Table 31-2
Furniture and related product manufacturing — Reconciliation of net profit to taxable income and taxes payable

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Reconciliation of net profit to taxable income and taxes payable


Table summary
This table displays the results of reconciliation of net profit to taxable income and taxes payable 2006,  2007, 2008, 2009 and  2010, calculated using millions of dollars units of measure (appearing as column headers).
  2006  2007 2008 2009  2010
  millions of dollars
Net profit 433 207 284 183 287
Plus: consolidation and conceptual
adjustments		 -59 33 -144 152 79
Plus: current taxes, including
mining		 133 113 105 82 95
Plus: deferred income taxes -7 -15 -23 -10 -5
Less: profit of tax exempt corporations 0 0 0 13 15
Deductible dividends 88 147 101 220 189
Adjusted profit before taxes 413 191 120 174 253
Exemptions and deductions:  
Book capital gains and losses 39 41 40 18 9
Less: taxable capital gains 27 20 24 8 10
Net difference, capital gains
and losses		 12 20 16 10 -1
Resource allowance Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period
Less: royalties Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period
Net difference, resource allowance Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period
Earned depletion allowance Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period
Other exemptions and deductions -19 -30 -32 -56 -30
Total, exemptions and deductions -6 -10 -16 -47 -31
Timing differences:  
Depreciation 299 299 318 266 240
Less: capital cost allowance 264 269 281 244 248
Net difference, depreciation 35 29 37 22 -8
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses,
(tax)		 Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period Note ..: not available for a specific reference period
Net difference, natural resources
expenses		 0 0 0 0 0
Charitable donations net difference,
(books minus tax)		 0 1 -2 0 1
Other timing differences 235 363 446 233 184
Total, timing differences 271 393 482 255 176
Net taxable income 690 593 618 476 460
Less: prior year losses applied 74 61 71 55 66
Taxable income (tax base) 617 533 547 421 394
Taxes:  
Tax otherwise payable 238 203 208 160 150
Surtax 7 6 1 0 0
Less: Federal tax credits
and deductions:		  
Federal tax abatement 62 53 55 42 39
Small business deduction 31 36 38 35 34
Manufacturing and processing
profits deduction		 15 9 13 9 10
Investment tax credit 4 6 5 5 4
Other credits 15 12 13 10 8
Net part 1 tax payable 117 93 86 59 54
Other direct federal taxes 0 1 1 1 2
Federal tax payable 118 93 87 60 56
Provincial tax payable 59 47 49 43 38
Total taxes 176 140 136 102 94
.. not available for a specific reference period
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