notes to consolidated financial statements

12 Months Ended

Dec. 31, 2021

notes to consolidated financial statements

notes to consolidated financial statements

DECEMBER 31, 2021

TELUS Corporation is one of Canada’s largest telecommunications companies, providing a wide range of technology solutions, including mobile and fixed voice and data telecommunications services and products, healthcare software and technology solutions, and digitally-led customer experiences. Data services include: internet protocol; television; hosting, managed information technology and cloud-based services; software, data management and data analytics-driven smart-food chain technologies; and home and business security.

TELUS Corporation was incorporated under the Company Act (British Columbia) on October 26, 1998, under the name BCT.TELUS Communications Inc. (BCT). On January 31, 1999, pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act among BCT, BC TELECOM Inc. and the former Alberta-based TELUS Corporation (TC), BCT acquired all of the shares of BC TELECOM Inc. and TC in exchange for Common Shares and Non-Voting Shares of BCT, and BC TELECOM Inc. was dissolved. On May 3, 2000, BCT changed its name to TELUS Corporation and in February 2005, TELUS Corporation transitioned under the Business Corporations Act (British Columbia), successor to the Company Act (British Columbia). TELUS Corporation maintains its registered office at Floor 7, 510 West Georgia Street, Vancouver, British Columbia, V6B 0M3.

The terms “TELUS”, “we”, “us”, “our” or “ourselves” refer to TELUS Corporation and, where the context of the narrative permits or requires, its subsidiaries. Our principal subsidiaries are: TELUS Communications Inc., in which, as at December 31, 2021, we have a 100% equity interest; and TELUS International (Cda) Inc., in which, as at December 31, 2021, we have a 55.1% equity interest, and which completed its initial public offering in February 2021, as discussed further in Note 28(c).

Notes to consolidated financial statements		Page
General application
1.	Summary of significant accounting policies	11
2.	Accounting policy developments	26
3.	Capital structure financial policies	27
4.	Financial instruments	31
Consolidated results of operations focused
5.	Segment information	40
6.	Revenue from contracts with customers	42
7.	Other income	43
8.	Employee benefits expense	44
9.	Financing costs	45
10.	Income taxes	45
11.	Other comprehensive income	48
12.	Per share amounts	49
13.	Dividends per share	49
14.	Share-based compensation	50
15.	Employee future benefits	55
16.	Restructuring and other costs	62
Consolidated financial position focused
17.	Property, plant and equipment	63
18.	Intangible assets and goodwill	64
19.	Leases	69
20.	Other long-term assets	69
21.	Real estate joint ventures and investment in associate	70
22.	Short-term borrowings	73
23.	Accounts payable and accrued liabilities	73
24.	Advance billings and customer deposits	73
25.	Provisions	74
26.	Long-term debt	76
27.	Other long-term liabilities	81
28.	Owners’ equity	81
29.	Contingent liabilities	83
Other
30.	Related party transactions	85
31.	Additional statement of cash flow information	87