Table 39-2
Miscellaneous merchant wholesalers — Reconciliation of net profit to taxable income and taxes payable

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Miscellaneous 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 3,318 5,276 5,560 4,721 4,565
Plus: consolidation and conceptual adjustments 732 -186 -448 145 169
Plus: current taxes, including mining 1,342 1,932 1,732 1,706 1,711
Plus: deferred income taxes 11 -12 64 -1 64
Less: profit of tax exempt corporations -1 8 19 0 13
Deductible dividends 1,046 904 1,357 673 1,088
Adjusted profit before taxes 4,357 6,096 5,531 5,898 5,409
Exemptions and deductions:  
Book capital gains and losses 277 224 333 -64 301
Less: taxable capital gains 148 137 119 96 192
Net difference, capital gains and losses 129 87 214 -160 109
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 -470 -263 -22 -41 -23
Total, exemptions and deductions -341 -176 192 -201 86
Timing differences:  
Depreciation 1,378 1,402 1,497 1,547 1,740
Less: capital cost allowance 1,280 1,405 1,440 1,407 1,519
Net difference, depreciation 98 -2 57 141 221
Natural resources expenses, (books) 4 3 8 15 15
Less: natural resource expenses, (tax) 3 4 14 7 38
Net difference, natural resources expenses 1 -1 -6 8 -23
Charitable donations net difference, (books minus tax) 1 -1 7 -4 -2
Other timing differences 1,244 353 1,745 1,118 2,139
Total, timing differences 1,345 349 1,803 1,262 2,335
Net taxable income 6,042 6,621 7,142 7,361 7,657
Less: prior year losses applied 308 367 421 428 452
Taxable income (tax base) 5,735 6,254 6,721 6,933 7,205
Taxes:  
Tax otherwise payable 2,180 2,374 2,546 2,631 2,737
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 570 622 668 690 708
Small business deduction 214 227 236 228 242
Manufacturing and processing profits deduction 18 37 50 72 64
Investment tax credit 104 87 96 89 82
Other credits 392 452 547 640 677
Net part 1 tax payable 883 949 948 912 965
Other direct federal taxes 12 11 10 11 12
Federal tax payable 895 961 958 923 977
Provincial tax payable 658 684 692 709 729
Total taxes 1,553 1,644 1,651 1,632 1,706
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