Table 58-2
Securities and commodity contracts intermediation and brokerage — Reconciliation of net profit to taxable income and taxes payable

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Securities and commodity contracts intermediation and brokerage — 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 991 1,203 512 160 748
Plus: consolidation and conceptual adjustments -49 -67 378 254 -48
Plus: current taxes, including mining 142 187 172 76 136
Plus: deferred income taxes 54 20 15 2 -18
Less: profit of tax exempt corporations -6 -9 -1 -11 0
Deductible dividends 272 313 502 293 466
Adjusted profit before taxes 872 1,039 576 212 352
Exemptions and deductions:  
Book capital gains and losses 23 81 89 -14 169
Less: taxable capital gains 48 84 108 131 194
Net difference, capital gains and losses -25 -3 -19 -145 -25
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 -20 -16 -30 -4 -25
Total, exemptions and deductions -45 -19 -49 -149 -50
Timing differences:  
Depreciation 65 76 94 110 104
Less: capital cost allowance 85 90 93 87 86
Net difference, depreciation -20 -14 1 22 18
Natural resources expenses, (books) 0 0 1 1 1
Less: natural resource expenses, (tax) 7 20 6 3 13
Net difference, natural resources expenses -7 -20 -5 -2 -12
Charitable donations net difference, (books minus tax) -56 -47 -64 -42 4
Other timing differences 102 -144 371 294 359
Total, timing differences 19 -226 303 272 369
Net taxable income 936 833 928 633 771
Less: prior year losses applied 258 86 131 145 99
Taxable income (tax base) 679 747 797 487 672
Taxes:  
Tax otherwise payable 261 286 304 187 261
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 68 75 79 48 67
Small business deduction 14 16 16 15 17
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 1 .. 1 2 2
Other credits 51 63 75 46 64
Net part 1 tax payable 126 133 132 76 112
Other direct federal taxes 17 23 21 31 46
Federal tax payable 144 156 153 107 159
Provincial tax payable 83 86 85 50 69
Total taxes 227 242 237 156 228
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