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Table 52-2
Telecommunications — 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	393	3,399	5,129	5,173	3,664
Plus: consolidation and conceptual adjustments	-2,260	-2,398	3,770	665	5,770
Plus: current taxes, including mining	1,271	51	-101	404	379
Plus: deferred income taxes	539	1,360	2,623	1,009	1,382
Less: profit of tax exempt corporations	102	65	80	90	123
Deductible dividends	2,147	864	6,775	5,005	5,799
Adjusted profit before taxes	-2,305	1,482	4,566	2,156	5,274
Exemptions and deductions:
Book capital gains and losses	507	125	4,922	-41	-186
Less: taxable capital gains	152	264	218	212	160
Net difference, capital gains and losses	355	-139	4,704	-253	-346
Resource allowance	0	1	4	2	0
Less: royalties	..	1	4	2	..
Net difference, resource allowance	0	-1	0	0	0
Earned depletion allowance	..	..	..	..	..
Other exemptions and deductions	-343	-274	-1,131	1,853	1,995
Total, exemptions and deductions	12	-414	3,573	1,599	1,649
Timing differences:
Depreciation	6,510	5,765	5,176	4,403	4,801
Less: capital cost allowance	5,472	4,770	4,616	3,817	4,593
Net difference, depreciation	1,037	995	560	587	209
Natural resources expenses, (books)	0	3	15	24	0
Less: natural resource expenses, (tax)	0	0	0	0	0
Net difference, natural resources expenses	0	3	15	24	0
Charitable donations net difference, (books minus tax)	-14	-13	-4	-1	-1
Other timing differences	4,156	1,121	960	1,602	-418
Total, timing differences	5,180	2,106	1,531	2,212	-211
Net taxable income	2,862	4,003	2,524	2,769	3,415
Plus: current year tax losses	2,008	943	679	760	554
Current year positive taxable income	4,870	4,945	3,204	3,529	3,969
Less: prior year losses applied	1,939	4,308	2,801	2,276	2,686
Taxable income (tax base)	2,931	638	402	1,253	1,283
Taxes:
Tax otherwise payable	1,134	422	270	573	552
Surtax	33	12	8	17	1
Less: Federal tax credits and deductions:
Federal tax abatement	298	111	71	150	145
Small business deduction	7	8	8	10	10
Manufacturing and processing profits deduction	0	0	0	0	0
Investment tax credit	346	38	18	200	197
Other credits	115	76	49	103	102
Net part 1 tax payable	401	201	132	126	98
Other direct federal taxes	213	120	81	41	8
Federal tax payable	614	322	214	167	107
Provincial tax payable	188	143	84	179	179
Total taxes	802	464	298	346	286

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Table 52-2Telecommunications — Reconciliation of profit

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Table 52-2
Telecommunications — Reconciliation of profit