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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Disclosure of income tax [Abstract] |
Income Taxes |
11. | INCOME TAXES
The following table represents the major components of income tax expense recognized in net earnings for the years ended December 31, 2021 and 2020:
| December 31, 2021 | December 31, 2020
Current income tax expense | $5.3 |  | $30.1 |
Deferred income tax expense | 63.7 |  | 43.9 |
Income tax expense recognized in net earnings | $69.0 |  | $74.0 |
The statutory tax rate for 2021 was 25.0% (2020 – 25.0%). The following table reconciles the expected income tax expense at the Canadian combined statutory income tax rate to the amounts recognized in net earnings for the years ended December 31, 2021 and 2020:
| December 31, 2021 | December 31, 2020
Earnings before income taxes | $2.3 |  | $218.2 |
Statutory tax rate | 25.0 | % | 25.0 | %
Expected income tax expense based on above rates | $0.6 |  | $54.6 |
Effect of higher tax rates in foreign jurisdictions | 1.6 |  | 3.5 |
Effect of non-deductible impairment | 45.4 |  | — |
Non-taxable income | (3.1) |  | 1.0 |
Impact of local mining taxes | 15.9 |  | 14.1 |
Impact of foreign exchange | 6.9 |  | 3.1 |
Impact of renouncement of flow through share expenditures | — |  | 0.9 |
Withholding tax | 0.8 |  | 0.9 |
Change in unrecognized temporary differences | 1.7 |  | (3.0) |
Other | (0.8) |  | (1.1) |
Income tax expense | $69.0 |  | $74.0 |
The following table reflects the change in deferred income tax liability at December 31, 2021 and December 31, 2020:
| December 31, 2021 | December 31, 2020
Balance, beginning of year | $559.9 |  | $513.7 |
Deferred income tax expense recognized in net earnings | 63.7 |  | 43.9 |
Deferred income tax (recovery) expense recognized in OCI | (0.4) |  | 2.3 |
Balance, end of year | $623.2 |  | $559.9 |
The following reflects the deferred income tax liability at December 31, 2021 and December 31, 2020:
| December 31, 2021 | December 31, 2020
Accounting value of mineral property, plant and equipment in excess of tax value | $653.4 |  | $591.8 |
Accounting value of inventories in excess of tax value | 8.7 |  | 8.8 |
Other deductible temporary differences | (33.0) |  | (25.5) |
Non-capital losses carried forward | (5.9) |  | (15.2) |
Deferred income tax liability | $623.2 |  | $559.9 |
The Company has Canadian tax losses of $26.6 million expiring between 2025 and 2040, Mexican tax losses of $25.5 million expiring between 2022 and 2030, United States tax losses of $19.4 million expiring between 2028 and 2037, as well as Turkish tax losses of $1.7 million expiring between 2022 and 2026. The Company has unrecognized deferred income tax assets at December 31, 2021 in respect of aggregate loss carryforwards, deductible temporary differences and unused tax credits. The unrecognized loss carryforwards, deductible temporary differences and unused tax credits are $93.5 million (December 31, 2020 -$77.2 million). At December 31, 2021, the Company has unrecognized deferred income tax liabilities on taxable temporary differences of $84.9 million (December 31, 2020 - $50.1 million) for taxes that would be payable on the unremitted earnings of certain subsidiaries of the Company.

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