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Table 35-2
Motor vehicle and parts 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	733	801	902	809	744
Plus: consolidation and conceptual adjustments	-3	34	25	193	-255
Plus: current taxes, including mining	271	346	437	454	294
Plus: deferred income taxes	54	78	-1	-66	-58
Less: profit of tax exempt corporations	0	-2	0	0	6
Deductible dividends	67	39	54	66	84
Adjusted profit before taxes	989	1,222	1,309	1,324	636
Exemptions and deductions:
Book capital gains and losses	14	37	55	62	41
Less: taxable capital gains	14	14	21	21	18
Net difference, capital gains and losses	0	23	34	41	23
Resource allowance	0	0	0	0	0
Less: royalties	..	..	..	..	..
Net difference, resource allowance	0	0	0	0	0
Earned depletion allowance	..	..	..	..	..
Other exemptions and deductions	-17	-2	0	11	-35
Total, exemptions and deductions	-16	21	34	52	-12
Timing differences:
Depreciation	360	379	371	438	511
Less: capital cost allowance	910	1,062	1,277	1,444	1,477
Net difference, depreciation	-550	-683	-906	-1,006	-967
Natural resources expenses, (books)	0	0	0	0	0
Less: natural resource expenses, (tax)	0	0	0	0	0
Net difference, natural resources expenses	0	0	0	0	0
Charitable donations net difference, (books minus tax)	0	0	0	0	0
Other timing differences	516	597	838	973	1,358
Total, timing differences	-34	-86	-68	-34	391
Net taxable income	971	1,115	1,208	1,238	1,040
Plus: current year tax losses	138	130	129	106	206
Current year positive taxable income	1,109	1,244	1,337	1,343	1,246
Less: prior year losses applied	177	144	46	37	33
Taxable income (tax base)	932	1,100	1,291	1,306	1,212
Taxes:
Tax otherwise payable	362	422	496	500	463
Surtax	11	12	14	14	1
Less: Federal tax credits and deductions:
Federal tax abatement	95	110	130	131	122
Small business deduction	30	33	35	37	39
Manufacturing and processing profits deduction	7	4	4	3	4
Investment tax credit	1	1	1	2	2
Other credits	44	60	70	71	73
Net part 1 tax payable	196	226	270	270	224
Other direct federal taxes	5	3	1	1	1
Federal tax payable	201	229	271	271	225
Provincial tax payable	93	119	141	141	134
Total taxes	294	348	413	412	360

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Table 35-2Motor vehicle and parts wholesaler-distributors — Reconciliation of profit

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Table 35-2
Motor vehicle and parts wholesaler-distributors — Reconciliation of profit