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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
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Components of Income Tax Expense (Recovery) Recognized | Income tax expenses (recovery) recognized in the Consolidated Statements of Income
For the years ended December 31, |  | 2018 |  |  | 2017 |
Current tax |  |  |  |  |  |  |  |
Current year |  | $ | (327 | ) |  | $ | 608 |
Adjustments to prior year |  |  | 29 |  |  |  | (38 | )
|  |  | (298 | ) |  |  | 570 |
Deferred tax |  |  |  |  |  |  |  |
Change related to temporary differences |  |  | 1,250 |  |  |  | (803 | )
Impact of U.S. Tax Reform |  |  | (320 | ) |  |  | 472 |
Income tax expense |  | $ | 632 |  |  | $ | 239 |
Income tax expenses (recovery) recognized in Other Comprehensive Income
For the years ended December 31, |  | 2018 |  |  | 2017 |
Current income tax expense (recovery) |  | $ | 2 |  |  | $ | 116 |
Deferred income tax expense (recovery) |  |  | (148 | ) |  |  | 320 |
Income tax expense (recovery) |  | $ | (146 | ) |  | $ | 436 |
Income tax expenses (recovery) recognized directly in Equity
For the years ended December 31, |  | 2018 |  |  | 2017 |
Current income tax expense (recovery) |  | $ | 6 |  |  | $ | – |
Deferred income tax expense (recovery) |  |  | (7 | ) |  |  | (2 | )
Income tax expense (recovery) |  | $ | (1 | ) |  | $ | (2 | )
Summary of Reconciliation of Income Tax Expense | The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 26.75 per cent for the year ended December 31, 2018 (2017 – 26.75 per cent) due to the following reasons. Reconciliation of income tax expense
For the years ended December 31, |  | 2018 |  |  | 2017 |
Income before income taxes |  | $ | 5,519 |  |  | $ | 2,501 |
Income tax expense at Canadian statutory tax rate |  | $ | 1,476 |  |  | $ | 669 |
Increase (decrease) in income taxes due to: |  |  |  |  |  |  |  |
Tax-exempt investment income |  |  | (200 | ) |  |  | (242 | )
Differences in tax rate on income not subject to tax in Canada |  |  | (391 | ) |  |  | (551 | )
Adjustments to taxes related to prior years |  |  | (71 | ) |  |  | (182 | )
Impact of U.S. Tax Reform |  |  | (320 | ) |  |  | 472 |
Other differences |  |  | 138 |  |  |  | 73 |
Income tax expense |  | $ | 632 |  |  | $ | 239 |
Summary of Deferred Tax Assets and Liabilities | The following table presents the Company’s deferred tax assets and liabilities.
As at December 31, |  | 2018 |  |  | 2017 |
Deferred tax assets |  | $ | 4,318 |  |  | $ | 4,569 |
Deferred tax liabilities |  |  | (1,814 | ) |  |  | (1,281 | )
Net deferred tax assets (liabilities) |  | $ | 2,504 |  |  | $ | 3,288 |
Components of Deferred Tax Assets and Liabilties | The following table presents significant components of the Company’s deferred tax assets and liabilities.
As at December 31, 2018 |  | Balance, January 1, 2018 |  |  | Recognized in Income Statement |  |  | Recognized in Other Comprehensive Income |  |  | Recognized in Equity |  |  | Translation and Other |  |  | Balance, December 31, 2018 |
Loss carry forwards |  | $ | 596 |  |  | $ | 387 |  |  | $ | – |  |  | $ | 7 |  |  | $ | 29 |  |  | $ | 1,019 |
Actuarial liabilities |  |  | 7,878 |  |  |  | (2,697 | ) |  |  | – |  |  |  | 3 |  |  |  | 282 |  |  |  | 5,466 |
Pensions and post-employment benefits |  |  | 208 |  |  |  | 27 |  |  |  | 7 |  |  |  | – |  |  |  | – |  |  |  | 242 |
Tax credits |  |  | 454 |  |  |  | (224 | ) |  |  | – |  |  |  | – |  |  |  | 31 |  |  |  | 261 |
Accrued interest |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1 |
Real estate |  |  | (1,062 | ) |  |  | 150 |  |  |  | (1 | ) |  |  | – |  |  |  | (46 | ) |  |  | (959 | )
Securities and other investments |  |  | (3,807 | ) |  |  | 1,234 |  |  |  | 136 |  |  |  | 1 |  |  |  | (253 | ) |  |  | (2,689 | )
Sale of investments |  |  | (105 | ) |  |  | 18 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (87 | )
Goodwill and intangible assets |  |  | (825 | ) |  |  | 18 |  |  |  | – |  |  |  | – |  |  |  | (40 | ) |  |  | (847 | )
Other |  |  | (50 | ) |  |  | 157 |  |  |  | 6 |  |  |  | (4 | ) |  |  | (12 | ) |  |  | 97 |
Total |  | $ | 3,288 |  |  | $ | (930 | ) |  | $ | 148 |  |  | $ | 7 |  |  | $ | (9) |  |  | $ | 2,504 |
As at December 31, 2017 |  | Balance, January 1, 2017 |  |  | Recognized in Income Statement |  |  | Recognized in Other Comprehensive Income |  |  | Recognized in Equity |  |  | Translation and Other |  |  | Balance, December 31, 2017 |
Loss carry forwards |  | $ | 942 |  |  | $ | (311 | ) |  | $ | – |  |  | $ | 3 |  |  | $ | (38 | ) |  | $ | 596 |
Actuarial liabilities |  |  | 9,366 |  |  |  | (1,053 | ) |  |  | (17 | ) |  |  | – |  |  |  | (418 | ) |  |  | 7,878 |
Pensions and post-employment benefits |  |  | 352 |  |  |  | (87 | ) |  |  | (54 | ) |  |  | – |  |  |  | (3 | ) |  |  | 208 |
Tax credits |  |  | 875 |  |  |  | (369 | ) |  |  | – |  |  |  | – |  |  |  | (52 | ) |  |  | 454 |
Accrued interest |  |  | 17 |  |  |  | (12 | ) |  |  | – |  |  |  | (3 | ) |  |  | (1 | ) |  |  | 1 |
Real estate |  |  | (1,396 | ) |  |  | 284 |  |  |  | (9 | ) |  |  | – |  |  |  | 59 |  |  |  | (1,062 | )
Securities and other investments |  |  | (6,064 | ) |  |  | 2,172 |  |  |  | (239 | ) |  |  | – |  |  |  | 324 |  |  |  | (3,807 | )
Sale of investments |  |  | (163 | ) |  |  | 58 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (105 | )
Goodwill and intangible assets |  |  | (1,059 | ) |  |  | 197 |  |  |  | – |  |  |  | – |  |  |  | 37 |  |  |  | (825 | )
Other |  |  | 210 |  |  |  | (548 | ) |  |  | (1 | ) |  |  | 2 |  |  |  | 287 |  |  |  | (50 | )
Total |  | $ | 3,080 |  |  | $ | 331 |  |  | $ | (320 | ) |  | $ | 2 |  |  | $ | 195 |  |  | $ | 3,288 |

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