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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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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