Table 62-2
Agencies, brokerages and other insurance related activities — Reconciliation of net profit to taxable income and taxes payable

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Agencies, brokerages and other insurance related 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 1,108 1,294 1,482 1,589 1,844
Plus: consolidation and conceptual adjustments -75 -46 -55 -56 -98
Plus: current taxes, including mining 291 320 353 351 403
Plus: deferred income taxes -12 -10 -9 -3 -34
Less: profit of tax exempt corporations 3 23 17 10 29
Deductible dividends 148 191 162 251 191
Adjusted profit before taxes 1,162 1,345 1,591 1,620 1,894
Exemptions and deductions:  
Book capital gains and losses 82 86 166 167 164
Less: taxable capital gains 30 22 33 25 33
Net difference, capital gains and losses 53 65 133 142 130
Resource allowance .. .. .. .. ..
Less: royalties 0 0 0 0 0
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -69 -76 -83 46 -48
Total, exemptions and deductions -17 -12 50 188 82
Timing differences:  
Depreciation 223 223 227 237 293
Less: capital cost allowance 178 186 161 164 181
Net difference, depreciation 45 36 66 73 112
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 1 0 0
Net difference, natural resources expenses 0 0 -1 0 0
Charitable donations net difference, (books minus tax) 0 0 0 0 0
Other timing differences 163 162 144 361 192
Total, timing differences 208 198 209 434 304
Net taxable income 1,386 1,555 1,751 1,865 2,116
Less: prior year losses applied 36 46 65 75 59
Taxable income (tax base) 1,350 1,509 1,686 1,791 2,057
Taxes:  
Tax otherwise payable 512 565 634 674 773
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 134 148 166 176 203
Small business deduction 136 146 157 160 182
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 0 0 0 1 0
Other credits 46 60 81 102 119
Net part 1 tax payable 195 211 230 235 269
Other direct federal taxes 10 13 14 15 11
Federal tax payable 204 223 244 250 280
Provincial tax payable 126 137 144 153 178
Total taxes 331 360 388 403 458
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