Table 54-2
Local credit unions — Reconciliation of net profit to taxable income and taxes payable

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Local credit unions — 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 1,167 1,617 1,849 1,411 1,444
Plus: consolidation and conceptual adjustments -89 -58 907 295 597
Plus: current taxes, including mining 320 387 419 335 383
Plus: deferred income taxes -123 -6 185 -74 -138
Less: profit of tax exempt corporations .. .. .. .. ..
Deductible dividends 9 12 19 14 40
Adjusted profit before taxes 1,266 1,928 3,341 1,953 2,246
Exemptions and deductions:  
Book capital gains and losses 23 10 8 11 135
Less: taxable capital gains 4 2 3 5 64
Net difference, capital gains and losses 19 8 5 6 71
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -165 840 1,283 445 511
Total, exemptions and deductions -146 848 1,288 451 582
Timing differences:  
Depreciation 266 272 269 269 264
Less: capital cost allowance 344 354 338 359 358
Net difference, depreciation -78 -81 -69 -90 -95
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) 1 -1 1 .. ..
Other timing differences -250 285 -504 -202 -290
Total, timing differences -327 203 -571 -291 -385
Net taxable income 1,085 1,284 1,481 1,210 1,279
Less: prior year losses applied 13 28 18 16 28
Taxable income (tax base) 1,073 1,255 1,464 1,194 1,251
Taxes:  
Tax otherwise payable 410 477 556 453 475
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 108 126 146 119 125
Small business deduction 23 23 20 14 14
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit .. 1 1 1 ..
Other credits 132 159 201 176 176
Net part 1 tax payable 146 169 188 143 160
Other direct federal taxes 0 0 0 0 0
Federal tax payable 146 169 188 143 161
Provincial tax payable 94 111 127 101 107
Total taxes 240 280 315 244 267
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