Table 42-2
Building material and garden equipment and supplies dealers — Reconciliation of net profit to taxable income and taxes payable

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Building material and garden equipment and supplies dealers — 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 815 921 516 693 984
Plus: consolidation and conceptual adjustments -45 -128 -1 -16 -518
Plus: current taxes, including mining 174 291 199 160 217
Plus: deferred income taxes 17 16 -16 -8 -6
Less: profit of tax exempt corporations 0 0 0 0 1
Deductible dividends 178 48 119 55 68
Adjusted profit before taxes 783 1,052 580 773 608
Exemptions and deductions:  
Book capital gains and losses -60 93 93 64 71
Less: taxable capital gains 18 21 18 22 30
Net difference, capital gains and losses -78 73 74 42 41
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -44 -50 -26 -14 -19
Total, exemptions and deductions -122 23 49 27 23
Timing differences:  
Depreciation 525 571 491 503 595
Less: capital cost allowance 477 505 430 449 536
Net difference, depreciation 48 66 61 54 59
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) .. .. .. .. ..
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 379 249 486 201 636
Total, timing differences 428 315 548 256 695
Net taxable income 1,333 1,344 1,079 1,002 1,280
Less: prior year losses applied 37 39 33 36 52
Taxable income (tax base) 1,296 1,305 1,046 966 1,228
Taxes:  
Tax otherwise payable 494 497 397 367 468
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 130 130 104 96 123
Small business deduction 79 77 73 76 79
Manufacturing and processing profits deduction 1 1 1 2 1
Investment tax credit 1 1 1 2 1
Other credits 72 79 67 61 94
Net part 1 tax payable 211 209 151 131 170
Other direct federal taxes 2 3 4 10 8
Federal tax payable 213 211 155 142 178
Provincial tax payable 136 132 98 86 116
Total taxes 349 344 254 228 294
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