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Income taxes (Tables)

12 Months Ended

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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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.

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