Table 55-2
Non-depository credit intermediation — Reconciliation of net profit to taxable income and taxes payable

Warning View the most recent version.

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.

Archived

This page has been archived on the Web.

PDF Symbols  Next table  Previous table

Non-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 3,060 9,054 7,016 7,258 5,749
Plus: consolidation and conceptual adjustments -1,035 -390 -1,030 -289 336
Plus: current taxes, including mining 854 1,014 1,107 1,114 1,050
Plus: deferred income taxes 63 78 313 106 112
Less: profit of tax exempt corporations -376 3,551 1,933 2,149 1,772
Deductible dividends 807 589 898 1,842 1,243
Adjusted profit before taxes 2,510 5,617 4,575 4,198 4,232
Exemptions and deductions:  
Book capital gains and losses 152 426 463 161 40
Less: taxable capital gains 97 228 235 233 557
Net difference, capital gains and losses 55 198 228 -72 -517
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 900 -1,635 -1,883 -1,330 484
Total, exemptions and deductions 955 -1,438 -1,654 -1,402 -34
Timing differences:  
Depreciation 1,481 1,242 1,064 1,317 1,250
Less: capital cost allowance 5,493 5,002 4,721 5,630 5,838
Net difference, depreciation -4,012 -3,760 -3,657 -4,313 -4,588
Natural resources expenses, (books) 3 0 2 -4 1
Less: natural resource expenses, (tax) 2 42 10 3 3
Net difference, natural resources expenses 1 -42 -8 -7 -2
Charitable donations net difference, (books minus tax) 1 2 3 -2 1
Other timing differences 7,191 4,815 4,882 5,418 5,713
Total, timing differences 3,181 1,014 1,220 1,096 1,124
Net taxable income 4,735 8,069 7,449 6,696 5,390
Less: prior year losses applied 297 589 782 874 468
Taxable income (tax base) 4,438 7,479 6,667 5,822 4,921
Taxes:  
Tax otherwise payable 1,686 2,484 2,492 2,204 1,861
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 258 403 405 355 277
Small business deduction 18 19 20 19 20
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 1 1 5 7 2
Other credits 383 631 656 705 610
Net part 1 tax payable 1,027 1,429 1,407 1,119 953
Other direct federal taxes 40 33 30 40 51
Federal tax payable 1,066 1,463 1,437 1,159 1,004
Provincial tax payable 583 922 780 646 499
Total taxes 1,650 2,385 2,217 1,805 1,504
Date modified: