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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
Income Tax (Recovery) Expense |
($ millions) |  | 2020 |  | 2019 |  |
Current: |  |  |  |  |  |
| Current year |  | (650 | ) | 1 524 |  |
| Adjustments to current income tax of prior years |  | (9 | ) | 28 |  |
Deferred: |  |  |  |  |  |
| Origination and reversal of temporary differences |  | (973 | ) | (819 | ) |
| Adjustments in respect of deferred income tax of prior years |  | (52 | ) | 83 |  |
| Changes in tax rates and legislation |  | (106 | ) | (1 124 | ) |
| Movement in unrecognized deferred income tax assets |  | 12 |  | (58 | ) |
Total income tax recovery |  | (1 778 | ) | (366 | ) |
Reconciliation of Effective Tax Rate |
($ millions) |  | 2020 |  | 2019 |
(Loss) earnings before income tax |  | (6 097 | ) | 2 533 |
Canadian statutory tax rate |  | 24.96% |  | 26.74% |
Statutory tax |  | (1 522 | ) | 677 |
Add (deduct) the tax effect of: |  |  |  |  |
| Non-taxable component of capital gains |  | (45 | ) | (146) |
| Share-based compensation and other permanent items |  | 7 |  | 25 |
| Assessments and adjustments |  | (58 | ) | 112 |
| Impact of income tax rates and legislative changes(1) |  | (173 | ) | (1 067) |
| Foreign tax rate differential |  | 3 |  | 83 |
| Movement in unrecognized deferred income tax assets |  | 12 |  | (58) |
| Other |  | (2 | ) | 8 |
Total income tax recovery |  | (1 778 | ) | (366) |
Effective tax rate |  | 29.2% |  | (14.4)% |
(1) | In the second quarter of 2019, the company recognized a deferred income tax recovery of $1.116 billion associated with the Government of Alberta's substantive enactment of legislation for the staged reduction of the corporate income tax rate from 12% to 8%. The deferred income tax recovery of $1.116 billion was comprised of $910 million recovery in the Oil Sands segment, $88 million recovery in the Refining and Marketing segment, $70 million recovery in the Exploration and Production segment, and $48 million recovery in the Corporate and Eliminations segment.
Deferred Income Tax Balances |
|  | Deferred Income Tax (Recovery) Expense |  | Deferred Income Tax Liability (Asset) |  |
($ millions) |  | 2020 |  | 2019 |  | December 31 2020 |  | December 31 2019 |  |
Property, plant and equipment |  | (1 084 | ) | (2 348 | ) | 11 963 |  | 12 814 |  |
Decommissioning and restoration provision |  | 21 |  | 259 |  | (2 304 | ) | (2 092 | ) |
Employee retirement benefit plans |  | 34 |  | 32 |  | (605 | ) | (576 | ) |
Tax loss carry-forwards |  | (20 | ) | 16 |  | (176 | ) | (156 | ) |
Other |  | (70 | ) | 123 |  | (120 | ) | (23 | ) |
Net deferred income tax recovery and liability |  | (1 119 | ) | (1 918 | ) | 8 758 |  | 9 967 |  |
Change in Deferred Income Tax Balances |
($ millions) |  | 2020 |  | 2019 |  |
Net deferred income tax liability, beginning of year |  | 9 967 |  | 11 917 |  |
Recognized in deferred income tax recovery |  | (1 119 | ) | (1 918 | ) |
Recognized in other comprehensive income |  | (62 | ) | (23 | ) |
Foreign exchange, acquisition and other |  | (28 | ) | (9 | ) |
Net deferred income tax liability, end of year |  | 8 758 |  | 9 967 |  |
Deferred Tax in Shareholders' Equity |
($ millions) |  | 2020 |  | 2019 |  |
Deferred Tax in Other Comprehensive Income |  |  |  |  |  |
| Actuarial loss on employment retirement benefit plans |  | (62 | ) | (23 | ) |
Total income tax recovery reported in equity |  | (62 | ) | (23 | ) |

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