Table 46-2
Miscellaneous retailers — Reconciliation of net profit to taxable income and taxes payable

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Miscellaneous retailers — 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 2,091 2,407 2,297 2,485 1,295
Plus: consolidation and conceptual adjustments -123 69 447 1,356 3,137
Plus: current taxes, including mining 527 561 663 599 648
Plus: deferred income taxes 11 13 25 -21 -3
Less: profit of tax exempt corporations 2 1 1 2 2
Deductible dividends 410 552 547 1,433 1,494
Adjusted profit before taxes 2,093 2,498 2,883 2,985 3,581
Exemptions and deductions:  
Book capital gains and losses 191 271 189 914 394
Less: taxable capital gains 42 44 46 37 47
Net difference, capital gains and losses 149 227 143 877 347
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 -42 -47 -37 -36 -40
Total, exemptions and deductions 107 180 105 841 307
Timing differences:  
Depreciation 818 860 886 985 1,029
Less: capital cost allowance 871 904 820 856 912
Net difference, depreciation -54 -43 65 130 117
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 1 1
Other timing differences 456 369 469 976 -81
Total, timing differences 403 326 534 1,106 37
Net taxable income 2,389 2,644 3,312 3,250 3,311
Less: prior year losses applied 98 132 136 170 174
Taxable income (tax base) 2,290 2,512 3,176 3,080 3,137
Taxes:  
Tax otherwise payable 872 957 1,205 1,168 1,193
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 229 251 316 306 313
Small business deduction 201 216 228 234 257
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 1 1 1 1 1
Other credits 95 115 203 212 202
Net part 1 tax payable 347 373 457 414 419
Other direct federal taxes 8 9 8 8 10
Federal tax payable 355 382 465 423 429
Provincial tax payable 227 240 295 275 278
Total taxes 582 622 759 698 707
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