Table 2-2
Total all industries — Reconciliation of net profit to taxable income and taxes payable

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Total all industries — 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.
  2010 2011 2012 2013 2014
  millions of dollars
Net profit 219,844 256,206 247,089 260,550 305,657
Plus: consolidation and conceptual adjustments 21,976 2,735 30,593 53,064 36,290
Plus: current taxes, including mining 45,179 50,760 49,507 52,146 59,414
Plus: deferred income taxes 4,001 5,434 3,243 3,630 4,555
Less: profit of tax exempt corporations 31,464 28,466 32,086 37,426 36,510
Deductible dividends 110,217 100,413 108,555 132,340 149,885
Adjusted profit before taxes 149,319 186,254 189,791 199,624 219,522
Exemptions and deductions:  
Book capital gains and losses 19,614 28,894 23,265 32,204 35,672
Less: taxable capital gains 14,218 15,604 16,389 17,207 19,041
Net difference, capital gains and losses 5,395 13,290 6,876 14,997 16,631
Resource allowance 0 0 0 0 0
Less: royalties -72 0 0 0 0
Net difference, resource allowance 72 0 0 0 0
Earned depletion allowance 61 54 2 1 4
Other exemptions and deductions -7,329 -9,938 20,589 34,919 31,446
Total, exemptions and deductions -1,801 3,406 27,467 49,916 48,081
Timing differences:  
Depreciation 79,596 81,831 85,794 92,502 97,025
Less: capital cost allowance 89,230 85,831 93,572 99,679 107,122
Net difference, depreciation -9,635 -4,001 -7,778 -7,177 -10,097
Natural resources expenses, (books) 9,272 10,510 13,116 12,255 14,091
Less: natural resource expenses, (tax) 19,870 22,202 24,755 24,858 25,312
Net difference, natural resources expenses -10,598 -11,692 -11,639 -12,603 -11,220
Charitable donations net difference, (books minus tax) 96 81 -189 129 -164
Other timing differences 90,894 82,800 126,958 157,001 160,430
Total, timing differences 70,756 67,189 107,351 137,349 138,949
Net taxable income 221,878 250,037 269,676 287,056 310,390
Less: prior year losses applied 23,547 23,360 26,228 26,653 31,518
Taxable income (tax base) 198,331 226,677 243,448 260,403 278,872
Taxes:  
Tax otherwise payable 73,650 83,208 89,135 94,889 102,162
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 18,695 21,189 22,780 24,285 26,005
Small business deduction 8,525 9,289 9,989 11,473 12,321
Manufacturing and processing profits deduction 1,729 2,384 2,518 2,720 2,985
Investment tax credit 1,598 1,792 1,966 1,830 1,640
Other credits 12,257 15,489 19,137 19,939 21,470
Net part 1 tax payable 30,845 33,065 32,746 34,641 37,740
Other direct federal taxes 2,286 2,698 2,881 3,353 3,291
Federal tax payable 33,130 35,764 35,627 37,994 41,031
Provincial tax payable 20,343 22,174 23,350 24,899 25,995
Total taxes 53,473 57,938 58,977 62,893 67,025
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