Table 69-2
Accommodation services — Reconciliation of net profit to taxable income and taxes payable

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Accommodation 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 620 914 738 1,090 1,233
Plus: consolidation and conceptual adjustments -41 -81 136 -140 -223
Plus: current taxes, including mining 177 162 186 225 239
Plus: deferred income taxes -4 20 1 18 35
Less: profit of tax exempt corporations 2 -5 0 4 4
Deductible dividends 187 163 382 154 190
Adjusted profit before taxes 563 856 678 1,034 1,088
Exemptions and deductions:  
Book capital gains and losses 243 225 299 305 328
Less: taxable capital gains 111 121 155 123 150
Net difference, capital gains and losses 131 103 143 182 178
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 8 12 -49 6 36
Total, exemptions and deductions 139 115 94 188 214
Timing differences:  
Depreciation 765 791 823 870 933
Less: capital cost allowance 721 739 759 822 891
Net difference, depreciation 44 52 65 49 42
Natural resources expenses, (books) 0 1 1 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) 2 3 0 -2 6
Other timing differences 464 150 435 451 493
Total, timing differences 510 205 499 498 542
Net taxable income 934 946 1,084 1,343 1,416
Less: prior year losses applied 119 114 136 208 204
Taxable income (tax base) 815 831 948 1,135 1,213
Taxes:  
Tax otherwise payable 308 316 360 431 463
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 80 82 93 112 120
Small business deduction 60 62 64 71 75
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 0 0 0 0 0
Other credits 33 37 51 78 84
Net part 1 tax payable 134 135 151 170 184
Other direct federal taxes 5 4 6 6 5
Federal tax payable 140 139 157 176 188
Provincial tax payable 77 74 84 101 110
Total taxes 217 213 241 277 298
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