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Table 25-2
Fabricated metal product and machinery manufacturing — 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	1,635	2,195	2,331	2,376	3,454
Plus: consolidation and conceptual adjustments	266	-75	30	-10	-149
Plus: current taxes, including mining	797	936	923	971	1,065
Plus: deferred income taxes	14	-11	-24	9	9
Less: profit of tax exempt corporations	0	-1	7	1	1
Deductible dividends	310	373	663	635	751
Adjusted profit before taxes	2,401	2,672	2,589	2,712	3,627
Exemptions and deductions:
Book capital gains and losses	208	338	201	337	581
Less: taxable capital gains	83	90	129	91	122
Net difference, capital gains and losses	125	249	72	246	460
Resource allowance	0	1	1	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	-175	-78	-179	-247	-312
Total, exemptions and deductions	-51	172	-107	-2	148
Timing differences:
Depreciation	1,703	1,652	1,634	1,609	1,687
Less: capital cost allowance	1,575	1,537	1,490	1,510	1,642
Net difference, depreciation	129	115	143	99	45
Natural resources expenses, (books)	4	1	1	0	1
Less: natural resource expenses, (tax)	1	2	31	5	1
Net difference, natural resources expenses	4	-1	-31	-5	0
Charitable donations net difference, (books minus tax)	4	1	1	1	6
Other timing differences	-1	285	470	180	314
Total, timing differences	135	400	584	275	365
Net taxable income	2,587	2,901	3,280	2,989	3,845
Plus: current year tax losses	865	864	929	1,031	993
Current year positive taxable income	3,452	3,765	4,209	4,020	4,837
Less: prior year losses applied	294	319	309	287	341
Taxable income (tax base)	3,158	3,446	3,900	3,733	4,496
Taxes:
Tax otherwise payable	1,220	1,320	1,494	1,432	1,723
Surtax	36	38	43	40	6
Less: Federal tax credits and deductions:
Federal tax abatement	319	345	390	375	451
Small business deduction	123	145	154	166	173
Manufacturing and processing profits deduction	106	99	95	83	137
Investment tax credit	84	92	83	69	98
Other credits	65	83	114	110	149
Net part 1 tax payable	558	593	700	669	722
Other direct federal taxes	9	7	5	5	6
Federal tax payable	567	601	705	674	728
Provincial tax payable	303	328	372	344	427
Total taxes	870	928	1,076	1,018	1,156

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Table 25-2Fabricated metal product and machinery manufacturing — Reconciliation of profit

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Table 25-2
Fabricated metal product and machinery manufacturing — Reconciliation of profit