Table 61-2
Property and casualty insurance carriers — 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This page has been archived on the Web.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

Property and casualty 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 3,358 3,595 4,268 5,301 4,562
Plus: consolidation and conceptual adjustments -199 -809 -1,323 -845 -449
Plus: current taxes, including mining 622 874 828 990 420
Plus: deferred income taxes -38 17 256 -147 103
Less: profit of tax exempt corporations 663 710 179 277 370
Deductible dividends 1,374 785 909 1,366 1,677
Adjusted profit before taxes 1,706 2,182 2,942 3,656 2,590
Exemptions and deductions:  
Book capital gains and losses 208 214 976 404 14
Less: taxable capital gains 12 15 15 38 22
Net difference, capital gains and losses 196 200 961 366 -7
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 91 57 -26 96 157
Total, exemptions and deductions 287 257 935 463 149
Timing differences:  
Depreciation 197 179 204 150 245
Less: capital cost allowance 217 193 165 148 228
Net difference, depreciation -20 -14 39 2 17
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) -7 0 1 -3 7
Other timing differences 1,807 1,871 2,258 1,547 -207
Total, timing differences 1,780 1,856 2,299 1,546 -182
Net taxable income 3,199 3,781 4,306 4,740 2,258
Less: prior year losses applied 69 264 245 94 115
Taxable income (tax base) 3,129 3,518 4,061 4,646 2,143
Taxes:  
Tax otherwise payable 1,211 1,312 1,543 1,763 807
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 316 343 404 461 210
Small business deduction 4 5 4 5 6
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 1 1 2 1 0
Other credits 285 341 454 592 275
Net part 1 tax payable 607 622 678 704 316
Other direct federal taxes 4 13 20 12 45
Federal tax payable 611 634 697 716 361
Provincial tax payable 399 421 469 519 240
Total taxes 1,010 1,055 1,167 1,234 601
Date modified: