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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Text block [abstract]  
Components of Income Tax Expense (Recovery) Recognized
The following table presents
i
ncome tax expense (recovery) recognized in the Consolidated Statements of Income.
 
For the years ended December 31,
 
2020
     2019 
Current tax
           
Current year
 
$
998
 
    $  1,246 
Adjustments related to prior yea
rs
 
 
(83
) 
     (74) 
Total current tax
 
 
915
 
     1,172 
Deferred tax
           
Change related to temporary differences
 
 
253
 
     (454) 
Effects of changes in tax rates
 
 
27
 
     
–
 
Total deferred tax
 
 
280
 
     (454) 
Income tax expense
 
$
  1,195
 
    $718 
 
The following table discloses income tax expense (recovery) recognized directly in equity.
 
For the years ended December 31,
 
2020
     2019 
Recognized in other comprehensive income
           
Current income tax expense (recovery)
 
$
  (92
) 
    $92 
Deferred income tax expense (recovery)
 
 
87
 
     366 
Total recognized in other comprehensive income
 
$
(5
) 
    $  458 
Recognized in equity, other than other comprehensive income
           
Current income tax expense (recovery)
 
$
25
 
    $5 
Deferred income tax expense (recovery)
 
 
(25
) 
     (6) 
Total income tax recognized directly in equity
 
$
–
 
    $(1) 
(b) Current tax receivable and payable
Summary of Reconciliation of Income Tax Expense
The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 26.50 per cent for the year ended December 31, 2020 (2019 – 26.75 per cent)
for the items outlined in the following table.
 
For the years ended December 31,
 
2020
     2019 
Income before income taxes
 
$
  6,770
 
    $  6,220 
Income tax expense at Canadian statutory tax rate
 
$
1,794
 
    $1,664 
Increase (decrease) in income taxes due to:
           
Tax-exempt
investment income
 
 
(171
) 
     (260) 
Differences in tax rate on income not subject to tax in Canada
 
 
(528
) 
     (754) 
Adjustments to taxes related to prior years
 
 
(96
) 
     (106) 
Tax rate change
 
 
27
 
     – 
Other differences
 
 
169
 
     174 
Income tax expense
 
$
1,195
 
    $718 
Summary of Deferred Tax Assets and Liabilities
The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statement of Financial Position.
 
As at December, 31
 
2020
     2019 
Deferred tax assets
 
$
  4,842
 
    $  4,574 
Deferred tax liabilities
 
 
(2,614
) 
     (1,972) 
Net deferred tax assets (liabilities)
 
$
2,228
 
    $2,602 
Components of Deferred Tax Assets and Liabilties
The following table presents movement of deferred tax assets and liabilities.
 
As at December 31, 2020
 Balance,
January 1,
2020		  Disposals  Recognized
in Income
Statement		  Recognized in Other
Comprehensive
Income		  Recognized
in Equity		  Translation
and Other		  Balance,
December 31,
2020		 
Loss carryforwards
 
$
705
 
 
$
        –
 
 
$
(210
) 
 
$
–
 
 
$
–
 
 
$
2
 
 
$
497
 
Actuarial liabilities
 
 
8,443
 
 
 
–
 
 
 
1,063
 
 
 
–
 
 
 
–
 
 
 
(134
) 
 
 
9,372
 
Pensions and post-employment benefits
 
 
226
 
 
 
–
 
 
 
–
 
 
 
(10
) 
 
 
–
 
 
 
(1
) 
 
 
215
 
Tax credits
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
Accrued interest
 
 
1
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
1
 
Real estate
 
 
(1,046
) 
 
 
–
 
 
 
5
 
 
 
(2
) 
 
 
1
 
 
 
9
 
 
 
(1,033
) 
Securities and other investments
 
 
(4,704
) 
 
 
–
 
 
 
(1,254
) 
 
 
(59
) 
 
 
2
 
 
 
72
 
 
 
(5,943
) 
Sale of investments
 
 
(69
) 
 
 
–
 
 
 
13
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(56
) 
Goodwill and intangible assets
 
 
(876
) 
 
 
–
 
 
 
24
 
 
 
–
 
 
 
–
 
 
 
3
 
 
 
(849
) 
Other
 
 
(78
) 
 
 
–
 
 
 
79
 
 
 
(16
) 
 
 
22
 
 
 
17
 
 
 
24
 
Total
 
$
2,602
 
 
$
–
 
 
$
(280
) 
 
$
(87
) 
 
$
25
 
 
$
(32
) 
 
$
2,228
 
 
As at December 31, 2019 Balance,
January 1,
2019		  Disposals  Recognized
in Income
Statement		  Recognized in
Other
Comprehensive
Income		  Recognized
in Equity		  Translation
and Other		  Balance,
December 31,
2019		 
Loss carryforwards
 $   1,019  $(18)  $(278)  $–  $(1)  $(17)  $705 
Actuarial liabilities
  5,466   –   3,093   –   (1)   (115)   8,443 
Pensions and post-employment benefits
  242   –   4   (20)   –   –   226 
Tax credits
  261   –   (253)   –   –   (8)   – 
Accrued interest
  1   –   –   –   –   –   1 
Real estate
  (959)   –   (110)   –   –   23   (1,046) 
Securities and other investments
  (2,689)   –   (1,863)   (347)   39   156   (4,704) 
Sale of investments
  (87)   –   17   –   –   1   (69) 
Goodwill and intangible assets
  (847)   –   (49)   –   –   20   (876) 
Other
  97   (37)   (107)   1   (31)   (1)   (78) 
Total
 $2,504  $(55)  $454  $ (366)  $        6  $      59  $   2,602