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Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The differences are as follows:

			2020						2019
Expected income tax expense at Canadian statutory rate			$	209,989					$	147,093
Increase (decrease) resulting from:
Effect of differences in tax rates on transactions in and within foreign jurisdictions and change in tax rates			(27,082)						(27,703)
Adjustments from investments carried at fair value			(87,058)						(60,730)
Non-controlling interests share of income			18,243						16,991
Non-deductible acquisition costs			3,223						2,500
Tax credits			(40,185)						(9,332)
Adjustment relating to prior periods			(4,228)						(1,240)
Amortization and settlement of excess deferred income tax			(12,392)						(2,554)
Other			4,073						5,092
Income tax expense			$	64,583					$	70,117

Income (Loss) Before Taxes

For the years ended December 31, 2020 and 2019, earnings before income taxes consist of the following:

			2020						2019
Canada (1)			$	626,980					$	351,908
U.S.			165,431						203,159
			$	792,411					$	555,067

Income Tax Expenses (Recovery) Attributable to Income (Loss)

Income tax expense (recovery) attributable to income (loss) consists of: 

			Current						Deferred						Total
Year ended December 31, 2020
Canada			$	6,336					$	61,440					$	67,776
United States			(1,448)						(1,745)						(3,193)
			$	4,888					$	59,695					$	64,583
Year ended December 31, 2019
Canada			$	6,695					$	17,607					$	24,302
United States			9,736						36,079						45,815
			$	16,431					$	53,686					$	70,117

18.Income taxes (continued)

Tax Effect of Temporary Difference Between Assets and Liability

The tax effect of temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are presented below:

			2020						2019
Deferred tax assets:
Non-capital loss, investment tax credits, currently non-deductible interest expenses, and financing costs			$	531,353					$	382,448
Pension and OPEB			66,826						54,113
Environmental obligation			16,145						15,541
Regulatory liabilities			168,054						160,200
Other			65,787						59,103
Total deferred income tax assets			$	848,165					$	671,405
Less: valuation allowance			(29,824)						(29,447)
Total deferred tax assets			$	818,341					$	641,958
Deferred tax liabilities:
Property, plant and equipment			$	733,211					$	707,185
Outside basis differentials			406,429						235,063
Regulatory accounts			212,937						145,852
Other			12,528						14,811
Total deferred tax liabilities			$	1,365,105					$	1,102,911
Net deferred tax liabilities			$	(546,764)					$	(460,953)
Consolidated balance sheets classification:
Deferred tax assets			$	21,880					$	30,585
Deferred tax liabilities			(568,644)						(491,538)
Net deferred tax liabilities			$	(546,764)					$	(460,953)

Non Capital Losses Carry Forwards

As of December 31, 2020, the Company had non-capital losses carried forward and tax credits available to reduce future years' taxable income, which expire as follows: 

Non-capital loss carryforward and credits			2021-2026			2027+			Total
Canada			$	58		$	552,506		$	552,564
US			13,427			912,589			926,016
Total non-capital loss carryforward			$	13,485		$	1,465,095		$	1,478,580
Tax credits			$	3,624		$	72,849		$	76,473

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