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

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Furniture and related product manufacturing — Reconciliation of net profit to taxable income and taxes payable
  2007 2008 2009 2010 2011
  millions of dollars
Net profit 207 284 183 287 294
Plus: consolidation and conceptual adjustments 33 -144 152 81 -5
Plus: current taxes, including mining 113 105 82 95 69
Plus: deferred income taxes -15 -23 -10 -5 4
Less: profit of tax exempt corporations 0 0 13 15 0
Deductible dividends 147 101 220 189 124
Adjusted profit before taxes 191 120 174 254 238
Exemptions and deductions:  
Book capital gains and losses 41 40 18 9 33
Less: taxable capital gains 20 24 8 10 13
Net difference, capital gains and losses 20 16 10 -1 20
Resource allowance .. .. .. .. ..
Less: royalties .. .. .. .. ..
Net difference, resource allowance .. .. .. .. ..
Earned depletion allowance .. .. .. .. ..
Other exemptions and deductions -30 -32 -56 -30 -62
Total, exemptions and deductions -10 -16 -47 -31 -42
Timing differences:  
Depreciation 299 318 266 240 244
Less: capital cost allowance 269 281 244 248 213
Net difference, depreciation 29 37 22 -8 31
Natural resources expenses, (books) 0 0 0 0 0
Less: natural resource expenses, (tax) .. .. .. .. ..
Net difference, natural resources expenses 0 0 0 0 0
Charitable donations net difference, (books minus tax) 1 -2 0 1 0
Other timing differences 363 446 233 182 182
Total, timing differences 393 482 255 175 213
Net taxable income 593 618 476 460 493
Less: prior year losses applied 61 71 55 66 88
Taxable income (tax base) 533 547 421 394 405
Taxes:  
Tax otherwise payable 203 208 160 150 154
Surtax 6 1 0 0 0
Less: Federal tax credits and deductions:  
Federal tax abatement 53 55 42 39 40
Small business deduction 36 38 35 34 33
Manufacturing and processing profits deduction 9 13 9 10 14
Investment tax credit 6 5 5 4 3
Other credits 12 13 10 8 9
Net part 1 tax payable 93 86 59 54 54
Other direct federal taxes 1 1 1 2 1
Federal tax payable 93 87 60 56 55
Provincial tax payable 47 49 43 38 37
Total taxes 140 136 102 94 91
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