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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Rate Reconciliation | INCOME TAX RATE RECONCILIATION
Year ended December 31, | 2024 | 2023 | 2022
(millions of Canadian dollars) |  |  |
Earnings before income taxes | 7,299 | 7,879 | 4,542
Canadian federal statutory income tax rate | 15 | % | 15 | % | 15 | %
Expected federal taxes at statutory rate | 1,095 | 1,182 | 681
Increase/(decrease) resulting from: |  |  |
Provincial and state income taxes 1 | 183 | 411 | 108
Foreign and other statutory rate differentials 2 | 340 | 187 | 295
Effects of rate-regulated accounting 3.4 | (192) | (106) | (122)
Write-off of regulatory deferrals 3,5 | 4 | 115 | —
Part VI.1 tax, net of federal Part I deduction 3,6 | 73 | 66 | 76
US Minimum Tax | 148 | 100 | 107
Non-taxable portion of gain on sale of investmen t 3,7 | (147) | — | —
Valuation allowance 3 | (2) | (12) | 6
Accounting impairment of non-deductible goodwill 3,8 | 148 | — | 370
Noncontrolling interests 3,9 | (30) | 19 | 9
Investment and production tax credits | (23) | (47) | —
Other 3 | 71 | (94) | 74
Income tax expense | 1,668 | 1,821 | 1,604
Effective income tax rate | 22.9 | % | 23.1 | % | 35.3 | %
1 The change in provincial and state income taxes from 2023 to 2024 reflects the decrease in earnings from Canadian operations partially offset by an increase in earnings from US operations before considering the non-deductible goodwill impairment to the Gas Transmission segment. Refer to Note 13 - Long-Term Investments. 2 The change in foreign and other statutory rate differentials from 2023 to 2024 reflects the increase in earnings from US operations before considering the non-deductible goodwill impairment to the Gas Transmission segment. Refer to Note 13 - Long-Term Investments. 3 T he provincial and state tax component of these items is included in the Provincial and state income taxes above. 4 The amount in 2024 includes the effects of rate regulated accounting attributable to the Acquisitions. Refer to Note 8 - Acquisitions and Disposition. 5 The amount in 2023 includes the federal tax impact of the de-recognition of rate-regulated accounting for income tax relating to Southern Lights Canada and portions of the Canadian Mainline including Line 9 and L3R. Refer to Note 7 - Regulatory Matters. 6 Part VI.1 tax is a tax levied on preferred share dividends paid in Canada. 7 The amount in 2024 represents the federal component of the non-taxable portion of the gain on sales relating to Alliance Pipeline and Aux Sable. Refer to Note 13 - Long-Term Investments. 8 The amounts relates to the federal impact of the non-deductible goodwill impairment to the Gas Transmissions segment. Refer to Note 13 - Long-Term Investments and Note 15 - Goodwill. 9 The amount in 2023 and 2022 includes the federal tax impact of impairments to Chapman Ranch and Magic Valley attributable to non-controlling interests in those respective years. Refer to Note 11 - Property, Plant and Equipment.
Schedule of Components of Pretax Earnings and Income Taxes | COMPONENTS OF PRETAX EARNINGS AND INCOME TAXES
Year ended December 31, | 2024 | 2023 | 2022
(millions of Canadian dollars) |  |  |
Earnings before income taxes |  |  |
Canada | 1,035 |  | 2,233 |  | 583 |
US | 5,231 |  | 4,620 |  | 2,865 |
Other | 1,033 |  | 1,026 |  | 1,094 |
| 7,299 |  | 7,879 |  | 4,542 |
Current income taxes |  |  |
Canada | 248 |  | 100 |  | 360 |
US | 578 |  | 191 |  | 201 |
Other | 123 |  | 110 |  | 86 |
| 949 |  | 401 |  | 647 |
Deferred income taxes |  |  |
Canada | (299) |  | 456 |  | (358) |
US | 1,013 |  | 974 |  | 1,309 |
Other | 5 |  | (10) |  | 6 |
| 719 |  | 1,420 |  | 957 |
Income tax expense | 1,668 |  | 1,821 |  | 1,604 |
Schedule of Major Components of Deferred Income Tax Assets and Liabilities | Major components of deferred income tax assets and liabilities are as follows:
December 31, | 2024 | 2023
(millions of Canadian dollars) |  |
Deferred income tax liabilities |  |
Property, plant and equipment | (11,368) |  | (9,202) |
Investments | (9,043) |  | (7,765) |
Regulatory assets | (1,940) |  | (1,338) |
Other | (251) |  | (52) |
Total deferred income tax liabilities | (22,602) |  | (18,357) |
Deferred income tax assets |  |
Financial instruments | 740 |  | 271 |
Loss carryforwards | 1,272 |  | 1,745 |
Other | 2,088 |  | 1,798 |
Total deferred income tax assets | 4,100 |  | 3,814 |
Less valuation allowance | (298) |  | (147) |
Total deferred income tax assets, net | 3,802 |  | 3,667 |
Net deferred income tax liabilities, net | (18,800) |  | (14,690) |
Presented as follows: |  |
Total deferred income tax assets | 796 |  | 341 |
Total deferred income tax liabilities | (19,596) |  | (15,031) |
Net deferred income tax liabilities, net | (18,800) |  | (14,690) |
Schedule of Unrecognized Tax Benefits | UNRECOGNIZED TAX BENEFITS
Year ended December 31, | 2024 | 2023
(millions of Canadian dollars) |  |
Unrecognized tax benefits at beginning of year | 45 |  | 55 |
Gross decreases for tax positions of prior year | (2) |  | (2) |
Change in translation of foreign currency | 4 |  | (1) |
Lapses of statute of limitations | (16) |  | (7) |
Unrecognized tax benefits at end of year | 31 |  | 45 |

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