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Income and mining taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
INCOME AND MINING TAXES |
Schedule of the composition of income tax expense | The following table outlines the composition of income tax expense between current tax and deferred tax:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2021 | 2020
CURRENT INCOME AND MINING TAX EXPENSE |  |  |  |
Canada |  |  | 3.6 |  | 1.8 |
Foreign |  |  | 0.2 |  | 0.5 |
Adjustments in respect of prior year |  |  | (0.2) |  | — |
|  |  | 3.6 |  | 2.3 |
DEFERRED INCOME AND MINING TAX EXPENSE |  |  |  |
Canada |  |  | 14.0 |  | 1.8 |
Adjustments in respect of prior year |  |  | 2.1 |  | 0.2 |
|  |  | 16.1 |  | 2.0 |
Total income tax expense |  |  | 19.7 |  | 4.3 |
Schedule of reconciliation of Income tax recovery | The differences result from the following items:
|  | Year ended December 31 |  |  |
(in millions of U.S. dollars) |  |  | 2021 | 2020 |  |  |
Earnings (loss) before taxes |  |  | 160.3 | (75.0) |  |  |  |
Canadian federal and provincial income tax rates |  |  | 25.8 | % | 25.8 | % |  |  |
Income tax expense (recovery) based on above rates |  |  | 41.4 | (19.4) |  |  |  |
INCREASE (DECREASE) DUE TO |  |  |  |  |  |  |
Permanent differences |  |  | (19.9) | (1.0) |  |  |  |
Different statutory tax rates on earnings of foreign subsidiaries |  |  | (0.3) | 0.2 |  |  |  |
Foreign exchange on non-monetary assets and liabilities |  |  | (0.5) | — |  |  |  |
Other foreign exchange differences |  |  | (32.8) | (5.8) |  |  |  |
Prior years’ adjustments relating to tax provision and tax returns |  |  | 1.9 | 0.2 |  |  |  |
Canadian mining tax |  |  | 16.7 | 15.8 |  |  |  |
Change in unrecognized deferred tax assets |  |  | 12.0 | 17.4 |  |  |  |
BC Mining exploration tax credits received |  |  | — | (3.1) |  |  |  |
Other |  |  | 1.2 |  | 0.2 |  |  |  |
Income tax expense |  |  | 19.7 | 4.3 |  |  |  |
Schedule of deferred tax assets and liabilities | The following tables provide analysis of the deferred tax assets and liabilities, all of which are located in Canada:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2021 | 2020
DEFERRED TAX ASSETS |  |  |  |
Capital losses |  |  | 7.0 |  | 19.3 |
Property, plant and equipment and Mining interests |  |  | 52.9 |  | 44.6 |
Tax credits |  |  | 66.5 |  | 51.3 |
Ontario Mining Tax |  |  | 53.2 |  | 58.5 |
Other |  |  | 148.8 |  | 146.0 |
|  |  | 328.4 |  | 319.7 |
DEFERRED TAX LIABILITIES |  |  |  |
British Columbia Mining Tax |  |  | (69.6) |  | (53.5) |
|  |  | (69.6) |  | (53.5) |
Unrecognized deferred tax asset |  |  | 328.4 |  | 319.7 |
Deferred income tax liabilities, net |  |  | (69.6) |  | (53.5) |
Schedule of the movement in the net deferred tax liabilities | The following table outlines the movement in the net deferred tax liabilities:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2021 | 2020
MOVEMENT IN THE NET DEFERRED TAX LIABILITIES |  |  |  |
Balance at the beginning of the year |  |  | (53.5) |  | (48.3) |
Recognized in net earnings/loss |  |  | (16.1) |  | (5.2) |
Total movement in the net deferred tax liabilities |  |  | (69.6) |  | (53.5) |

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