Table 60-2
Life, health and medical insurance carriers — Reconciliation of net profit to taxable income and taxes payable

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Life, health and medical insurance carriers — 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 7,283 7,138 6,301 5,817 5,890
Plus: consolidation and conceptual adjustments -5,094 -4,180 -2,035 807 1,473
Plus: current taxes, including mining 478 58 1,138 511 752
Plus: deferred income taxes -383 138 -162 -8 -278
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 835 1,038 262 2,495 3,022
Adjusted profit before taxes 1,449 2,116 4,980 4,631 4,815
Exemptions and deductions:  
Book capital gains and losses 387 20 1,140 5 0
Less: taxable capital gains 134 49 96 298 104
Net difference, capital gains and losses 253 -29 1,044 -293 -104
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 -2 -7 132 170 139
Total, exemptions and deductions 251 -36 1,176 -123 35
Timing differences:  
Depreciation 354 357 538 96 113
Less: capital cost allowance 309 303 296 290 458
Net difference, depreciation 44 55 242 -194 -345
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) 1 0 0 2 1
Net difference, natural resources expenses -1 0 0 -2 -1
Charitable donations net difference, (books minus tax) -5 1 -3 -25 1
Other timing differences 1,565 670 -398 -911 -372
Total, timing differences 1,604 725 -159 -1,133 -718
Net taxable income 2,802 2,877 3,645 3,621 4,062
Less: prior year losses applied 16 165 144 234 488
Taxable income (tax base) 2,786 2,712 3,501 3,387 3,573
Taxes:  
Tax otherwise payable 1,069 1,022 1,327 1,257 1,323
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 281 269 349 330 347
Small business deduction 0 2 2 1 5
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 4 3 2 8 2
Other credits 234 244 356 387 449
Net part 1 tax payable 551 505 618 530 520
Other direct federal taxes 80 146 163 135 162
Federal tax payable 631 651 781 665 682
Provincial tax payable 363 336 423 317 326
Total taxes 994 987 1,205 982 1,008
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