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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
INCOME TAXES | INCOME TAXES The major components of income tax expense for the years ended December 31, 2024 and 2023 are set out below:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2024 |  | 2023
Current income tax expense | $ | 1,323 |  |  | $ | 1,908 |
Deferred income tax (recovery)/expense |  |  |
Origination and reversal of temporary differences | (319) |  |  | (789) |
Recovery arising from previously unrecognized tax assets | (23) |  |  | (116) |
Change in tax rates and new legislation | 1 |  |  | 8 |
Total deferred income tax (recovery)/expense | (341) |  |  | (897) |
Income tax expense | $ | 982 |  |  | $ | 1,011 |
The company’s Canadian domestic statutory income tax rate has remained consistent at 26% throughout both of 2024 and 2023. 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 | 2024 |  | 2023
Statutory income tax rate | 26 | % |  | 26 | %
(Reduction)/increase in rate resulting from: |  |  |
Portion of gains subject to different tax rates | (15) |  |  | (8) |
Taxable loss (income) attributable to non-controlling interests | 24 |  |  | (6) |
International operations subject to different tax rates | 1 |  |  | 1 |
Recognition of deferred tax assets | (19) |  |  | (5) |
Non-recognition of the benefit of current year’s tax losses | 14 |  |  | 5 |
Non-deductible expenses | 10 |  |  | 7 |
Investment and production tax credits | (10) |  |  | — |
Other | 4 |  |  | (3) |
Effective income tax rate | 35 | % |  | 17 | %
Deferred income tax assets and liabilities as at December 31, 2024 and 2023 relate to the following:
AS AT DEC. 31 (MILLIONS) | 2024 |  | 2023
Non-capital losses (Canada) | $ | 1,922 |  |  | $ | 2,132 |
Capital losses (Canada) | 12 |  |  | 5 |
Losses (U.S.) | 2,833 |  |  | 3,472 |
Losses (International) | 2,360 |  |  | 2,900 |
Difference in basis | (28,672) |  |  | (30,158) |
Total net deferred tax liabilities | $ | (21,545) |  |  | $ | (21,649) |
The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized as at December 31, 2024 is approximately $18 billion (2023 – approximately $18 billion). The company regularly assesses the status of open tax examinations and its historical tax filing positions for the potential for adverse outcomes to determine the adequacy of the provision for income and other taxes. The company believes that it has adequately provided for any tax adjustments that are more likely than not to occur as a result of ongoing tax examinations or historical filing positions. The dividend payment on certain preferred shares of the company results in the payment of cash taxes in Canada and the company obtaining a deduction based on the amount of these taxes. The following table details the expiry date, if applicable, of the unrecognized deferred tax assets:
AS AT DEC. 31 (MILLIONS) | 2024 |  | 2023
One year from reporting date | $ | 32 |  |  | $ | 10 |
Two years from reporting date | 31 |  |  | 13 |
Three years from reporting date | 24 |  |  | 17 |
After three years from reporting date | 465 |  |  | 667 |
Do not expire | 2,661 |  |  | 2,212 |
Total | $ | 3,213 |  |  | $ | 2,919 |
The components of the income taxes in other comprehensive income for the years ended December 31, 2024 and 2023 are set out below:
FOR THE YEARS ENDED DEC. 31 (MILLIONS) | 2024 |  | 2023
Revaluation of property, plant and equipment | $ | 1,949 |  |  | $ | 120 |
Financial contracts and power sale agreements | (116) |  |  | (29) |
Fair value through OCI securities | 160 |  |  | 76 |
Foreign currency translation | (1) |  |  | (72) |
Revaluation of pension obligation | 29 |  |  | 5 |
Total deferred tax in other comprehensive income | $ | 2,021 |  |  | $ | 100 |

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