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Income taxes (Tables) | 12 Months Ended
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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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