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Table 37-2
Farm, construction, forestry, mining and other industrial machinery and equipment and supplies 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	942	1,400	1,506	1,567	1,598
Plus: consolidation and conceptual adjustments	-79	-13	-140	-131	34
Plus: current taxes, including mining	342	441	627	514	515
Plus: deferred income taxes	18	-24	-13	-7	6
Less: profit of tax exempt corporations	0	0	0	0	0
Deductible dividends	108	257	200	210	215
Adjusted profit before taxes	1,116	1,547	1,779	1,733	1,938
Exemptions and deductions:
Book capital gains and losses	154	178	251	196	206
Less: taxable capital gains	21	50	39	43	41
Net difference, capital gains and losses	133	128	212	153	166
Resource allowance	0	0	0	0	0
Less: royalties	0	0	0	0	0
Net difference, resource allowance	0	0	0	0	0
Earned depletion allowance	..	..	..	..	..
Other exemptions and deductions	-67	-79	-29	-19	18
Total, exemptions and deductions	66	50	183	134	183
Timing differences:
Depreciation	552	615	762	798	865
Less: capital cost allowance	624	538	658	706	741
Net difference, depreciation	-72	77	103	92	124
Natural resources expenses, (books)	11	8	10	10	0
Less: natural resource expenses, (tax)	10	1	1	1	0
Net difference, natural resources expenses	1	7	9	9	0
Charitable donations net difference, (books minus tax)	1	-1	0	0	0
Other timing differences	63	-24	113	-30	-111
Total, timing differences	-7	60	225	71	13
Net taxable income	1,043	1,557	1,822	1,670	1,768
Plus: current year tax losses	190	175	145	264	253
Current year positive taxable income	1,233	1,732	1,966	1,934	2,021
Less: prior year losses applied	102	112	83	131	91
Taxable income (tax base)	1,130	1,620	1,883	1,804	1,930
Taxes:
Tax otherwise payable	436	626	719	687	739
Surtax	13	18	21	20	2
Less: Federal tax credits and deductions:
Federal tax abatement	114	164	189	180	194
Small business deduction	57	67	72	78	85
Manufacturing and processing profits deduction	5	9	11	9	7
Investment tax credit	6	7	8	8	7
Other credits	47	76	88	83	107
Net part 1 tax payable	219	322	371	350	340
Other direct federal taxes	8	3	1	2	2
Federal tax payable	227	324	373	351	343
Provincial tax payable	110	169	192	177	186
Total taxes	337	493	564	528	529

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Table 37-2Farm, construction, forestry, mining and other industrial machinery and equipment and supplies wholesaler-distributors — Reconciliation of profit

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Table 37-2
Farm, construction, forestry, mining and other industrial machinery and equipment and supplies wholesaler-distributors — Reconciliation of profit