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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2012
INCOME TAXES |
Schedule of income tax rate reconciliation |
Year ended December 31, |  | 2012 |  | 2011 |  | 2010
(millions of Canadian dollars) |  |  |  |  |  |
Earnings before income taxes and extraordinary loss |  | 1,071 |  | 2,030 |  | 1,008
Combined statutory income tax rate |  | 25.8% |  | 27.2% |  | 28.8%
Income taxes at statutory rate |  | 276 |  | 552 |  | 290
Increase/(decrease) resulting from: |  |  |  |  |  |
Deferred income taxes related to regulated operations |  | (67) |  | (35) |  | (62)
Higher/(lower) foreign tax rates |  | (56) |  | 65 |  | (38)
Tax rates and legislated tax changes |  | 9 |  | 1 |  | (15)
Non-taxable items, net |  | (6) |  | (16) |  | (8)
Intercompany sale of investments 1 |  | 56 |  | 98 |  | -
Noncontrolling interests in Limited Partnerships |  | (79) |  | (130) |  | 55
Other |  | (5) |  | (9) |  | 5
Income taxes before extraordinary loss |  | 128 |  | 526 |  | 227
Effective income tax rate |  | 12.0% |  | 25.9% |  | 22.5%
1 | In December 2012 and October 2011, Enbridge and certain wholly-owned subsidiaries of Enbridge sold certain assets to the Fund. As these transactions occurred between entities under common control of the Company, the intercompany gains realized as a result of these transfers have been eliminated, although current income tax expense of $56 million and $98 million remain as a charge to earnings in 2012 and 2011, respectively. The Company retains the benefit of cash taxes paid in the form of increased tax basis of its investment in the underlying entities; however, accounting recognition of such benefit is not permitted until such time as the entities are sold outside of the consolidated group.
Schedule of components of pretax earnings and income taxes |
Year ended December 31, |  | 2012 |  | 2011 |  | 2010
(millions of Canadian dollars) |  |  |  |  |  |
Earnings before income taxes and extraordinary loss |  |  |  |  |  |
Canada |  | 1,041 |  | 694 |  | 759
United States |  | (177) |  | 1,203 |  | 118
Other |  | 207 |  | 133 |  | 131
|  | 1,071 |  | 2,030 |  | 1,008
Current income taxes |  |  |  |  |  |
Canada |  | 130 |  | 194 |  | (24)
United States |  | 35 |  | (30) |  | 43
Other |  | 3 |  | (6) |  | 5
|  | 168 |  | 158 |  | 24
Deferred income taxes |  |  |  |  |  |
Canada |  | 160 |  | 30 |  | 136
United States |  | (200) |  | 338 |  | 67
|  | (40) |  | 368 |  | 203
Total income taxes before extraordinary loss |  | 128 |  | 526 |  | 227
Schedule of major components of deferred income tax assets and liabilities |
December 31, |  | 2012 |  | 2011
(millions of Canadian dollars) |  |  |  |
Deferred income tax liabilities |  |  |  |
Property, plant and equipment |  | (1,325) |  | (1,499)
Investments |  | (1,479) |  | (973)
Regulatory liabilities |  | (221) |  | (197)
Other |  | (144) |  | (117)
Total deferred income tax liabilities |  | (3,169) |  | (2,786)
Deferred income tax assets |  |  |  |
Financial instruments |  | 380 |  | 37
Pension and OPEB plans |  | 180 |  | 145
Loss carryforwards |  | 161 |  | 174
Other |  | 51 |  | 29
Total deferred income tax assets |  | 772 |  | 385
Less valuation allowance |  | (27) |  | (45)
Total deferred income tax assets, net |  | 745 |  | 340
Net deferred income tax liabilities |  | (2,424) |  | (2,446)
Presented as follows: |  |  |  |
Assets |  |  |  |
Accounts receivable and othe r (Note 7) |  | 167 |  | 135
Deferred income taxes |  | 10 |  | 41
Total deferred income tax assets |  | 177 |  | 176
Liabilities |  |  |  |
Accounts payable and other (Note 15) |  | - |  | (7)
Deferred income taxes |  | (2,601) |  | (2,615)
Total deferred income tax liabilities |  | (2,601) |  | (2,622)
Net deferred income tax liabilities |  | (2,424) |  | (2,446)
Schedule of unrecognized tax benefits |
Year ended December 31, | 2012 | 2011
(millions of Canadian dollars) |  |
Unrecognized tax benefits at beginning of year | 18 | 17
Gross increases for tax positions of current year | 38 | 3
Gross decreases for tax positions of prior years | 3 | (1)
Reduction for lapse of statute of limitations | (5) | (1)
Unrecognized tax benefits at end of year | 54 | 18

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