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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Taxes [Abstract]  
Summary of deferred tax assets and liabilities
The following represents the deferred tax assets and liabilities in the Consolidated Statements of Financial Position:
As at December 31,20222021
Deferred tax assets(1)
$2,282 $1,848 
Deferred tax liabilities(1)
630 322 
Net deferred tax asset$1,652 $1,526 

(1)    Our deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same taxable entity and the same taxation authority.

The movement in net deferred tax assets for the years ended December 31, are as follows:
Investments
Policy
liabilities(1)
Deferred
acquisition
costs		Losses
available
for carry
forward		     Pension
and other
employee
benefits
Other(2)
Total
As at December 31, 2021
$(1,178)$1,727 $74 $853 $301 $(251)$1,526 
Acquisitions (disposals) through business combinations (3)
1 10 — 32 8 (277)(226)
Charged to statement of operations492 (380)4 (10)(6)(7)93 
Charged to other comprehensive income135 85 — 92 (75)— 237 
Charged to equity, other than other comprehensive income— — — 15 — — 15 
Foreign exchange rate movements and Other13 (19)6 4 14 (11)7 
As at December 31, 2022
$(537)$1,423 $84 $986 $242 $(546)$1,652 
(1)    Consists of Insurance contract liabilities and Investment contract liabilities, net of Reinsurance assets.
(2)    Includes unused tax credits.
(3)    Refer to Note 3.
Investments
Policy
liabilities(1)
Deferred
acquisition
costs		Losses
available
for carry
forward		Pension
and other
employee
benefits
Other(2)
Total
As at December 31, 2020
$(1,240)$1,621 $82 $708 $322 $(242)$1,251 
Charged to statement of operations53 48 (9)125 (14)(7)196 
Charged to other comprehensive income25 30 — 17 9 4 85 
Foreign exchange rate movements and Other(16)28 1 3 (16)(6)(6)
As at December 31, 2021
$(1,178)$1,727 $74 $853 $301 $(251)$1,526 

(1)    Consists of Insurance contract liabilities and Investment contract liabilities, net of Reinsurance assets.
(2)    Includes unused tax credits.
Components of income tax expense (benefit) In our Consolidated Statements of Operations, Income tax expense (benefit) for the years ended December 31 has the following components:
20222021
Current income tax expense (benefit):
Current year$781 $964 
Adjustments in respect of prior years, including resolution of tax disputes(67)(41)
Total current income tax expense (benefit)714 923 
Deferred income tax expense (benefit):
Origination and reversal of temporary differences(67)(204)
Adjustments in respect of prior years, including resolution of tax disputes48 (8)
Tax expense (benefit) arising from unrecognized tax losses18 6 
Tax rate and other legislative changes(92)10 
Total deferred income tax expense (benefit)(93)(196)
Total income tax expense (benefit)$621 $727 
Summary of income tax relating to equity Income tax benefit (expense) recognized directly in equity for the years ended December 31:
20222021
Recognized in other comprehensive income:
Current income tax benefit (expense)$2 $3 
Deferred income tax benefit (expense)237 85 
Total recognized in other comprehensive income239 88 
Recognized in equity, other than other comprehensive income:
Deferred income tax benefit (expense)15 — 
Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in Other comprehensive income$254 $88 
Summary of effective income tax rate differences Our effective income tax rate differs from the combined Canadian federal and provincial statutory income tax rate as follows:
For the years ended December 31,20222021
%%
Total net income (loss)$3,302 $4,370 
Add: Income tax expense (benefit)621 727 
Total net income (loss) before income taxes$3,923 $5,097 
Taxes at the combined Canadian federal and provincial statutory income tax rate $1,089 27.8 $1,338 26.3 
Increase (decrease) in rate resulting from:
Higher (lower) effective rates on income subject to taxation in foreign jurisdictions(286)(7.4)(231)(4.5)
Tax-exempt investment (income) loss(128)(3.3)(345)(6.8)
Adjustments in respect of prior periods, including resolution of tax disputes(19)(0.5)(49)(1.0)
Tax (benefit) cost of unrecognized tax losses and tax credits18 0.5 6 0.1 
Tax rate and other legislative changes(92)(2.3)10 0.2 
Other39 1.0 (2)— 
Total income tax expense (benefit) and effective income tax rate$621 15.8 $727 14.3