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Table 59-2
Securities and commodity exchanges and other financial investment activities — 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 12,236 14,804 18,426 20,652 14,440
Plus: consolidation and conceptual adjustments 88 415 923 -555 22
Plus: current taxes, including mining 1,694 1,969 2,452 2,506 2,142
Plus: deferred income taxes 49 2 29 -98 -234
Less: profit of tax exempt corporations -171 172 461 237 498
Deductible dividends 7,865 8,459 10,146 9,973 11,290
Adjusted profit before taxes 6,373 8,559 11,223 12,294 4,581
Exemptions and deductions:  
Book capital gains and losses 4,634 4,821 6,236 6,837 2,342
Less: taxable capital gains 2,605 2,801 3,422 3,599 2,606
Net difference, capital gains and losses 2,029 2,020 2,814 3,238 -264
Resource allowance 43 35 30 1 0
Less: royalties 26 22 20 1 0
Net difference, resource allowance 16 13 9 0 0
Earned depletion allowance 1 0 0 0 0
Other exemptions and deductions 369 -35 68 69 327
Total, exemptions and deductions 2,415 1,998 2,892 3,307 63
Timing differences:  
Depreciation 1,297 1,278 1,335 1,347 1,441
Less: capital cost allowance 846 856 694 694 800
Net difference, depreciation 450 422 642 653 641
Natural resources expenses, (books) 85 45 59 77 44
Less: natural resource expenses, (tax) 72 86 148 224 161
Net difference, natural resources expenses 13 -41 -89 -147 -117
Charitable donations net difference, (books minus tax) 113 90 122 102 43
Other timing differences 287 -1,177 -1,496 -2,115 1,565
Total, timing differences 863 -705 -822 -1,507 2,132
Net taxable income 4,822 5,855 7,508 7,480 6,650
Plus: current year tax losses 1,708 1,450 1,166 1,553 2,269
Current year positive taxable income 6,529 7,305 8,673 9,033 8,920
Less: prior year losses applied 986 933 908 827 786
Taxable income (tax base) 5,544 6,372 7,765 8,205 8,134
Taxes:  
Tax otherwise payable 2,321 2,626 3,167 3,433 3,347
Surtax 61 69 83 90 10
Less: Federal tax credits and deductions:  
Federal tax abatement 566 641 773 836 818
Small business deduction 93 105 115 140 156
Manufacturing and processing profits deduction 5 3 4 4 16
Investment tax credit 6 4 5 3 5
Other credits 204 234 288 318 367
Net part 1 tax payable 1,507 1,708 2,065 2,222 1,994
Other direct federal taxes 571 613 688 734 846
Federal tax payable 2,079 2,321 2,753 2,956 2,840
Provincial tax payable 682 759 910 951 934
Total taxes 2,761 3,080 3,663 3,907 3,773
Date Modified: 2010-02-15

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