Table 64-2
Automotive, machinery and equipment and other rental and leasing — Reconciliation of net profit to taxable income and taxes payable

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Automotive, machinery and equipment and other rental and leasing — 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 1,199 1,612 2,142 2,234 2,903
Plus: consolidation and conceptual adjustments -46 -350 -137 -6 -320
Plus: current taxes, including mining 325 303 512 553 602
Plus: deferred income taxes 19 17 -27 16 35
Less: profit of tax exempt corporations 113 13 9 22 48
Deductible dividends 463 187 257 229 427
Adjusted profit before taxes 920 1,384 2,225 2,545 2,746
Exemptions and deductions:  
Book capital gains and losses 154 187 312 462 350
Less: taxable capital gains 54 76 85 73 123
Net difference, capital gains and losses 100 111 227 388 227
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 -228 -126 -68 334 397
Total, exemptions and deductions -128 -16 159 722 623
Timing differences:  
Depreciation 2,609 2,567 2,922 3,248 3,616
Less: capital cost allowance 3,171 3,428 3,465 3,729 4,292
Net difference, depreciation -561 -861 -543 -481 -676
Natural resources expenses, (books) 1 1 1 3 1
Less: natural resource expenses, (tax) 3 2 3 2 4
Net difference, natural resources expenses -2 -1 -2 1 -3
Charitable donations net difference, (books minus tax) 1 1 -1 1 5
Other timing differences 1,230 1,192 871 1,243 1,441
Total, timing differences 668 331 325 764 766
Net taxable income 1,716 1,730 2,390 2,587 2,889
Less: prior year losses applied 199 259 413 266 255
Taxable income (tax base) 1,517 1,471 1,977 2,321 2,634
Taxes:  
Tax otherwise payable 528 558 745 873 999
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 136 146 195 228 260
Small business deduction 64 70 79 82 85
Manufacturing and processing profits deduction 0 1 1 1 0
Investment tax credit 2 2 1 2 2
Other credits 89 100 174 235 280
Net part 1 tax payable 236 240 296 326 373
Other direct federal taxes 17 6 8 7 10
Federal tax payable 253 246 303 333 382
Provincial tax payable 167 153 198 233 267
Total taxes 420 399 501 566 650
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