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Table 23-2
Non-metallic mineral product manufacturing — 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	1,034	845	1,282	1,472	1,180
Plus: consolidation and conceptual adjustments	-69	164	17	-106	-63
Plus: current taxes, including mining	377	429	380	595	480
Plus: deferred income taxes	64	18	59	4	-12
Less: profit of tax exempt corporations	0	0	0	0	0
Deductible dividends	92	76	134	62	234
Adjusted profit before taxes	1,314	1,380	1,603	1,903	1,350
Exemptions and deductions:
Book capital gains and losses	14	74	91	94	84
Less: taxable capital gains	34	26	31	31	15
Net difference, capital gains and losses	-21	48	60	62	69
Resource allowance	4	3	2	0	0
Less: royalties	0	0	0	0	0
Net difference, resource allowance	4	3	2	0	0
Earned depletion allowance	0	0	0	0	0
Other exemptions and deductions	-23	-20	-21	-18	-21
Total, exemptions and deductions	-40	31	41	45	48
Timing differences:
Depreciation	693	626	627	651	678
Less: capital cost allowance	968	607	625	682	738
Net difference, depreciation	-275	20	1	-30	-61
Natural resources expenses, (books)	1	1	1	5	3
Less: natural resource expenses, (tax)	3	2	1	0	0
Net difference, natural resources expenses	-2	-2	0	5	3
Charitable donations net difference, (books minus tax)	0	0	0	0	0
Other timing differences	-211	-27	6	40	155
Total, timing differences	-489	-9	7	14	98
Net taxable income	866	1,340	1,570	1,873	1,400
Plus: current year tax losses	443	92	79	88	194
Current year positive taxable income	1,309	1,431	1,649	1,961	1,594
Less: prior year losses applied	75	76	89	104	62
Taxable income (tax base)	1,233	1,355	1,560	1,857	1,532
Taxes:
Tax otherwise payable	473	521	597	711	583
Surtax	14	15	18	21	1
Less: Federal tax credits and deductions:
Federal tax abatement	124	137	157	187	153
Small business deduction	15	16	18	21	21
Manufacturing and processing profits deduction	56	44	48	43	64
Investment tax credit	9	11	15	15	14
Other credits	22	44	54	79	53
Net part 1 tax payable	261	285	324	387	278
Other direct federal taxes	8	7	3	1	7
Federal tax payable	269	291	326	389	285
Provincial tax payable	129	152	169	198	163
Total taxes	398	443	495	587	449

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Table 23-2Non-metallic mineral product manufacturing — Reconciliation of profit

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Table 23-2
Non-metallic mineral product manufacturing — Reconciliation of profit