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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Summary of Reconciliation of Income Taxes | Tax Rate Reconciliation to the Canadian Statutory Income Tax Rate
(CAD$ in millions) |  | 2023 |  | 2022
Profit from continuing operations before taxes |  | $ | 3,944 |  |  | $ | 6,565 |
Loss from discontinued operations before taxes (Note 5) |  | (28) |  |  | (956) |
Profit for the year from continuing and discontinued operations before taxes |  | $ | 3,916 |  |  | $ | 5,609 |
Tax expense at the Canadian statutory income tax rate of 27% (2022 – 26.53%) |  | $ | 1,057 |  |  | $ | 1,488 |
Tax effect of: |  |  |  |
Resource taxes |  | 419 |  |  | 670 |
Resource and depletion allowances |  | (64) |  |  | (96) |
Non-deductible expenses (non-taxable income) |  | 42 |  |  | 74 |
Tax pools not recognized (recognition of previously unrecognized tax pools) |  | 8 |  |  | 5 |
Effect of new Chilean royalty (f) |  | 106 |  |  | — |
Difference in tax rates in foreign jurisdictions |  | 48 |  |  | 76 |
Revisions to prior year estimates |  | 17 |  |  | 15 |
Non-controlling interests |  | (25) |  |  | (21) |
Effect from sale of Fort Hills |  | 2 |  |  | 83 |
Other |  | (2) |  |  | 17 |
Total income taxes from continuing and discontinued operations |  | $ | 1,608 |  |  | $ | 2,311 |
Represented by: |  |  |  |
Current income taxes |  | 2,228 |  |  | 1,413 |
Deferred income taxes |  | (620) |  |  | 898 |
Total income taxes from continuing and discontinued operations |  | $ | 1,608 |  |  | $ | 2,311 |
Provision for income taxes from continuing operations |  | 1,610 |  | 2,495
Recovery of income taxes from discontinued operations |  | (2) |  | (184)
Total income taxes from continuing and discontinued operations |  | $ | 1,608 |  |  | $ | 2,311 |
Current income taxes are accrued and paid in all jurisdictions in which we operate. 23. Income Taxes (continued) b) Continuity of Deferred Tax Assets and Liabilities
(CAD$ in millions) |  | January 1, 2023 |  | Through Profit (Loss) |  | Through OCI |  | Transfer | December 31, 2023
Net operating loss and capital loss carryforwards |  | $ | 48 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  | $ | 61 |
Property, plant and equipment |  | (165) |  |  | (2) |  |  | — |  |  | — |  | (167) |
Decommissioning and restoration provisions |  | 155 |  |  | 12 |  |  | — |  |  | — |  | 167 |
Other timing differences (TDs) |  | 37 |  |  | (21) |  |  | (12) |  |  | — |  | 4 |
Deferred income tax assets |  | $ | 75 |  |  | $ | 2 |  |  | $ | (12) |  |  | $ | — |  | $ | 65 |
Net operating loss and capital loss carryforwards |  | $ | (458) |  |  | $ | (205) |  |  | $ | 11 |  |  | $ | — |  | $ | (652) |
Property, plant and equipment |  | 7,234 |  |  | 638 |  |  | (46) |  |  | 68 |  | 7,894 |
Decommissioning and restoration provisions |  | (803) |  |  | (371) |  |  | 7 |  |  | — |  | (1,167) |
Unrealized foreign exchange |  | (91) |  |  | 7 |  |  | 9 |  |  | — |  | (75) |
Withholding taxes |  | 133 |  |  | (14) |  |  | (3) |  |  | — |  | 116 |
Inventories |  | 148 |  |  | 10 |  |  | 3 |  |  | — |  | 161 |
Partnership income deferral and other TDs |  | 615 |  |  | (754) |  |  | 50 |  |  | — |  | (89) |
Deferred income tax liabilities |  | $ | 6,778 |  |  | $ | (689) |  |  | $ | 31 |  |  | $ | 68 |  | $ | 6,188 |
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, 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 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 |
Summary of Deferred Tax Expense Charged (Credited) to Income Statement | Continuity of Deferred Tax Assets and Liabilities
(CAD$ in millions) |  | January 1, 2023 |  | Through Profit (Loss) |  | Through OCI |  | Transfer | December 31, 2023
Net operating loss and capital loss carryforwards |  | $ | 48 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  | $ | 61 |
Property, plant and equipment |  | (165) |  |  | (2) |  |  | — |  |  | — |  | (167) |
Decommissioning and restoration provisions |  | 155 |  |  | 12 |  |  | — |  |  | — |  | 167 |
Other timing differences (TDs) |  | 37 |  |  | (21) |  |  | (12) |  |  | — |  | 4 |
Deferred income tax assets |  | $ | 75 |  |  | $ | 2 |  |  | $ | (12) |  |  | $ | — |  | $ | 65 |
Net operating loss and capital loss carryforwards |  | $ | (458) |  |  | $ | (205) |  |  | $ | 11 |  |  | $ | — |  | $ | (652) |
Property, plant and equipment |  | 7,234 |  |  | 638 |  |  | (46) |  |  | 68 |  | 7,894 |
Decommissioning and restoration provisions |  | (803) |  |  | (371) |  |  | 7 |  |  | — |  | (1,167) |
Unrealized foreign exchange |  | (91) |  |  | 7 |  |  | 9 |  |  | — |  | (75) |
Withholding taxes |  | 133 |  |  | (14) |  |  | (3) |  |  | — |  | 116 |
Inventories |  | 148 |  |  | 10 |  |  | 3 |  |  | — |  | 161 |
Partnership income deferral and other TDs |  | 615 |  |  | (754) |  |  | 50 |  |  | — |  | (89) |
Deferred income tax liabilities |  | $ | 6,778 |  |  | $ | (689) |  |  | $ | 31 |  |  | $ | 68 |  | $ | 6,188 |
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, 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 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 |

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