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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Taxes [Abstract]  
Deferred Tax Assets and Liabilities
The following represents the deferred tax assets and liabilities in the Consolidated Statements of Financial Position:
As at December 31,20202019
Deferred tax assets(1)
$1,634 $1,455 
Deferred tax liabilities(1)
383 406 
Net deferred tax asset$1,251 $1,049 

(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, 2019$(1,040)$1,121 $83 $697 $338 $(150)$1,049 
Acquisitions (disposals) through business combinations— — — — — (67)(67)
Charged to statement of operations
(149)494 — 62 (5)(31)371 
Charged to other comprehensive income
(54)— — (50)(8)— (112)
Charged to equity, other than other comprehensive income
— — — (1)— — (1)
Foreign exchange rate movements and Other
3 6 (1)— (3)6 11 
As at December 31, 2020$(1,240)$1,621 $82 $708 $322 $(242)$1,251 
(1)    Consists of Insurance contract liabilities and Investment contract liabilities, net of Reinsurance assets.
(2)    Includes unused tax credits.
Investments
Policy
liabilities(1)
Deferred
acquisition
costs		Losses
available
for carry
forward		Pension
and other
employee
benefits
Other(2)
Total
As at December 31, 2018$(746)$737 $96 $648 $319 $(167)$887 
Acquisitions (disposals) through business combinations— — — — — (48)(48)
Charged to statement of operations
(263)406 (9)63 7 50 254 
Charged to other comprehensive income
(52)(9)— (10)21 (1)(51)
Charged to equity, other than other comprehensive income
— — — — — 9 9 
Foreign exchange rate movements and Other
21 (13)(4)(4)(9)7 (2)
As at December 31, 2019$(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.
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:
20202019
Current income tax expense (benefit):
Current year$859 $620 
Adjustments in respect of prior years, including resolution of tax disputes7 (80)
Total current income tax expense (benefit)866 540 
Deferred income tax expense (benefit):
Origination and reversal of temporary differences(435)(240)
Adjustments in respect of prior years, including resolution of tax disputes48 (24)
Tax expense (benefit) arising from unrecognized tax losses15 8 
Tax rate and other legislative changes1 2 
Total deferred income tax expense (benefit)(371)(254)
Total income tax expense (benefit)$495 $286 
Disclosure Of Income Tax Relating To Components Of Other Comprehensive Income And Equity Income tax benefit (expense) recognized directly in equity for the years ended December 31:
20202019
Recognized in other comprehensive income:
Current income tax benefit (expense)$(2)$(12)
Deferred income tax benefit (expense)(112)(51)
Total recognized in other comprehensive income(114)(63)
Recognized in equity, other than other comprehensive income:
Deferred income tax benefit (expense)(1)9 
Total income tax benefit (expense) recorded in equity, including tax benefit (expense) recorded in Other comprehensive income$(115)$(54)
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 31,20202019
%%
Total net income (loss)$2,792 $2,947 
Add: Income tax expense (benefit)495 286 
Total net income (loss) before income taxes$3,287 $3,233 
Taxes at the combined Canadian federal and provincial statutory income tax rate
$871 26.5 $857 26.5 
Increase (decrease) in rate resulting from:
Tax-exempt investment (income) loss(253)(7.7)(260)(8.0)
Higher (lower) effective rates on income subject to taxation in foreign jurisdictions(218)(6.6)(194)(6.0)
Adjustments in respect of prior years, including resolution of tax disputes
55 1.7 (104)(3.2)
Tax (benefit) cost of unrecognized tax losses and tax credits 15 0.5 8 0.2 
Tax rate and other legislative changes1 — 2 0.1 
Other24 0.7 (23)(0.8)
Total tax expense (benefit) and effective income tax rate$495 15.1 $286 8.8