Table 55-2
Non-depository credit intermediation — Reconciliation of net profit to taxable income and taxes payable

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Non-depository credit intermediation — 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 9,054 7,016 7,258 6,189 7,762
Plus: consolidation and conceptual adjustments -390 -1,030 -289 408 40
Plus: current taxes, including mining 1,014 1,107 1,114 1,063 1,561
Plus: deferred income taxes 78 313 106 112 142
Less: profit of tax exempt corporations 3,551 1,933 2,149 2,189 2,277
Deductible dividends 589 898 1,842 1,275 870
Adjusted profit before taxes 5,617 4,575 4,198 4,309 6,358
Exemptions and deductions:  
Book capital gains and losses 426 463 161 453 179
Less: taxable capital gains 228 235 233 752 210
Net difference, capital gains and losses 198 228 -72 -299 -31
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 -1,635 -1,883 -1,330 279 906
Total, exemptions and deductions -1,438 -1,654 -1,402 -20 875
Timing differences:  
Depreciation 1,242 1,064 1,317 1,548 1,794
Less: capital cost allowance 5,002 4,721 5,630 6,356 6,640
Net difference, depreciation -3,760 -3,657 -4,313 -4,808 -4,845
Natural resources expenses, (books) 0 2 -4 1 0
Less: natural resource expenses, (tax) 42 10 3 2 2
Net difference, natural resources expenses -42 -8 -7 -2 -2
Charitable donations net difference, (books minus tax) 2 3 -2 1 13
Other timing differences 4,815 4,882 5,418 6,143 5,454
Total, timing differences 1,014 1,220 1,096 1,334 619
Net taxable income 8,069 7,449 6,696 5,663 6,102
Less: prior year losses applied 589 782 874 463 614
Taxable income (tax base) 7,479 6,667 5,822 5,201 5,489
Taxes:  
Tax otherwise payable 2,484 2,492 2,204 1,889 2,077
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 403 405 355 284 236
Small business deduction 19 20 19 19 21
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 1 5 7 2 1
Other credits 631 656 705 620 680
Net part 1 tax payable 1,429 1,407 1,119 965 1,140
Other direct federal taxes 33 30 40 53 46
Federal tax payable 1,463 1,437 1,159 1,017 1,186
Provincial tax payable 922 780 646 531 610
Total taxes 2,385 2,217 1,805 1,548 1,796
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