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4.11 Income taxes

4.11 Income taxes

The following table provides information and reconciles the amount of reported income taxes in the income statements with income taxes calculated at a statutory income tax rate of 27.1% and 26.9% for 2016 and 2015, respectively.

FOR THE YEAR ENDED DECEMBER 31

2016   2015  

Net earnings

3,087   2,730  

Add back income taxes

1,110   924  

Earnings before income taxes

4,197   3,654  

Applicable statutory tax rate

27.1 % 26.9 %

Income taxes computed at applicable statutory rates

(1,137 ) (983 )

Non-taxable portion of gains on investments

11   26  

Uncertain tax positions

(9 ) 41  

Utilization of previously unrecognized tax credits

  5  

Effect of change in provincial corporate tax rate

4   (6 )

Change in estimate relating to prior periods

46   8  

Non-taxable portion of equity losses

(23 ) (14 )

Other

(2 ) (1 )

Total income taxes

(1,110 ) (924 )

Average effective tax rate

26.4 % 25.3 %
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