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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Summary of Reconciliation of Income Taxes | Tax Rate Reconciliation to the Canadian Statutory Income Tax Rate
(CAD$ in millions) |  | 2024 |  | 2023
Loss from continuing operations before taxes |  | $ | (718) |  |  | $ | (75) |
Profit from discontinued operations (Note 5) |  | 1,631 |  |  | 3,999 |
Gain (loss) on sale of discontinued operations (Note 5) |  | 978 |  |  | (4) |
Profit for the year from continuing and discontinued operations before taxes |  | $ | 1,891 |  |  | $ | 3,920 |
Tax expense at the Canadian statutory income tax rate of 27% |  | $ | 511 |  |  | $ | 1,057 |
Tax effect of: |  |  |  |
Resource taxes |  | 229 |  |  | 419 |
Resource and depletion allowances |  | (67) |  |  | (64) |
Non-deductible expenses (non-taxable income) |  | (20) |  |  | 42 |
Derecognition of deferred tax assets |  | 206 |  |  | 8 |
Remeasurement of deferred Chilean mining royalty liability (f) |  | 88 |  |  | 106 |
Difference in tax rates in foreign jurisdictions |  | 82 |  |  | 48 |
Revisions to prior year estimates |  | 11 |  |  | 17 |
Non-controlling interests |  | (77) |  |  | (25) |
Effect from sale of discontinued operations |  | 633 |  |  | 2 |
Other |  | 12 |  |  | 2 |
Total income taxes from continuing and discontinued operations |  | $ | 1,608 |  |  | $ | 1,612 |
Represented by: |  |  |  |
Current income taxes |  | 1,594 |  |  | 2,228 |
Deferred income taxes |  | 14 |  |  | (616) |
Total income taxes from continuing and discontinued operations |  | $ | 1,608 |  |  | $ | 1,612 |
Provision for income taxes from continuing operations |  | 205 |  | 237
Provision for income taxes from discontinued operations |  | 1,403 |  | 1,375
Total income taxes from continuing and discontinued operations |  | $ | 1,608 |  |  | $ | 1,612 |
Current income taxes are accrued and paid in all jurisdictions in which we operate. 25. Income Taxes (continued) b) Continuity of Deferred Tax Assets and Liabilities
(CAD$ in millions) |  | January 1, 2024 |  | Through Profit (Loss) |  | Through OCI |  | Transfer |  | Sale of Steelmaking Coal Business |  | December 31, 2024
Net operating loss and capital loss carryforwards |  | $ | 61 |  |  | $ | 536 |  |  | $ | 66 |  |  | $ | 509 |  |  | $ | — |  |  | $ | 1,172 |
Property, plant and equipment |  | (167) |  |  | (10) |  |  | (116) |  |  | (521) |  |  | — |  |  | (814) |
Decommissioning and restoration provisions |  | 167 |  |  | (77) |  |  | (2) |  |  | 39 |  |  | — |  |  | 127 |
Other temporary differences (TDs) |  | 4 |  |  | 70 |  |  | 70 |  |  | (57) |  |  | — |  |  | 87 |
Deferred income tax assets |  | $ | 65 |  |  | $ | 519 |  |  | $ | 18 |  |  | $ | (30) |  |  | $ | — |  |  | $ | 572 |
Net operating loss and capital loss carryforwards |  | $ | (652) |  |  | $ | 140 |  |  | $ | — |  |  | $ | 509 |  |  | $ | 1 |  |  | $ | (2) |
Property, plant and equipment |  | 7,894 |  |  | 166 |  |  | 112 |  |  | (521) |  |  | (4,482) |  |  | 3,169 |
Decommissioning and restoration provisions |  | (1,167) |  |  | 13 |  |  | (20) |  |  | 39 |  |  | (48) |  |  | (1,183) |
Unrealized foreign exchange |  | (75) |  |  | 41 |  |  | (7) |  |  | — |  |  | — |  |  | (41) |
Withholding taxes |  | 116 |  |  | 25 |  |  | 10 |  |  | — |  |  | — |  |  | 151 |
Inventories |  | 161 |  |  | 9 |  |  | (1) |  |  | 5 |  |  | 19 |  |  | 193 |
Partnership income deferral and other TDs |  | (89) |  |  | 139 |  |  | 23 |  |  | (62) |  |  | (5) |  |  | 6 |
Deferred income tax liabilities |  | $ | 6,188 |  |  | $ | 533 |  |  | $ | 117 |  |  | $ | (30) |  |  | $ | (4,515) |  |  | $ | 2,293 |
(CAD$ in millions) |  | January 1, 2023 |  | Through Profit (Loss) |  | Through OCI |  | Sale of Fort Hills | 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 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 |
25. Income Taxes (continued)
Summary of Deferred Tax Expense Charged (Credited) to Income Statement | Continuity of Deferred Tax Assets and Liabilities
(CAD$ in millions) |  | January 1, 2024 |  | Through Profit (Loss) |  | Through OCI |  | Transfer |  | Sale of Steelmaking Coal Business |  | December 31, 2024
Net operating loss and capital loss carryforwards |  | $ | 61 |  |  | $ | 536 |  |  | $ | 66 |  |  | $ | 509 |  |  | $ | — |  |  | $ | 1,172 |
Property, plant and equipment |  | (167) |  |  | (10) |  |  | (116) |  |  | (521) |  |  | — |  |  | (814) |
Decommissioning and restoration provisions |  | 167 |  |  | (77) |  |  | (2) |  |  | 39 |  |  | — |  |  | 127 |
Other temporary differences (TDs) |  | 4 |  |  | 70 |  |  | 70 |  |  | (57) |  |  | — |  |  | 87 |
Deferred income tax assets |  | $ | 65 |  |  | $ | 519 |  |  | $ | 18 |  |  | $ | (30) |  |  | $ | — |  |  | $ | 572 |
Net operating loss and capital loss carryforwards |  | $ | (652) |  |  | $ | 140 |  |  | $ | — |  |  | $ | 509 |  |  | $ | 1 |  |  | $ | (2) |
Property, plant and equipment |  | 7,894 |  |  | 166 |  |  | 112 |  |  | (521) |  |  | (4,482) |  |  | 3,169 |
Decommissioning and restoration provisions |  | (1,167) |  |  | 13 |  |  | (20) |  |  | 39 |  |  | (48) |  |  | (1,183) |
Unrealized foreign exchange |  | (75) |  |  | 41 |  |  | (7) |  |  | — |  |  | — |  |  | (41) |
Withholding taxes |  | 116 |  |  | 25 |  |  | 10 |  |  | — |  |  | — |  |  | 151 |
Inventories |  | 161 |  |  | 9 |  |  | (1) |  |  | 5 |  |  | 19 |  |  | 193 |
Partnership income deferral and other TDs |  | (89) |  |  | 139 |  |  | 23 |  |  | (62) |  |  | (5) |  |  | 6 |
Deferred income tax liabilities |  | $ | 6,188 |  |  | $ | 533 |  |  | $ | 117 |  |  | $ | (30) |  |  | $ | (4,515) |  |  | $ | 2,293 |
(CAD$ in millions) |  | January 1, 2023 |  | Through Profit (Loss) |  | Through OCI |  | Sale of Fort Hills | 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 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 |
25. Income Taxes (continued)

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