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Table 64-2
Automotive, machinery and equipment and other
rental and leasing — Reconciliation of profit
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| 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|
| millions of dollars | |||||
| Reconciliation of profit to taxable income and taxes payable | |||||
| Net profit | 1,156 | 1,141 | 1,580 | 1,578 | 1,411 |
| Plus: consolidation and conceptual adjustments | 198 | 35 | -86 | -150 | -16 |
| Plus: current taxes, including mining | 525 | 343 | 377 | 456 | 408 |
| Plus: deferred income taxes | 61 | 69 | 61 | 2 | -37 |
| Less: profit of tax exempt corporations | 16 | -2 | -3 | 12 | 13 |
| Deductible dividends | 339 | 213 | 281 | 320 | 224 |
| Adjusted profit before taxes | 1,586 | 1,377 | 1,655 | 1,554 | 1,530 |
| Exemptions and deductions: | |||||
| Book capital gains and losses | 354 | 320 | 345 | 360 | 269 |
| Less: taxable capital gains | 488 | 62 | 85 | 98 | 93 |
| Net difference, capital gains and losses | -134 | 258 | 260 | 262 | 176 |
| Resource allowance | 7 | 13 | 8 | 0 | 0 |
| Less: royalties | 6 | 11 | 6 | 0 | 0 |
| Net difference, resource allowance | 2 | 3 | 2 | 0 | 0 |
| Earned depletion allowance | 1 | 0 | 0 | 0 | 0 |
| Other exemptions and deductions | -318 | -54 | -78 | -126 | -127 |
| Total, exemptions and deductions | -449 | 206 | 183 | 136 | 49 |
| Timing differences: | |||||
| Depreciation | 2,803 | 2,264 | 2,519 | 2,539 | 2,566 |
| Less: capital cost allowance | 4,008 | 3,210 | 3,239 | 3,455 | 3,381 |
| Net difference, depreciation | -1,205 | -946 | -720 | -916 | -814 |
| Natural resources expenses, (books) | 2 | 1 | 1 | 2 | 2 |
| Less: natural resource expenses, (tax) | 3 | 3 | 3 | 5 | 3 |
| Net difference, natural resources expenses | -1 | -1 | -2 | -3 | -1 |
| Charitable donations net difference, (books minus tax) | 0 | 0 | 1 | -3 | 1 |
| Other timing differences | 1,009 | 901 | 637 | 738 | 796 |
| Total, timing differences | -197 | -46 | -84 | -183 | -19 |
| Net taxable income | 1,838 | 1,125 | 1,387 | 1,235 | 1,461 |
| Plus: current year tax losses | 488 | 423 | 403 | 502 | 454 |
| Current year positive taxable income | 2,325 | 1,548 | 1,791 | 1,737 | 1,915 |
| Less: prior year losses applied | 541 | 322 | 264 | 235 | 271 |
| Taxable income (tax base) | 1,785 | 1,226 | 1,527 | 1,502 | 1,644 |
| Taxes: | |||||
| Tax otherwise payable | 719 | 479 | 592 | 577 | 632 |
| Surtax | 21 | 14 | 17 | 16 | 2 |
| Less: Federal tax credits and deductions: | |||||
| Federal tax abatement | 187 | 123 | 153 | 148 | 163 |
| Small business deduction | 46 | 56 | 63 | 66 | 70 |
| Manufacturing and processing profits deduction | 1 | 0 | 0 | 0 | 0 |
| Investment tax credit | 1 | 1 | 1 | 2 | 2 |
| Other credits | 104 | 60 | 77 | 77 | 102 |
| Net part 1 tax payable | 401 | 252 | 316 | 300 | 296 |
| Other direct federal taxes | 144 | 20 | 17 | 19 | 6 |
| Federal tax payable | 545 | 271 | 332 | 319 | 302 |
| Provincial tax payable | 219 | 123 | 152 | 140 | 162 |
| Total taxes | 764 | 395 | 484 | 459 | 463 |
