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Table 34-2
Petroleum product wholesaler-distributors — 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	268	322	289	288	450
Plus: consolidation and conceptual adjustments	-9	-80	-89	-29	291
Plus: current taxes, including mining	71	61	60	100	73
Plus: deferred income taxes	3	8	10	11	-10
Less: profit of tax exempt corporations	0	19	-2	0	4
Deductible dividends	32	30	23	26	12
Adjusted profit before taxes	301	263	248	343	788
Exemptions and deductions:
Book capital gains and losses	97	53	29	44	60
Less: taxable capital gains	27	19	8	9	8
Net difference, capital gains and losses	70	34	21	35	52
Resource allowance	1	0	0	0	0
Less: royalties	1	0	0	0	0
Net difference, resource allowance	0	0	0	0	0
Earned depletion allowance	..	..	..	..	..
Other exemptions and deductions	43	28	52	61	-1
Total, exemptions and deductions	113	62	72	96	51
Timing differences:
Depreciation	120	124	129	134	136
Less: capital cost allowance	106	111	116	118	119
Net difference, depreciation	14	13	14	15	16
Natural resources expenses, (books)	1	0	0	2	1
Less: natural resource expenses, (tax)	2	0	1	1	1
Net difference, natural resources expenses	-1	0	0	0	0
Charitable donations net difference, (books minus tax)	0	0	0	1	0
Other timing differences	-22	20	82	-14	-562
Total, timing differences	-9	33	95	2	-546
Net taxable income	179	234	270	249	191
Plus: current year tax losses	50	28	41	76	123
Current year positive taxable income	229	262	312	325	314
Less: prior year losses applied	19	12	12	17	46
Taxable income (tax base)	210	250	300	308	267
Taxes:
Tax otherwise payable	87	99	116	119	104
Surtax	3	3	3	3	0
Less: Federal tax credits and deductions:
Federal tax abatement	23	26	31	31	27
Small business deduction	9	10	10	12	13
Manufacturing and processing profits deduction	0	0	1	3	0
Investment tax credit	0	0	0	0	0
Other credits	10	13	16	13	16
Net part 1 tax payable	47	52	62	64	49
Other direct federal taxes	2	1	1	1	0
Federal tax payable	49	54	63	64	49
Provincial tax payable	25	26	29	29	25
Total taxes	74	80	92	93	75

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Table 34-2Petroleum product wholesaler-distributors — Reconciliation of profit

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Table 34-2
Petroleum product wholesaler-distributors — Reconciliation of profit