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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Schedule of income tax expense (recovery) | ​
​ | ​ | ​ | ​ | ​ | ​
($ millions) |  | 2023 |  | 2022 |
Current: | ​ | ​ | ​ | ​ | ​
Current year |  | 1 782 |  | 4 333 | ​
Adjustments in respect of current income tax of prior years |  | (48) |  | (104) | ​
Deferred: | ​ | ​ | ​ | ​ | ​
Origination and reversal of temporary differences |  | 542 |  | (1 063) | ​
Adjustments in respect of deferred income tax of prior years |  | 96 |  | 54 | ​
Changes in tax rates and legislation |  | (60) |  | (27) | ​
Movement in unrecognized deferred income tax assets |  | (18) |  | 46 | ​
Total income tax expense |  | 2 294 |  | 3 239 | ​
​
Reconciliation of Effective Tax Rate | The provision for income taxes reflects an effective tax rate that differs from the statutory tax rate. A reconciliation of the difference is as follows:
​ | ​ | ​ | ​ | ​ | ​
($ millions) |  | 2023 |  | 2022 |
Earnings before income tax |  | 10 589 |  | 12 316 | ​
Canadian statutory tax rate |  | 23.99% | ​ | 24.16% | ​
Statutory tax |  | 2 540 |  | 2 976 | ​
Add (deduct) the tax effect of: | ​ | ​ | ​ | ​ | ​
Non-taxable component of capital (gains) losses |  | (10) |  | 67 | ​
Share-based compensation and other permanent items |  | 14 |  | - | ​
Assessments and adjustments |  | 63 |  | (49) | ​
Impact of income tax rates and legislative changes(1) |  | (74) |  | (84) | ​
Non-taxable component of acquisitions and dispositions(2) | ​ | (461) | ​ | (25) | ​
Foreign tax rate differential(3) |  | 234 |  | 290 | ​
Movement in unrecognized deferred income tax assets |  | (18) |  | 46 | ​
Other |  | 6 |  | 18 | ​
Total income tax expense |  | 2 294 |  | 3 239 | ​
Effective tax rate |  | 21.7% |  | 26.3% | ​
(1) | The year ended December 31, 2022 includes a current income tax recovery of $39 million related to the sale of the company’s wind and solar assets (note 16).
(2) | The year ended December 31, 2023 includes a non-taxable gain on the U.K. disposition and a bargain purchase gain on the TotalEnergies Canada acquisition (note 16).
(3) | The year ended December 31, 2022 includes a deferred income tax recovery of $171 million related to the sale of the company’s UK assets (note 16)
Schedule of deferred income tax balances | The significant components of the company’s deferred income tax (assets) liabilities and deferred income tax expense (recovery) are comprised of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Deferred Income Tax Expense (Recovery) | ​ | Deferred Income Tax Liability (Asset) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | December 31 | ​ | December 31 |
($ millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Property, plant and equipment |  | (423) |  | (729) |  | 10 996 |  | 11 093 | ​
Decommissioning and restoration provision |  | (25) |  | (10) |  | (2 644) |  | (2 292) | ​
Employee retirement benefit plans |  | (23) |  | (92) |  | (278) |  | (297) | ​
Tax loss carry-forwards(1) |  | 867 |  | (14) |  | (11) |  | (29) | ​
Other |  | 164 |  | (145) |  | (147) |  | (111) | ​
Net deferred income tax (recovery) / expense and liability |  | 560 |  | (990) |  | 7 916 |  | 8 364 | ​
(1) | The year ended December 31, 2023, the company used tax losses arising from the acquisition of TotalEnergies Canada (note 16).
​ ​
Summary of changes in deferred income tax balances | ​
​ | ​ | ​ | ​ | ​ | ​
($ millions) |  | 2023 |  | 2022 |
Net deferred income tax liability, beginning of year |  | 8 364 |  | 9 081 | ​
Recognized in deferred income tax (recovery) / expense |  | 560 |  | (990) | ​
Recognized in other comprehensive income |  | 42 |  | 264 | ​
Foreign exchange, acquisition, disposition and other |  | (1 050) |  | 9 | ​
Net deferred income tax liability, end of year |  | 7 916 |  | 8 364 | ​
​
Schedule of deferred tax in shareholders' equity | ​
​ | ​ | ​ | ​ | ​ | ​
($ millions) |  | 2023 |  | 2022 |
Deferred Tax in Other Comprehensive Income | ​ | ​ | ​ | ​ | ​
Actuarial gain on employment retirement benefit plans |  | 42 |  | 264 | ​
Total income tax expense reported in equity |  | 42 |  | 264 | ​
​

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