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Table 16-2
Printing and related 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 336 -204 368 223 -400
Plus: consolidation and conceptual adjustments 52 -152 133 261 287
Plus: current taxes, including mining 192 181 43 40 76
Plus: deferred income taxes -4 8 3 -6 -8
Less: profit of tax exempt corporations 0 1 1 0 0
Deductible dividends 307 163 310 298 243
Adjusted profit before taxes 269 -332 236 220 -288
Exemptions and deductions:  
Book capital gains and losses 23 1 -42 -20 127
Less: taxable capital gains 9 50 12 19 12
Net difference, capital gains and losses 14 -49 -54 -39 115
Resource allowance 0 0 0 0 0
Less: royalties .. .. .. .. ..
Net difference, resource allowance 0 0 0 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 133 -238 -148 -70 -108
Total, exemptions and deductions 146 -286 -201 -109 7
Timing differences:  
Depreciation 500 460 422 431 428
Less: capital cost allowance 470 420 389 406 417
Net difference, depreciation 30 39 32 25 11
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) 0 0 0 0 0
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) -5 1 3 4 1
Other timing differences 212 548 45 67 380
Total, timing differences 237 588 81 96 392
Net taxable income 360 543 518 425 97
Plus: current year tax losses 160 134 145 164 402
Current year positive taxable income 520 677 663 589 499
Less: prior year losses applied 79 146 129 62 69
Taxable income (tax base) 441 531 534 527 430
Taxes:  
Tax otherwise payable 189 212 211 208 165
Surtax 5 6 6 6 1
Less: Federal tax credits and deductions:  
Federal tax abatement 49 56 55 54 43
Small business deduction 25 27 28 28 28
Manufacturing and processing profits deduction 18 19 7 7 8
Investment tax credit 5 3 3 4 5
Other credits 8 8 20 19 16
Net part 1 tax payable 90 106 104 101 66
Other direct federal taxes 3 20 4 4 0
Federal tax payable 93 126 108 105 67
Provincial tax payable 44 51 48 47 39
Total taxes 137 177 157 153 106