Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Summary of Reconciliation of Income Taxes

Tax rate reconciliation to the Canadian statutory income tax rate

(CAD$ in millions)	2021		2020
Tax expense (recovery) at the Canadian statutory income tax rate of 26.54% (2020 – 26.58%)	$	1,203	$	(302)
Tax effect of:
Resource taxes	426		106
Resource and depletion allowances	(61)		(68)
Non-deductible expenses (non-taxable income)	69		28
Tax pools not recognized (recognition of previously unrecognized tax pools)	(56)		5
Withholding taxes on foreign earnings	60		40
Difference in tax rates in foreign jurisdictions	15		1
Revisions to prior year estimates	(14)		(4)
Non-controlling interests	(15)		(2)
Other	(10)		4
Total income taxes	$	1,617	$	(192)
Represented by:
Current income taxes	$	978	$	374
Deferred income taxes	639		(566)
Total income taxes	$	1,617	$	(192)

b) Continuity of deferred tax assets and liabilities

(CAD$ in millions)	January 1, 2021		Through Profit (Loss)		Through OCI		December 31, 2021
Net operating loss and capital loss carryforwards	$	247	$	(106)	$	—	$	141
Property, plant and equipment	(168)		(12)		—		(180)
Decommissioning and restoration provisions	158		32		—		190
Other temporary differences	34		(19)		(5)		10
Deferred income tax assets	$	271	$	(105)	$	(5)	$	161
Net operating loss and capital loss carryforwards	$	(1,038)	$	503	$	3	$	(532)
Property, plant and equipment	7,369		176		1		7,546
Decommissioning and restoration provisions	(962)		(86)		(2)		(1,050)
Unrealized foreign exchange	(88)		1		2		(85)
Withholding taxes	95		6		(1)		100
Inventories	110		47		(1)		156
Other temporary differences	(103)		(113)		54		(162)
Deferred income tax liabilities	$	5,383	$	534	$	56	$	5,973

21.    Income Taxes (continued)

(CAD$ in millions)	January 1, 2020		Through Profit (Loss)		Through OCI		December 31, 2020
Net operating loss and capital loss carryforwards	$	190	$	57	$	—	$	247
Property, plant and equipment	(144)		(22)		(2)		(168)
Decommissioning and restoration provisions	123		35		—		158
Other temporary differences	42		(13)		5		34
Deferred income tax assets	$	211	$	57	$	3	$	271
Net operating loss and capital loss carryforwards	$	(642)	$	(408)	$	12	$	(1,038)
Property, plant and equipment	7,101		294		(26)		7,369
Decommissioning and restoration provisions	(637)		(327)		2		(962)
Unrealized foreign exchange	(116)		11		17		(88)
Withholding taxes	91		6		(2)		95
Inventories	91		19		—		110
Other temporary differences	14		(104)		(13)		(103)
Deferred income tax liabilities	$	5,902	$	(509)	$	(10)	$	5,383

Summary of Deferred Tax Expense Charged (Credited) to Income Statement

Continuity of deferred tax assets and liabilities

(CAD$ in millions)	January 1, 2021		Through Profit (Loss)		Through OCI		December 31, 2021
Net operating loss and capital loss carryforwards	$	247	$	(106)	$	—	$	141
Property, plant and equipment	(168)		(12)		—		(180)
Decommissioning and restoration provisions	158		32		—		190
Other temporary differences	34		(19)		(5)		10
Deferred income tax assets	$	271	$	(105)	$	(5)	$	161
Net operating loss and capital loss carryforwards	$	(1,038)	$	503	$	3	$	(532)
Property, plant and equipment	7,369		176		1		7,546
Decommissioning and restoration provisions	(962)		(86)		(2)		(1,050)
Unrealized foreign exchange	(88)		1		2		(85)
Withholding taxes	95		6		(1)		100
Inventories	110		47		(1)		156
Other temporary differences	(103)		(113)		54		(162)
Deferred income tax liabilities	$	5,383	$	534	$	56	$	5,973

21.    Income Taxes (continued)

(CAD$ in millions)	January 1, 2020		Through Profit (Loss)		Through OCI		December 31, 2020
Net operating loss and capital loss carryforwards	$	190	$	57	$	—	$	247
Property, plant and equipment	(144)		(22)		(2)		(168)
Decommissioning and restoration provisions	123		35		—		158
Other temporary differences	42		(13)		5		34
Deferred income tax assets	$	211	$	57	$	3	$	271
Net operating loss and capital loss carryforwards	$	(642)	$	(408)	$	12	$	(1,038)
Property, plant and equipment	7,101		294		(26)		7,369
Decommissioning and restoration provisions	(637)		(327)		2		(962)
Unrealized foreign exchange	(116)		11		17		(88)
Withholding taxes	91		6		(2)		95
Inventories	91		19		—		110
Other temporary differences	14		(104)		(13)		(103)
Deferred income tax liabilities	$	5,902	$	(509)	$	(10)	$	5,383