(d) Deferredtaxassetsandliabilities The following table presents the Company’s deferred tax assets and liabilities reflected on the Consolidated Statement of Financial Position. As at December, 31 2022 2021 Deferred tax assets $ 5,423 $ 5,254 Deferred tax liabilities (2,774) (2,769) Net deferred tax assets (liabilities) $ 2,649 $ 2,485 The following table presents movement of deferred tax assets and liabilities. Recognized in Recognized in Other Balance, Balance, Income Comprehensive Recognized Translation December 31, As at December 31, 2022 January 1, 2022 Disposals Statement Income in Equity and Other 2022 Loss carryforwards $ 517 $ – $ 184 $ – $ – $ – $ 701 Actuarial liabilities 8,703 – (5,537) – 1 374 3,541 Pensions and post-employment benefits 161 – (1) (17) – – 143 Tax credits 46 – 63 – – – 109 Accrued interest 1 – – – – – 1 Real estate (1,171) – (20) (1) – (36) (1,228) Securities and other investments (5,139) – 4,552 879 (1) (250) 41 Sale of investments (40) – 10 – – – (30) Goodwill and intangible assets (804) – (4) – – (17) (825) Other 211 – 22 2 8 (47) 196 Total $ 2,485 $ – $ (731) $ 863 $ 8 $ 24 $ 2,649 Recognized Recognized in Other Balance, Balance, in Income Comprehensive Recognized Translation December 31, As at December 31, 2021 January 1, 2021 Disposals Statement Income in Equity and Other 2021 Losscarryforwards $ 497 $ (10) $ 22 $ – $ – $ 8 $ 517 Actuarial liabilities 9,372 – (666) – – (3) 8,703 Pensions and post-employment benefits 215 – 7 (61) – – 161 Taxcredits 34 – 11 1 – – 46 Accrued interest 1 – – – – – 1 Real estate (1,033) – (145) – – 7 (1,171) Securities and other investments (5,950) – 643 119 – 49 (5,139) Sale of investments (56) – 16 – – – (40) Goodwill and intangible assets (849) – 29 – – 16 (804) Other (3) 1 210 2 15 (14) 211 Total $ 2,228 $ (9) $ 127 $ 61 $ 15 $ 63 $ 2,485 The total deferred tax assets as at December 31, 2022 of $5,423 (2021 – $5,254) include $40 (2021 – $942) where the Company has suffered losses in either the current or preceding year and where the recognition is dependent on future taxable profits in the relevant jurisdictions and feasible management actions. As at December 31, 2022, tax loss carryforwards available were approximately $3,902 (2021 – $2,689) of which $3,684 expire between the years 2025 and 2042 while $218 have no expiry date, and capital loss carryforwards available were approximately $1 (2021 – $1) and have no expiry date. A $701 (2021 – $517) tax benefit related to these tax loss carryforwards has been recognized as a deferred tax asset as at December 31, 2022, and a benefit of $211 (2021 – $120) has not been recognized. The Company has approximately $273 (2021 – $200) of tax credit carryforwards which will expire between the years 2026 and 2042 of which a benefit of $164 (2021 – $154) has not been recognized. In addition, the Company has not recognized a deferred tax asset of $507 (2021 – $490) on other temporary differences of $1,829 (2021 – $1,867). The total deferred tax liability as at December 31, 2022 was $2,774 (2021 – $2,769). This amount includes the deferred tax liability of consolidated entities. The aggregate amount of taxable temporary differences associated with the Company’s own investments in subsidiaries is not included in the Consolidated Financial Statements and was $20,625 (2021 – $24,034). Note 18 Interests in Structured Entities The Company is involved with both consolidated and unconsolidated structured entities (“SEs”) which are established to generate investment and fee income. The Company is also involved with SEs that are used to facilitate financing for the Company. These entities may have some or all the following features: control is not readily identified based on voting rights; restricted activities designed to achieve a narrow objective; high amount of leverage; and/or highly structured capital. 206 | 2022AnnualReport | NotestoConsolidatedFinancialStatements