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Table 70-2
Food services and drinking places — 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	298	525	921	1,165	1,324
Plus: consolidation and conceptual adjustments	13	-40	36	19	247
Plus: current taxes, including mining	269	304	375	403	404
Plus: deferred income taxes	-26	-67	-12	3	-39
Less: profit of tax exempt corporations	0	1	1	-2	-1
Deductible dividends	53	81	89	203	187
Adjusted profit before taxes	502	640	1,229	1,389	1,749
Exemptions and deductions:
Book capital gains and losses	103	201	325	371	268
Less: taxable capital gains	80	102	118	149	138
Net difference, capital gains and losses	23	99	207	223	130
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	..	..	..	..	..
Other exemptions and deductions	-38	-41	-50	-44	-107
Total, exemptions and deductions	-15	58	157	179	23
Timing differences:
Depreciation	1,197	1,201	1,197	1,256	1,325
Less: capital cost allowance	1,141	1,109	1,119	1,154	1,254
Net difference, depreciation	55	91	78	102	70
Natural resources expenses, (books)	1	1	1	1	1
Less: natural resource expenses, (tax)	1	0	1	9	1
Net difference, natural resources expenses	0	1	1	-7	0
Charitable donations net difference, (books minus tax)	0	1	0	1	1
Other timing differences	18	113	-3	85	-396
Total, timing differences	74	206	76	180	-325
Net taxable income	590	788	1,149	1,390	1,401
Plus: current year tax losses	919	848	764	754	853
Current year positive taxable income	1,509	1,636	1,913	2,143	2,254
Less: prior year losses applied	244	241	260	286	284
Taxable income (tax base)	1,265	1,396	1,653	1,857	1,970
Taxes:
Tax otherwise payable	486	538	635	713	764
Surtax	13	15	17	19	3
Less: Federal tax credits and deductions:
Federal tax abatement	127	140	166	186	199
Small business deduction	121	140	161	186	210
Manufacturing and processing profits deduction	11	7	10	10	13
Investment tax credit	1	1	1	1	1
Other credits	20	24	30	32	40
Net part 1 tax payable	220	240	285	318	302
Other direct federal taxes	4	4	6	5	5
Federal tax payable	223	243	291	323	308
Provincial tax payable	105	115	133	143	156
Total taxes	328	358	424	466	464

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Table 70-2Food services and drinking places — Reconciliation of profit

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Table 70-2
Food services and drinking places — Reconciliation of profit