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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Taxes [Abstract] |
Deferred Tax Assets and Liabilities | The following represents the deferred tax assets and liabilities in the Consolidated Statements of Financial Position by source of temporary differences:
As at December 31, |  | 2018 |  | 2017
| Assets(1) |  | Liabilities(1) |  | Assets(1) |  | Liabilities(1) |
Investments |  | $ | (738 | ) |  | $ | 8 |  |  | $ | (841 | ) |  | $ | 116 |
Policy liabilities(2) |  | 1,116 |  |  | 379 |  |  | 1,218 |  |  | 322 |
Deferred acquisition costs |  | 95 |  |  | (1 | ) |  | 84 |  |  | 7 |
Losses available for carry forward |  | 600 |  |  | (48 | ) |  | 543 |  |  | (6 | )
Pension and other employee benefits |  | 183 |  |  | (136 | ) |  | 201 |  |  | (150 | )
Other(3) |  | (47 | ) |  | 120 |  |  | 90 |  |  | 114 |
Total |  | $ | 1,209 |  |  | $ | 322 |  |  | $ | 1,295 |  |  | $ | 403 |
Total net deferred tax asset |  | $ | 887 |  |  |  |  | $ | 892 |  |  |
(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. Negative amounts reported under Assets are deferred tax liabilities included in a net deferred tax asset position; negative amounts under Liabilities are deferred tax assets included in a net deferred tax liability position.
(2) | Consists of Insurance contract liabilities and Investment contract liabilities net of Reinsurance assets.
(3) Includes unused tax credits. 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, 2017 |  | $ | (957 | ) |  | $ | 896 |  |  | $ | 77 |  |  | $ | 549 |  |  | $ | 351 |  |  | $ | (24 | ) |  | $ | 892 |
Charged to statement of operations | 195 |  |  | (170 | ) |  | 6 |  |  | 107 |  |  | (26 | ) |  | (149 | ) |  | (37 | )
Charged to other comprehensive income | 45 |  |  | — |  |  | — |  |  | (13 | ) |  | (17 | ) |  | 9 |  |  | 24 |
Charged to equity, other than other comprehensive income | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 3 |  |  | 9 |
Foreign exchange rate movements | (29 | ) |  | 11 |  |  | 7 |  |  | 5 |  |  | 11 |  |  | (6 | ) |  | (1 | )
As at December 31, 2018 |  | $ | (746 | ) |  | $ | 737 |  |  | $ | 96 |  |  | $ | 648 |  |  | $ | 319 |  |  | $ | (167 | ) |  | $ | 887 |
(1) | Consists of Insurance contract liabilities and Investment contract liabilities net of Reinsurance assets.
(2) Includes unused tax credits.
| Investments |  | Policy liabilities(1) |  | Deferred acquisition costs |  |  | Losses available for carry forward |  | Pension and other employee benefits |  |  | Other(2) |  |  | Total |
As at December 31, 2016 |  | $ | (1,064 | ) |  | $ | 517 |  |  | $ | 171 |  |  | $ | 513 |  |  | $ | 410 |  |  | $ | 214 |  |  | $ | 761 |
Acquisitions (disposals) through business combinations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10 | ) |  | (10 | )
Charged to statement of operations | 132 |  |  | 388 |  |  | (74 | ) |  | 43 |  |  | (66 | ) |  | (209 | ) |  | 214 |
Charged to other comprehensive income | (73 | ) |  | — |  |  | — |  |  | (9 | ) |  | 22 |  |  | (4 | ) |  | (64 | )
Foreign exchange rate movements | 48 |  |  | (9 | ) |  | (20 | ) |  | 2 |  |  | (15 | ) |  | (15 | ) |  | (9 | )
As at December 31, 2017 |  | $ | (957 | ) |  | $ | 896 |  |  | $ | 77 |  |  | $ | 549 |  |  | $ | 351 |  |  | $ | (24 | ) |  | $ | 892 |
(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:
|  | 2018 |  |  | 2017 |
Current income tax expense (benefit): |  |  |  |
Current year |  | $ | 561 |  |  | $ | 445 |
Adjustments in respect of prior years, including resolution of tax disputes |  | (1 | ) |  | 25 |
Tax rate and other legislative changes |  | — |  |  | 46 |
Total current income tax expense (benefit) |  | 560 |  |  | 516 |
Deferred income tax expense (benefit): |  |  |  |
Origination and reversal of temporary differences |  | 42 |  |  | (151 | )
Tax expense (benefit) arising from unrecognized tax losses |  | 4 |  |  | — |
Adjustments in respect of prior years, including resolution of tax disputes |  | (9 | ) |  | (10 | )
Tax rate and other legislative changes |  | — |  |  | (53 | )
Total deferred income tax expense (benefit) |  | 37 |  |  | (214 | )
Total income tax expense (benefit) |  | $ | 597 |  |  | $ | 302 |
Disclosure Of Income Tax Relating To Components Of Other Comprehensive Income And Equity | Income tax benefit (expense) recognized directly in equity for the years ended December 31:
|  | 2018 |  |  | 2017 |
Recognized in other comprehensive income: |  |  |  |
Current income tax benefit (expense) |  | $ | (4 | ) |  | $ | 2 |
Deferred income tax benefit (expense) |  | 24 |  |  | (64 | )
Total recognized in other comprehensive income |  | 20 |  |  | (62 | )
Recognized in equity, other than other comprehensive income: |  |  |  |
Deferred income tax benefit (expense) |  | 9 |  |  | — |
Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in other comprehensive income |  | $ | 29 |  |  | $ | (62 | )
Schedule Of Effective Income Tax Rate Differences Reconciliation | 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, | 2018 | 2017
|  |  | % |  |  |  | % |
Total net income (loss) |  | $ | 2,914 |  |  |  | $ | 2,487 |  |
Add: Income tax expense (benefit) |  | 597 |  |  |  | 302 |  |
Total net income (loss) before income taxes |  | $ | 3,511 |  |  |  | $ | 2,789 |  |
Taxes at the combined Canadian federal and provincial statutory income tax rate | $ | 939 |  | 26.8 |  |  | $ | 746 |  | 26.8 |
Increase (decrease) in rate resulting from: |  |  |  |  |  |
Higher (lower) effective rates on income subject to taxation in foreign jurisdictions | (222 | ) | (6.3 | ) |  | (257 | ) | (9.2 | )
Tax exempt investment income |  | (131 | ) | (3.8 | ) |  | (213 | ) | (7.6 | )
Tax (benefit) cost of unrecognized tax losses and tax credits |  | 4 |  | 0.1 |  |  | — |  | — |
Tax rate and other legislative changes |  | — |  | — |  |  | (7 | ) | (0.3 | )
Adjustments in respect of prior years, including resolution of tax disputes | (10 | ) | (0.3 | ) |  | 15 |  | 0.5 |
Other |  | 17 |  | 0.5 |  |  | 18 |  | 0.6 |
Total tax expense (benefit) and effective income tax rate |  | $ | 597 |  | 17.0 |  |  | $ | 302 |  | 10.8 |

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