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INCOME TAXES | 12 Months Ended
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Dec. 31, 2017
INCOME TAXES [abstract] |
INCOME TAXES | ﻿
﻿ |  |
﻿ | 12. | INCOME TAXES
﻿ The income tax expense differs from the amount that would result from applying the federal and provincial income tax rate to the net income (loss) before income taxes. These differences result from the following items: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | Year Ended | Year Ended
﻿In $000s |  | December 31, 2017 | December 31, 2016
﻿Income before income taxes |  | $ | 14,614 |  | $ | 29,785
﻿Canadian federal and provincial income tax rates |  |  | 26.0% |  |  | 26.0%
﻿Income tax expense based on the above rates |  | $ | 3,800 |  | $ | 7,744
﻿Increase (decrease) due to: |  |  |  |  |  |
﻿Non-deductible expenses and permanent differences |  | $ | 989 |  | $ | 815
﻿Change in unrecognized temporary differences |  |  | 1,146 |  |  | (1,261)
﻿Non-taxable portion of capital gain or loss |  |  | (1,801) |  |  | (3,244)
﻿Change in future substantively enacted tax rate |  |  | (84) |  |  | -
﻿Other |  |  | 27 |  |  | 477
﻿Income tax expense |  | $ | 4,077 |  | $ | 4,531
﻿ The deferred tax assets and liabilities are shown below: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿In $000s |  | As at December 31, 2017 |  | As at December 31, 2016
﻿Deferred Income Tax Assets |  |  |  |  |  |
﻿ » Non-capital losses |  | $ | 30,027 |  | $ | 31,410
﻿ » Share issue costs and other |  |  | 1,966 |  |  | 1,906
﻿ » Mineral, royalty and other interests |  |  | (18,412) |  |  | (16,382)
﻿Total deferred income tax assets |  | $ | 13,581 |  | $ | 16,934
﻿Deferred Income Tax Liabilities |  |  |  |  |  |
﻿ » Mineral, royalty and other interests |  | $ | (2,807) |  | $ | (3,288)
﻿Total deferred income tax liabilities |  | $ | (2,807) |  | $ | (3,288)
﻿Total deferred income tax asset, net |  | $ | 10,774 |  | $ | 13,646
﻿ Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. Non-capital losses have been recognized as a deferred income tax asset to the extent there will be future taxable income against which the Company can utilize the benefit prior to their expiration. The Company recognized deferred tax assets in respect of tax losses as at December 31, 2017 of $111.2 million (2016: $120.8 million) as it is probable that there will be future taxable profits to recover the deferred tax assets. ﻿ Movement in net deferred income taxes: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | Year Ended |  | Year Ended
﻿In $000s |  | December 31, 2017 |  | December 31, 2016
﻿Balance, beginning of the year |  | $ | 13,646 |  | $ | 16,371
﻿Recognized in net income (loss) for the year |  |  | (3,209) |  |  | (4,225)
﻿Recognized in equity |  |  | 2 |  |  | 986
﻿Recognized in other comprehensive income (loss) for the year |  |  | 335 |  |  | 514
﻿Balance, end of year |  | $ | 10,774 |  | $ | 13,646
﻿ The Company has deductible unused tax losses, for which a deferred tax asset has been recognized, expiring as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿In $000s |  |  | Location |  |  | Amount |  | Expiration
﻿Non-capital loss carry-forwards |  |  | Canada |  | $ | 111,212 |  | 2030 - 2036
﻿ The aggregate amount of deductible temporary differences associated with capital losses and other items, for which deferred income tax assets have not been recognized as at December 31, 2017 are $34.3 million (2016: $27.9 million). No deferred tax asset is recognized in respect of these items because it is not probable that future taxable capital gains or taxable income will be available against which the Company can utilize the benefit.

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