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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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Summary of Provision for 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

Summary of Reconciliation of Income Taxes

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

Summary of Deferred Tax Expense Charged (Credited) to Income Statement

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

Summary of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities

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

Summary of General Movement in Net Deferred Income Taxes Account

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