Table 70-2
Food services and drinking places — Reconciliation of net profit to taxable income and taxes payable

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Food services and drinking places — 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 1,320 1,476 1,578 1,142 1,566
Plus: consolidation and conceptual adjustments -62 -4 -35 10 -161
Plus: current taxes, including mining 422 431 448 495 540
Plus: deferred income taxes -10 -25 -25 -39 17
Less: profit of tax exempt corporations -1 0 5 1 0
Deductible dividends 201 363 146 186 202
Adjusted profit before taxes 1,470 1,516 1,815 1,422 1,760
Exemptions and deductions:  
Book capital gains and losses 289 229 218 272 275
Less: taxable capital gains 172 108 71 148 104
Net difference, capital gains and losses 116 121 147 124 171
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 -75 -96 38 14 -24
Total, exemptions and deductions 41 25 185 138 148
Timing differences:  
Depreciation 1,515 1,470 1,566 1,745 1,805
Less: capital cost allowance 1,469 1,411 1,479 1,657 1,711
Net difference, depreciation 46 59 87 88 94
Natural resources expenses, (books) 0 1 1 1 1
Less: natural resource expenses, (tax) 0 0 0 0 1
Net difference, natural resources expenses 0 0 0 1 0
Charitable donations net difference, (books minus tax) -1 1 0 2 -2
Other timing differences 970 975 1,073 1,689 1,587
Total, timing differences 1,015 1,034 1,160 1,780 1,680
Net taxable income 2,444 2,526 2,790 3,064 3,292
Less: prior year losses applied 271 260 280 350 438
Taxable income (tax base) 2,173 2,266 2,510 2,714 2,854
Taxes:  
Tax otherwise payable 830 858 949 1,030 1,082
Surtax 0 0 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 217 224 248 269 283
Small business deduction 227 232 246 266 284
Manufacturing and processing profits deduction 18 21 30 28 29
Investment tax credit 1 2 2 2 2
Other credits 52 64 95 105 112
Net part 1 tax payable 314 316 329 360 373
Other direct federal taxes 5 19 7 14 15
Federal tax payable 319 335 336 374 389
Provincial tax payable 192 193 215 231 241
Total taxes 511 528 551 605 629
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