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Table 10-2
Construction — 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	5,360	7,673	9,953	12,775	13,433
Plus: consolidation and conceptual adjustments	-177	9	224	-393	-183
Plus: current taxes, including mining	1,602	1,948	2,602	3,298	3,553
Plus: deferred income taxes	47	89	154	130	81
Less: profit of tax exempt corporations	71	23	80	58	72
Deductible dividends	617	1,335	1,447	2,100	2,443
Adjusted profit before taxes	6,142	8,361	11,406	13,651	14,369
Exemptions and deductions:
Book capital gains and losses	1,054	1,447	1,737	1,727	1,192
Less: taxable capital gains	430	558	724	687	629
Net difference, capital gains and losses	623	889	1,013	1,039	563
Resource allowance	2	2	1	1	0
Less: royalties	2	1	1	0	0
Net difference, resource allowance	0	1	1	0	0
Earned depletion allowance	0	0	0	0	0
Other exemptions and deductions	-266	-246	-231	-288	-608
Total, exemptions and deductions	358	644	783	752	-44
Timing differences:
Depreciation	3,143	3,319	3,536	4,072	4,511
Less: capital cost allowance	2,866	3,022	3,257	3,763	4,186
Net difference, depreciation	277	297	278	309	325
Natural resources expenses, (books)	15	9	10	10	7
Less: natural resource expenses, (tax)	13	15	16	14	15
Net difference, natural resources expenses	2	-6	-5	-5	-8
Charitable donations net difference, (books minus tax)	-7	-2	0	-6	2
Other timing differences	-305	-494	-868	-670	-586
Total, timing differences	-33	-205	-595	-372	-266
Net taxable income	5,752	7,513	10,029	12,526	14,146
Plus: current year tax losses	2,329	2,156	2,012	2,420	2,838
Current year positive taxable income	8,081	9,669	12,041	14,947	16,984
Less: prior year losses applied	1,043	1,157	1,155	1,129	1,133
Taxable income (tax base)	7,038	8,511	10,886	13,818	15,851
Taxes:
Tax otherwise payable	2,730	3,298	4,200	5,288	6,125
Surtax	76	91	118	145	25
Less: Federal tax credits and deductions:
Federal tax abatement	709	855	1,090	1,376	1,596
Small business deduction	653	779	912	1,110	1,249
Manufacturing and processing profits deduction	4	3	4	5	7
Investment tax credit	8	10	21	47	60
Other credits	165	212	309	426	631
Net part 1 tax payable	1,267	1,532	1,980	2,469	2,609
Other direct federal taxes	41	136	94	53	79
Federal tax payable	1,307	1,668	2,074	2,522	2,689
Provincial tax payable	578	698	897	1,124	1,351
Total taxes	1,886	2,367	2,971	3,645	4,039

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Table 10-2Construction — Reconciliation of profit

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Table 10-2
Construction — Reconciliation of profit