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Table 57-2
Financial transactions processing, loan brokers and other activities related to credit intermediation — 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 216 340 573 341 387
Plus: consolidation and conceptual adjustments 0 45 -50 -82 -56
Plus: current taxes, including mining 61 89 203 102 82
Plus: deferred income taxes 7 10 -13 15 33
Less: profit of tax exempt corporations 85 106 142 1 15
Deductible dividends 8 81 13 27 63
Adjusted profit before taxes 191 297 558 348 368
Exemptions and deductions:  
Book capital gains and losses 15 34 88 81 -51
Less: taxable capital gains 3 11 5 8 53
Net difference, capital gains and losses 12 22 83 73 -104
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -9 -5 -151 -16 -25
Total, exemptions and deductions 3 17 -68 57 -129
Timing differences:  
Depreciation 74 93 146 122 125
Less: capital cost allowance 81 87 140 121 209
Net difference, depreciation -7 6 6 1 -84
Natural resources expenses, (books) .. .. .. .. ..
Less: natural resource expenses, (tax) .. .. 1 1 ..
Net difference, natural resources expenses .. .. .. -1 ..
Charitable donations net difference, (books minus tax) 0 1 7 0 0
Other timing differences 20 -68 -108 -7 -224
Total, timing differences 13 -62 -95 -6 -307
Net taxable income 201 218 531 285 190
Plus: current year tax losses 37 40 87 84 143
Current year positive taxable income 238 259 618 369 333
Less: prior year losses applied 31 19 12 40 45
Taxable income (tax base) 207 240 606 329 288
Taxes:  
Tax otherwise payable 77 98 231 127 111
Surtax 2 3 7 4 1
Less: Federal tax credits and deductions:  
Federal tax abatement 20 25 61 33 29
Small business deduction 7 9 11 14 16
Manufacturing and processing profits deduction 1 1 1 .. ..
Investment tax credit 0 5 0 0 0
Other credits 9 12 36 17 14
Net part 1 tax payable 42 49 129 67 52
Other direct federal taxes 0 4 0 0 0
Federal tax payable 42 53 130 67 52
Provincial tax payable 23 25 73 33 28
Total taxes 65 78 203 100 80