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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The differences are as follows:
| 2023 |  | 2022
Expected income tax recovery at Canadian statutory rate | $ | (31,696) |  |  | $ | (97,962) |
Increase (decrease) resulting from: |  |  |
Effect of differences in tax rates on transactions in and within foreign jurisdictions and change in tax rates | (46,628) |  |  | (55,315) |
Adjustments from investments carried at fair value | 16,128 |  |  | 51,314 |
Non-controlling interests share of income | 24,677 |  |  | 30,025 |
Change in valuation allowance | 10,786 |  |  | 41,702 |
Acquisition related state deferred tax adjustments | — |  |  | 5,998 |
Capital gain rate differential on disposal of renewable assets | — |  |  | (7,340) |
Tax credits | (54,788) |  |  | (18,440) |
Amortization and settlement of excess deferred income tax | (12,785) |  |  | (14,855) |
Deferred income taxes on regulated income recorded as regulatory assets | (878) |  |  | (1,986) |
Other permanent differences | 5,341 |  |  | 4,591 |
Other | 3,543 |  |  | 755 |
Income tax recovery | $ | (86,300) |  |  | $ | (61,513) |
Schedule of Income (Loss) Before Taxes | For the years ended December 31, 2023 and 2022, earnings (loss) before income taxes consist of the following:
| 2023 |  | 2022
Canada (1) | $ | (259,141) |  |  | $ | (363,050) |
U.S. | 102,469 |  |  | (37,322) |
Other regions | 37,067 |  |  | 30,704 |
| $ | (119,605) |  |  | $ | (369,668) |
(1) Inclusive of fair value gain (loss) on investments carried at fair value (note 8)
Schedule of Income Tax Expenses (Recovery) Attributable to Income (Loss) | Income tax expense (recovery) attributable to income (loss) consists of:
| Current |  | Deferred |  | Total
Year ended December 31, 2023 |  |  |  |  |
Canada | $ | 4,352 |  |  | $ | (59,488) |  |  | $ | (55,136) |
United States | (14,820) |  |  | (23,099) |  |  | (37,919) |
Other regions | 728 |  |  | 6,027 |  |  | 6,755 |
| $ | (9,740) |  |  | $ | (76,560) |  |  | $ | (86,300) |
Year ended December 31, 2022 |  |  |  |  |
Canada | $ | 4,184 |  |  | $ | (74,595) |  |  | $ | (70,411) |
United States | 1,579 |  |  | 6,183 |  |  | 7,762 |
Other regions | 2,080 |  |  | (944) |  |  | 1,136 |
| $ | 7,843 |  |  | $ | (69,356) |  |  | $ | (61,513) |
Schedule of Tax Effect of Temporary Difference Between Assets and Liability | The tax effect of temporary differences between the consolidated financial statement carrying amounts of assets and liabilities and their respective tax bases that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below:
| 2023 |  | 2022
Deferred tax assets: |  |  |
Non-capital loss, investment tax credits, currently non-deductible interest expenses, and financing costs | $ | 1,030,801 |  |  | $ | 878,000 |
Pension and OPEB | 7,370 |  |  | 16,845 |
Environmental obligation | 11,692 |  |  | 12,118 |
Regulatory liabilities | 180,371 |  |  | 156,285 |
Other | 72,109 |  |  | 61,917 |
Total deferred income tax assets | $ | 1,302,343 |  |  | $ | 1,125,165 |
Less: valuation allowance | (97,344) |  |  | (107,583) |
Total deferred tax assets | $ | 1,204,999 |  |  | $ | 1,017,582 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | $ | 883,447 |  |  | $ | 846,331 |
Outside basis differentials | 364,511 |  |  | 315,581 |
Regulatory accounts | 317,820 |  |  | 303,059 |
Other | 59,640 |  |  | 33,834 |
Total deferred tax liabilities | $ | 1,625,418 |  |  | $ | 1,498,805 |
Net deferred tax liabilities | $ | (420,419) |  |  | $ | (481,223) |
Consolidated balance sheets classification: |  |  |
Deferred tax assets | $ | 158,483 |  |  | $ | 84,416 |
Deferred tax liabilities | (578,902) |  |  | (565,639) |
Net deferred tax liabilities | $ | (420,419) |  |  | $ | (481,223) |
Summary of Valuation Allowance | The following table illustrates the annual movement in the deferred tax valuation allowance:
| 2023 |  | 2022
Beginning balance | $ | 107,583 |  |  | $ | 27,471 |
Charged to income tax expense | 10,786 |  |  | 41,702 |
Charged (reduction) to OCI | (16,696) |  |  | 40,613 |
Reductions to other accounts | (4,329) |  |  | (2,203) |
Ending balance | $ | 97,344 |  |  | $ | 107,583 |
Schedule of Non Capital Losses Carry Forwards | As of December 31, 2023, the Company had non-capital losses carried forward and tax credits available to reduce future years' taxable income, which expire as follows:
Non-capital loss carryforward and credits | 2024—2028 | 2029+ | Total
Canada | $ | 3,339 |  | $ | 913,781 |  | $ | 917,120 |
US | 8,441 |  | 1,897,609 |  | 1,906,050 |
Total non-capital loss carryforward | $ | 11,780 |  | $ | 2,811,390 |  | $ | 2,823,170 |
Tax credits | $ | 3,359 |  | $ | 200,772 |  | $ | 204,131 |

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