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v3.22.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Summary of Reconciliation of Income Taxes | Tax rate reconciliation to the Canadian statutory income tax rate
(CAD$ in millions) |  | 2022 |  | 2021
Profit from continuing operations before taxes |  | $ | 6,565 |  |  | $ | 4,688 |
Loss from discontinued operations before taxes |  | (956) |  |  | (156) |
Profit for the year from continuing and discontinued operations before taxes |  | $ | 5,609 |  |  | $ | 4,532 |
Tax expense at the Canadian statutory income tax rate of 26.53% (2021 – 26.54%) |  | $ | 1,488 |  |  | $ | 1,203 |
Tax effect of: |  |  |  |
Resource taxes |  | 670 |  |  | 426 |
Resource and depletion allowances |  | (96) |  |  | (61) |
Non-deductible expenses (non-taxable income) |  | 74 |  |  | 69 |
Tax pools not recognized (recognition of previously unrecognized tax pools) |  | 5 |  |  | (56) |
Difference in tax rates in foreign jurisdictions |  | 76 |  |  | 75 |
Revisions to prior year estimates |  | 15 |  |  | (14) |
Non-controlling interests |  | (21) |  |  | (15) |
Effect from sale of Fort Hills |  | 83 |  |  | — |
Other |  | 17 |  |  | (10) |
Total income taxes from continuing and discontinued operations |  | $ | 2,311 |  |  | $ | 1,617 |
Represented by: |  |  |  |
Current income taxes |  | 1,413 |  |  | 978 |
Deferred income taxes |  | 898 |  |  | 639 |
Total income taxes from continuing and discontinued operations |  | $ | 2,311 |  |  | $ | 1,617 |
Provision for income taxes from continuing operations |  | 2,495 |  | 1,518
Provision for (recovery of) income taxes from discontinued operations |  | (184) |  | 99
Total income taxes from continuing and discontinued operations |  | $ | 2,311 |  |  | $ | 1,617 |
Current income taxes are accrued and paid in all jurisdictions in which we operate. 22. Income Taxes (continued) b) Continuity of deferred tax assets and liabilities
(CAD$ in millions) |  | January 1, 2022 |  | Through Profit (Loss) |  | Through OCI |  | Transfer | December 31, 2022
Net operating loss and capital loss carryforwards |  | $ | 141 |  |  | $ | (98) |  |  | $ | 5 |  |  | $ | — |  | $ | 48 |
Property, plant and equipment |  | (180) |  |  | 15 |  |  | — |  |  | — |  | (165) |
Decommissioning and restoration provisions |  | 190 |  |  | (35) |  |  | — |  |  | — |  | 155 |
Other timing differences (TDs) |  | 10 |  |  | 51 |  |  | (24) |  |  | — |  | 37 |
Deferred income tax assets |  | $ | 161 |  |  | $ | (67) |  |  | $ | (19) |  |  | $ | — |  | $ | 75 |
Net operating loss and capital loss carryforwards |  | $ | (532) |  |  | $ | 93 |  |  | $ | (19) |  |  | $ | — |  | $ | (458) |
Property, plant and equipment |  | 7,546 |  |  | (333) |  |  | 89 |  |  | (68) |  | 7,234 |
Decommissioning and restoration provisions |  | (1,050) |  |  | 261 |  |  | (14) |  |  | — |  | (803) |
Unrealized foreign exchange |  | (85) |  |  | 3 |  |  | (9) |  |  | — |  | (91) |
Withholding taxes |  | 100 |  |  | 27 |  |  | 6 |  |  | — |  | 133 |
Inventories |  | 156 |  |  | (9) |  |  | 1 |  |  | — |  | 148 |
Partnership income deferral and other TDs |  | (162) |  |  | 789 |  |  | (12) |  |  | — |  | 615 |
Deferred income tax liabilities |  | $ | 5,973 |  |  | $ | 831 |  |  | $ | 42 |  |  | $ | (68) |  | $ | 6,778 |
The transfer column refers to deferred tax assets and deferred tax liabilities related to assets held for sale (Note 5).
(CAD$ in millions) |  | January 1, 2021 |  | Through Profit (Loss) |  | Through OCI |  | December 31, 2021
Net operating loss and capital loss carryforwards |  | $ | 247 |  |  | $ | (106) |  |  | $ | — |  |  | $ | 141 |
Property, plant and equipment |  | (168) |  |  | (12) |  |  | — |  |  | (180) |
Decommissioning and restoration provisions |  | 158 |  |  | 32 |  |  | — |  |  | 190 |
Other temporary differences |  | 34 |  |  | (19) |  |  | (5) |  |  | 10 |
Deferred income tax assets |  | $ | 271 |  |  | $ | (105) |  |  | $ | (5) |  |  | $ | 161 |
Net operating loss and capital loss carryforwards |  | $ | (1,038) |  |  | $ | 503 |  |  | $ | 3 |  |  | $ | (532) |
Property, plant and equipment |  | 7,369 |  |  | 176 |  |  | 1 |  |  | 7,546 |
Decommissioning and restoration provisions |  | (962) |  |  | (86) |  |  | (2) |  |  | (1,050) |
Unrealized foreign exchange |  | (88) |  |  | 1 |  |  | 2 |  |  | (85) |
Withholding taxes |  | 95 |  |  | 6 |  |  | (1) |  |  | 100 |
Inventories |  | 110 |  |  | 47 |  |  | (1) |  |  | 156 |
Other temporary differences |  | (103) |  |  | (113) |  |  | 54 |  |  | (162) |
Deferred income tax liabilities |  | $ | 5,383 |  |  | $ | 534 |  |  | $ | 56 |  |  | $ | 5,973 |
Summary of Deferred Tax Expense Charged (Credited) to Income Statement | Continuity of deferred tax assets and liabilities
(CAD$ in millions) |  | January 1, 2022 |  | Through Profit (Loss) |  | Through OCI |  | Transfer | December 31, 2022
Net operating loss and capital loss carryforwards |  | $ | 141 |  |  | $ | (98) |  |  | $ | 5 |  |  | $ | — |  | $ | 48 |
Property, plant and equipment |  | (180) |  |  | 15 |  |  | — |  |  | — |  | (165) |
Decommissioning and restoration provisions |  | 190 |  |  | (35) |  |  | — |  |  | — |  | 155 |
Other timing differences (TDs) |  | 10 |  |  | 51 |  |  | (24) |  |  | — |  | 37 |
Deferred income tax assets |  | $ | 161 |  |  | $ | (67) |  |  | $ | (19) |  |  | $ | — |  | $ | 75 |
Net operating loss and capital loss carryforwards |  | $ | (532) |  |  | $ | 93 |  |  | $ | (19) |  |  | $ | — |  | $ | (458) |
Property, plant and equipment |  | 7,546 |  |  | (333) |  |  | 89 |  |  | (68) |  | 7,234 |
Decommissioning and restoration provisions |  | (1,050) |  |  | 261 |  |  | (14) |  |  | — |  | (803) |
Unrealized foreign exchange |  | (85) |  |  | 3 |  |  | (9) |  |  | — |  | (91) |
Withholding taxes |  | 100 |  |  | 27 |  |  | 6 |  |  | — |  | 133 |
Inventories |  | 156 |  |  | (9) |  |  | 1 |  |  | — |  | 148 |
Partnership income deferral and other TDs |  | (162) |  |  | 789 |  |  | (12) |  |  | — |  | 615 |
Deferred income tax liabilities |  | $ | 5,973 |  |  | $ | 831 |  |  | $ | 42 |  |  | $ | (68) |  | $ | 6,778 |
The transfer column refers to deferred tax assets and deferred tax liabilities related to assets held for sale (Note 5).
(CAD$ in millions) |  | January 1, 2021 |  | Through Profit (Loss) |  | Through OCI |  | December 31, 2021
Net operating loss and capital loss carryforwards |  | $ | 247 |  |  | $ | (106) |  |  | $ | — |  |  | $ | 141 |
Property, plant and equipment |  | (168) |  |  | (12) |  |  | — |  |  | (180) |
Decommissioning and restoration provisions |  | 158 |  |  | 32 |  |  | — |  |  | 190 |
Other temporary differences |  | 34 |  |  | (19) |  |  | (5) |  |  | 10 |
Deferred income tax assets |  | $ | 271 |  |  | $ | (105) |  |  | $ | (5) |  |  | $ | 161 |
Net operating loss and capital loss carryforwards |  | $ | (1,038) |  |  | $ | 503 |  |  | $ | 3 |  |  | $ | (532) |
Property, plant and equipment |  | 7,369 |  |  | 176 |  |  | 1 |  |  | 7,546 |
Decommissioning and restoration provisions |  | (962) |  |  | (86) |  |  | (2) |  |  | (1,050) |
Unrealized foreign exchange |  | (88) |  |  | 1 |  |  | 2 |  |  | (85) |
Withholding taxes |  | 95 |  |  | 6 |  |  | (1) |  |  | 100 |
Inventories |  | 110 |  |  | 47 |  |  | (1) |  |  | 156 |
Other temporary differences |  | (103) |  |  | (113) |  |  | 54 |  |  | (162) |
Deferred income tax liabilities |  | $ | 5,383 |  |  | $ | 534 |  |  | $ | 56 |  |  | $ | 5,973 |

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