Table 5-2
Agriculture, fishing, hunting, trapping and support activities — Reconciliation of net profit to taxable income and taxes payable

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Agriculture, fishing, hunting, trapping and support activities — 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 4,602 6,483 6,612 6,926 7,934
Plus: consolidation and conceptual adjustments -38 68 -38 28 -45
Plus: current taxes, including mining 559 703 805 912 917
Plus: deferred income taxes 49 84 93 114 178
Less: profit of tax exempt corporations 7 2 5 10 15
Deductible dividends 331 456 459 752 678
Adjusted profit before taxes 4,834 6,879 7,007 7,218 8,290
Exemptions and deductions:  
Book capital gains and losses 1,398 1,787 1,643 1,963 2,083
Less: taxable capital gains 348 462 384 434 447
Net difference, capital gains and losses 1,050 1,325 1,259 1,530 1,635
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 -57 -69 118 75 17
Total, exemptions and deductions 993 1,256 1,377 1,605 1,652
Timing differences:  
Depreciation 3,001 3,313 3,719 4,185 4,406
Less: capital cost allowance 2,938 3,265 3,628 4,114 4,303
Net difference, depreciation 63 48 91 72 103
Natural resources expenses, (books) 0 0 1 2 1
Less: natural resource expenses, (tax) 1 2 1 2 2
Net difference, natural resources expenses -1 -2 -1 0 -1
Charitable donations net difference, (books minus tax) -5 1 -2 1 -5
Other timing differences -20 -777 -133 389 -629
Total, timing differences 37 -730 -45 461 -532
Net taxable income 3,878 4,893 5,584 6,074 6,106
Less: prior year losses applied 418 467 480 373 437
Taxable income (tax base) 3,461 4,426 5,104 5,701 5,670
Taxes:  
Tax otherwise payable 1,328 1,692 1,952 2,179 2,165
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 345 438 508 566 563
Small business deduction 453 571 665 731 700
Manufacturing and processing profits deduction 4 4 8 10 8
Investment tax credit 18 21 21 20 24
Other credits 47 69 97 118 140
Net part 1 tax payable 461 589 654 733 731
Other direct federal taxes 36 37 52 60 58
Federal tax payable 497 626 706 793 790
Provincial tax payable 258 311 344 387 392
Total taxes 755 937 1,050 1,180 1,182
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