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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Schedule of components of income tax expense | 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 |
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 | 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 | %
Schedule of deferred income tax assets and liabilities | 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) |
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) | 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 |
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, 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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