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Table 68-2
Arts, entertainment and recreation — 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	5,306	5,181	5,367	5,593	5,718
Plus: consolidation and conceptual adjustments	73	29	55	62	-144
Plus: current taxes, including mining	157	148	106	139	149
Plus: deferred income taxes	-14	-23	0	1	-72
Less: profit of tax exempt corporations	5,195	5,092	5,123	4,849	5,276
Deductible dividends	57	39	54	66	85
Adjusted profit before taxes	271	203	351	879	290
Exemptions and deductions:
Book capital gains and losses	188	246	176	294	161
Less: taxable capital gains	128	118	76	117	69
Net difference, capital gains and losses	60	128	100	178	92
Resource allowance	1	1	0	0	0
Less: royalties	0	0	0	0	0
Net difference, resource allowance	0	1	0	0	0
Earned depletion allowance	..	..	..	..	..
Other exemptions and deductions	-42	59	49	356	-2
Total, exemptions and deductions	18	188	150	533	90
Timing differences:
Depreciation	585	627	582	624	722
Less: capital cost allowance	457	444	458	495	518
Net difference, depreciation	128	183	123	129	204
Natural resources expenses, (books)	2	2	1	0	0
Less: natural resource expenses, (tax)	0	1	0	0	0
Net difference, natural resources expenses	1	1	0	0	0
Charitable donations net difference, (books minus tax)	4	0	-3	1	-3
Other timing differences	-47	40	36	-109	-143
Total, timing differences	85	224	157	21	58
Net taxable income	338	240	359	367	259
Plus: current year tax losses	453	484	404	437	592
Current year positive taxable income	791	724	763	804	851
Less: prior year losses applied	148	128	192	184	211
Taxable income (tax base)	643	596	571	621	639
Taxes:
Tax otherwise payable	243	237	223	250	260
Surtax	6	6	6	7	1
Less: Federal tax credits and deductions:
Federal tax abatement	62	60	58	64	67
Small business deduction	46	48	52	58	62
Manufacturing and processing profits deduction	0	0	0	0	0
Investment tax credit	0	0	0	0	0
Other credits	19	20	16	19	22
Net part 1 tax payable	123	115	103	115	109
Other direct federal taxes	9	7	4	4	3
Federal tax payable	132	121	107	119	112
Provincial tax payable	62	56	50	54	59
Total taxes	194	177	157	173	171

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Table 68-2Arts, entertainment and recreation — Reconciliation of profit

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Table 68-2
Arts, entertainment and recreation — Reconciliation of profit