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| Reconciliation to Canadian Statutory Rate |
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| For the years ended December 31 |
2024 |
2023 |
At 26.5% statutory rate |
$1,221 |
|
$746 |
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| Increase (decrease) due to: |
|
|
Allowances and special tax deductions1 |
(211) |
|
(184) |
|
Impact of foreign tax rates2 |
18 |
|
(79) |
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| Non-deductible expenses / (non-taxable income) |
111 |
|
72 |
|
|
|
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| Goodwill impairment charges not tax deductible |
145 |
|
— |
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| Taxable gains on sales of non-current assets |
2 |
|
6 |
|
| Net currency translation losses on current and deferred tax balances |
52 |
|
289 |
|
| Tax impact from pass-through entities and equity accounted investments |
(263) |
|
(183) |
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| Current year tax results sheltered by previously unrecognized deferred tax assets |
(5) |
|
(22) |
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|
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| Recognition and derecognition of deferred tax assets |
(26) |
|
(142) |
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|
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| Settlements and adjustments in respect of prior years |
116 |
|
23 |
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| Increase to income tax related contingent liabilities |
1 |
|
54 |
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| Impact of tax rate changes |
— |
|
(2) |
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| Withholding taxes |
70 |
|
61 |
|
|
|
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| Mining taxes |
290 |
|
224 |
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| Tax impact of amounts recognized within accumulated OCI |
— |
|
(2) |
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| Other items |
(1) |
|
— |
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| Income tax expense |
$1,520 |
|
$861 |
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| 1We are able to claim certain allowances, incentives and tax deductions unique to extractive industries that result in a lower effective tax rate. 2We operate in multiple foreign tax jurisdictions that have tax rates different than the Canadian statutory rate.
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