Table 45-2
Clothing, department and other general merchandise stores — Reconciliation of net profit to taxable income and taxes payable

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Clothing, department and other general merchandise stores — 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 1,880 2,841 2,360 2,799 2,438
Plus: consolidation and conceptual adjustments -109 -98 -91 1,685 20
Plus: current taxes, including mining 871 1,008 1,028 812 967
Plus: deferred income taxes -9 20 51 9 -322
Less: profit of tax exempt corporations 0 1 1 0 1
Deductible dividends 272 583 301 1,602 595
Adjusted profit before taxes 2,361 3,189 3,047 3,703 2,509
Exemptions and deductions:  
Book capital gains and losses 3 57 151 34 683
Less: taxable capital gains 53 55 489 436 399
Net difference, capital gains and losses -50 1 -337 -403 284
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 -72 -39 -193 -59 114
Total, exemptions and deductions -122 -38 -530 -462 398
Timing differences:  
Depreciation 1,527 1,536 1,536 1,599 1,728
Less: capital cost allowance 1,568 1,519 1,233 1,590 1,476
Net difference, depreciation -40 17 303 8 252
Natural resources expenses, (books) 1 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 1 0 0 0 0
Charitable donations net difference, (books minus tax) 0 1 0 2 1
Other timing differences 875 473 673 295 2,414
Total, timing differences 835 490 976 305 2,667
Net taxable income 3,318 3,717 4,553 4,470 4,778
Less: prior year losses applied 150 172 397 375 266
Taxable income (tax base) 3,168 3,545 4,156 4,094 4,512
Taxes:  
Tax otherwise payable 1,204 1,348 1,578 1,554 1,715
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 316 354 414 408 451
Small business deduction 104 113 111 115 123
Manufacturing and processing profits deduction 0 1 1 0 0
Investment tax credit 2 2 2 2 2
Other credits 226 281 395 420 488
Net part 1 tax payable 555 598 655 608 650
Other direct federal taxes 3 4 4 5 4
Federal tax payable 559 601 659 613 655
Provincial tax payable 364 393 443 427 476
Total taxes 922 994 1,101 1,040 1,131
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