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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Taxes [Abstract]  
Deferred Tax Assets and Liabilities
The following represents the deferred tax assets and liabilities in the Consolidated Statements of Financial Position:
For the years ended December 31,
 
2019

 
2018

Deferred tax assets(1)
 
$
1,455

 
$
1,209

Deferred tax liabilities(1)
 
406

 
322

Net deferred tax asset
 
$
1,049

 
$
887


(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.

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, 2018
 
$
(746
)
 
$
737

 
$
96

 
$
648

 
$
319

 
$
(167
)
 
$
887

Acquisitions (disposals)
 
—

 
—

 
—

 
—

 
—

 
(48
)
 
(48
)
Charged to statement of operations
(263
)
 
406

 
(9
)
 
63

 
7

 
50

 
254

Charged to other comprehensive income
(52
)
 
(9
)
 
—

 
(10
)
 
21

 
(1
)
 
(51
)
Charged to equity, other than other comprehensive income
—

 
—

 
—

 
—

 
—

 
9

 
9

Foreign exchange rate movements and Other
21

 
(13
)
 
(4
)
 
(4
)
 
(9
)
 
7

 
(2
)
As at December 31, 2019
 
$
(1,040
)
 
$
1,121

 
$
83

 
$
697

 
$
338

 
$
(150
)
 
$
1,049


(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, 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 and Other
(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.
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:
 
 
2019

 
2018

Current income tax expense (benefit):
 
 
 
 
Current year
 
$
620

 
$
561

Adjustments in respect of prior years, including resolution of tax disputes
 
(80
)
 
(1
)
Total current income tax expense (benefit)
 
540


560

Deferred income tax expense (benefit):
 
 
 
 
Origination and reversal of temporary differences
 
(240
)
 
42

Adjustments in respect of prior years, including resolution of tax disputes
 
(24
)
 
(9
)
Tax expense (benefit) arising from unrecognized tax losses
 
8

 
4

Tax rate and other legislative changes
 
2

 
—

Total deferred income tax expense (benefit)
 
(254
)

37

Total income tax expense (benefit)
 
$
286

 
$
597
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:
 
 
2019

 
2018

Recognized in other comprehensive income:
 
 
 
 
Current income tax benefit (expense)
 
$
(12
)
 
$
(4
)
Deferred income tax benefit (expense)
 
(51
)
 
24

Total recognized in other comprehensive income
 
(63
)

20

Recognized in equity, other than other comprehensive income:
 
 
 
 
Deferred income tax benefit (expense)
 
9

 
9

Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in Other comprehensive income
 
$
(54
)
 
$
29
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,
2019
2018
 
 
 
%

 
 
%

Total net income (loss)
 
$
2,947



$
2,914

 
Add: Income tax expense (benefit)
 
286

 
 
597

 
Total net income (loss) before income taxes
 
$
3,233

 
 
$
3,511

 
Taxes at the combined Canadian federal and provincial statutory income tax rate
$
857

26.5

 
$
939

26.8

Increase (decrease) in rate resulting from:
 


 


Tax-exempt investment income
 
(260
)
(8.0
)
 
(131
)
(3.8
)
Higher (lower) effective rates on income subject to taxation in foreign jurisdictions
(194
)
(6.0
)
 
(222
)
(6.3
)
Adjustments in respect of prior years, including resolution of tax disputes
(104
)
(3.2
)
 
(10
)
(0.3
)
Tax (benefit) cost of unrecognized tax losses and tax credits
 
8

0.2

 
4

0.1

Tax rate and other legislative changes
 
2

0.1

 
—

—

Other
 
(23
)
(0.8
)
 
17

0.5

Total tax expense (benefit) and effective income tax rate
 
$
286

8.8

 
$
597

17.0