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Table 31-2
Furniture and related 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 480 380 433 207 284
Plus: consolidation and conceptual adjustments -88 -76 -59 33 -118
Plus: current taxes, including mining 157 115 133 113 107
Plus: deferred income taxes -14 -17 -7 -15 -23
Less: profit of tax exempt corporations 0 0 0 0 0
Deductible dividends 148 167 88 147 101
Adjusted profit before taxes 388 235 413 191 149
Exemptions and deductions:  
Book capital gains and losses 32 24 39 41 40
Less: taxable capital gains 9 14 27 20 24
Net difference, capital gains and losses 23 10 12 20 16
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -25 1 -19 -30 -32
Total, exemptions and deductions -2 11 -6 -10 -16
Timing differences:  
Depreciation 326 327 299 299 318
Less: capital cost allowance 332 307 264 269 282
Net difference, depreciation -5 20 35 29 36
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 0 0 1 -2
Other timing differences 38 87 3 67 129
Total, timing differences 34 108 38 97 163
Net taxable income 424 332 458 298 328
Plus: current year tax losses 246 288 233 296 283
Current year positive taxable income 669 620 690 593 611
Less: prior year losses applied 35 41 74 61 71
Taxable income (tax base) 635 580 617 533 540
Taxes:  
Tax otherwise payable 246 223 238 203 208
Surtax 7 6 7 6 1
Less: Federal tax credits and deductions:  
Federal tax abatement 64 59 62 53 55
Small business deduction 27 30 31 36 38
Manufacturing and processing profits deduction 24 15 15 9 13
Investment tax credit 5 4 4 6 5
Other credits 8 13 15 12 13
Net part 1 tax payable 124 109 117 93 86
Other direct federal taxes 1 1 0 1 1
Federal tax payable 125 110 118 93 87
Provincial tax payable 60 55 59 47 49
Total taxes 186 165 176 140 136