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Table 21-2
Soap, agriculture, paint and other chemical products 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 850 1,164 1,314 1,501 1,831
Plus: consolidation and conceptual adjustments 85 -44 -217 -310 -484
Plus: current taxes, including mining 301 342 469 376 474
Plus: deferred income taxes 54 57 -288 -49 258
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 83 389 269 116 185
Adjusted profit before taxes 1,208 1,129 1,009 1,402 1,894
Exemptions and deductions:  
Book capital gains and losses 23 10 55 20 -313
Less: taxable capital gains 23 45 34 13 16
Net difference, capital gains and losses 1 -35 21 7 -329
Resource allowance 11 18 12 0 0
Less: royalties 7 10 10 0 0
Net difference, resource allowance 3 8 2 0 0
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 117 29 -284 425 1,322
Total, exemptions and deductions 122 3 -261 433 993
Timing differences:  
Depreciation 462 462 401 418 412
Less: capital cost allowance 410 491 667 663 375
Net difference, depreciation 53 -29 -266 -246 37
Natural resources expenses, (books) 0 1 1 0 0
Less: natural resource expenses, (tax) 1 2 2 1 1
Net difference, natural resources expenses -1 -1 -1 -1 -1
Charitable donations net difference, (books minus tax) -2 0 0 1 -1
Other timing differences -51 62 163 166 602
Total, timing differences -1 32 -104 -80 637
Net taxable income 1,084 1,159 1,166 890 1,537
Plus: current year tax losses 133 222 345 346 181
Current year positive taxable income 1,217 1,381 1,511 1,236 1,719
Less: prior year losses applied 157 230 63 42 55
Taxable income (tax base) 1,061 1,151 1,448 1,194 1,663
Taxes:  
Tax otherwise payable 417 442 552 458 637
Surtax 12 13 16 13 3
Less: Federal tax credits and deductions:  
Federal tax abatement 109 116 145 120 167
Small business deduction 10 10 11 13 13
Manufacturing and processing profits deduction 38 40 41 37 71
Investment tax credit 16 13 14 17 19
Other credits 34 38 53 44 67
Net part 1 tax payable 222 238 305 240 303
Other direct federal taxes 4 2 1 0 1
Federal tax payable 226 240 306 241 304
Provincial tax payable 116 126 156 126 182
Total taxes 342 365 462 367 486