Table 59-2
Securities and commodity exchanges and other financial investment activities — 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This page has been archived on the Web.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

Securities and commodity exchanges and other financial investment activities — 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 10,774 16,729 19,283 22,808 35,295
Plus: consolidation and conceptual adjustments 1,450 2,251 -695 3,983 2,386
Plus: current taxes, including mining 1,480 2,097 2,186 2,198 2,486
Plus: deferred income taxes -126 -9 -101 -10 190
Less: profit of tax exempt corporations -52 1,846 2,090 4,357 8,784
Deductible dividends 11,130 11,466 13,030 14,018 16,561
Adjusted profit before taxes 2,501 7,756 5,552 10,604 15,011
Exemptions and deductions:  
Book capital gains and losses -116 3,395 5,001 3,159 4,862
Less: taxable capital gains 1,722 2,285 2,669 2,796 3,690
Net difference, capital gains and losses -1,838 1,109 2,332 363 1,173
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 0 0 0 0 0
Other exemptions and deductions 173 -1,583 -319 -110 -1,759
Total, exemptions and deductions -1,665 -473 2,014 253 -586
Timing differences:  
Depreciation 1,406 1,308 1,200 1,320 1,441
Less: capital cost allowance 815 746 828 739 828
Net difference, depreciation 591 562 372 582 614
Natural resources expenses, (books) 24 33 62 122 101
Less: natural resource expenses, (tax) 111 245 123 236 326
Net difference, natural resources expenses -87 -212 -61 -114 -225
Charitable donations net difference, (books minus tax) 39 107 49 42 20
Other timing differences 3,636 644 7,097 2,691 -15
Total, timing differences 4,178 1,102 7,457 3,201 394
Net taxable income 8,345 9,331 10,996 13,552 15,992
Less: prior year losses applied 1,744 1,663 1,391 2,084 1,546
Taxable income (tax base) 6,600 7,668 9,605 11,468 14,446
Taxes:  
Tax otherwise payable 2,519 2,878 3,221 3,418 4,031
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 623 717 802 852 998
Small business deduction 151 161 181 183 213
Manufacturing and processing profits deduction 5 12 20 13 12
Investment tax credit 3 4 6 5 3
Other credits 317 404 515 645 738
Net part 1 tax payable 1,420 1,579 1,696 1,719 2,068
Other direct federal taxes 851 735 886 1,053 1,147
Federal tax payable 2,271 2,314 2,582 2,772 3,215
Provincial tax payable 769 868 1,033 1,230 1,564
Total taxes 3,040 3,182 3,615 4,002 4,779
Date modified: