Table 65-2
Professional, scientific and technical services — Reconciliation of net profit to taxable income and taxes payable

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Professional, scientific and technical services — 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 5,772 -13,078 14,381 14,262 17,064
Plus: consolidation and conceptual adjustments 178 -6,999 84 121 1,291
Plus: current taxes, including mining 2,217 2,904 3,186 3,548 3,770
Plus: deferred income taxes -104 78 -24 -135 -102
Less: profit of tax exempt corporations -5 35 -1,099 56 67
Deductible dividends 1,992 3,955 6,214 3,163 4,812
Adjusted profit before taxes 6,075 -21,085 12,512 14,577 17,145
Exemptions and deductions:  
Book capital gains and losses 413 546 808 1,117 916
Less: taxable capital gains 576 513 1,471 1,655 742
Net difference, capital gains and losses -163 34 -662 -538 174
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 -623 -555 -270 1,695 2,138
Total, exemptions and deductions -785 -521 -933 1,157 2,312
Timing differences:  
Depreciation 2,892 3,254 3,293 3,139 3,359
Less: capital cost allowance 2,732 3,607 3,521 3,062 2,939
Net difference, depreciation 160 -353 -229 77 420
Natural resources expenses, (books) 41 18 17 14 10
Less: natural resource expenses, (tax) 70 72 35 38 23
Net difference, natural resources expenses -29 -53 -18 -24 -13
Charitable donations net difference, (books minus tax) 0 5 3 4 2
Other timing differences 7,620 37,321 6,050 8,142 7,492
Total, timing differences 7,751 36,919 5,806 8,199 7,901
Net taxable income 14,612 16,356 19,251 21,619 22,734
Less: prior year losses applied 1,612 1,225 2,007 1,940 1,138
Taxable income (tax base) 12,999 15,130 17,244 19,679 21,595
Taxes:  
Tax otherwise payable 4,922 5,729 6,488 7,438 8,177
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 1,281 1,494 1,693 1,942 2,134
Small business deduction 1,255 1,374 1,532 1,697 1,991
Manufacturing and processing profits deduction 12 16 11 16 15
Investment tax credit 200 296 293 250 277
Other credits 472 655 852 1,169 1,212
Net part 1 tax payable 1,702 1,895 2,107 2,365 2,549
Other direct federal taxes 90 90 109 111 127
Federal tax payable 1,792 1,985 2,216 2,476 2,676
Provincial tax payable 1,212 1,369 1,495 1,711 1,834
Total taxes 3,004 3,354 3,711 4,187 4,510
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