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Income taxes | 12 Months Ended
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Dec. 31, 2021
Income taxes [Abstract] |
Income taxes [Text Block] | 24. Income taxes (a) Income tax expense The income tax recorded in the consolidated statements of income (loss) for the years ended December 31, 2021 and 2020 is presented as follows:
|  | 2021 |  |  | 2020 |
|  | $ |  |  | $ |
Current income tax |  |  |  |  |  |
Expense for the year (i) |  | 1,231 |  |  | 7,153 |
Current income tax expense |  | 1,231 |  |  | 7,153 |
Deferred income tax (Note 26 (b)): |  |  |  |  |  |
Origination and reversal of temporary differences |  | (8,259 | ) |  | (1,062 | )
Impact of changes in tax rates |  | - |  |  | 11 |
Change in unrecognized deductible temporary differences |  | 20,050 |  |  | 6,570 |
Other |  | (67 | ) |  | (1,759 | )
Deferred income tax expense |  | 11,724 |  |  | 3,760 |
Income tax expense |  | 12,955 |  |  | 10,913 |
(i) In 2020, the current income tax expense includes an amount of US$4.5 million ($5.8 million) resulting from the San Antonio stream transaction (paid in 2021). The provision for income taxes presented in the consolidated statements of income (loss) differs from the amount that would arise using the statutory income tax rate applicable to income of the consolidated entities, as a result of the following:
|  | 2021 |  |  | 2020 |
|  | $ |  |  | $ |
(Loss) income before income taxes |  | (43,720 | ) |  | 27,142 |
Income tax provision calculated using the combined Canadian federal |  |  |  |  |  |
and provincial statutory income tax rate |  | (11,586 | ) |  | 7,193 |
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |
Non-deductible expenses, net |  | 908 |  |  | (11 | )
(Non-deductible) non-taxable portion of capital losses, net |  | (761 | ) |  | (1,893 | )
Differences in foreign statutory tax rates |  | (3,898 | ) |  | (408 | )
Changed in unrecognized deferred tax assets |  | 20,050 |  |  | 6,570 |
Foreign withholding taxes |  | 864 |  |  | 778 |
Deferred premium on flow-through shares |  | (1,847 | ) |  | - |
Effect of flow-through shares renunciation |  | 8,021 |  |  | - |
Tax rate changes of deferred income taxes |  | - |  |  | 11 |
Other |  | 1,204 |  |  | (1,327 | )
Total income tax expense |  | 12,955 |  |  | 10,913 |
The 2021 and 2020 Canadian federal and provincial statutory income tax rate is 26.5%. (b) Deferred income taxes The components that give rise to deferred income tax assets and liabilities are as follows:
|  | December 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
|  | $ |  |  | $ |
Deferred tax assets: |  |  |  |  |  |
Stream interests |  | 30,100 |  |  | 34,278 |
Non-capital losses |  | 7,663 |  |  | 8,195 |
Deferred and restricted share units |  | 3,401 |  |  | 4,008 |
Share and debt issue expenses |  | 2,935 |  |  | 4,562 |
|  | 44,099 |  |  | 51,043 |
Deferred tax liabilities: |  |  |  |  |  |
Royalty interests and exploration and evaluation assets |  | (102,782 | ) |  | (93,266 | )
Investments |  | (8,077 | ) |  | (9,437 | )
Convertible debentures |  | (1,173 | ) |  | (2,315 | )
Other |  | (474 | ) |  | (454 | )
|  | (112,506 | ) |  | (105,472 | )
Deferred tax liability, net |  | (68,407 | ) |  | (54,429 | )
Deferred tax assets and liabilities have been offset in the balance sheets where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. The 2021 movement for deferred tax assets and deferred tax liabilities may be summarized as follows:
|  |  |  |  |  |  |  |  |  |  | Other |  |  |  |  |  |  |
|  |  |  |  | Statement |  |  |  |  |  | comprehen- |  |  |  |  |  |  |
|  | Dec. 31, |  |  | of inco- |  |  |  |  |  | sive income |  |  | Translation |  |  | Dec. 31, |
|  | 2020 |  |  | me (loss) |  |  | Equity |  |  | (loss) |  |  | adjustments |  |  | 2021 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stream interests |  | 34,278 |  |  | (4,178 | ) |  | - |  |  | - |  |  | - |  |  | 30,100 |
Non-capital losses |  | 8,195 |  |  | (532 | ) |  | - |  |  | - |  |  | - |  |  | 7,663 |
Deferred and restricted share units |  | 4,008 |  |  | (328 | ) |  | (279 | ) |  | - |  |  | - |  |  | 3,401 |
Share and debt issue expenses |  | 4,562 |  |  | (96 | ) |  | (1,531 | ) |  | - |  |  | - |  |  | 2,935 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalty interests and exploration |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and evaluation assets |  | (93,266 | ) |  | (9,543 | ) |  |  |  |  | - |  |  | 27 |  |  | (102,782 | )
Investments |  | (9,437 | ) |  | 1,831 |  |  | - |  |  | (471 | ) |  | - |  |  | (8,077 | )
Convertible debentures |  | (2,315 | ) |  | 1,142 |  |  | - |  |  | - |  |  | - |  |  | (1,173 | )
Other |  | (454 | ) |  | (20 | ) |  | - |  |  | - |  |  | - |  |  | (474 | )
|  | (54,429 | ) |  | (11,724 | ) |  | (1,810 | ) |  | (471 | ) |  | 27 |  |  | (68,407 | )
The 2020 movement for deferred tax assets and deferred tax liabilities may be summarized as follows:
|  |  |  |  |  |  |  |  |  |  | Other |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Statement |  |  |  |  |  | comprehen- |  |  | Benefit from |  |  |  |  |  |  |
|  | Dec. 31, |  |  | of inco- |  |  |  |  |  | sive income |  |  | flow-through |  |  | Translation |  |  | Dec. 31, |
|  | 2019 |  |  | me (loss) |  |  | Equity |  |  | (loss) |  |  | shares |  |  | adjustments |  |  | 2020 |
|  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stream interests |  | 28,826 |  |  | 5,452 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 34,278 |
Non-capital losses |  | 170 |  |  | 8,025 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 8,195 |
Deferred and restricted share units |  | 2,865 |  |  | 435 |  |  | 708 |  |  | - |  |  | - |  |  | - |  |  | 4,008 |
Share and debt issue expenses |  | (113 | ) |  | (569 | ) |  | 5,244 |  |  | - |  |  | - |  |  | - |  |  | 4,562 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalty interests and exploration |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and evaluation assets |  | (77,641 | ) |  | (16,204 | ) |  |  |  |  | 388 |  |  | 66 |  |  | 125 |  |  | (93,266 | )
Investments |  | 1,911 |  |  | (1,613 | ) |  | - |  |  | (9,707 | ) |  | (28 | ) |  | - |  |  | (9,437 | )
Convertible debentures |  | (3,632 | ) |  | 1,317 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (2,315 | )
Other |  | 149 |  |  | (603 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | (454 | )
|  | (47,465 | ) |  | (3,760 | ) |  | 5,952 |  |  | (9,319 | ) |  | 38 |  |  | 125 |  |  | (54,429 | )
(c) Unrecognized deferred tax liabilities The aggregate amount of taxable temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized as at December 31, 2021, is $114.6 million ($110.8 million as at December 31, 2020). No deferred tax liabilities are recognized on the temporary differences associated with investments in subsidiaries because the Company controls the timing of reversal and it is not probable that they will reverse in the foreseeable future. (d) Unrecognized deferred tax assets As at December 31, 2021, the Company had temporary differences with a tax benefit of $79.5 million ($57.3 million as at December 31, 2020) which are not recognized as deferred tax assets. The Company recognizes the benefit of tax attributes only to the extent of anticipated future taxable income that can be reduced by these attributes.
|  | December 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
|  | $ |  |  | $ |
Non-capital losses carried forward |  | 64,650 |  |  | 43,379 |
Mineral stream interests - Mexico |  | 7,446 |  |  | 5,796 |
Unrealized losses on investments |  | 3,598 |  |  | 6,529 |
Capital losses |  | 2,127 |  |  | - |
Other |  | 1,694 |  |  | 1,632 |
|  | 79,515 |  |  | 57,336 |

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