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Table 29-2
Motor vehicle parts 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	1,484	1,140	510	691	-485
Plus: consolidation and conceptual adjustments	-17	180	61	159	6,625
Plus: current taxes, including mining	580	444	493	436	149
Plus: deferred income taxes	9	13	-31	-75	-56
Less: profit of tax exempt corporations	..	..	12	1	1
Deductible dividends	348	622	376	579	7,140
Adjusted profit before taxes	1,709	1,155	645	631	-908
Exemptions and deductions:
Book capital gains and losses	-67	-11	-64	-32	-435
Less: taxable capital gains	27	19	23	25	30
Net difference, capital gains and losses	-93	-31	-88	-57	-465
Resource allowance	..	..	1	..	..
Less: royalties	..	..	1	..	..
Net difference, resource allowance	..	..	..	..	..
Earned depletion allowance	..	..	..	..	..
Other exemptions and deductions	14	-13	-37	-43	-24
Total, exemptions and deductions	-79	-44	-124	-100	-488
Timing differences:
Depreciation	992	1,030	1,018	1,023	1,057
Less: capital cost allowance	1,113	992	939	875	983
Net difference, depreciation	-121	37	80	148	74
Natural resources expenses, (books)	1	8	11	1	1
Less: natural resource expenses, (tax)	..	..	1	..	..
Net difference, natural resources expenses	1	8	10	1	1
Charitable donations net difference, (books minus tax)	0	0	1	1	0
Other timing differences	-244	56	331	364	326
Total, timing differences	-363	102	421	512	401
Net taxable income	1,424	1,300	1,190	1,243	-18
Plus: current year tax losses	312	339	393	375	716
Current year positive taxable income	1,737	1,640	1,583	1,618	698
Less: prior year losses applied	103	69	92	91	88
Taxable income (tax base)	1,633	1,570	1,491	1,527	610
Taxes:
Tax otherwise payable	626	603	575	588	236
Surtax	18	18	17	17	1
Less: Federal tax credits and deductions:
Federal tax abatement	164	158	151	154	61
Small business deduction	5	6	6	6	5
Manufacturing and processing profits deduction	105	97	93	98	40
Investment tax credit	64	53	39	40	16
Other credits	28	28	26	24	24
Net part 1 tax payable	278	278	277	284	90
Other direct federal taxes	6	6	3	1	1
Federal tax payable	284	284	280	284	91
Provincial tax payable	190	187	178	180	70
Total taxes	474	471	457	465	161

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Table 29-2Motor vehicle parts manufacturing — Reconciliation of profit

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Table 29-2
Motor vehicle parts manufacturing — Reconciliation of profit