Table 47-2
Air transportation — Reconciliation of net profit to taxable income and taxes payable

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Air transportation — 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 657 316 678 711 365
Plus: consolidation and conceptual adjustments -56 -283 -236 193 526
Plus: current taxes, including mining 32 63 127 195 182
Plus: deferred income taxes 109 123 95 -26 3
Less: profit of tax exempt corporations -1 2 1 2 5
Deductible dividends 16 24 138 215 771
Adjusted profit before taxes 726 194 527 855 300
Exemptions and deductions:  
Book capital gains and losses 10 47 54 132 57
Less: taxable capital gains 28 56 33 168 110
Net difference, capital gains and losses -18 -9 21 -36 -53
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 28 27 333 506 346
Total, exemptions and deductions 10 18 353 470 292
Timing differences:  
Depreciation 865 897 998 951 971
Less: capital cost allowance 308 354 421 435 458
Net difference, depreciation 557 543 577 516 513
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 0 -1 0 -1 0
Other timing differences -635 6 136 579 971
Total, timing differences -78 548 713 1,095 1,485
Net taxable income 638 724 887 1,480 1,492
Less: prior year losses applied 471 473 329 516 600
Taxable income (tax base) 168 250 558 964 892
Taxes:  
Tax otherwise payable 64 96 212 368 338
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 16 22 52 91 87
Small business deduction 6 8 8 8 8
Manufacturing and processing profits deduction .. .. .. .. ..
Investment tax credit 0 1 4 2 1
Other credits 13 24 67 121 111
Net part 1 tax payable 29 40 80 145 131
Other direct federal taxes 1 2 2 2 5
Federal tax payable 30 42 82 146 136
Provincial tax payable 17 23 50 94 91
Total taxes 46 65 131 240 227
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