v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Taxes [Abstract]  
Summary of Components of Income Tax Expense (Recovery) Recognized The following table presents income tax expenses (recoveries) recognized in the Consolidated Statements of Income.
For the years ended December 31,
2025
2024
Current tax
Current year
$773
$655
Global Minimum Taxes
222
231
Adjustments related to prior years
45
15
Total current tax
1,040
901
Deferred tax
Origination and reversal of temporary differences
(43)
424
Adjustments related to prior years
29
(113)
Effects of change in tax rates
8
-
Total deferred tax
(6)
311
Income tax expenses (recoveries)
$1,034
$1,212
The following table discloses income tax expenses (recoveries) recognized directly in equity.
For the years ended December 31,
2025
2024
Recognized in other comprehensive income
Current income tax expenses (recoveries)
$(11)
$174
Deferred income tax expenses (recoveries)
183
885
Total recognized in other comprehensive income
$172
$1,059
Recognized in equity, other than other comprehensive income
Current income tax expenses (recoveries)
$4
$4
Deferred income tax expenses (recoveries)
(4)
(5)
Total income tax recognized directly in equity
$-
$(1)
Summary of Reconciliation of Income Tax Expense The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 27.80%
for the year ended December 31, 2025 (2024 – 27.80%) for the items outlined in the following table.
For the years ended December 31,
2025
2024
Net income (loss) before income taxes
$7,094
$7,090
Income tax expenses (recoveries) at Canadian statutory tax rate
$1,972
$1,971
Increase (decrease) in income taxes due to:
    Tax-exempt investment income
(291)
(306)
    Differences in tax rate on income not subject to tax in Canada
(948)
(938)
    Adjustments to taxes related to prior years
74
(98)
    Tax losses and temporary differences not recognized as deferred taxes
-
94
    Tax rate change
8
-
    Global Minimum Taxes
222
231
    Other differences
(3)
258
Income tax expenses (recoveries)
$1,034
$1,212
Summary of Deferred Tax Assets and Liabilities The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statements of
Financial Position.
As at December 31,
2025
2024
Deferred tax assets
$5,741
$5,884
Deferred tax liabilities
(2,018)
(1,890)
Net deferred tax assets (liabilities)
$3,723
$3,994
Summary of Movement of Deferred Tax Assets and Liabilities The following tables present movement of deferred tax assets and liabilities.
For the year ended
December 31, 2025
Balance,
January 1,
2025
Acquired in
business
combination
Disposals
Recognized
in income
Recognized in
other
comprehensive
income
Recognized in
equity
Translation
and other
Balance,
December 31,
2025
Loss carryforwards
$851
$-
$-
$525
$(1)
$(11)
$(11)
$1,353
Actuarial liabilities
4,164
-
-
(422)
229
-
(194)
3,777
Pensions and post-employment
benefits
153
-
-
3
(5)
-
(1)
150
Tax credits
238
-
-
80
-
-
(8)
310
Accrued interest
5
-
-
(15)
-
-
-
(10)
Real estate
(970)
-
-
(5)
-
-
29
(946)
Lease liability
45
-
-
-
-
-
-
45
Right of use asset and sublease
receivable
(43)
-
-
-
-
-
-
(43)
Securities and other investments
390
-
-
(150)
(397)
-
22
(135)
Sale of investments
(8)
-
-
6
-
-
-
(2)
Goodwill and intangible assets
(829)
-
-
(5)
-
-
21
(813)
Other
(2)
-
-
(11)
(9)
15
44
37
Total
$3,994
$-
$-
$6
$(183)
$4
$(98)
$3,723
For the year ended
December 31, 2024,
Balance,
January 1,
2024
Acquired in
business
combination
Disposals
Recognized
in income
Recognized in
other
comprehensive
income
Recognized in
equity
Translation
and other
Balance,
December 31,
2024
Loss carryforwards
$670
$-
$-
$180
$-
$(13)
$14
$851
Actuarial liabilities
5,813
-
-
(972)
(1,059)
(1)
383
4,164
Pensions and post-employment
benefits
171
-
-
1
(20)
-
1
153
Tax credits
122
-
-
109
-
-
7
238
Accrued interest
1
-
-
4
-
-
-
5
Real estate
(1,135)
-
-
214
1
-
(50)
(970)
Lease liability
38
-
-
7
-
1
(1)
45
Right of use asset and sublease
receivable
(34)
-
-
(8)
-
(1)
-
(43)
Securities and other investments
86
-
-
276
197
2
(171)
390
Sale of investments
(18)
-
-
10
-
-
-
(8)
Goodwill and intangible assets
(822)
-
-
24
-
-
(31)
(829)
Other
150
4
-
(156)
(4)
17
(13)
(2)
Total
$5,042
$4
$-
$(311)
$(885)
$5
$139
$3,994