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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income taxes |
Schedule of income tax expense |
|  |  | 2020 |  |  | 2019 |
Current income tax expense |  |  |  |  |  |  |  |  |
Expense for the year |  |  | $ | 50.9 |  |  | $ | 42.3 |
Adjustment in respect of prior years |  |  |  | (2.4) |  |  |  | (3.2) |
Current income tax expense |  |  | $ | 48.5 |  |  | $ | 39.1 |
Deferred income tax expense (recovery) |  |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  |  | $ | (30.2) |  |  |  | 20.2 |
Impact of changes in tax rates |  |  |  | (0.8) |  |  |  | (1.0) |
Change in unrecognized deductible temporary differences |  |  |  | (6.4) |  |  |  | (0.1) |
Adjustments in respect of prior years |  |  |  | 2.2 |  |  |  | 3.4 |
Other |  |  |  | — |  |  |  | 0.2 |
Deferred income tax (recovery) expense |  |  | $ | (35.2) |  |  | $ | 22.7 |
Income tax expense |  |  | $ | 13.3 |  |  | $ | 61.8 |
Reconciliation of the provision for income taxes |
|  |  | 2020 |  |  | 2019 |
Net income before income taxes |  |  | $ | 339.5 |  |  | $ | 405.9 |
Statutory tax rate |  |  |  | 26.5% |  |  |  | 26.6% |
Tax expense at statutory rate |  |  | $ | 90.0 |  |  | $ | 108.0 |
Reconciling items: |  |  |  |  |  |  |  |  |
Change in unrecognized deductible temporary differences |  |  | $ | (6.4) |  |  | $ | (0.1) |
Income/expenses not taxed |  |  |  | (4.2) |  |  |  | (4.3) |
Differences in foreign statutory tax rates |  |  |  | (66.0) |  |  |  | (42.8) |
Differences due to changing future tax rates |  |  |  | (0.8) |  |  |  | (1.0) |
Foreign withholding tax |  |  |  | — |  |  |  | 0.3 |
Temporary differences subject to initial recognition exemption |  |  |  | 0.6 |  |  |  | 1.5 |
Other |  |  |  | 0.1 |  |  |  | 0.2 |
Income tax expense |  |  | $ | 13.3 |  |  | $ | 61.8 |
Schedule of income tax (expense) recovery recognized in other comprehensive income (loss) |
|  |  |  | 2020 |  |  |  | 2019 |
|  |  |  |  |  |  |  |  |  |  |  | After |  |  |  |  |  |  |  |  |  |  |  | After |
|  |  |  | Before |  |  |  | Tax |  |  |  | Tax |  |  |  | Before |  |  |  | Tax |  |  |  | Tax |
|  |  |  | Tax Gain |  |  |  | Expense |  |  |  | Gain |  |  |  | Tax Gain |  |  |  | Expense |  |  |  | Gain |
Gain (loss) on change in the fair value of equity investments at FVTOCI |  |  | $ | 50.5 |  |  | $ | (6.7) |  |  | $ | 43.8 |  |  | $ | 11.4 |  |  | $ | (1.5) |  |  | $ | 9.9 |
Currency translation adjustment |  |  |  | 19.6 |  |  |  | — |  |  |  | 19.6 |  |  |  | 32.3 |  |  |  | — |  |  |  | 32.3 |
Other comprehensive income |  |  | $ | 70.1 |  |  | $ | (6.7) |  |  | $ | 63.4 |  |  | $ | 43.7 |  |  | $ | (1.5) |  |  | $ | 42.2 |
Deferred tax |  |  |  |  |  |  | $ | (6.7) |  |  |  |  |  |  |  |  |  |  | $ | (1.5) |  |  |  |  |
Tax expense in other comprehensive income |  |  |  |  |  |  | $ | (6.7) |  |  |  |  |  |  |  |  |  |  |  | (1.5) |  |  |  |  |
Schedule of components of deferred income tax assets and liabilities |
|  |  | 2020 |  |  | 2019 |
Deferred income tax assets: |  |  |  |  |  |  |  |  |
Deductible temporary differences relating to: |  |  |  |  |  |  |  |  |
Royalty, stream and working interests |  |  | $ | 44.1 |  |  | $ | 6.5 |
Non-capital loss carry-forwards |  |  |  | 0.6 |  |  |  | 0.3 |
Other |  |  |  | 0.4 |  |  |  | — |
|  |  | $ | 45.1 |  |  | $ | 6.8 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |
Taxable temporary differences relating to: |  |  |  |  |  |  |  |  |
Share issue and debt issue costs |  |  | $ | 0.3 |  |  | $ | (1.7) |
Royalty, stream and working interests |  |  |  | 89.6 |  |  |  | 89.0 |
Non-capital loss carry-forwards |  |  |  | (3.9) |  |  |  | (4.3) |
Investments |  |  |  | 11.6 |  |  |  | 4.3 |
Other |  |  |  | (6.1) |  |  |  | (4.9) |
|  |  | $ | 91.5 |  |  | $ | 82.4 |
Deferred income tax liabilities, net |  |  | $ | 46.4 |  |  | $ | 75.6 |
Schedule of movement in net deferred tax liabilities |
|  |  |  | 2020 |  |  |  | 2019 |
Balance, beginning of year |  |  | $ | 75.6 |  |  | $ | 50.0 |
Recognized in net income |  |  |  | (35.2) |  |  |  | 22.5 |
Recognized in other comprehensive income |  |  |  | 6.7 |  |  |  | 1.5 |
Recognized in equity |  |  |  | 0.3 |  |  |  | 0.4 |
Other |  |  |  | (1.0) |  |  |  | 1.2 |
Balance, end of year |  |  | $ | 46.4 |  |  | $ | 75.6 |
Schedule of non-capital losses |
Country |  | Type |  | Amount |  | Expiry date |
Canada |  | Non-Capital Losses |  | $ | 14.7 |  | 2030-2038 |
Chile |  | Non-Capital Losses |  |  | 2.3 |  | No expiry |
|  |  |  | $ | 17.0 |  |  |
Schedule of deductible temporary differences, losses and unused tax credits for which no deferred tax assets |
|  |  | 2020 |  |  |  | 2019 |
Royalty, stream and working interests |  |  | $ | 25.1 |  |  | $ | 48.0 |
Tax losses (expiry dates - 2029-2033) |  |  |  | 23.6 |  |  |  | 24.7 |
|  |  | $ | 48.7 |  |  | $ | 72.7 |

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