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Income Taxes | 12 Months Ended
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Dec. 31, 2022
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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 before income taxes. These differences result from the following items:
In $000s |  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |
Income before income taxes |  | $ | 87,769 |  |  | $ | 44,853 |
Canadian federal and provincial income tax rates |  |  | 27 % |  |  |  | 27 % |
Income tax expense based on the above rates |  | $ | 23,698 |  |  | $ | 12,110 |
Increase (decrease) due to: |  |  |  |  |  |  |  |
Non-deductible expenses and permanent differences |  | $ | 2,102 |  |  | $ | 1,627 |
Non-taxable portion of capital gain or loss |  |  | (3,776 | ) |  |  | 348 |
Withholding taxes |  |  | 2,975 |  |  |  | 2,178 |
Recognition of unrecognized losses on Horizon transaction |  |  | (11,977 | ) |  |  | - |
Change in unrecognized temporary differences and other |  |  | (3,703 | ) |  |  | 968 |
Income tax expense |  | $ | 9,319 |  |  | $ | 17,231 |
The deferred tax liabilities are shown below:
In $000s |  | As at December 31, 2022 |  |  | As at December 31, 2021 |
Non-capital losses |  | $ | 27,664 |  |  | $ | 17,405 |
Investments and other |  |  | 2,240 |  |  |  | 274 |
Stream, royalty and other interests |  |  | (44,688 | ) |  |  | (35,973) |
Total deferred income tax liabilities |  | $ | (14,784 | ) |  | $ | (18,294) |
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, 2022 of $102.5 million (2021 — $64.5 million) as it is probable that there will be future taxable profits to recover the deferred tax assets. These non-capital losses carry forwards are located in Canada and expire between 2030-2041. The movement in net deferred income taxes is shown below:
In $000s |  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |
Balance, beginning of the year |  | $ | (18,294 | ) |  | $ | (5,477) |
Recognized in net income (loss) for the year |  |  | (4,058 | ) |  |  | (14,202) |
Recognized in equity |  |  | 1,634 |  |  |  | 65 |
Recognized in other comprehensive income (loss) for the year |  |  | 900 |  |  |  | 1,320 |
Recognized from new acquisitions in the year |  |  | 5,034 |  |  |  | - |
Balance, end of year |  | $ | (14,784 | ) |  | $ | (18,294) |
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, 2022 are $ 15.6 million (2021 — $ 15.1 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. There were no deferred taxes recognized with respect to temporary differences arising from the Nomad acquisition as these were subject to the initial recognition exemption.

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- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2022-03-24 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2022-en-r&doctype=Standard&dita_xref=IAS12_g79-88__IAS12_g79-88_TI -URIDate 2022-03-24 + Details
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