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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Income Taxes | INCOME TAXES Income tax (recovery) expense during the years ended December 31, 2023 and 2022 differs from the amounts that would result from applying the combined Canadian federal and provincial income tax rate of 27% (2022 – 27%) to income (loss) before income taxes. These differences result from the following items:
|  |  | 2023 |  | 2022
Income (loss) before income taxes |  |  | $ | 14,768 |  |  | $ | (98,407) |
Combined Canadian federal and provincial income tax rate |  |  | 27 | % |  | 27 | %
Expected income tax expense (recovery) |  |  | 3,987 |  |  | (26,570) |
Foreign exchange impact |  |  | (36,551) |  |  | (16,050) |
Non-taxable income and non-deductible expenses |  |  | 22,556 |  |  | 5,640 |
Impact of tax rate differences between jurisdictions |  |  | (20,276) |  |  | 5,213 |
Change in estimates of prior year |  |  | 4,493 |  |  | 2,750 |
Impact of Mexican inflation |  |  | (4,498) |  |  | (7,772) |
Tax effect of changes in temporary differences for which no tax benefit has been recognized |  |  | 16,708 |  |  | 33,505 |
Other |  |  | (535) |  |  | 10,904 |
Total income tax (recovery) expense |  |  | $ | (14,116) |  |  | $ | 7,620 |
Comprising: |  |  |  |  |
Current tax expense |  |  | $ | 19,235 |  |  | $ | 23,515 |
Deferred tax recovery |  |  | (33,351) |  |  | (15,895) |
|  |  | $ | (14,116) |  |  | $ | 7,620 |
25. INCOME TAXES (CONTINUED) The significant components of the Company’s recognized deferred income tax assets and deferred income tax liabilities at December 31, 2023 and 2022 were as follows:
| 2023 |  | 2022
Non-capital losses | $ | 66,912 |  |  | $ | 49,821 |
Deductible temporary differences relating to: |  |  |
Mineral properties, plant and equipment | 36,591 |  |  | 19,085 |
Inventories | 28,076 |  |  | 33,044 |
Reclamation and closure cost provisions | 16,753 |  |  | 9,057 |
Accrued liabilities | 16,211 |  |  | 12,399 |
Investments and loans and borrowings | 11,440 |  |  | 6,366 |
Mining tax | 10,071 |  |  | 9,992 |
Other | 3,030 |  |  | 6,486 |
Total deferred income tax assets | $ | 189,084 |  |  | $ | 146,250 |
Taxable temporary differences relating to: |  |  |
Mineral properties, plant and equipment | $ | (393,309) |  |  | $ | (381,385) |
Intercompany loan | (26,814) |  |  | (13,157) |
Inventories | (10,799) |  |  | — |
Derivatives | (1,855) |  |  | (6,590) |
Other | (1,011) |  |  | (7,140) |
Total deferred income tax liabilities | (433,788) |  |  | (408,272) |
Net deferred income tax liability | $ | (244,704) |  |  | $ | (262,022) |
The movements in the Company’s net deferred income tax liability during the years ended December 31, 2023 and 2022 were as follows:
| Note |  | 2023 |  | 2022
Balance – beginning of year |  |  | $ | (262,022) |  |  | $ | (319,706) |
Recognized in net income (loss) |  |  | 33,351 |  |  | 15,895 |
Recognized in OCI |  |  | (4,313) |  |  | 25,009 |
Recognized directly in equity | 13(b) |  | (11,720) |  |  | — |
Disposition of subsidiaries | 5(a) |  | — |  |  | 18,084 |
Adjustment to opening retained earnings | 3(n)(i) |  | — |  |  | (1,304) |
Balance – end of year |  |  | $ | (244,704) |  |  | $ | (262,022) |
25. INCOME TAXES (CONTINUED) The Company’s deductible temporary differences, unused tax losses and unused tax credits at December 31, 2023 and 2022 for which deferred income tax assets have not been recognized were as follows:
| 2023 |  | 2022
Deductible temporary differences relating to: |  |  |
Investments and loans and borrowings | $ | 110,279 |  |  | $ | 66,450 |
Mineral properties, plant and equipment | 79,102 |  |  | 43,215 |
Reclamation and closure cost provisions | 70,277 |  |  | 77,160 |
Accrued receivables and liabilities | 58,640 |  |  | 15,244 |
Suspended interest deduction | 22,048 |  |  | — |
Derivatives | 8,632 |  |  | 10,010 |
Other | 11,032 |  |  | 22,259 |
Non-capital losses | 334,623 |  |  | 325,065 |
Capital losses | 39,493 |  |  | 34,381 |
| $ | 734,126 |  |  | $ | 593,784 |
At December 31, 2023, the Company had the following estimated tax operating losses available to reduce future taxable income, including both losses for which deferred income tax assets are recognized and losses for which deferred income tax assets are not recognized as listed in the table above. The loss carryforwards expire as follows:
| 2023
Canada (expire between 2035–2043) | $ | 290,731 |
Brazil (no expiry) | 162,864 |
United States - California (expire between 2030–2040 or after) | 82,957 |
Mexico (expire between 2025–2033) | 77,167 |
| $ | 613,719 |

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