Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Significant components of income taxes deducted from net earnings

The following table shows the significant components of income taxes deducted from net earnings.


For the year ended December 31		2025	2024
Current taxes
	Current taxes	(1,084)	(494)
	Uncertain tax positions	22	4
	Change in estimate relating to prior periods	11	8


Deferred taxes
	Deferred taxes relating to the origination and reversal of temporary differences	(216)	(120)
	Change in estimate relating to prior periods	(11)	(7)
	Recognition and utilization of loss carryforwards	85	29
	Previously unrecognized tax benefits	—	3


Total income taxes		(1,193)	(577)

Reconciliation of reported income taxes in the income statement

The following table reconciles the amount of reported income taxes in the income statements with income taxes calculated at a statutory income tax rate of 26.8% for both 2025 and 2024.


For the year ended December 31	2025		2024
Net earnings	6,514		375
Add back income taxes	1,193		577
Earnings before income taxes	7,707		952
Applicable statutory tax rate	26.8	%	26.8	%
Income taxes computed at applicable statutory rates	(2,065)		(255)
Non-taxable portion of net gains on investments	850		18
Uncertain tax positions	22		4

Impairment of goodwill	—		(303)
Change in estimate relating to prior periods	—		1
Non-taxable portion of equity losses	—		(66)
Previously unrecognized tax benefits	—		3
Other	—		21
Total income taxes	(1,193)		(577)
Average effective tax rate	15.5	%	60.6	%

Disclosure of current and deferred taxes

The following table shows aggregate current and deferred taxes relating to items recognized outside the income statements.


For the year ended December 31	2025		2024
	Other comprehensive income	Deficit	Other comprehensive income	Deficit
Current taxes	—	1	—	—
Deferred taxes	(464)	1	(128)	(26)
Total income taxes (expense) recovery	(464)	2	(128)	(26)

Deferred taxes resulting from temporary differences

The following table shows deferred taxes resulting from temporary differences between the carrying amounts of assets and liabilities recognized in the statements of financial position and their corresponding tax basis, as well as tax loss carryforwards.


Net deferred tax liability	Non-capital loss carry-forwards	Post-employment benefit plans	Indefinite-life intangible assets	Property, plant and equipment and finite-life intangible assets (1)	Lease liabilities (1)	Other	Total
January 1, 2024	36	(443)	(1,805)	(4,069)	1,288	220	(4,773)
Income statements	31	25	148	(213)	(102)	16	(95)
Business acquisitions	—	(3)	(5)	(116)	32	(2)	(94)
Other comprehensive (loss) income	—	(213)	—	—	—	85	(128)
Deficit	—	—	—	—	—	(26)	(26)
Reclassified to liabilities (assets) held for sale	—	—	—	3	(3)	—	—
Other	6	—	—	2	—	—	8
December 31, 2024	73	(634)	(1,662)	(4,393)	1,215	293	(5,108)
Income statements	84	12	90	(167)	(88)	(73)	(142)
Business acquisitions	243	20	(37)	(520)	12	64	(218)
Other comprehensive loss	—	(229)	—	—	—	(235)	(464)
Deficit	—	—	—	—	—	1	1
Net foreign exchange differences	(3)	—	—	5	—	—	2
Reclassified to liabilities (assets) held for sale	—	—	—	2	(2)	—	—
Other	—	—	(4)	(3)	—	9	2
December 31, 2025	397	(831)	(1,613)	(5,076)	1,137	59	(5,927)

(1)We have presented amounts from the previous period to make them consistent with the presentation of the current period.