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v3.20.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Summary of Reconciliation of Income Taxes |
(CAD$ in millions) |  | 2020 |  | 2019
Tax expense (recovery) at the Canadian statutory income tax rate of 26.58% (2019 – 26.94%) |  | $ | (302) |  |  | $ | (126) |
Tax effect of: |  |  |  |
Resource taxes |  | 106 |  |  | 226 |
Resource and depletion allowances |  | (68) |  |  | (85) |
Non-deductible expenses (non-taxable income) |  | 28 |  |  | (6) |
Impact of initial recognition exemption related to the Frontier oil sands project |  | — |  |  | 117 |
Tax pools not recognized (recognition of previously unrecognized tax pools) |  | 5 |  |  | (2) |
Effect due to tax legislative changes |  | 3 |  |  | (39) |
Withholding taxes on foreign earnings |  | 40 |  |  | 39 |
Difference in tax rates in foreign jurisdictions |  | 1 |  |  | (2) |
Revisions to prior year estimates |  | (4) |  |  | 2 |
Other |  | (1) |  |  | (4) |
Total income taxes |  | $ | (192) |  |  | $ | 120 |
Represented by: |  |  |  |
Current income taxes |  | $ | 374 |  |  | $ | 576 |
Deferred income taxes |  | (566) |  |  | (456) |
Total income taxes |  | $ | (192) |  |  | $ | 120 |
b)The continuity related to deferred tax assets and liabilities is as follows:
(CAD$ in millions) |  | January 1, 2020 |  | Through Profit (Loss) |  | Through OCI |  | Through Equity |  | December 31, 2020
Net operating loss carryforwards |  | $ | 190 |  |  | $ | 57 |  |  | $ | — |  |  | $ | — |  |  | $ | 247 |
Property, plant and equipment |  | (144) |  |  | (22) |  |  | (2) |  |  | — |  |  | (168) |
Decommissioning and restoration provisions |  | 123 |  |  | 35 |  |  | — |  |  | — |  |  | 158 |
Other temporary differences |  | 42 |  |  | (13) |  |  | 5 |  |  | — |  |  | 34 |
Deferred income tax assets |  | $ | 211 |  |  | $ | 57 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 271 |
Net operating loss carryforwards |  | $ | (642) |  |  | $ | (408) |  |  | $ | 12 |  |  | $ | — |  |  | $ | (1,038) |
Property, plant and equipment |  | 7,101 |  |  | 294 |  |  | (26) |  |  | — |  |  | 7,369 |
Decommissioning and restoration provisions |  | (637) |  |  | (327) |  |  | 2 |  |  | — |  |  | (962) |
Unrealized foreign exchange |  | (116) |  |  | 11 |  |  | 17 |  |  | — |  |  | (88) |
Withholding taxes |  | 91 |  |  | 6 |  |  | (2) |  |  | — |  |  | 95 |
Inventories |  | 91 |  |  | 19 |  |  | — |  |  | — |  |  | 110 |
Other temporary differences |  | 14 |  |  | (104) |  |  | (13) |  |  | — |  |  | (103) |
Deferred income tax liabilities |  | $ | 5,902 |  |  | $ | (509) |  |  | $ | (10) |  |  | $ | — |  |  | $ | 5,383 |
(CAD$ in millions) |  | January 1, 2019 |  | Through Profit (Loss) |  | Through OCI |  | Through Equity |  | December 31, 2019
Net operating loss carryforwards |  | $ | 139 |  |  | $ | 54 |  |  | $ | (3) |  |  | $ | — |  |  | $ | 190 |
Property, plant and equipment |  | (130) |  |  | (13) |  |  | (1) |  |  | — |  |  | (144) |
Decommissioning and restoration provisions |  | 94 |  |  | 29 |  |  | — |  |  | — |  |  | 123 |
Other temporary differences |  | 57 |  |  | 20 |  |  | (26) |  |  | (9) |  |  | 42 |
Deferred income tax assets |  | $ | 160 |  |  | $ | 90 |  |  | $ | (30) |  |  | $ | (9) |  |  | $ | 211 |
Net operating loss carryforwards |  | $ | (750) |  |  | $ | 111 |  |  | $ | 3 |  |  | $ | (6) |  |  | $ | (642) |
Property, plant and equipment |  | 7,402 |  |  | (232) |  |  | (69) |  |  | — |  |  | 7,101 |
Decommissioning and restoration provisions |  | (474) |  |  | (170) |  |  | 7 |  |  | — |  |  | (637) |
U.S. alternative minimum tax credits |  | (38) |  |  | 37 |  |  | 1 |  |  | — |  |  | — |
Unrealized foreign exchange |  | (146) |  |  | 4 |  |  | 26 |  |  | — |  |  | (116) |
Withholding taxes |  | 104 |  |  | (8) |  |  | (5) |  |  | — |  |  | 91 |
Inventories |  | 97 |  |  | (5) |  |  | (1) |  |  | — |  |  | 91 |
Other temporary differences |  | 116 |  |  | (103) |  |  | 1 |  |  | — |  |  | 14 |
Deferred income tax liabilities |  | $ | 6,311 |  |  | $ | (366) |  |  | $ | (37) |  |  | $ | (6) |  |  | $ | 5,902 |
Summary of Deferred Tax Expense Charged (Credited) to Income Statement | The continuity related to deferred tax assets and liabilities is as follows:
(CAD$ in millions) |  | January 1, 2020 |  | Through Profit (Loss) |  | Through OCI |  | Through Equity |  | December 31, 2020
Net operating loss carryforwards |  | $ | 190 |  |  | $ | 57 |  |  | $ | — |  |  | $ | — |  |  | $ | 247 |
Property, plant and equipment |  | (144) |  |  | (22) |  |  | (2) |  |  | — |  |  | (168) |
Decommissioning and restoration provisions |  | 123 |  |  | 35 |  |  | — |  |  | — |  |  | 158 |
Other temporary differences |  | 42 |  |  | (13) |  |  | 5 |  |  | — |  |  | 34 |
Deferred income tax assets |  | $ | 211 |  |  | $ | 57 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 271 |
Net operating loss carryforwards |  | $ | (642) |  |  | $ | (408) |  |  | $ | 12 |  |  | $ | — |  |  | $ | (1,038) |
Property, plant and equipment |  | 7,101 |  |  | 294 |  |  | (26) |  |  | — |  |  | 7,369 |
Decommissioning and restoration provisions |  | (637) |  |  | (327) |  |  | 2 |  |  | — |  |  | (962) |
Unrealized foreign exchange |  | (116) |  |  | 11 |  |  | 17 |  |  | — |  |  | (88) |
Withholding taxes |  | 91 |  |  | 6 |  |  | (2) |  |  | — |  |  | 95 |
Inventories |  | 91 |  |  | 19 |  |  | — |  |  | — |  |  | 110 |
Other temporary differences |  | 14 |  |  | (104) |  |  | (13) |  |  | — |  |  | (103) |
Deferred income tax liabilities |  | $ | 5,902 |  |  | $ | (509) |  |  | $ | (10) |  |  | $ | — |  |  | $ | 5,383 |
(CAD$ in millions) |  | January 1, 2019 |  | Through Profit (Loss) |  | Through OCI |  | Through Equity |  | December 31, 2019
Net operating loss carryforwards |  | $ | 139 |  |  | $ | 54 |  |  | $ | (3) |  |  | $ | — |  |  | $ | 190 |
Property, plant and equipment |  | (130) |  |  | (13) |  |  | (1) |  |  | — |  |  | (144) |
Decommissioning and restoration provisions |  | 94 |  |  | 29 |  |  | — |  |  | — |  |  | 123 |
Other temporary differences |  | 57 |  |  | 20 |  |  | (26) |  |  | (9) |  |  | 42 |
Deferred income tax assets |  | $ | 160 |  |  | $ | 90 |  |  | $ | (30) |  |  | $ | (9) |  |  | $ | 211 |
Net operating loss carryforwards |  | $ | (750) |  |  | $ | 111 |  |  | $ | 3 |  |  | $ | (6) |  |  | $ | (642) |
Property, plant and equipment |  | 7,402 |  |  | (232) |  |  | (69) |  |  | — |  |  | 7,101 |
Decommissioning and restoration provisions |  | (474) |  |  | (170) |  |  | 7 |  |  | — |  |  | (637) |
U.S. alternative minimum tax credits |  | (38) |  |  | 37 |  |  | 1 |  |  | — |  |  | — |
Unrealized foreign exchange |  | (146) |  |  | 4 |  |  | 26 |  |  | — |  |  | (116) |
Withholding taxes |  | 104 |  |  | (8) |  |  | (5) |  |  | — |  |  | 91 |
Inventories |  | 97 |  |  | (5) |  |  | (1) |  |  | — |  |  | 91 |
Other temporary differences |  | 116 |  |  | (103) |  |  | 1 |  |  | — |  |  | 14 |
Deferred income tax liabilities |  | $ | 6,311 |  |  | $ | (366) |  |  | $ | (37) |  |  | $ | (6) |  |  | $ | 5,902 |

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