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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Disclosure of major components of tax expense |
|  | Years ended December 31
(In millions of dollars) |  | 2024 | 2023
Current tax expense: |  |  |
For the current period |  | 884 |  | 370 |
Change in estimate relating to prior periods |  | (20) |  | (43) |
Total current tax expense |  | 864 |  | 327 |
Deferred tax (recovery) expense: |  |  |
(Reversal) origination of temporary differences |  | (291) |  | 91 |
Change in tax rate |  | — |  | 52 |
Change in estimate relating to prior periods |  | (1) |  | 47 |
Total deferred tax (recovery) expense |  | (292) |  | 190 |
Total income tax expense |  | 572 |  | 517 |
Disclosure of difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the income tax expense | Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.
|  | Years ended December 31
(In millions of dollars, except tax rates) |  | 2024 | 2023
Statutory income tax rate |  | 26.2 | % | 26.2 | %
Income before income tax expense |  | 2,306 |  | 1,366 |
Computed income tax expense |  | 604 |  | 358 |
Increase (decrease) in income tax expense resulting from: |  |  |
Non-deductible stock-based compensation |  | (13) |  | 9 |
Revaluation of deferred tax balances due to corporate reorganization-driven change in income tax rate |  | — |  | 52 |
Non-taxable income from security investments |  | — |  | (16) |
Non-deductible loss on joint venture's non-controlling interest purchase obligation |  | — |  | 111 |
Other |  | (19) |  | 3 |
Total income tax expense |  | 572 |  | 517 |
Effective income tax rate |  | 24.8 | % | 37.8 | %
Disclosure of temporary difference, unused tax losses and unused tax credits | Below is a summary of the movement of net deferred tax assets and liabilities during 2024 and 2023.
Deferred tax assets (liabilities) (In millions of dollars) | Property, plant and equipment and inventory | Goodwill and other intangibles |  | Investments | Lease liabilities | Contract and deferred commission cost assets | Other | Total
December 31, 2023 | (3,509) |  | (3,316) |  |  | (2) |  | 554 |  | (123) |  | 17 |  | (6,379) |
Recovery (expense) in net income | 284 |  | (29) |  |  | 1 |  | 17 |  | (56) |  | 75 |  | 292 |
Expense in other comprehensive income | — |  | — |  |  | (1) |  | — |  | — |  | (193) |  | (194) |
December 31, 2024 | (3,225) |  | (3,345) |  |  | (2) |  | 571 |  | (179) |  | (101) |  | (6,281) |
Deferred tax assets (liabilities) (In millions of dollars) | Property, plant and equipment and inventory | Goodwill and other intangibles |  | Investments | Lease liabilities | Contract and deferred commission cost assets | Other | Total
December 31, 2022 | (2,149) |  | (1,754) |  |  | (89) |  | 458 |  | (87) |  | (31) |  | (3,652) |
(Expense) recovery in net income | (95) |  | (89) |  |  | 35 |  | 14 |  | (36) |  | (19) |  | (190) |
Recovery in other comprehensive income | — |  | — |  |  | 52 |  | — |  | — |  | 115 |  | 167 |
Acquisitions | (1,265) |  | (1,473) |  |  | — |  | 82 |  | — |  | (48) |  | (2,704) |
December 31, 2023 | (3,509) |  | (3,316) |  |  | (2) |  | 554 |  | (123) |  | 17 |  | (6,379) |
Disclosure of unrecognized deferred tax assets | We have not recognized deferred tax assets for the following items:
| As at December 31
(In millions of dollars) | 2024 | 2023
Realized capital losses in Canada that can be applied against future capital gains | 73 |  | 73 |
Unrealized capital losses on debt and derivative instruments | 2,572 |  | 926 |
Tax losses in foreign jurisdictions 1 | 72 |  | 71 |
Deductible temporary differences in foreign jurisdictions | 44 |  | 41 |
Total unrecognized temporary differences | 2,761 |  | 1,111 |
1 $40 million of the tax losses in foreign jurisdictions expire between 2025 and 2037, the remaining $32 million can be carried forward indefinitely.

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