Income taxes (Tables)

12 Months Ended

Dec. 31, 2019

Total income tax expense (recovery) consists of:

Total income tax expense (recovery) attributable to each geographical jurisdiction for the Company is as follows:

The key factors affecting income tax expense (recovery) for the years are as follows:



	2019			2018

Earnings (loss) from continuing operations before income tax	$	113,456		$	(466,129	)
Canadian statutory tax rate	27		%	27		%
Tax expense (recovery) on net earnings (loss) at Canadian statutory tax rate	$	30,633		$	(125,855	)
Items that cause an increase (decrease) in income tax expense:
Foreign income subject to different income tax rates than Canada	(24,608		)	(17,498		)
Reduction in Greek income tax rate	(7,243		)	(24,968		)
Non-tax effected operating losses	16,231			12,716
Non-deductible expenses and other items	13,514			14,923
Foreign exchange and other translation adjustments	13,382			36,837
Future and current withholding tax on foreign income dividends	(5,278		)	20,000
Other	3,140			(2,653		)
Income tax expense (recovery)	$	39,771		$	(86,498	)

The change in the Company’s net deferred tax position was as follows:



	2019			2018
Net deferred income tax (asset) liability
Balance at January 1,	$	429,929		$	549,127
Deferred income tax recovery in the statement of operations	(16,579		)	(118,839		)
Deferred tax recovery in consolidated statement of OCI	(633		)	(359		)
Balance at December 31,	$	412,717		$	429,929

The composition of the Company’s net deferred income tax assets and liabilities and deferred tax expense (recovery) is as follows:



Type of temporary difference	Deferred tax assets				Deferred tax liabilities				Expense (recovery)
	2019		2018		2019		2018		2019			2018

Property, plant and equipment	$	—	$	—	$	498,384	$	483,561	$	14,823		$	(108,501	)
Loss carryforwards	42,079		37,245		—		—		(4,834		)	(5,788		)
Liabilities	31,793		27,321		2,545		—		(1,927		)	(2,631		)
Future withholding taxes	—		—		—		20,000		(20,000		)	20,000
Other items	24,346		19,477		10,006		10,411		(4,641		)	(21,919		)
Balance at December 31,	$	98,218	$	84,043	$	510,935	$	513,972	$	(16,579	)	$	(118,839	)



Unrecognized deferred tax assets	2019		2018

Tax losses	$	169,498	$	160,052
Other deductible temporary differences	30,242		25,242
	$	199,740	$	185,294

The gross amount of the tax losses for which a tax benefit has not been recorded expire in future years as follows:



Expiry date	Canada		Brazil		Greece		Total

2020	$	—	$	—	$	24,745	$	24,745
2021	—		—		10,253		10,253
2022	—		—		7,856		7,856
2023	—		—		17,347		17,347
2024	—		—		38,194		38,194
2025	7,894		—		—		7,894
2026	14,966		—		—		14,966
2027	10,638		—		—		10,638
2028	25,971		—		—		25,971
2029	23,444		—		—		23,444
2030	7,282		—		—		7,282
2031	45,351		—		—		45,351
2032	74,855		—		—		74,855
2033	64,883		—		—		64,883
2034	58,689		—		—		58,689
2035	55,266		—		—		55,266
2036	50,503		—		—		50,503
2037	38,978		—		—		38,978
2038	7,999		—		—		7,999
2039	510		—		—		510
No Expiry	—		31,128		—		31,128
	$	487,229	$	31,128	$	98,395	$	616,752

Capital losses with no expiry	$	63,483	$	—	$	—	$	63,483

Tax effect of total losses not recognized	$	140,087	$	5,797	$	23,614	$	169,498