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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
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) |  |  |  |  | 2022 |  | 2021
Current income tax expense |  |  |  |  | $ | (1,278) |  |  | $ | (1,114) |
Deferred income tax expense |  |  |  |  | (191) |  |  | (1,210) |
Income tax expense |  |  |  |  | $ | (1,469) |  |  | $ | (2,324) |
The major components of income tax expense for the years ended December 31, 2022 and 2021 are set out below:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2022 |  | 2021
Current income tax expense | $ | 1,278 |  |  | $ | 1,114 |
Deferred income tax expense / (recovery) |  |  |
Origination and reversal of temporary differences | 690 |  |  | 1,044 |
Recovery arising from previously unrecognized tax assets | (447) |  |  | (251) |
Change of tax rates and new legislation | (52) |  |  | 417 |
Total deferred income tax expense | 191 |  |  | 1,210 |
Income tax expense | $ | 1,469 |  |  | $ | 2,324 |
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 | 2022 |  | 2021
Statutory income tax rate | 26 | % |  | 26 | %
(Reduction) increase in rate resulting from: |  |  |
Change in tax rates and new legislation | (1) |  |  | 3 |
International operations subject to different tax rates | 3 |  |  | (1) |
Taxable income attributable to non-controlling interests | (3) |  |  | (10) |
Portion of gains subject to different tax rates | (2) |  |  | (3) |
Recognition of deferred tax assets | (6) |  |  | (2) |
Non-recognition of the benefit of current year’s tax losses | 3 |  |  | 2 |
Other | 2 |  |  | 1 |
Effective income tax rate | 22 | % |  | 16 | %
Schedule of deferred income tax assets and liabilities | Deferred income tax assets and liabilities as at December 31, 2022 and 2021 relate to the following:
AS AT DEC. 31 (MILLIONS) | 2022 |  | 2021
Non-capital losses (Canada) | $ | 1,666 |  |  | $ | 1,339 |
Capital losses (Canada) | 77 |  |  | 53 |
Losses (U.S.) | 3,959 |  |  | 3,561 |
Losses (International) | 1,814 |  |  | 1,474 |
Difference in basis | (27,303) |  |  | (23,415) |
Total net deferred tax liabilities | $ | (19,787) |  |  | $ | (16,988) |
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) | 2022 |  | 2021
One year from reporting date | $ | 29 |  |  | $ | 8 |
Two years from reporting date | 11 |  |  | 30 |
Three years from reporting date | 12 |  |  | 15 |
After three years from reporting date | 672 |  |  | 487 |
Do not expire | 1,833 |  |  | 1,891 |
Total | $ | 2,557 |  |  | $ | 2,431 |
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, 2022 and 2021 are set out below:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2022 |  | 2021
Revaluation of property, plant and equipment | $ | 1,187 |  |  | $ | 1,549 |
Financial contracts and power sale agreements | 315 |  |  | 89 |
Fair value through OCI securities | (127) |  |  | 83 |
Foreign currency translation | 87 |  |  | (21) |
Revaluation of pension obligation | 61 |  |  | 71 |
Total deferred tax in other comprehensive income | $ | 1,523 |  |  | $ | 1,771 |

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