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Table 5-2
Agriculture, fishing, hunting, trapping and support activities — 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 1,632 2,304 2,586 3,570 4,777
Plus: consolidation and conceptual adjustments -8 -25 -5 38 -13
Plus: current taxes, including mining 374 403 421 520 576
Plus: deferred income taxes -27 70 53 71 49
Less: profit of tax exempt corporations 4 6 -3 0 4
Deductible dividends 239 197 232 212 258
Adjusted profit before taxes 1,727 2,548 2,825 3,986 5,127
Exemptions and deductions:  
Book capital gains and losses 956 1,229 1,221 1,477 1,466
Less: taxable capital gains 214 277 326 425 405
Net difference, capital gains and losses 742 953 895 1,052 1,061
Resource allowance 1 1 1 0 0
Less: royalties 0 0 0 0 0
Net difference, resource allowance 1 1 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -47 -49 -53 -69 -37
Total, exemptions and deductions 696 904 842 983 1,023
Timing differences:  
Depreciation 2,190 2,276 2,390 2,504 2,654
Less: capital cost allowance 2,028 2,120 2,238 2,366 2,504
Net difference, depreciation 162 156 152 137 149
Natural resources expenses, (books) 3 1 1 1 1
Less: natural resource expenses, (tax) 3 2 4 3 3
Net difference, natural resources expenses 1 -1 -4 -2 -2
Charitable donations net difference, (books minus tax) 1 4 3 2 -4
Other timing differences 386 -132 -278 -799 -1,306
Total, timing differences 550 27 -126 -663 -1,163
Net taxable income 1,581 1,671 1,857 2,341 2,941
Plus: current year tax losses 712 754 733 791 821
Current year positive taxable income 2,293 2,425 2,590 3,132 3,761
Less: prior year losses applied 260 300 390 362 419
Taxable income (tax base) 2,032 2,124 2,200 2,770 3,342
Taxes:  
Tax otherwise payable 783 821 852 1,073 1,297
Surtax 22 23 23 29 5
Less: Federal tax credits and deductions:  
Federal tax abatement 203 213 220 277 335
Small business deduction 254 261 267 333 436
Manufacturing and processing profits deduction 2 3 2 3 4
Investment tax credit 20 18 16 22 16
Other credits 18 18 19 24 28
Net part 1 tax payable 309 332 351 443 484
Other direct federal taxes 14 15 14 18 22
Federal tax payable 322 347 365 461 506
Provincial tax payable 135 143 145 178 198
Total taxes 458 490 510 639 704