Table 71-2
Repair, maintenance and personal services — Reconciliation of net profit to taxable income and taxes payable

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Repair, maintenance and personal 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 1,685 2,072 2,347 2,798 2,913
Plus: consolidation and conceptual adjustments -30 5 33 14 103
Plus: current taxes, including mining 353 375 408 473 528
Plus: deferred income taxes -13 -6 8 -12 -2
Less: profit of tax exempt corporations 288 393 388 460 672
Deductible dividends 119 186 158 175 199
Adjusted profit before taxes 1,588 1,866 2,250 2,638 2,671
Exemptions and deductions:  
Book capital gains and losses 149 198 258 301 270
Less: taxable capital gains 77 73 90 171 78
Net difference, capital gains and losses 73 126 168 129 192
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 86 0 60 61 82
Total, exemptions and deductions 158 125 228 190 274
Timing differences:  
Depreciation 1,034 1,033 1,077 1,185 1,297
Less: capital cost allowance 996 968 999 1,079 1,233
Net difference, depreciation 38 65 78 105 64
Natural resources expenses, (books) 1 1 1 1 1
Less: natural resource expenses, (tax) 0 1 1 1 1
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 2 1 1 0 1
Other timing differences 1,279 1,095 1,261 1,510 1,976
Total, timing differences 1,320 1,161 1,340 1,615 2,041
Net taxable income 2,749 2,901 3,362 4,063 4,438
Less: prior year losses applied 252 268 272 277 318
Taxable income (tax base) 2,497 2,634 3,090 3,786 4,120
Taxes:  
Tax otherwise payable 777 820 968 1,207 1,253
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 203 214 253 316 328
Small business deduction 250 260 310 344 394
Manufacturing and processing profits deduction 5 6 7 4 9
Investment tax credit 9 8 9 11 10
Other credits 35 45 63 124 102
Net part 1 tax payable 275 288 325 409 410
Other direct federal taxes 7 7 7 11 10
Federal tax payable 282 294 333 421 420
Provincial tax payable 242 225 254 317 335
Total taxes 524 519 587 738 755
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