Table 70-2
Food services and drinking places — Reconciliation of net profit to taxable income and taxes payable

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Food services and drinking places — 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 1,055 1,320 1,476 1,578 1,905
Plus: consolidation and conceptual adjustments -8 -62 -4 -35 -220
Plus: current taxes, including mining 361 422 431 448 501
Plus: deferred income taxes 31 -10 -25 -25 -37
Less: profit of tax exempt corporations 0 -1 0 5 1
Deductible dividends 165 201 363 146 188
Adjusted profit before taxes 1,274 1,470 1,516 1,815 1,960
Exemptions and deductions:  
Book capital gains and losses 264 289 229 218 270
Less: taxable capital gains 123 172 108 71 146
Net difference, capital gains and losses 140 116 121 147 125
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 -101 -75 -96 38 14
Total, exemptions and deductions 39 41 25 185 139
Timing differences:  
Depreciation 1,395 1,515 1,470 1,566 1,736
Less: capital cost allowance 1,362 1,469 1,411 1,479 1,641
Net difference, depreciation 33 46 59 87 95
Natural resources expenses, (books) 0 0 1 1 1
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 1
Charitable donations net difference, (books minus tax) -2 -1 1 0 2
Other timing differences 893 970 975 1,073 1,158
Total, timing differences 924 1,015 1,034 1,160 1,256
Net taxable income 2,158 2,444 2,526 2,790 3,077
Less: prior year losses applied 264 271 260 280 339
Taxable income (tax base) 1,894 2,173 2,266 2,510 2,738
Taxes:  
Tax otherwise payable 721 830 858 949 1,039
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 188 217 224 248 271
Small business deduction 207 227 232 246 271
Manufacturing and processing profits deduction 14 18 21 30 28
Investment tax credit 1 1 2 2 2
Other credits 40 52 64 95 104
Net part 1 tax payable 270 314 316 329 363
Other direct federal taxes 4 5 19 7 12
Federal tax payable 274 319 335 336 374
Provincial tax payable 174 192 193 215 231
Total taxes 448 511 528 551 606
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