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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Summary of Components of Income Tax Expense (Recovery) Recognized | The following table presents income tax expenses (recoveries) recognized in the Consolidated Statements of Income.
For the years ended December 31, | 2024 | 2023
Current tax |  |
Current year | $655 | $568
Global Minimum Taxes | 231 | -
Adjustments related to prior years | 15 | (193)
Total current tax | 901 | 375
Deferred tax |  |
Origination and reversal of temporary differences | 424 | 489
Adjustments related to prior years | (113) | (19)
Total deferred tax | 311 | 470
Income tax expenses (recoveries) | $1,212 | $845
The following table discloses income tax expenses (recoveries) recognized directly in equity.
For the years ended December 31, | 2024 | 2023
Recognized in other comprehensive income |  |
Current income tax expenses (recoveries) | $174 | $320
Deferred income tax expenses (recoveries) | 885 | (326)
Total recognized in other comprehensive income | $1,059 | $(6)
Recognized in equity, other than other comprehensive income |  |
Current income tax expenses (recoveries) | $4 | $5
Deferred income tax expenses (recoveries) | (5) | (4)
Total income tax recognized directly in equity | $(1) | $1
Summary of Reconciliation of Income Tax Expense |
For the years ended December 31, | 2024 | 2023
Net income (loss) before income taxes | $7,090 | $6,452
Income tax expenses (recoveries) at Canadian statutory tax rate | $1,971 | $1,794
Increase (decrease) in income taxes due to: |  |
Tax-exempt investment income | (306) | (199)
Differences in tax rate on income not subject to tax in Canada | (938) | (770)
Adjustments to taxes related to prior years | (98) | (212)
Tax losses and temporary differences not recognized as deferred taxes | 94 | (38)
Global Minimum Taxes | 231 | -
Other differences | 258 | 270
Income tax expenses (recoveries) | $1,212 | $845
Summary of Deferred Tax Assets and Liabilities | The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statements of Financial Position.
As at December 31, | 2024 | 2023
Deferred tax assets | $5,884 | $6,739
Deferred tax liabilities | (1,890) | (1,697)
Net deferred tax assets (liabilities) | $3,994 | $5,042
Summary of Movement of Deferred Tax Assets and Liabilities | The following tables present movement of deferred tax assets and liabilities.
For the year ended December 31, | Balance, January 1, 2024 | Acquired in business combination | Disposals | Recognized in income | Recognized in other comprehensive income | Recognized in equity | Translation and other | Balance, December 31, 2024
Loss carryforwards | $670 | $- | $- | $180 | $- | $(13) | $14 | $851
Actuarial liabilities | 5,813 | - | - | (972) | (1,059) | (1) | 383 | 4,164
Pensions and post-employment benefits | 171 | - | - | 1 | (20) | - | 1 | 153
Tax credits | 122 | - | - | 109 | - | - | 7 | 238
Accrued interest | 1 | - | - | 4 | - | - | - | 5
Real estate | (1,135) | - | - | 214 | 1 | - | (50) | (970)
Lease liability | 38 | - | - | 7 | - | 1 | (1) | 45
Right of use asset and sublease receivable | (34) | - | - | (8) | - | (1) | - | (43)
Securities and other investments | 86 | - | - | 276 | 197 | 2 | (171) | 390
Sale of investments | (18) | - | - | 10 | - | - | - | (8)
Goodwill and intangible assets | (822) | - | - | 24 | - | - | (31) | (829)
Other | 150 | 4 | - | (156) | (4) | 17 | (13) | (2)
Total | $5,042 | $4 | $- | $(311) | $(885) | $5 | $139 | $3,994
For the year ended December 31, | Balance, January 1, 2023 | Acquired in business combination | Disposals | Recognized in income | Recognized in other comprehensive income | Recognized in equity | Translation and other | Balance, December 31, 2023
Loss carryforwards | $701 | $- | $- | $(18) | $- | $(8) | $(5) | $670
Actuarial liabilities | 4,507 | - | - | 188 | 1,198 | - | (80) | 5,813
Pensions and post-employment benefits | 142 | - | - | 4 | 26 | - | (1) | 171
Tax credits | 109 | - | - | 15 | - | - | (2) | 122
Accrued interest | 1 | - | - | - | - | - | - | 1
Real estate | (1,317) | - | - | 168 | - | - | 14 | (1,135)
Lease liability | 47 | - | - | (7) | - | - | (2) | 38
Right of use asset and sublease receivable | (41) | - | - | 7 | - | - | - | (34)
Securities and other investments | 1,560 | - | - | (293) | (1,245) | 2 | 62 | 86
Sale of investments | (30) | - | - | 12 | - | - | - | (18)
Goodwill and intangible assets | (828) | - | - | (12) | - | - | 18 | (822)
Other | 321 | - | - | (534) | 347 | 10 | 6 | 150
Total | $5,172 | $- | $- | $(470) | $326 | $4 | $10 | $5,042

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