Deferred Tax
 12 Months Ended
Dec. 31, 2021
Text block [abstract]  
Deferred Tax
Note 23: Deferred Tax
The movements of deferred tax assets and liabilities are shown below:
 
   Deferred tax liabilities
  
Goodwill and Other
Identifiable
Intangible Assets
     
Equity Method
Investments
     
Other
     
Total
  
   December 31, 2019
  
 
 578
 
  
 
 294
 
  
 
 238
 
  
 
 1,110
 
   Acquisitions
  
 
 5
 
  
 
 -
 
  
 
 2
 
  
 
 7
 
   (Benefit) expense to income statement
-
continuing operations
  
 
 (33)
 
  
 
 (159)
 
  
 
 29
 
  
 
 (163)
 
   Expense to other comprehensive income
  
 
-
 
  
 
 36
 
  
 
 -
 
  
 
 36
 
   Translation and other, net
  
 
 (4)
 
  
 
 1
 
  
 
 4
 
  
 
 1
 
   December 31, 2020
  
 
 546
 
  
 
 172
 
  
 
 273
 
  
 
 991
 
   Acquisitions
  
 
5
 
  
 
-
 
  
 
-
 
  
 
5
 
   (Benefit) expense to income statement
-
continuing operations
  
 
(26)
 
  
 
586
 
  
 
16
 
  
 
576
 
   Benefit to other comprehensive income
  
 
-
 
  
 
(23)
 
  
 
-
 
  
 
(23)
 
   Translation and other, net
  
 
1
 
  
 
130
 
  
 
(123)
 
  
 
8
 
   December 31, 2021
  
 
526
 
  
 
865
 
  
 
166
 
  
 
1,557
 
 
   Deferred tax assets
   
Tax Losses and
Other Attributes
     
Goodwill and Other
Identifiable
      Intangible Assets      
     
Employee Benefits
and
      Compensation      
     
Other      
     
      Total     
  
   December 31, 2019
  
 
 91
 
  
 
 1,168
 
  
 
 253
 
  
 
 198
 
  
 
 1,710
 
   Benefit (expense) to income statement - continuing operations
  
 
 104
 
  
 
 (59)
 
  
 
 (24)
 
  
 
 47
 
  
 
 68
 
   Benefit to income statement - discontinued operations
  
 
3
 
  
 
-
 
  
 
-
 
  
 
 1
 
  
 
 4
 
   Expense to other comprehensive income
  
 
-
 
  
 
-
 
  
 
 (17)
 
  
 
-
 
  
 
 (17)
 
   Benefit to equity
  
 
-
 
  
 
-
 
  
 
 3
 
  
 
-
 
  
 
 3
 
   Translation and other, net
  
 
 11
 
  
 
 1
 
  
 
 (1)
 
  
 
 22
 
  
 
 33
 
   December 31, 2020
  
 
 209
 
  
 
 1,110
 
  
 
 214
 
  
 
 268
 
  
 
 1,801
 
   Acquisitions
  
 
-
 
  
 
-
 
  
 
-
 
  
 
5
 
  
 
5
 
   Benefit (expense) to income statement - continuing operations
  
 
57
 
  
 
(55)
 
  
 
(4)
 
  
 
(84)
 
  
 
(86)
 
   Expense to income statement - discontinued operations
  
 
-
 
  
 
-
 
  
 
-
 
  
 
(1)
 
  
 
(1)
 
   Expense to other comprehensive income
  
 
-
 
  
 
-
 
  
 
(58)
 
  
 
-
 
  
 
(58)
 
   Benefit to equity
  
 
-
 
  
 
-
 
  
 
21
 
  
 
-
 
  
 
21
 
   Translation and other, net
  
 
1
 
  
 
3
 
  
 
2
 
  
 
3
 
  
 
9
 
   December 31, 2021
  
 
267
 
  
 
1,058
 
  
 
175
 
  
 
191
 
  
 
1,691
 
   Net deferred tax asset at December 31, 2020
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 810
 
   Net deferred tax asset at December 31, 2021
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
  
 
134
 
The estimated recovery period for the deferred tax balances is shown below:
 
    
December 31,
  
     
     
2021
     
2020
  
Deferred tax liabilities
  
 
 
 
  
 
 
 
Deferred tax liabilities to be recovered after more than 12 months
  
 
1,555
 
  
 
 866
 
Deferred tax liabilities to be recovered within 12 months
  
 
2
 
  
 
 125
 
Total deferred tax liabilities
  
 
1,557
 
  
 
 991
 
 
 
 
Deferred tax assets
  
 
 
 
  
 
 
 
Deferred tax assets to be recovered after more than 12 months
  
 
1,614
 
  
 
 1,666
 
Deferred tax assets to be recovered within 12 months
  
 
77
 
  
 
 135
 
Total deferred tax assets
  
 
1,691
 
  
 
 1,801
 
Net deferred tax asset
  
 
134
 
  
 
 810
 
Deferred tax assets are recognized to the extent that the realization of the related tax benefit through future taxable profits and the resolution of uncertain tax positions is probable. The ability to realize these deferred tax benefits is dependent on a number of factors, including the future profitability of operations and the resolution of tax audits in the jurisdictions in which the deferred tax assets arose.
At December 31
, 2021
, the following summarizes the Company’s tax losses, certain deductible temporary differences and other tax attributes:
 
     
Carry Forward Loss/
Tax Attributes
     
Tax Value
     
Unrecognized
Deferred Tax
Assets
     
Net Deferred Tax
Assets
  
Canadian net operating losses
  
 
2,234
 
  
 
592
 
  
 
(580)
 
  
 
12
 
Net operating losses – other jurisdictions
  
 
1,798
 
  
 
461
 
  
 
(373)
 
  
 
88
 
Capital losses
  
 
753
 
  
 
193
 
  
 
(130)
 
  
 
63
 
Investment in subsidiaries
  
 
292
 
  
 
73
 
  
 
(73)
 
  
 
-
 
Other deductible temporary differences
  
 
32
 
  
 
10
 
  
 
(10)
 
  
 
-
 
U.S. state net operating losses
(1)
  
 
n/m
 
  
 
5
 
  
 
(3)
 
  
 
2
 
Other attributes and credits
(2)
  
 
n/m
 
  
 
112
 
  
 
(10)
 
  
 
102
 
Total
  
 
 
 
 
 
 
  
 
1,446
 
  
 
(1,179
)
 
  
 
267
 
(1)
The aggregation of U.S. state net operating losses is not meaningful due to differing combination and apportionment rules in various states.
(2)
As other attributes and credits are calculated on an
after-tax
basis, there is no
carry forward loss amount to disclose.
If not utilized, most of the Canadian tax losses and U.S. state tax
loss
es carried forward will expire between 2022
and 2041
.
Most
of the tax losses carried forward in other jurisdictions may be carried forward indefinitely.
No
deferred tax is recognized on the temporary differences associated with investments in subsidiaries and equity method investments to the extent that the Company can control the timing and reversal of such differences, or the reversal would not create a tax liability. These temporary differences are primarily attributable to the undistributed earnings of
non-Canadian
subsidiaries, which were $15.2 billion at December 31
, 2021
(2020
-
$12.1 billion).