Table 47-2
Air transportation — Reconciliation of net profit to taxable income and taxes payable

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Air transportation — 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 343 657 316 678 748
Plus: consolidation and conceptual adjustments -192 -56 -283 -236 183
Plus: current taxes, including mining 15 32 63 127 199
Plus: deferred income taxes 33 109 123 95 -24
Less: profit of tax exempt corporations 0 -1 2 1 3
Deductible dividends 288 16 24 138 214
Adjusted profit before taxes -90 726 194 527 889
Exemptions and deductions:  
Book capital gains and losses -37 10 47 54 124
Less: taxable capital gains 33 28 56 33 168
Net difference, capital gains and losses -70 -18 -9 21 -44
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 149 28 27 333 504
Total, exemptions and deductions 79 10 18 353 460
Timing differences:  
Depreciation 838 865 897 998 954
Less: capital cost allowance 310 308 354 421 436
Net difference, depreciation 528 557 543 577 518
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 -1 0 -1
Other timing differences -21 -635 6 136 546
Total, timing differences 507 -78 548 713 1,063
Net taxable income 338 638 724 887 1,492
Less: prior year losses applied 174 471 473 329 519
Taxable income (tax base) 164 168 250 558 973
Taxes:  
Tax otherwise payable 62 64 96 212 371
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 15 16 22 52 92
Small business deduction 6 6 8 8 9
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 0 0 1 4 2
Other credits 10 13 24 67 122
Net part 1 tax payable 29 29 40 80 147
Other direct federal taxes 1 1 2 2 2
Federal tax payable 31 30 42 82 148
Provincial tax payable 17 17 23 50 95
Total taxes 47 46 65 131 243
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