Table 53-2
Banking and other depository credit intermediation — Reconciliation of net profit to taxable income and taxes payable

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Banking and other depository credit intermediation — 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 13,063 16,402 21,543 23,406 24,719
Plus: consolidation and conceptual adjustments 9,597 7,960 2,181 5,820 12,435
Plus: current taxes, including mining 3,023 6,757 6,210 6,513 6,335
Plus: deferred income taxes 480 -129 16 -242 -166
Less: profit of tax exempt corporations 2,928 3,071 3,123 2,640 2,814
Deductible dividends 12,513 11,011 11,008 10,969 17,024
Adjusted profit before taxes 10,722 16,908 15,818 21,888 23,486
Exemptions and deductions:  
Book capital gains and losses 19 21 224 582 83
Less: taxable capital gains 467 24 97 555 194
Net difference, capital gains and losses -449 -3 127 28 -112
Resource allowance 0 0 0 0 0
Less: royalties 43 .. .. .. ..
Net difference, resource allowance -43 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -77 -541 -1,546 -985 -982
Total, exemptions and deductions -569 -544 -1,419 -957 -1,094
Timing differences:  
Depreciation 1,039 1,108 1,134 1,416 1,419
Less: capital cost allowance 2,345 2,406 2,212 2,784 3,400
Net difference, depreciation -1,306 -1,298 -1,078 -1,368 -1,980
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 4 5 0
Net difference, natural resources expenses 0 0 -4 -5 0
Charitable donations net difference, (books minus tax) -136 2 -2 4 7
Other timing differences 11,887 6,721 5,694 1,335 -2,244
Total, timing differences 10,445 5,426 4,610 -35 -4,218
Net taxable income 21,736 22,877 21,847 22,810 20,362
Less: prior year losses applied 4,288 2,444 963 365 512
Taxable income (tax base) 17,448 20,433 20,884 22,445 19,850
Taxes:  
Tax otherwise payable 6,630 7,763 7,934 8,524 7,525
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 1,523 1,814 1,886 2,063 1,821
Small business deduction 0 0 0 0 0
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 28 24 21 24 16
Other credits 2,273 2,581 2,785 3,410 3,108
Net part 1 tax payable 2,806 3,344 3,242 3,027 2,579
Other direct federal taxes 411 465 533 380 456
Federal tax payable 3,216 3,809 3,775 3,407 3,035
Provincial tax payable 1,934 2,228 2,163 2,315 2,063
Total taxes 5,150 6,037 5,938 5,722 5,098
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