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Table 40-2
Motor vehicle and parts dealers — 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	572	799	943	1,049	1,129
Plus: consolidation and conceptual adjustments	-19	-106	-102	-57	-84
Plus: current taxes, including mining	211	266	325	338	350
Plus: deferred income taxes	-4	-28	-62	-35	-39
Less: profit of tax exempt corporations	0	0	0	1	0
Deductible dividends	27	25	31	52	55
Adjusted profit before taxes	733	905	1,073	1,243	1,301
Exemptions and deductions:
Book capital gains and losses	96	130	199	220	166
Less: taxable capital gains	23	45	35	54	46
Net difference, capital gains and losses	73	85	164	166	120
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	-44	-49	-58	-60	-64
Total, exemptions and deductions	28	36	106	107	56
Timing differences:
Depreciation	1,011	972	866	832	876
Less: capital cost allowance	1,239	1,101	933	968	1,075
Net difference, depreciation	-228	-130	-66	-136	-199
Natural resources expenses, (books)	0	0	1	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	226	266	256	269	339
Total, timing differences	-2	136	190	133	140
Net taxable income	703	1,005	1,157	1,269	1,384
Plus: current year tax losses	295	256	246	274	303
Current year positive taxable income	998	1,261	1,403	1,543	1,687
Less: prior year losses applied	84	107	77	82	95
Taxable income (tax base)	913	1,154	1,326	1,461	1,592
Taxes:
Tax otherwise payable	350	443	507	560	610
Surtax	10	13	14	16	1
Less: Federal tax credits and deductions:
Federal tax abatement	92	116	133	146	160
Small business deduction	92	107	112	129	137
Manufacturing and processing profits deduction	0	0	0	0	0
Investment tax credit	0	0	2	4	4
Other credits	21	31	41	42	61
Net part 1 tax payable	155	201	233	254	249
Other direct federal taxes	6	4	2	3	3
Federal tax payable	161	205	236	257	252
Provincial tax payable	72	94	111	121	139
Total taxes	233	299	347	379	391

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Table 40-2Motor vehicle and parts dealers — Reconciliation of profit

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Table 40-2
Motor vehicle and parts dealers — Reconciliation of profit