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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes [Abstract] |
Schedule of components of income tax expense | The following table reconciles consolidated income taxes to current and deferred income taxes:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) |  |  |  |  | 2021 |  | 2020
Current income tax expense |  |  |  |  | $ | (1,114) |  |  | $ | (756) |
Deferred income tax expense |  |  |  |  | (1,210) |  |  | (81) |
Income tax expense |  |  |  |  | $ | (2,324) |  |  | $ | (837) |
The major components of income tax expense for the years ended December 31, 2021 and 2020 are set out below:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2021 |  | 2020
Current income tax expense | $ | 1,114 |  |  | $ | 756 |
Deferred income tax expense / (recovery) |  |  |
Origination and reversal of temporary differences | 1,044 |  |  | (103) |
(Recovery) / expense arising from previously unrecognized tax assets | (251) |  |  | 2 |
Change of tax rates and new legislation | 417 |  |  | 182 |
Total deferred income tax expense | 1,210 |  |  | 81 |
Income tax expense | $ | 2,324 |  |  | $ | 837 |
Schedule of income tax rates | The company’s effective income tax rate is different from the company’s domestic statutory income tax rate due to the following differences set out below:
FOR THE YEARS ENDED DEC. 31 | 2021 |  | 2020
Statutory income tax rate | 26 | % |  | 26 | %
Increase (reduction) in rate resulting from: |  |  |
Change in tax rates and new legislation | 3 |  |  | 12 |
International operations subject to different tax rates | (1) |  |  | 52 |
Taxable income attributable to non-controlling interests | (10) |  |  | (31) |
Portion of gains subject to different tax rates | (3) |  |  | (10) |
Recognition of deferred tax assets | (2) |  |  | (10) |
Non-recognition of the benefit of current year’s tax losses | 2 |  |  | 8 |
Other | 1 |  |  | 7 |
Effective income tax rate | 16 | % |  | 54 | %
Schedule of deferred income tax assets and liabilities | Deferred income tax assets and liabilities as at December 31, 2021 and 2020 relate to the following:
AS AT DEC. 31 (MILLIONS) | 2021 |  | 2020
Non-capital losses (Canada) | $ | 1,339 |  |  | $ | 916 |
Capital losses (Canada) | 53 |  |  | 48 |
Losses (U.S.) | 3,561 |  |  | 3,338 |
Losses (International) | 1,474 |  |  | 1,415 |
Difference in basis | (23,415) |  |  | (18,292) |
Total net deferred tax liabilities | $ | (16,988) |  |  | $ | (12,575) |
Disclosure of unrecognized deferred tax assets | The following table details the expiry date, if applicable, of the unrecognized deferred tax assets:
AS AT DEC. 31 (MILLIONS) | 2021 |  | 2020
One year from reporting date | $ | 8 |  |  | $ | 4 |
Two years from reporting date | 30 |  |  | 20 |
Three years from reporting date | 15 |  |  | 20 |
After three years from reporting date | 487 |  |  | 465 |
Do not expire | 1,891 |  |  | 1,473 |
Total | $ | 2,431 |  |  | $ | 1,982 |
Schedule of components of income taxes in other comprehensive income | The components of the income taxes in other comprehensive income for the years ended December 31, 2021 and 2020 are set out below:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2021 |  | 2020
Revaluation of property, plant and equipment | $ | 1,549 |  |  | $ | 1,214 |
Financial contracts and power sale agreements | 89 |  |  | (59) |
Fair value through OCI securities | 83 |  |  | 74 |
Foreign currency translation | (21) |  |  | 37 |
Revaluation of pension obligation | 71 |  |  | (40) |
Total deferred tax in other comprehensive income | $ | 1,771 |  |  | $ | 1,226 |

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