Table 48-2
Rail, truck, water and other transportation — Reconciliation of net profit to taxable income and taxes payable

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Rail, truck, water and other 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 4,358 6,017 4,268 4,926 5,400
Plus: consolidation and conceptual adjustments 90 123 60 1,754 402
Plus: current taxes, including mining 665 595 727 1,088 1,136
Plus: deferred income taxes 356 433 401 416 312
Less: profit of tax exempt corporations -98 -63 -303 -303 -372
Deductible dividends 885 1,910 1,007 2,886 2,073
Adjusted profit before taxes 4,682 5,320 4,751 5,600 5,547
Exemptions and deductions:  
Book capital gains and losses 442 256 285 391 532
Less: taxable capital gains 235 147 237 207 200
Net difference, capital gains and losses 207 109 49 184 332
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 0 0 0 0 0
Other exemptions and deductions -76 -158 -171 48 53
Total, exemptions and deductions 131 -49 -122 232 385
Timing differences:  
Depreciation 3,340 3,337 3,496 3,742 4,046
Less: capital cost allowance 3,635 3,509 3,599 3,774 4,475
Net difference, depreciation -295 -172 -103 -32 -430
Natural resources expenses, (books) 1 0 1 0 1
Less: natural resource expenses, (tax) 0 0 1 0 0
Net difference, natural resources expenses 1 0 0 0 1
Charitable donations net difference, (books minus tax) 1 -28 2 -32 -1
Other timing differences -1,191 -1,567 -553 179 1,626
Total, timing differences -1,485 -1,767 -654 114 1,196
Net taxable income 3,066 3,602 4,219 5,482 6,359
Less: prior year losses applied 265 298 445 574 821
Taxable income (tax base) 2,800 3,305 3,774 4,908 5,537
Taxes:  
Tax otherwise payable 1,064 1,257 1,430 1,861 2,104
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 278 330 375 488 551
Small business deduction 180 200 248 270 315
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 6 4 6 4 2
Other credits 151 207 255 419 471
Net part 1 tax payable 448 518 547 681 764
Other direct federal taxes 6 5 4 9 11
Federal tax payable 454 522 551 689 775
Provincial tax payable 298 340 365 479 543
Total taxes 752 862 916 1,168 1,318
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