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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Summary of Components of Income Tax Expense | The components of income taxes were as follows:
Years ended December 31, |  | 2024 |  |  | 2023 |
Current income taxes |  | $ | 72 |  |  | $ | 39 |
Deferred income taxes |  |  | (23 | ) |  |  | (8 | )
Income taxes |  | $ | 49 |  |  | $ | 31 |
Summary of Reconciliation of Income Taxes | The provision for income taxes differs from that which would be expected by applying Canadian statutory rates. A reconciliation of the difference is as follows:
Years ended December 31, |  | 2024 |  |  | 2023 |
Earnings (loss) before income taxes |  | $ | 81 |  |  | $ | (52 | )
Canadian statutory rate |  |  | 23.4 | % |  |  | 23.5 | %
Expected income tax provision |  | $ | 19 |  |  | $ | (12 | )
Add (deduct): |  |  |  |  |  |
Earnings taxed in foreign jurisdictions |  |  | 22 |  |  |  | 2 |
Change in unrecognized deferred tax asset |  |  | 15 |  |  |  | 16 |
Amounts not deductible (taxable) for tax purposes |  |  | 7 |  |  |  | (7 | )
Impact of OCED Pillar Two current taxes |  |  | 3 |  |  |  | - |
Exchange rate effects on tax basis |  |  | (16 | ) |  |  | 17 |
Impairment of goodwill |  |  | - |  |  |  | 15 |
Other |  |  | (1 | ) |  |  | - |
Income taxes |  | $ | 49 |  |  | $ | 31 |
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities arise from the following:
|  | Accounting provisions and accruals |  |  | Tax losses |  |  | Long-term assets |  |  | Exchange rate effects on tax bases |  |  | Total 1 |
December 31, 2023 |  | $ | 27 |  |  | $ | 27 |  |  | $ | (69 | ) |  | $ | (29 | ) |  | $ | (44 | )
Charged to net earnings |  |  | (14 | ) |  |  | 3 |  |  |  | 15 |  |  |  | 19 |  |  |  | 23 |
Exchange differences |  |  | 2 |  |  |  | - |  |  |  | (2 | ) |  |  | (3 | ) |  |  | (3 | )
December 31, 2024 |  | $ | 15 |  |  | $ | 30 |  |  | $ | (56 | ) |  | $ | (13 | ) |  | $ | (24 | )
1 Net deferred tax liabilities at December 31, 2024, of $24 million consist of liabilities of $48 million net of assets of $24 million.
|  | Accounting provisions and accruals |  |  | Tax losses |  |  | Long-term assets |  |  | Exchange rate effects on tax bases |  |  | Total 1 |
January 1, 2023 |  | $ | 3 |  |  | $ | 42 |  |  | $ | (82 | ) |  | $ | (12 | ) |  | $ | (49 | )
Charged to net loss |  |  | 23 |  |  |  | (15 | ) |  |  | 16 |  |  |  | (16 | ) |  |  | 8 |
Exchange differences |  |  | 1 |  |  |  | - |  |  |  | (3 | ) |  |  | (1 | ) |  |  | (3 | )
December 31, 2023 |  | $ | 27 |  |  | $ | 27 |  |  | $ | (69 | ) |  | $ | (29 | ) |  | $ | (44 | )
1 Net deferred tax liabilities at December 31, 2023, of $44 million consist of liabilities of $65 million net of assets of $21 million (January 1, 2023 – net deferred tax liabilities of $49 million consist of liabilities of $65 million net of assets of $16 million).
Summary of Deductible Temporary Differences of Income Tax Expenses | The deductible temporary differences consist of:
Years ended December 31, |  | 2024 |  |  | 2023 |
Canadian: |  |  |  |  |  |
Tax losses |  | $ | 229 |  |  | $ | 254 |
Restricted interest |  |  | 39 |  |  |  | - |
Long-term assets |  |  | (2 | ) |  |  | 1 |
Accounting provisions and other accruals |  |  | 35 |  |  |  | 15 |
Foreign: |  |  |  |  |  |
Tax losses |  |  | 646 |  |  |  | 688 |
Restricted interest |  |  | 13 |  |  |  | - |
Long-term assets |  |  | (5 | ) |  |  | (41 | )
Accounting provisions and other accruals |  |  | - |  |  |  | (2 | )
Total unrecognized deferred tax assets |  | $ | 955 |  |  | $ | 915 |

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