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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Major components of tax expense (income) [abstract] |
Summary of income tax expense | Total income tax expense consists of:
| 2023 |  |  | 2022 |
Current tax expense | $ | 85,804 |  |  | $ | 69,701 |
Deferred tax recovery | (28,229) |  |  | (8,477) |
| $ | 57,575 |  |  | $ | 61,224 |
Summary of income tax expense attributable to geographical jurisdiction | Income tax expense attributable to each geographical jurisdiction for the Company is as follows:
| 2023 |  |  | 2022 |
Turkiye | $ | 42,471 |  |  | $ | 30,366 |
Canada | 30,491 |  |  | 16,934 |
Greece | (15,387) |  |  | 13,924 |
| $ | 57,575 |  |  | $ | 61,224 |
Summary of key factors affecting income tax expense | The key factors affecting income tax expense for the years are as follows:
| 2023 |  | 2022
Earnings from continuing operations before income tax | $ | 163,365 |  |  | $ | 11,856 |
Canadian statutory tax rate | 27% |  | 27%
Tax expense on net earnings at Canadian statutory tax rate | $ | 44,109 |  |  | $ | 3,201 |
Items that cause an increase (decrease) in income tax expense: |  |  |
Foreign income subject to different income tax rates than Canada | 1,143 |  |  | 1,032 |
Turkish fixed asset revaluation | (4,528) |  |  | — |
Increase (decrease) in Turkish income tax rate | 22,589 |  |  | (4,755) |
Turkish investment tax credits | (17,473) |  |  | (9,958) |
Québec mineral tax | 22,518 |  |  | 12,539 |
Non-tax effected temporary differences and operating losses | (4,383) |  |  | 1,910 |
Non-deductible expenses and non-taxable income | (96) |  |  | 9,194 |
Flow-through share renouncement | 3,500 |  |  | 4,388 |
Turkish earthquake relief tax | 4,348 |  |  | — |
Turkish inflation benefit | (59,361) |  |  | (18,048) |
Foreign exchange related to the weakening of the Turkish Lira | 51,205 |  |  | 26,619 |
Foreign exchange and other translation adjustments | (9,608) |  |  | 14,079 |
Future and current withholding tax on foreign income dividends | 6,723 |  |  | 19,993 |
Other | (3,111) |  |  | 1,030 |
Income tax expense | $ | 57,575 |  |  | $ | 61,224 |
Summary of change in net deferred tax position | The change in the Company’s net deferred tax position was as follows:
| 2023 |  | 2022
Net deferred income tax liability |  |  |
Balance at January 1, | $ | 410,219 |  |  | $ | 439,195 |
Deferred income tax recovery in the statements of operations | (28,229) |  |  | (8,477) |
Deferred tax recovery related to discontinued operations | — |  |  | (20,039) |
Deferred tax expense (recovery) in the consolidated statements of other comprehensive income | 2,371 |  |  | (460) |
Balance at December 31, | $ | 384,361 |  |  | $ | 410,219 |
Summary of temporary difference | 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)
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Property, plant and equipment | $ | — |  | $ | — |  | $ | 419,824 |  | $ | 446,695 |  | $ | (26,871) |  | $ | (44,173) |
Loss carryforwards | 14,748 |  | 17,532 |  | — |  | — |  | 2,784 |  | 1,634 |
Liabilities | 45,618 |  | 27,960 |  | — |  | — |  | (17,658) |  | 6,052 |
Future withholding taxes | — |  | — |  | 5,355 |  | 5,555 |  | (200) |  | 5,555 |
Other items | — |  | — |  | 19,548 |  | 3,461 |  | 13,716 |  | 2,416 |
| $ | 60,366 |  | $ | 45,492 |  | $ | 444,727 |  | $ | 455,711 |  | $ | (28,229) |  | $ | (28,516) |
Less: discontinued operations | — |  | — |  | — |  | — |  | — |  | 20,039 |
Balance at December 31, | $ | 60,366 |  | $ | 45,492 |  | $ | 444,727 |  | $ | 455,711 |  | $ | (28,229) |  | $ | (8,477) |
Summary of unrecognized deferred tax assets |
Unrecognized deferred tax assets | 2023 |  | 2022
Tax losses | $ | 218,615 |  |  | $ | 191,448 |
Other deductible temporary differences | 86,864 |  |  | 99,835 |
| $ | 305,479 |  |  | $ | 291,283 |
Summary of unrecognized tax losses | The gross amount of tax losses for which no deferred tax asset was recognized expire as follows:
| 2023 | Expiry date |  | 2022 | Expiry date
Canadian net operating loss carryforwards | $ | 464,761 |  | 2030-2043 |  | $ | 448,935 |  | 2029-2042
Canadian capital losses | 258,795 |  | none |  | 229,146 |  | none
Greek net operating loss carryforwards | 182,444 |  | 2024-2028 |  | 177,188 |  | 2023-2027
Romanian net operating loss carryforwards | 6,811 |  | 2024-2030 |  | 1,837 |  | 2023-2029

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