Table 49-2
Pipelines, warehousing and transportation support activities — Reconciliation of net profit to taxable income and taxes payable

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Pipelines, warehousing and transportation support activities — 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 3,523 3,851 3,886 4,358 4,432
Plus: consolidation and conceptual adjustments 4,248 2,572 2,719 2,975 3,458
Plus: current taxes, including mining 329 289 464 690 456
Plus: deferred income taxes 401 274 316 146 492
Less: profit of tax exempt corporations 194 275 392 560 501
Deductible dividends 4,002 3,826 4,657 4,383 5,300
Adjusted profit before taxes 4,306 2,885 2,337 3,226 3,037
Exemptions and deductions:  
Book capital gains and losses 5 37 187 508 79
Less: taxable capital gains 64 57 65 594 143
Net difference, capital gains and losses -59 -20 122 -86 -64
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 673 1,055 1,033 441 1,862
Total, exemptions and deductions 614 1,036 1,155 355 1,798
Timing differences:  
Depreciation 2,638 2,817 2,892 3,051 3,312
Less: capital cost allowance 1,842 2,216 2,241 2,325 2,681
Net difference, depreciation 796 601 651 726 631
Natural resources expenses, (books) 1 1 2 1 4
Less: natural resource expenses, (tax) 4 15 19 86 60
Net difference, natural resources expenses -4 -14 -17 -84 -56
Charitable donations net difference, (books minus tax) 7 6 -11 -5 5
Other timing differences -1,927 301 1,333 752 2,088
Total, timing differences -1,127 894 1,956 1,388 2,667
Net taxable income 2,565 2,743 3,138 4,259 3,906
Less: prior year losses applied 213 365 376 817 724
Taxable income (tax base) 2,353 2,378 2,762 3,442 3,182
Taxes:  
Tax otherwise payable 644 689 868 1,129 1,037
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 168 180 227 296 271
Small business deduction 60 62 73 76 86
Manufacturing and processing profits deduction 17 11 26 36 45
Investment tax credit 11 5 7 5 9
Other credits 101 128 179 274 233
Net part 1 tax payable 286 302 355 442 392
Other direct federal taxes 19 29 35 50 131
Federal tax payable 305 331 390 492 523
Provincial tax payable 260 256 279 338 324
Total taxes 565 586 668 830 847
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