Table 67-2
Educational, health care and social assistance services — Reconciliation of net profit to taxable income and taxes payable

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Educational, health care and social assistance 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 5,778 7,308 8,607 9,682 13,862
Plus: consolidation and conceptual adjustments 4 -613 -325 34 45
Plus: current taxes, including mining 1,241 1,428 1,601 1,815 2,539
Plus: deferred income taxes 5 13 -2 14 -19
Less: profit of tax exempt corporations 52 179 105 105 201
Deductible dividends 406 455 486 593 712
Adjusted profit before taxes 6,568 7,503 9,289 10,847 15,514
Exemptions and deductions:  
Book capital gains and losses -622 -392 446 366 735
Less: taxable capital gains 97 131 173 166 273
Net difference, capital gains and losses -719 -523 273 200 462
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 .. .. .. .. ..
Other exemptions and deductions -125 -228 -93 253 84
Total, exemptions and deductions -845 -751 180 453 547
Timing differences:  
Depreciation 1,028 1,133 1,197 1,248 1,503
Less: capital cost allowance 965 1,043 1,035 1,048 1,301
Net difference, depreciation 63 89 162 201 202
Natural resources expenses, (books) 3 0 1 0 0
Less: natural resource expenses, (tax) 2 2 3 3 2
Net difference, natural resources expenses 1 -2 -2 -2 -1
Charitable donations net difference, (books minus tax) 1 2 0 3 3
Other timing differences 448 688 1,027 1,118 938
Total, timing differences 513 777 1,187 1,319 1,142
Net taxable income 7,926 9,031 10,295 11,713 16,109
Less: prior year losses applied 217 249 259 275 318
Taxable income (tax base) 7,710 8,782 10,036 11,439 15,792
Taxes:  
Tax otherwise payable 2,909 3,317 3,787 4,322 5,989
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 762 869 992 1,132 1,569
Small business deduction 1,152 1,307 1,440 1,644 2,311
Manufacturing and processing profits deduction 2 2 7 4 5
Investment tax credit 11 8 18 16 15
Other credits 61 79 132 178 222
Net part 1 tax payable 922 1,052 1,199 1,347 1,868
Other direct federal taxes 28 34 50 55 78
Federal tax payable 950 1,086 1,249 1,402 1,946
Provincial tax payable 525 586 647 741 1,057
Total taxes 1,474 1,672 1,896 2,144 3,003
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