Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Summary of Reconciliation of Income Taxes

Tax Rate Reconciliation to the Canadian Statutory Income Tax Rate

(CAD$ in millions)	2024		2023
Loss from continuing operations before taxes	$	(718)	$	(75)
Profit from discontinued operations (Note 5)	1,631		3,999
Gain (loss) on sale of discontinued operations (Note 5)	978		(4)
Profit for the year from continuing and discontinued operations before taxes	$	1,891	$	3,920
Tax expense at the Canadian statutory income tax rate of 27%	$	511	$	1,057
Tax effect of:
Resource taxes	229		419
Resource and depletion allowances	(67)		(64)
Non-deductible expenses (non-taxable income)	(20)		42
Derecognition of deferred tax assets	206		8
Remeasurement of deferred Chilean mining royalty liability (f)	88		106
Difference in tax rates in foreign jurisdictions	82		48
Revisions to prior year estimates	11		17
Non-controlling interests	(77)		(25)
Effect from sale of discontinued operations	633		2
Other	12		2
Total income taxes from continuing and discontinued operations	$	1,608	$	1,612
Represented by:
Current income taxes	1,594		2,228
Deferred income taxes	14		(616)
Total income taxes from continuing and discontinued operations	$	1,608	$	1,612
Provision for income taxes from continuing operations	205		237
Provision for income taxes from discontinued operations	1,403		1,375
Total income taxes from continuing and discontinued operations	$	1,608	$	1,612

Current income taxes are accrued and paid in all jurisdictions in which we operate.

25. Income Taxes (continued)

b) Continuity of Deferred Tax Assets and Liabilities

(CAD$ in millions)	January 1, 2024		Through Profit (Loss)		Through OCI		Transfer		Sale of Steelmaking Coal Business		December 31, 2024
Net operating loss and capital loss carryforwards	$	61	$	536	$	66	$	509	$	—	$	1,172
Property, plant and equipment	(167)		(10)		(116)		(521)		—		(814)
Decommissioning and restoration provisions	167		(77)		(2)		39		—		127
Other temporary differences (TDs)	4		70		70		(57)		—		87
Deferred income tax assets	$	65	$	519	$	18	$	(30)	$	—	$	572
Net operating loss and capital loss carryforwards	$	(652)	$	140	$	—	$	509	$	1	$	(2)
Property, plant and equipment	7,894		166		112		(521)		(4,482)		3,169
Decommissioning and restoration provisions	(1,167)		13		(20)		39		(48)		(1,183)
Unrealized foreign exchange	(75)		41		(7)		—		—		(41)
Withholding taxes	116		25		10		—		—		151
Inventories	161		9		(1)		5		19		193
Partnership income deferral and other TDs	(89)		139		23		(62)		(5)		6
Deferred income tax liabilities	$	6,188	$	533	$	117	$	(30)	$	(4,515)	$	2,293

(CAD$ in millions)	January 1,  2023		Through Profit (Loss)		Through OCI		Sale of Fort Hills		December 31, 2023
Net operating loss and capital loss    carryforwards	$	48	$	13	$	—	$	—	$	61
Property, plant and equipment	(165)		(2)		—		—		(167)
Decommissioning and restoration provisions	155		12		—		—		167
Other TDs	37		(21)		(12)		—		4
Deferred income tax assets	$	75	$	2	$	(12)	$	—	$	65
Net operating loss and capital loss    carryforwards	$	(458)	$	(205)	$	11	$	—	$	(652)
Property, plant and equipment	7,234		638		(46)		68		7,894
Decommissioning and restoration provisions	(803)		(371)		7		—		(1,167)
Unrealized foreign exchange	(91)		7		9		—		(75)
Withholding taxes	133		(14)		(3)		—		116
Inventories	148		10		3		—		161
Partnership income deferral and other TDs	615		(754)		50		—		(89)
Deferred income tax liabilities	$	6,778	$	(689)	$	31	$	68	$	6,188

25. Income Taxes (continued)

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

Continuity of Deferred Tax Assets and Liabilities

(CAD$ in millions)	January 1, 2024		Through Profit (Loss)		Through OCI		Transfer		Sale of Steelmaking Coal Business		December 31, 2024
Net operating loss and capital loss carryforwards	$	61	$	536	$	66	$	509	$	—	$	1,172
Property, plant and equipment	(167)		(10)		(116)		(521)		—		(814)
Decommissioning and restoration provisions	167		(77)		(2)		39		—		127
Other temporary differences (TDs)	4		70		70		(57)		—		87
Deferred income tax assets	$	65	$	519	$	18	$	(30)	$	—	$	572
Net operating loss and capital loss carryforwards	$	(652)	$	140	$	—	$	509	$	1	$	(2)
Property, plant and equipment	7,894		166		112		(521)		(4,482)		3,169
Decommissioning and restoration provisions	(1,167)		13		(20)		39		(48)		(1,183)
Unrealized foreign exchange	(75)		41		(7)		—		—		(41)
Withholding taxes	116		25		10		—		—		151
Inventories	161		9		(1)		5		19		193
Partnership income deferral and other TDs	(89)		139		23		(62)		(5)		6
Deferred income tax liabilities	$	6,188	$	533	$	117	$	(30)	$	(4,515)	$	2,293

(CAD$ in millions)	January 1,  2023		Through Profit (Loss)		Through OCI		Sale of Fort Hills		December 31, 2023
Net operating loss and capital loss    carryforwards	$	48	$	13	$	—	$	—	$	61
Property, plant and equipment	(165)		(2)		—		—		(167)
Decommissioning and restoration provisions	155		12		—		—		167
Other TDs	37		(21)		(12)		—		4
Deferred income tax assets	$	75	$	2	$	(12)	$	—	$	65
Net operating loss and capital loss    carryforwards	$	(458)	$	(205)	$	11	$	—	$	(652)
Property, plant and equipment	7,234		638		(46)		68		7,894
Decommissioning and restoration provisions	(803)		(371)		7		—		(1,167)
Unrealized foreign exchange	(91)		7		9		—		(75)
Withholding taxes	133		(14)		(3)		—		116
Inventories	148		10		3		—		161
Partnership income deferral and other TDs	615		(754)		50		—		(89)
Deferred income tax liabilities	$	6,778	$	(689)	$	31	$	68	$	6,188

25. Income Taxes (continued)