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Income Taxes | 12 Months Ended
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Dec. 31, 2017
Text block1 [abstract] |
Income Taxes |
19. | Income Taxes
a) | Provision for Income Taxes
(CAD$ in millions) |  | 2017 |  |  | 2016 |
Current |  |  |  |  |  |  |  |
Current taxes on profits for the year |  | $ | 1,014 |  |  | $ | 551 |
Adjustments for current taxes of prior periods |  |  | (15 | ) |  |  | (14 | )
Total current taxes |  | $ | 999 |  |  | $ | 537 |
Deferred |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  | $ | 444 |  |  | $ | 42 |
Adjustments to deferred taxes of prior periods |  |  | 23 |  |  |  | (2 | )
Tax losses not recognized (recognition of previously unrecognized losses) |  |  | (9 | ) |  |  | (10 | )
Effect due to tax legislative changes |  |  | (19 | ) |  |  | 20 |
Total deferred taxes |  | $ | 439 |  |  | $ | 50 |
|  | $ | 1,438 |  |  | $ | 587 |
b) | Reconciliation of income taxes calculated at the Canadian statutory income tax rate to the actual provision for income taxes is as follows:
(CAD$ in millions) |  | 2017 |  |  | 2016 |
Tax (recovery) expense at the Canadian statutory income tax rate of 26.10% (2016 — 26.10%) |  | $ | 1,038 |  |  | $ | 425 |
Tax effect of: |  |  |  |  |  |  |  |
Resource taxes |  |  | 371 |  |  |  | 170 |
Resource and depletion allowances |  |  | (128 | ) |  |  | (110 | )
Non-temporary differences including one-half of capital gains and losses |  |  | 14 |  |  |  | (15 | )
Tax pools not recognized (recognition of previously unrecognized tax pools) |  |  | (9 | ) |  |  | (10 | )
Effect due to tax legislative changes |  |  | (19 | ) |  |  | 20 |
Withholding taxes |  |  | 57 |  |  |  | 40 |
Difference in tax rates in foreign jurisdictions |  |  | 129 |  |  |  | 90 |
Revisions to prior year estimates |  |  | 12 |  |  |  | (5 | )
Other |  |  | (27 | ) |  |  | (18 | )
|  | $ | 1,438 |  |  | $ | 587 |
Effective January 1, 2018, the Canadian statutory tax rate increased by 1% due to the British Columbia legislative change which resulted in an increase to deferred tax liabilities of $82 million. As a result of the enacted U.S. tax reform, our statutory U.S. federal income tax rate decreased from 35% to 21%. Accordingly, a $101 million reduction in our deferred tax liabilities was recorded, which relates to the reduction in corporate income tax rate and the repeal of the corporate alternative minimum tax regime.
c) | The amount of deferred tax expense charged (credited) to the income statement is as follows:
(CAD$ in millions) |  | 2017 |  |  | 2016 |
Net operating loss carryforwards |  | $ | 133 |  |  | $ | (154 | )
Capital allowances in excess of depreciation |  |  | 775 |  |  |  | 311 |
Decommissioning and restoration provisions |  |  | (393 | ) |  |  | (212 | )
U.S. alternative minimum tax credits |  |  | (31 | ) |  |  | (9 | )
Unrealized foreign exchange losses |  |  | 89 |  |  |  | 113 |
Withholding taxes |  |  | (10 | ) |  |  | 4 |
Retirement benefit plans |  |  | 4 |  |  |  | 2 |
Other temporary differences |  |  | (128 | ) |  |  | (5 | )
|  | $ | 439 |  |  | $ | 50 |
d) | Temporary differences giving rise to deferred income tax assets and liabilities are as follows:
(CAD$ in millions) |  | December 31, 2017 |  |  | December 31, 2016 |
Net operating loss carryforwards |  | $ | 58 |  |  | $ | 32 |
Property, plant and equipment |  |  | (189 | ) |  |  | 35 |
Decommissioning and restoration provisions |  |  | 78 |  |  |  | — |
U.S. alternative minimum tax credits |  |  | 143 |  |  |  | — |
Retirement benefit plans |  |  | 23 |  |  |  | — |
Other temporary differences |  |  | 41 |  |  |  | 45 |
Deferred income tax assets |  | $ | 154 |  |  | $ | 112 |
Net operating loss carryforwards |  | $ | (1,059 | ) |  | $ | (1,218 | )
Property, plant and equipment |  |  | 7,390 |  |  |  | 6,881 |
Decommissioning and restoration provisions |  |  | (754 | ) |  |  | (439 | )
U.S. alternative minimum tax credits |  |  | — |  |  |  | (112 | )
Unrealized foreign exchange |  |  | (135 | ) |  |  | (224 | )
Withholding taxes |  |  | 79 |  |  |  | 89 |
Retirement benefit plans |  |  | (22 | ) |  |  | (92 | )
Other temporary differences |  |  | (101 | ) |  |  | 11 |
Deferred income tax liabilities |  | $ | 5,398 |  |  | $ | 4,896 |
e) | The general movement in the net deferred income taxes account is as follows:
(CAD$ in millions) |  | 2017 |  |  | 2016 |
As at January 1 |  | $ | 4,784 |  |  | $ | 4,738 |
Income statement change |  |  | 439 |  |  |  | 50 |
Amounts recognized in equity |  |  | — |  |  |  | 6 |
Tax charge relating to components of other comprehensive income |  |  | 90 |  |  |  | 37 |
Foreign exchange and other differences |  |  | (69 | ) |  |  | (47 | )
As at December 31 |  | $ | 5,244 |  |  | $ | 4,784 |
f) | Deferred Tax Liabilities Not Recognized
Deferred tax liabilities of $694 million (2016 — $730 million) have not been recognized on the unremitted earnings associated with investments in subsidiaries and interests in joint arrangements where we are in a position to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future.
g) | Loss Carryforwards and Canadian Development Expenses
At December 31, 2017, we had $3.63 billion of Canadian federal net operating loss carryforwards (2016 — $4.57 billion). These loss carryforwards expire at various dates between 2028 and 2036. We have $981 million of cumulative Canadian development expenses at December 31, 2017 (2016 — $1.33 billion), which are deductible for income tax purposes on a declining balance basis at a maximum rate of 30% per year. The deferred tax benefits of these pools have been recognized. In addition, we have $103.7 million of Canadian federal and provincial investment tax credits that expire at various dates between 2021 and 2037.
h) | Deferred Tax Assets Not Recognized
We have not recognized $231 million (2016 — $270 million) of deferred tax assets associated with unused tax credits and tax pools in entities and jurisdictions that do not have established sources of taxable income.

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