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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income taxes |
Schedule of income tax expense |
|  |  | For the year ended |
|  |  | December 31, |
|  |  | 2018 |  |  | 2017 |
Current income tax expense |  |  |  |  |  |  |  |  |
Expense for the year |  |  | $ | 34.1 |  |  | $ | 25.1 |
Adjustment in respect of prior years |  |  |  | 6.0 |  |  |  | (5.6) |
Current income tax expense (recovery) |  |  | $ | 40.1 |  |  | $ | 19.5 |
Deferred income tax expense (recovery) |  |  |  |  |  |  |  |  |
Origination and reversal of temporary differences in the current year |  |  |  | (7.7) |  |  |  | 15.7 |
U.S. Tax Reform impact |  |  |  | 2.0 |  |  |  | 7.1 |
Impact of changes in tax rate |  |  |  | 2.9 |  |  |  | (0.9) |
Change in unrecognized deductible temporary differences |  |  |  | 19.0 |  |  |  | 0.1 |
Adjustments in respect of prior years |  |  |  | (6.2) |  |  |  | 0.6 |
Other |  |  |  | — |  |  |  | (0.8) |
Deferred income tax (recovery) expense |  |  | $ | 10.0 |  |  | $ | 21.8 |
|  |  | $ | 50.1 |  |  | $ | 41.3 |
Reconciliation of the provision for income taxes |
|  |  | 2018 |  |  | 2017 |
Net income before income taxes |  |  | $ | 189.1 |  |  | $ | 236.0 |
Statutory tax rate |  |  |  | 26.6% |  |  |  | 26.6% |
Tax expense at statutory rate |  |  | $ | 50.4 |  |  | $ | 62.8 |
Reconciling items: |  |  |  |  |  |  |  |  |
Change in unrecognized deductible temporary differences |  |  |  | 19.0 |  |  |  | 0.1 |
Income/expenses not (taxed) deductible |  |  |  | (1.0) |  |  |  | (3.0) |
Differences in foreign statutory tax rates |  |  |  | (24.7) |  |  |  | (20.9) |
Differences due to changing future tax rates |  |  |  | 2.9 |  |  |  | (0.9) |
U.S. Tax Reform impact |  |  |  | 2.0 |  |  |  | 7.1 |
Foreign withholding tax |  |  |  | 0.6 |  |  |  | 1.4 |
Temporary differences subject to initial recognition exemption |  |  |  | 1.0 |  |  |  | (5.2) |
Other |  |  |  | (0.1) |  |  |  | (0.1) |
Net income tax expense |  |  | $ | 50.1 |  |  | $ | 41.3 |
Schedule of income tax (expense) recovery recognized in other comprehensive income (loss) |
|  |  |  | 2018 |  |  |  | 2017 |
|  |  |  |  |  |  |  |  |  |  |  | After |  |  |  |  |  |  |  |  |  |  |  | After |
|  |  |  | Before |  |  |  | Tax |  |  |  | Tax |  |  |  | Before |  |  |  | Tax |  |  |  | Tax |
|  |  |  | Tax Loss |  |  |  | Recovery |  |  |  | Loss |  |  |  | Tax Gain |  |  |  | Expense |  |  |  | Gain |
Change in market value of available-for-sale investments |  |  | $ | (21.4) |  |  | $ | 3.0 |  |  | $ | (18.4) |  |  | $ | 47.1 |  |  | $ | (6.3) |  |  | $ | 40.8 |
Cumulative translation adjustment |  |  |  | (68.3) |  |  |  | — |  |  |  | (68.3) |  |  |  | 77.2 |  |  |  | — |  |  |  | 77.2 |
Other comprehensive loss |  |  | $ | (89.7) |  |  | $ | 3.0 |  |  | $ | (86.7) |  |  | $ | 124.3 |  |  | $ | (6.3) |  |  | $ | 118.0 |
Deferred tax |  |  | $ | — |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | — |  |  | $ | (6.3) |  |  | $ | — |
Schedule of components of deferred income tax assets and liabilities |
|  |  | 2018 |  |  | 2017 |
Deferred income tax assets: |  |  |  |  |  |  |  |  |
Deductible temporary differences relating to: |  |  |  |  |  |  |  |  |
Royalty, stream and working interests |  |  | $ | 16.2 |  |  | $ | 5.6 |
Non-capital loss carry-forwards |  |  |  | 1.9 |  |  |  | 9.5 |
Other |  |  |  | (0.8) |  |  |  | (0.6) |
|  |  | $ | 17.3 |  |  | $ | 14.5 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |
Taxable temporary differences relating to: |  |  |  |  |  |  |  |  |
Share issue and debt issue costs |  |  | $ | (3.7) |  |  | $ | (7.1) |
Royalty, stream and working interests |  |  |  | 74.8 |  |  |  | 71.1 |
Non-capital loss carry-forwards |  |  |  | (2.6) |  |  |  | (5.6) |
Investments |  |  |  | 2.5 |  |  |  | 5.8 |
Other |  |  |  | (3.7) |  |  |  | (3.9) |
|  |  | $ | 67.3 |  |  | $ | 60.3 |
Deferred income tax liabilities, net |  |  | $ | 50.0 |  |  | $ | 45.8 |
Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. The analysis of deferred tax assets and deferred tax liabilities is as follows:
|  |  | 2018 |  |  | 2017 |
Deferred income tax assets: |  |  |  |  |  |  |  |  |
Deferred income tax asset to be recovered within 12 months |  |  | $ | 0.1 |  |  | $ | 0.1 |
Deferred income tax asset to be recovered after more than 12 months |  |  |  | 17.2 |  |  |  | 14.4 |
|  |  | $ | 17.3 |  |  | $ | 14.5 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |
Deferred income tax liability to be settled within 12 months |  |  |  | 1.0 |  |  |  | 0.9 |
Deferred income tax liability to be settled after more than 12 months |  |  |  | 66.3 |  |  |  | 59.4 |
|  |  | $ | 67.3 |  |  | $ | 60.3 |
Deferred income tax liabilities, net |  |  | $ | 50.0 |  |  | $ | 45.8 |
Schedule of movement in net deferred taxes |
|  |  |  | 2018 |  |  |  | 2017 |
Balance, beginning of year |  |  | $ | 45.8 |  |  | $ | 16.2 |
Recognized in profit/loss |  |  |  | 10.0 |  |  |  | 21.8 |
Recognized in other comprehensive income (loss) |  |  |  | (3.0) |  |  |  | 6.3 |
Other |  |  |  | (2.8) |  |  |  | 1.5 |
Deferred income tax liabilities, net |  |  | $ | 50.0 |  |  | $ | 45.8 |
Schedule of non-capital losses |
Country |  | Type |  | Amount |  | Expiry Date |
Canada |  | Non-Capital Losses |  | $ | 17.0 |  | 2028-2038 |
Schedule of deductible temporary differences and unused tax credits for which no deferred tax assets |
|  |  | 2018 |  |  |  | 2017 |
Mineral Interests |  |  | $ | 50.9 |  |  | $ | — |
Tax loss |  |  |  | 24.8 |  |  |  | 4.0 |
|  |  | $ | 75.7 |  |  | $ | 4.0 |

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- Definition Tabular disclosures of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References No definition available. + Details
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- Definition Tabular disclosures of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References No definition available. + Details
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