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Table 9-2
Utilities — 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 7,907 7,441 8,027 7,919 8,173
Plus: consolidation and conceptual adjustments -2,408 467 39 -743 -1,039
Plus: current taxes, including mining 665 443 502 521 425
Plus: deferred income taxes -147 51 -28 -55 100
Less: profit of tax exempt corporations 6,536 5,900 6,842 6,016 6,092
Deductible dividends 1,233 1,096 1,657 845 950
Adjusted profit before taxes -1,752 1,406 42 780 617
Exemptions and deductions:  
Book capital gains and losses 489 52 63 -114 -66
Less: taxable capital gains 105 61 31 233 64
Net difference, capital gains and losses 384 -8 33 -347 -130
Resource allowance 76 40 29 2 0
Less: royalties 11 7 4 1 0
Net difference, resource allowance 65 34 25 1 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -3,319 -254 -1,073 -5 -104
Total, exemptions and deductions -2,870 -228 -1,015 -351 -234
Timing differences:  
Depreciation 1,366 1,585 1,633 1,627 1,697
Less: capital cost allowance 1,359 1,584 1,509 1,535 1,685
Net difference, depreciation 8 1 125 92 12
Natural resources expenses, (books) 47 70 64 55 35
Less: natural resource expenses, (tax) 82 64 93 86 91
Net difference, natural resources expenses -35 6 -30 -31 -57
Charitable donations net difference, (books minus tax) 1 1 -4 4 5
Other timing differences 144 -424 188 48 -18
Total, timing differences 118 -416 279 112 -58
Net taxable income 1,237 1,218 1,336 1,243 793
Plus: current year tax losses 509 157 296 382 503
Current year positive taxable income 1,746 1,376 1,633 1,625 1,296
Less: prior year losses applied 190 166 266 334 126
Taxable income (tax base) 1,556 1,210 1,367 1,291 1,170
Taxes:  
Tax otherwise payable 588 442 504 520 540
Surtax 17 13 15 15 0
Less: Federal tax credits and deductions:  
Federal tax abatement 155 116 131 135 140
Small business deduction 3 4 4 6 4
Manufacturing and processing profits deduction 11 14 12 14 8
Investment tax credit 2 3 1 4 1
Other credits 84 62 80 81 116
Net part 1 tax payable 350 256 291 296 270
Other direct federal taxes 102 95 45 35 32
Federal tax payable 451 351 336 330 303
Provincial tax payable 229 189 192 191 205
Total taxes 681 539 528 522 508