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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
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Components of Income Tax Expense (Recovery) Recognized | The following table presents i ncome tax expense (recovery) recognized in the Consolidated Statements of Income.
For the years ended December 31, |  | 2020 |  |  | 2019 |
Current tax |  |  |  |  |  |  |  |
Current year |  | $ | 998 |  |  | $ | 1,246 |
Adjustments related to prior yea rs |  |  | (83 | ) |  |  | (74 | )
Total current tax |  |  | 915 |  |  |  | 1,172 |
Deferred tax |  |  |  |  |  |  |  |
Change related to temporary differences |  |  | 253 |  |  |  | (454 | )
Effects of changes in tax rates |  |  | 27 |  |  |  | – |
Total deferred tax |  |  | 280 |  |  |  | (454 | )
Income tax expense |  | $ | 1,195 |  |  | $ | 718 |
The following table discloses income tax expense (recovery) recognized directly in equity.
For the years ended December 31, |  | 2020 |  |  | 2019 |
Recognized in other comprehensive income |  |  |  |  |  |  |  |
Current income tax expense (recovery) |  | $ | (92 | ) |  | $ | 92 |
Deferred income tax expense (recovery) |  |  | 87 |  |  |  | 366 |
Total recognized in other comprehensive income |  | $ | (5 | ) |  | $ | 458 |
Recognized in equity, other than other comprehensive income |  |  |  |  |  |  |  |
Current income tax expense (recovery) |  | $ | 25 |  |  | $ | 5 |
Deferred income tax expense (recovery) |  |  | (25 | ) |  |  | (6 | )
Total income tax recognized directly in equity |  | $ | – |  |  | $ | (1 | )
(b) Current tax receivable and payable
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 26.50 per cent for the year ended December 31, 2020 (2019 – 26.75 per cent) for the items outlined in the following table.
For the years ended December 31, |  | 2020 |  |  | 2019 |
Income before income taxes |  | $ | 6,770 |  |  | $ | 6,220 |
Income tax expense at Canadian statutory tax rate |  | $ | 1,794 |  |  | $ | 1,664 |
Increase (decrease) in income taxes due to: |  |  |  |  |  |  |  |
Tax-exempt investment income |  |  | (171 | ) |  |  | (260 | )
Differences in tax rate on income not subject to tax in Canada |  |  | (528 | ) |  |  | (754 | )
Adjustments to taxes related to prior years |  |  | (96 | ) |  |  | (106 | )
Tax rate change |  |  | 27 |  |  |  | – |
Other differences |  |  | 169 |  |  |  | 174 |
Income tax expense |  | $ | 1,195 |  |  | $ | 718 |
Summary of Deferred Tax Assets and Liabilities | The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statement of Financial Position.
As at December, 31 |  | 2020 |  |  | 2019 |
Deferred tax assets |  | $ | 4,842 |  |  | $ | 4,574 |
Deferred tax liabilities |  |  | (2,614 | ) |  |  | (1,972 | )
Net deferred tax assets (liabilities) |  | $ | 2,228 |  |  | $ | 2,602 |
Components of Deferred Tax Assets and Liabilties | The following table presents movement of deferred tax assets and liabilities.
As at December 31, 2020 |  | Balance, January 1, 2020 |  |  | Disposals |  |  | Recognized in Income Statement |  |  | Recognized in Other Comprehensive Income |  |  | Recognized in Equity |  |  | Translation and Other |  |  | Balance, December 31, 2020 |
Loss carryforwards |  | $ | 705 |  |  | $ | – |  |  | $ | (210 | ) |  | $ | – |  |  | $ | – |  |  | $ | 2 |  |  | $ | 497 |
Actuarial liabilities |  |  | 8,443 |  |  |  | – |  |  |  | 1,063 |  |  |  | – |  |  |  | – |  |  |  | (134 | ) |  |  | 9,372 |
Pensions and post-employment benefits |  |  | 226 |  |  |  | – |  |  |  | – |  |  |  | (10 | ) |  |  | – |  |  |  | (1 | ) |  |  | 215 |
Tax credits |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Accrued interest |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1 |
Real estate |  |  | (1,046 | ) |  |  | – |  |  |  | 5 |  |  |  | (2 | ) |  |  | 1 |  |  |  | 9 |  |  |  | (1,033 | )
Securities and other investments |  |  | (4,704 | ) |  |  | – |  |  |  | (1,254 | ) |  |  | (59 | ) |  |  | 2 |  |  |  | 72 |  |  |  | (5,943 | )
Sale of investments |  |  | (69 | ) |  |  | – |  |  |  | 13 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (56 | )
Goodwill and intangible assets |  |  | (876 | ) |  |  | – |  |  |  | 24 |  |  |  | – |  |  |  | – |  |  |  | 3 |  |  |  | (849 | )
Other |  |  | (78 | ) |  |  | – |  |  |  | 79 |  |  |  | (16 | ) |  |  | 22 |  |  |  | 17 |  |  |  | 24 |
Total |  | $ | 2,602 |  |  | $ | – |  |  | $ | (280 | ) |  | $ | (87 | ) |  | $ | 25 |  |  | $ | (32 | ) |  | $ | 2,228 |
As at December 31, 2019 |  | Balance, January 1, 2019 |  |  | Disposals |  |  | Recognized in Income Statement |  |  | Recognized in Other Comprehensive Income |  |  | Recognized in Equity |  |  | Translation and Other |  |  | Balance, December 31, 2019 |
Loss carryforwards |  | $ | 1,019 |  |  | $ | (18 | ) |  | $ | (278 | ) |  | $ | – |  |  | $ | (1 | ) |  | $ | (17 | ) |  | $ | 705 |
Actuarial liabilities |  |  | 5,466 |  |  |  | – |  |  |  | 3,093 |  |  |  | – |  |  |  | (1 | ) |  |  | (115 | ) |  |  | 8,443 |
Pensions and post-employment benefits |  |  | 242 |  |  |  | – |  |  |  | 4 |  |  |  | (20 | ) |  |  | – |  |  |  | – |  |  |  | 226 |
Tax credits |  |  | 261 |  |  |  | – |  |  |  | (253 | ) |  |  | – |  |  |  | – |  |  |  | (8 | ) |  |  | – |
Accrued interest |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1 |
Real estate |  |  | (959 | ) |  |  | – |  |  |  | (110 | ) |  |  | – |  |  |  | – |  |  |  | 23 |  |  |  | (1,046 | )
Securities and other investments |  |  | (2,689 | ) |  |  | – |  |  |  | (1,863 | ) |  |  | (347 | ) |  |  | 39 |  |  |  | 156 |  |  |  | (4,704 | )
Sale of investments |  |  | (87 | ) |  |  | – |  |  |  | 17 |  |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (69 | )
Goodwill and intangible assets |  |  | (847 | ) |  |  | – |  |  |  | (49 | ) |  |  | – |  |  |  | – |  |  |  | 20 |  |  |  | (876 | )
Other |  |  | 97 |  |  |  | (37 | ) |  |  | (107 | ) |  |  | 1 |  |  |  | (31 | ) |  |  | (1 | ) |  |  | (78 | )
Total |  | $ | 2,504 |  |  | $ | (55 | ) |  | $ | 454 |  |  | $ |  | (366) |  | $ | 6 |  |  | $ | 59 |  |  | $ | 2,602 |

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