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Table 41-2
Furniture, home furnishings, electronics and appliance stores — 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	374	356	528	608	353
Plus: consolidation and conceptual adjustments	-84	0	-40	11	201
Plus: current taxes, including mining	168	149	179	201	211
Plus: deferred income taxes	-11	-10	-10	-6	51
Less: profit of tax exempt corporations	21	0	1	0	1
Deductible dividends	56	75	86	106	103
Adjusted profit before taxes	370	420	571	708	711
Exemptions and deductions:
Book capital gains and losses	33	44	-144	-118	38
Less: taxable capital gains	15	25	20	27	25
Net difference, capital gains and losses	18	19	-164	-145	13
Resource allowance	..	..	..	..	..
Less: royalties	..	..	..	..	..
Net difference, resource allowance	..	..	..	..	..
Earned depletion allowance	..	..	..	..	..
Other exemptions and deductions	-20	-26	-26	-30	-31
Total, exemptions and deductions	-2	-6	-190	-175	-18
Timing differences:
Depreciation	304	306	301	307	335
Less: capital cost allowance	290	299	293	303	384
Net difference, depreciation	14	7	8	4	-49
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	1	1	1	0
Other timing differences	69	75	-202	-243	138
Total, timing differences	83	82	-194	-238	89
Net taxable income	456	509	568	645	818
Plus: current year tax losses	276	230	243	282	237
Current year positive taxable income	731	739	811	927	1,055
Less: prior year losses applied	65	58	56	64	103
Taxable income (tax base)	666	681	755	863	952
Taxes:
Tax otherwise payable	256	261	291	331	364
Surtax	7	7	8	9	1
Less: Federal tax credits and deductions:
Federal tax abatement	67	68	75	86	95
Small business deduction	55	62	66	76	82
Manufacturing and processing profits deduction	0	0	0	0	0
Investment tax credit	1	1	1	1	1
Other credits	19	19	23	25	36
Net part 1 tax payable	121	118	133	151	153
Other direct federal taxes	3	3	2	2	2
Federal tax payable	124	121	135	153	155
Provincial tax payable	54	55	60	69	82
Total taxes	178	176	195	222	237

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Table 41-2Furniture, home furnishings, electronics and appliance stores — Reconciliation of profit

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Table 41-2
Furniture, home furnishings, electronics and appliance stores — Reconciliation of profit