Table 56-2
Central credit unions — Reconciliation of net profit to taxable income and taxes payable

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Central 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 373 314 207 310 282
Plus: consolidation and conceptual adjustments 19 -11 688 804 970
Plus: current taxes, including mining 65 53 45 123 90
Plus: deferred income taxes 73 0 41 28 -28
Less: profit of tax exempt corporations .. .. .. .. ..
Deductible dividends 4 1 69 12 25
Adjusted profit before taxes 526 354 912 1,253 1,289
Exemptions and deductions:  
Book capital gains and losses 29 44 167 72 26
Less: taxable capital gains 3 1 0 3 0
Net difference, capital gains and losses 26 43 167 69 26
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 26 73 9 -8 -4
Total, exemptions and deductions 52 116 176 62 22
Timing differences:  
Depreciation 60 17 31 31 32
Less: capital cost allowance 73 22 38 44 45
Net difference, depreciation -13 -6 -7 -13 -13
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences -133 -170 -402 -899 -1,170
Total, timing differences -146 -175 -409 -913 -1,183
Net taxable income 327 63 327 279 84
Less: prior year losses applied 116 51 15 10 12
Taxable income (tax base) 212 12 311 269 72
Taxes:  
Tax otherwise payable 80 5 118 102 27
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 21 1 31 27 7
Small business deduction 0 0 0 0 0
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit .. .. 2 1 ..
Other credits 36 2 49 43 12
Net part 1 tax payable 23 1 37 31 8
Other direct federal taxes 0 0 0 0 0
Federal tax payable 23 1 37 31 8
Provincial tax payable 14 0 32 25 4
Total taxes 38 2 69 56 12
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