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Table 71-2
Repair, maintenance and personal services — 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	1,024	1,289	1,709	1,832	1,882
Plus: consolidation and conceptual adjustments	46	48	-13	-46	-12
Plus: current taxes, including mining	297	334	400	422	421
Plus: deferred income taxes	-16	5	-2	-7	-11
Less: profit of tax exempt corporations	200	223	297	325	191
Deductible dividends	134	75	80	73	123
Adjusted profit before taxes	1,017	1,379	1,718	1,803	1,966
Exemptions and deductions:
Book capital gains and losses	154	212	276	273	267
Less: taxable capital gains	48	87	82	104	129
Net difference, capital gains and losses	106	125	194	169	138
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	19	12	-27	59	141
Total, exemptions and deductions	125	138	167	228	278
Timing differences:
Depreciation	826	848	869	929	991
Less: capital cost allowance	839	815	811	858	949
Net difference, depreciation	-12	32	58	70	43
Natural resources expenses, (books)	1	1	1	1	1
Less: natural resource expenses, (tax)	0	0	1	1	0
Net difference, natural resources expenses	0	1	0	0	0
Charitable donations net difference, (books minus tax)	1	0	0	1	0
Other timing differences	-101	-68	-43	-21	0
Total, timing differences	-112	-35	16	49	43
Net taxable income	780	1,207	1,568	1,624	1,730
Plus: current year tax losses	808	568	551	661	709
Current year positive taxable income	1,587	1,775	2,118	2,285	2,439
Less: prior year losses applied	191	215	203	208	216
Taxable income (tax base)	1,397	1,560	1,916	2,077	2,224
Taxes:
Tax otherwise payable	538	604	734	793	853
Surtax	14	16	20	21	4
Less: Federal tax credits and deductions:
Federal tax abatement	140	157	192	207	222
Small business deduction	152	177	210	233	265
Manufacturing and processing profits deduction	6	6	6	6	5
Investment tax credit	2	2	4	7	8
Other credits	19	21	29	31	38
Net part 1 tax payable	233	257	312	330	319
Other direct federal taxes	6	4	4	4	6
Federal tax payable	238	262	316	335	325
Provincial tax payable	106	115	138	144	157
Total taxes	344	376	454	479	483

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Table 71-2Repair, maintenance and personal services — Reconciliation of profit

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Table 71-2
Repair, maintenance and personal services — Reconciliation of profit