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Table 28-2
Motor vehicle and trailer 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 1,453 183 587 -211 -5,279
Plus: consolidation and conceptual adjustments -528 -250 28 -2,074 -283
Plus: current taxes, including mining 740 202 867 816 230
Plus: deferred income taxes -346 127 166 1,137 -321
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 1,310 3,857 651 135 502
Adjusted profit before taxes 9 -3,595 997 -467 -6,156
Exemptions and deductions:  
Book capital gains and losses -4 -49 -58 -11 -11
Less: taxable capital gains 13 8 320 71 62
Net difference, capital gains and losses -17 -57 -377 -82 -73
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions 193 65 -107 -261 -69
Total, exemptions and deductions 176 8 -484 -343 -142
Timing differences:  
Depreciation 2,906 2,863 3,234 2,391 4,368
Less: capital cost allowance 3,497 2,880 3,215 2,542 2,088
Net difference, depreciation -590 -17 18 -151 2,280
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 1 2 0 0 2
Other timing differences 1,869 4,668 98 2,537 3,426
Total, timing differences 1,280 4,653 116 2,386 5,707
Net taxable income 1,113 1,050 1,597 2,262 -306
Plus: current year tax losses 525 772 878 173 927
Current year positive taxable income 1,638 1,822 2,475 2,434 621
Less: prior year losses applied 47 83 333 53 48
Taxable income (tax base) 1,591 1,739 2,142 2,381 574
Taxes:  
Tax otherwise payable 615 662 817 906 219
Surtax 18 19 24 27 0
Less: Federal tax credits and deductions:  
Federal tax abatement 162 174 215 238 58
Small business deduction 5 6 6 7 7
Manufacturing and processing profits deduction 97 105 133 145 38
Investment tax credit 56 40 46 13 9
Other credits 13 14 15 17 6
Net part 1 tax payable 301 342 426 513 102
Other direct federal taxes 389 16 0 0 0
Federal tax payable 690 359 426 513 102
Provincial tax payable 133 205 251 260 66
Total taxes 823 564 677 773 168
Date Modified: 2010-02-15

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