Table 29-2
Motor vehicle parts manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Motor vehicle parts manufacturing — 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 647 524 823 1,182 1,416
Plus: consolidation and conceptual adjustments 963 519 768 1,488 4,838
Plus: current taxes, including mining 129 203 287 417 490
Plus: deferred income taxes 15 20 -87 -25 -33
Less: profit of tax exempt corporations 0 0 .. .. ..
Deductible dividends 1,334 413 605 1,634 5,033
Adjusted profit before taxes 421 853 1,186 1,428 1,677
Exemptions and deductions:  
Book capital gains and losses -30 47 12 24 -42
Less: taxable capital gains 25 11 5 8 12
Net difference, capital gains and losses -55 36 8 16 -54
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -104 -22 29 305 349
Total, exemptions and deductions -159 14 37 321 295
Timing differences:  
Depreciation 746 647 656 638 703
Less: capital cost allowance 948 729 757 617 753
Net difference, depreciation -202 -81 -101 21 -50
Natural resources expenses, (books) 0 1 0 0 0
Less: natural resource expenses, (tax) .. 1 .. .. ..
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 0 0 0 4 5
Other timing differences 545 306 468 555 735
Total, timing differences 343 225 367 580 690
Net taxable income 923 1,063 1,517 1,686 2,072
Less: prior year losses applied 176 185 91 138 116
Taxable income (tax base) 747 878 1,425 1,548 1,956
Taxes:  
Tax otherwise payable 284 334 542 588 743
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 74 87 141 153 193
Small business deduction 5 6 7 7 7
Manufacturing and processing profits deduction 50 83 157 173 227
Investment tax credit 36 23 35 30 28
Other credits 32 26 34 42 49
Net part 1 tax payable 86 108 168 183 240
Other direct federal taxes 3 1 2 1 2
Federal tax payable 89 109 169 184 242
Provincial tax payable 79 78 130 144 182
Total taxes 168 187 299 328 424
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