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Table 2-2
Total all industries — Reconciliation of profit

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Reconciliation of profit
	2004	2005	2006	2007	2008
	millions of dollars
Reconciliation of profit to taxable income and taxes payable
Net profit	155,825	182,179	218,307	222,254	185,790
Plus: consolidation and conceptual adjustments	3,416	-1,550	-1,390	-11,506	11,924
Plus: current taxes, including mining	42,702	43,837	50,875	50,462	44,238
Plus: deferred income taxes	3,542	4,254	1,477	824	1,938
Less: profit of tax exempt corporations	26,543	24,874	31,902	25,322	23,799
Deductible dividends	54,241	61,280	69,887	68,892	104,053
Adjusted profit before taxes	124,701	142,567	167,480	167,820	116,040
Exemptions and deductions:
Book capital gains and losses	17,811	21,440	33,011	35,981	24,149
Less: taxable capital gains	10,629	12,723	16,680	20,384	14,829
Net difference, capital gains and losses	7,182	8,717	16,331	15,597	9,320
Resource allowance	8,529	7,293	6,237	1,686	1,162
Less: royalties	5,016	5,551	3,966	1,450	1,052
Net difference, resource allowance	3,514	1,742	2,270	236	110
Earned depletion allowance	78	150	132	27	25
Other exemptions and deductions	-11,328	-1,797	-16,299	-6,631	69
Total, exemptions and deductions	-553	8,811	2,434	9,229	9,524
Timing differences:
Depreciation	75,774	76,354	76,340	77,061	89,379
Less: capital cost allowance	79,209	78,240	78,271	81,654	85,282
Net difference, depreciation	-3,436	-1,887	-1,931	-4,592	4,096
Natural resources expenses, (books)	6,233	6,203	6,922	8,747	8,740
Less: natural resource expenses, (tax)	13,353	12,202	15,588	15,920	20,960
Net difference, natural resources expenses	-7,120	-5,999	-8,665	-7,173	-12,220
Charitable donations net difference, (books minus tax)	13	-3	86	26	226
Other timing differences	6,052	7,738	8,390	4,328	47,213
Total, timing differences	-4,491	-151	-2,120	-7,412	39,315
Net taxable income	120,763	133,605	162,933	151,179	145,820
Plus: current year tax losses	38,701	33,810	32,637	40,406	49,196
Current year positive taxable income	159,464	167,416	195,570	191,584	195,016
Less: prior year losses applied	19,207	23,190	23,249	19,007	17,790
Taxable income (tax base)	140,257	144,226	172,321	172,577	177,226
Taxes:
Tax otherwise payable	54,877	56,598	67,179	67,060	69,704
Surtax	1,567	1,618	1,925	1,894	206
Less: Federal tax credits and deductions:
Federal tax abatement	14,015	14,326	17,132	17,153	17,864
Small business deduction	4,681	5,328	5,976	7,043	7,972
Manufacturing and processing profits deduction	1,655	1,371	1,527	1,295	1,531
Investment tax credit	2,007	1,593	1,794	1,858	1,672
Other credits	5,464	6,187	7,102	7,252	8,777
Net part 1 tax payable	28,622	29,411	35,573	34,353	32,093
Other direct federal taxes	2,942	2,584	1,928	1,874	2,051
Federal tax payable	31,565	31,995	37,501	36,228	34,145
Provincial tax payable	14,321	15,199	17,850	17,165	17,970
Total taxes	45,886	47,194	55,351	53,393	52,115

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Table 2-2Total all industries — Reconciliation of profit

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Table 2-2
Total all industries — Reconciliation of profit