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Income and mining taxes (Tables)
 12 Months Ended
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)20212020
CURRENT INCOME AND MINING TAX EXPENSE


Canada3.6 1.8 
Foreign0.2 0.5 
Adjustments in respect of prior year(0.2)— 
 3.6 2.3 
DEFERRED INCOME AND MINING TAX EXPENSE


Canada14.0 1.8 
Adjustments in respect of prior year2.1 0.2 
 16.1 2.0 
Total income tax expense19.7 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)20212020
Earnings (loss) before taxes160.3(75.0)
Canadian federal and provincial income tax rates25.8 %25.8 %
Income tax expense (recovery) based on above rates41.4(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 returns1.90.2 
Canadian mining tax16.715.8 
Change in unrecognized deferred tax assets12.017.4 
BC Mining exploration tax credits received—(3.1)
Other1.2 0.2 
Income tax expense19.74.3 
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)20212020
DEFERRED TAX ASSETS
Capital losses7.0 19.3 
Property, plant and equipment and Mining interests52.9 44.6 
Tax credits66.5 51.3 
Ontario Mining Tax53.2 58.5 
Other148.8 146.0 
328.4 319.7 
DEFERRED TAX LIABILITIES
British Columbia Mining Tax(69.6)(53.5)
(69.6)(53.5)
Unrecognized deferred tax asset328.4 319.7 
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)20212020
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)