Table 68-2
Arts, entertainment and recreation — Reconciliation of net profit to taxable income and taxes payable

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Arts, entertainment and recreation — 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 5,480 5,612 8,012 7,815 7,777
Plus: consolidation and conceptual adjustments -178 -1,682 -102 -160 236
Plus: current taxes, including mining 138 157 177 145 164
Plus: deferred income taxes -60 -37 -2 -9 -43
Less: profit of tax exempt corporations 5,278 5,387 7,467 7,160 7,280
Deductible dividends 48 52 104 173 150
Adjusted profit before taxes 55 -1,388 514 458 704
Exemptions and deductions:  
Book capital gains and losses 86 -171 224 149 149
Less: taxable capital gains 67 383 90 97 221
Net difference, capital gains and losses 19 -554 134 53 -72
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 192 -1,453 -2,018 -1,365 -1,765
Total, exemptions and deductions 211 -2,007 -1,884 -1,313 -1,837
Timing differences:  
Depreciation 1,000 878 805 814 886
Less: capital cost allowance 521 511 589 560 605
Net difference, depreciation 478 367 216 254 281
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 0 0 6
Other timing differences 725 544 -1,254 -762 -1,399
Total, timing differences 1,204 912 -1,038 -507 -1,112
Net taxable income 1,047 1,530 1,360 1,263 1,429
Less: prior year losses applied 188 458 300 187 189
Taxable income (tax base) 859 1,073 1,060 1,077 1,240
Taxes:  
Tax otherwise payable 266 300 330 332 360
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 69 77 86 85 92
Small business deduction 62 64 66 69 80
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 0 0 1 1 0
Other credits 30 39 56 58 60
Net part 1 tax payable 105 119 122 118 127
Other direct federal taxes 9 3 4 4 7
Federal tax payable 114 122 126 122 133
Provincial tax payable 90 105 98 96 111
Total taxes 203 228 223 218 245
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