Table 57-2
Financial transactions processing, loan brokers and other activities related to credit intermediation — Reconciliation of net profit to taxable income and taxes payable

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Financial transactions processing, loan brokers and other activities related to 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 647 625 536 729 862
Plus: consolidation and conceptual adjustments -55 -201 -85 113 -90
Plus: current taxes, including mining 178 54 43 136 157
Plus: deferred income taxes 3 -18 23 12 22
Less: profit of tax exempt corporations 151 286 125 186 220
Deductible dividends 23 11 31 41 58
Adjusted profit before taxes 598 164 361 763 673
Exemptions and deductions:  
Book capital gains and losses 78 -4 66 2 26
Less: taxable capital gains 3 15 11 16 7
Net difference, capital gains and losses 76 -19 54 -13 19
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -99 -342 16 0 33
Total, exemptions and deductions -23 -360 71 -13 52
Timing differences:  
Depreciation 149 108 101 106 106
Less: capital cost allowance 138 97 101 116 103
Net difference, depreciation 11 10 0 -9 3
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses .. .. .. .. ..
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 252 -218 235 105 370
Total, timing differences 263 -207 236 96 373
Net taxable income 884 318 526 872 995
Less: prior year losses applied 40 33 65 74 24
Taxable income (tax base) 844 285 461 798 971
Taxes:  
Tax otherwise payable 256 109 117 234 286
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 67 28 30 61 75
Small business deduction 14 17 17 19 24
Manufacturing and processing profits deduction .. .. .. 1 1
Investment tax credit 0 0 1 0 0
Other credits 50 15 19 60 74
Net part 1 tax payable 124 48 50 93 110
Other direct federal taxes 0 1 1 1 3
Federal tax payable 125 49 51 94 113
Provincial tax payable 104 27 47 81 102
Total taxes 228 76 97 175 216
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