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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Summary of Provision for Income Taxes |
a) | Provision for Income Taxes
|  | 2018 |  |  | 2017 |
(CAD$ in millions) |  |  |  |  | (restated) |
Current |  |  |  |  |  |  |  |
Current taxes on profits for the year |  | $ | 697 |  |  | $ | 1,009 |
Adjustments for current taxes of prior periods |  |  | (6 | ) |  |  | (15 | )
Total current taxes |  | $ | 691 |  |  | $ | 994 |
Deferred |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  | $ | 686 |  |  | $ | 436 |
Adjustments to deferred taxes of prior periods |  |  | (16 | ) |  |  | 23 |
Tax losses not recognized (recognition of previously unrecognized losses) |  |  | 4 |  |  |  | (9 | )
Effect due to tax legislative changes |  |  | — |  |  |  | (19 | )
Total deferred taxes |  | $ | 674 |  |  | $ | 431 |
|  | $ | 1,365 |  |  | $ | 1,425 |
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:
|  | 2018 |  |  | 2017 |
(CAD$ in millions) |  |  |  |  | (restated) |
Tax expense at the Canadian statutory income tax rate of 27% (2017 – 26.10%) |  | $ | 1,217 |  |  | $ | 1,021 |
Tax effect of: |  |  |  |  |  |  |  |
Resource taxes |  |  | 360 |  |  |  | 368 |
Resource and depletion allowances |  |  | (80 | ) |  |  | (127 | )
Non-temporary differences including one-half of capital gains and losses |  |  | (157 | ) |  |  | 14 |
Tax pools not recognized (recognition of previously unrecognized tax pools) |  |  | 4 |  |  |  | (9 | )
Effect due to tax legislative changes |  |  | — |  |  |  | (13 | )
Withholding taxes |  |  | 47 |  |  |  | 57 |
Difference in tax rates in foreign jurisdictions |  |  | 2 |  |  |  | 129 |
Revisions to prior year estimates |  |  | (21 | ) |  |  | 12 |
Other |  |  | (7 | ) |  |  | (27 | )
|  | $ | 1,365 |  |  | $ | 1,425 |
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:
|  | 2018 |  |  | 2017 |
(CAD$ in millions) |  |  |  |  | (restated) |
Net operating loss carryforwards |  | $ | 234 |  |  | $ | 127 |
Capital allowances in excess of depreciation |  |  | (92 | ) |  |  | 775 |
Decommissioning and restoration provisions |  |  | 264 |  |  |  | (393 | )
U.S. alternative minimum tax credits |  |  | 105 |  |  |  | (31 | )
Unrealized foreign exchange losses |  |  | (11 | ) |  |  | 89 |
Withholding taxes |  |  | 25 |  |  |  | (10 | )
Inventories |  |  | 32 |  |  |  | (12 | )
Other temporary differences |  |  | 117 |  |  |  | (114 | )
|  | $ | 674 |  |  | $ | 431 |
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:
|  | December 31, 2018 |  |  | December 31, 2017 |  |  | January 1, 2017 |
(CAD$ in millions) |  |  |  |  | (restated) |  |  | (restated) |
Net operating loss carryforwards |  | $ | 139 |  |  | $ | 58 |  |  | $ | 32 |
Property, plant and equipment |  |  | (130 | ) |  |  | (189 | ) |  |  | 35 |
Decommissioning and restoration provisions |  |  | 94 |  |  |  | 78 |  |  |  | — |
U.S. alternative minimum tax credits |  |  | — |  |  |  | 143 |  |  |  | — |
Other temporary differences |  |  | 57 |  |  |  | 64 |  |  |  | 45 |
Deferred income tax assets |  | $ | 160 |  |  | $ | 154 |  |  | $ | 112 |
Net operating loss carryforwards |  | $ | (750 | ) |  | $ | (1,065 | ) |  | $ | (1,218 | )
Property, plant and equipment |  |  | 7,422 |  |  |  | 7,390 |  |  |  | 6,881 |
Decommissioning and restoration provisions |  |  | (474 | ) |  |  | (754 | ) |  |  | (439 | )
U.S. alternative minimum tax credits |  |  | (38 | ) |  |  | — |  |  |  | (112 | )
Unrealized foreign exchange |  |  | (146 | ) |  |  | (135 | ) |  |  | (224 | )
Withholding taxes |  |  | 104 |  |  |  | 79 |  |  |  | 89 |
Inventories |  |  | 97 |  |  |  | 65 |  |  |  | 77 |
Other temporary differences |  |  | 116 |  |  |  | (1 | ) |  |  | 32 |
Deferred income tax liabilities |  | $ | 6,331 |  |  | $ | 5,579 |  |  | $ | 5,086 |
Summary of Movement in Net Deferred Income Taxes Account |
e) | The movement in the net deferred income taxes account is as follows:
|  | 2018 |  |  | 2017 |
(CAD$ in millions) |  |  |  |  | (restated) |
As at January 1 |  | $ | 5,425 |  |  | $ | 4,974 |
Income statement change |  |  | 674 |  |  |  | 431 |
Tax charge relating to components of other comprehensive income |  |  | (47 | ) |  |  | 90 |
Foreign exchange and other differences |  |  | 119 |  |  |  | (70 | )
As at December 31 |  | $ | 6,171 |  |  | $ | 5,425 |

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