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Table 48-2
Rail, truck, water and other transportation — 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 2,864 3,371 4,701 4,304 2,730
Plus: consolidation and conceptual adjustments -24 306 -607 37 225
Plus: current taxes, including mining 1,286 625 1,079 1,032 897
Plus: deferred income taxes -148 578 299 60 -56
Less: profit of tax exempt corporations -4 -76 569 -246 461
Deductible dividends 239 629 656 1,007 1,347
Adjusted profit before taxes 3,743 4,327 4,248 4,672 1,989
Exemptions and deductions:  
Book capital gains and losses 251 354 362 431 323
Less: taxable capital gains 458 107 148 169 108
Net difference, capital gains and losses -207 247 214 263 214
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 0 0 0 0 0
Other exemptions and deductions -121 -104 -506 76 -339
Total, exemptions and deductions -327 143 -292 339 -125
Timing differences:  
Depreciation 3,130 3,210 3,369 3,397 3,527
Less: capital cost allowance 3,242 3,779 3,985 3,632 3,694
Net difference, depreciation -113 -568 -616 -235 -167
Natural resources expenses, (books) 1 2 4 2 1
Less: natural resource expenses, (tax) 0 2 0 1 1
Net difference, natural resources expenses 1 0 3 1 1
Charitable donations net difference, (books minus tax) 1 -11 15 -23 0
Other timing differences -2,023 -809 -270 -633 1,317
Total, timing differences -2,134 -1,388 -868 -890 1,150
Net taxable income 1,937 2,796 3,672 3,443 3,264
Plus: current year tax losses 556 605 549 706 734
Current year positive taxable income 2,493 3,401 4,221 4,150 3,998
Less: prior year losses applied 440 1,043 344 437 264
Taxable income (tax base) 2,053 2,357 3,876 3,712 3,734
Taxes:  
Tax otherwise payable 792 867 1,500 1,406 1,461
Surtax 22 24 42 39 4
Less: Federal tax credits and deductions:  
Federal tax abatement 207 227 374 341 348
Small business deduction 137 157 181 184 202
Manufacturing and processing profits deduction 0 0 0 0 0
Investment tax credit 7 6 7 7 5
Other credits 77 87 192 174 213
Net part 1 tax payable 384 413 788 740 697
Other direct federal taxes 31 26 19 5 5
Federal tax payable 416 439 807 745 702
Provincial tax payable 201 224 393 332 339
Total taxes 616 663 1,200 1,076 1,040