Table 63-2
Real estate — Reconciliation of net profit to taxable income and taxes payable

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Real estate — 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 9,863 14,134 21,616 27,498 24,111
Plus: consolidation and conceptual adjustments -921 -1,447 -4,188 -4,722 -3,719
Plus: current taxes, including mining 1,670 1,800 1,920 2,189 2,530
Plus: deferred income taxes -63 -45 156 265 241
Less: profit of tax exempt corporations 1,660 2,464 3,966 5,918 4,565
Deductible dividends 3,389 3,096 3,106 3,387 4,800
Adjusted profit before taxes 5,500 8,883 12,432 15,924 13,797
Exemptions and deductions:  
Book capital gains and losses 2,936 4,137 5,406 5,813 6,422
Less: taxable capital gains 1,647 1,986 2,436 2,774 3,224
Net difference, capital gains and losses 1,289 2,151 2,969 3,039 3,198
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 994 560 -2,296 310 545
Total, exemptions and deductions 2,283 2,711 674 3,349 3,742
Timing differences:  
Depreciation 4,483 4,601 4,266 4,166 4,732
Less: capital cost allowance 2,511 2,644 2,887 3,066 3,501
Net difference, depreciation 1,972 1,957 1,379 1,100 1,231
Natural resources expenses, (books) 3 4 7 4 5
Less: natural resource expenses, (tax) 11 11 20 10 8
Net difference, natural resources expenses -8 -7 -12 -6 -3
Charitable donations net difference, (books minus tax) 11 9 29 -89 4
Other timing differences 3,342 2,424 1,042 1,870 5,314
Total, timing differences 5,317 4,383 2,436 2,876 6,546
Net taxable income 8,534 10,555 14,195 15,452 16,601
Less: prior year losses applied 913 989 1,067 977 1,343
Taxable income (tax base) 7,621 9,566 13,128 14,475 15,257
Taxes:  
Tax otherwise payable 2,816 3,071 3,491 3,988 4,613
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 688 750 851 973 1,123
Small business deduction 282 315 330 361 412
Manufacturing and processing profits deduction 0 0 0 2 0
Investment tax credit 2 1 2 2 1
Other credits 227 260 340 466 522
Net part 1 tax payable 1,617 1,744 1,967 2,184 2,555
Other direct federal taxes 186 175 242 318 343
Federal tax payable 1,804 1,920 2,209 2,502 2,898
Provincial tax payable 855 986 1,316 1,491 1,576
Total taxes 2,659 2,905 3,525 3,993 4,474
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