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Income Taxes (Tables)
 12 Months Ended
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