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Income Taxes (Tables)
 12 Months Ended
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