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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of income tax rate reconciliation

Year ended December 31,		2015		2014		2013
(millions of Canadian dollars)
Earnings before income taxes and discontinued operations		11		2,173		613
Canadian federal statutory income tax rate		15%		15%		15%
Expected federal taxes at statutory rate		2		326		92
Increase/(decrease) resulting from:
Provincial and state income taxes1		(204	)	(36)		(1)
Foreign and other statutory rate differentials		310		394		45
Effects of rate-regulated accounting2		(52	)	(97)		(55)
Foreign allowable interest deductions		(84	)	(65)		(39)
Part VI.1 tax, net of federal Part I deduction3		55		47		23
Intercompany sale of investment4		23		68		-
Valuation allowance5		154		2		1
Noncontrolling interests		(28	)	(28)		26
Other6		(6	)	-		31
Income taxes on earnings before discontinued operations		170		611		123
Effective income tax rate		1,545.5%		28.1%		20.1%

1 The higher provincial and state income tax recovery in 2015 reflected the decrease in earnings largely in the Company’s Canadian operations due to the depreciation in the Canadian dollar value against the U.S. dollar.

2 The amount in 2015 included the federal component of the tax effect of the write-off of regulatory receivables.

3 The amount in 2013 was presented net of an $11 million federal tax recovery related to changes to tax law enacted during the year.

4 In September 2015 and November 2014, Enbridge sold certain assets to entities under common control. The intercompany gains realized on these transfers were eliminated.  However, because these transactions involved the sale of partnership units, tax consequences have been recognized in earnings.  This resulted in a tax expense of $39 million and $157 million in 2015 and 2014, respectively.

5 The amount in 2015 represents the federal component of the tax effect of a valuation allowance on the deferred tax assets related to an outside basis temporary difference that is no longer more likely than not to be realized.

6 2015 and 2013 included $17 million recovery and $55 million expense, respectively, related to the federal component of the tax effect of adjustments related to prior periods.

Schedule of components of pretax earnings and income taxes

Year ended December 31,		2015		2014		2013
(millions of Canadian dollars)
Earnings before income taxes and discontinued operations
Canada		(1,365	)	114		193
United States		808		1,614		132
Other		568		445		288
		11		2,173		613
Current income taxes
Canada		157		35		(30	)
United States		3		(15	)	18
Other		3		4		4
		163		24		(8	)
Deferred income taxes
Canada		(558	)	(193	)	31
United States		565		780		100
		7		587		131
Income taxes on earnings before discontinued operations		170		611		123

Schedule of major components of deferred income tax assets and liabilities

December 31,		2015		2014
(millions of Canadian dollars)
Deferred income tax liabilities
Property, plant and equipment		(3,423	)	(2,668	)
Investments		(3,024	)	(2,469	)
Regulatory assets		(354	)	(240	)
Other		(85	)	(102	)
Total deferred income tax liabilities		(6,886	)	(5,479	)
Deferred income tax assets
Financial instruments		1,374		644
Pension and OPEB plans		202		203
Loss carryforwards		848		390
Other		274		246
Total deferred income tax assets		2,698		1,483
Less valuation allowance		(538	)	(42	)
Total deferred income tax assets, net		2,160		1,441
Net deferred income tax liabilities		(4,726	)	(4,038	)
Presented as follows:
Accounts receivable and other (Note 7)		367		245
Deferred income taxes		839		561
Total deferred income tax assets		1,206		806
Accounts payable and other		(17	)	(2	)
Deferred income taxes		(5,915	)	(4,842	)
Total deferred income tax liabilities		(5,932	)	(4,844	)
Net deferred income tax liabilities		(4,726	)	(4,038	)

Schedule of unrecognized tax benefits

Year ended December 31,		2015		2014
(millions of Canadian dollars)
Unrecognized tax benefits at beginning of year		51		46
Gross increases for tax positions of current year		5		5
Reduction for lapse of statute of limitations		-		(5	)
Change in translation of foreign currency		9		5
Unrecognized tax benefits at end of year		65		51

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Tabular disclosure of income before income tax and income tax expense (benefit) between domestic and foreign jurisdictions.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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