: deferred income taxes 14 47 28 59 45
Less: profit of tax exempt corporations -1 62 37 179 170
Deductible dividends 767 1,273 1,230 750 727
Adjusted profit before taxes 2,384 3,267 3,288 3,525 4,333
Exemptions and deductions:  
Book capital gains and losses 48 145 116 133 362
Less: taxable capital gains 18 23 36 35 248
Net difference, capital gains and losses 30 122 80 98 114
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -87 -35 -186 744 635
Total, exemptions and deductions -57 87 -106 842 749
Timing differences:  
Depreciation 697 729 775 785 814
Less: capital cost allowance 742 847 759 801 803
Net difference, depreciation -45 -118 16 -15 11
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 1
Other timing differences 227 86 122 866 572
Total, timing differences 182 -31 138 851 583
Net taxable income 2,624 3,149 3,532 3,534 4,167
Less: prior year losses applied 163 172 188 128 100
Taxable income (tax base) 2,461 2,976 3,344 3,406 4,067
Taxes:  
Tax otherwise payable 935 1,131 1,266 1,291 1,544
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 246 297 330 336 403
Small business deduction 74 76 76 78 86
Manufacturing and processing profits deduction 15 19 15 19 28
Investment tax credit 7 5 4 4 3
Other credits 175 250 345 353 432
Net part 1 tax payable 418 485 496 501 592
Other direct federal taxes 3 4 3 5 6
Federal tax payable 422 489 499 505 598
Provincial tax payable 284 331 359 360 438
Total taxes 706 820 858 866 1,036
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