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Income and other taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income tax recovery (expense):


For the years ended December 31	2020		2019
Current tax recovery (expense):
Current period before undernoted items	$	(27,759)	$	(38,953)

Adjustments to prior years	2,563		144
	(25,196)		(38,809)
Deferred tax recovery (expense):
Origination and reversal of temporary differences	89,301		31,389
Adjustments to prior years	(1,067)		(138)
Changes in tax rates	(5,031)		2,141
Other	4,098		943
	87,301		34,335
Total income tax recovery (expense)	$	62,105	$	(4,474)

Reconciliation of accounting profit multiplied by applicable tax rates

Income tax expense differs from the amounts that would be obtained by applying the Canadian statutory income tax rate to net income before income taxes as follows:


For the years ended December 31	2020			2019
Income (loss) before income taxes	$	(187,432)		$	120,840
Deduct earnings of associate	(29,577)			(52,218)
	(217,009)			68,622
Canadian statutory tax rate	25.6		%	26.8		%
Income tax recovery (expense) calculated at Canadian statutory tax rate	55,554			(18,411)
Decrease (increase) in income tax expense resulting from:
Impact of income and losses taxed in foreign jurisdictions	3,771			7,001
Utilization of unrecognised loss carryforwards and temporary differences	7,013			6,945
Impact of tax rate changes	(5,031)			2,141
Impact of foreign exchange	3,748			(484)
Other business taxes	(3,081)			(2,798)
Impact of recovery items (expenses) not taxable (deductible) for tax purposes	(5,461)			1,826
Adjustments to prior years	1,496			6
Other	4,096			(700)
Total income tax recovery (expense)	62,105			$	(4,474)

Effect of temporary difference, unused tax losses and unused tax credits and analysis of change in deferred income tax liabilities

The tax effect of temporary differences that give rise to deferred income tax liabilities and deferred income tax assets is as follows:


As at			Dec 31, 2020						Dec 31, 2019
	Net		Deferred tax assets		Deferred tax liabilities		Net		Deferred tax assets		Deferred tax liabilities
Property, plant and equipment (owned)	$	(448,533)	$	(262,020)	$	(186,513)	$	(447,077)	$	(250,890)	$	(196,187)
Right-of-use assets	(43,386)		(35,297)		(8,089)		(45,501)		(26,725)		(18,776)
Repatriation taxes	(102,370)		—		(102,370)		(93,363)		—		(93,363)
Other	(15,205)		—		(15,205)		(10,424)		(48)		(10,376)
	(609,494)		(297,317)		(312,177)		(596,365)		(277,663)		(318,702)
Non-capital loss carryforwards	391,132		339,396		51,736		286,004		286,004		—
Lease obligations	56,894		44,455		12,439		56,802		33,979		22,823
Share-based compensation	14,669		1,758		12,911		3,075		—		3,075
Other	70,931		49,232		21,699		89,278		69,294		19,984
	533,626		434,841		98,785		435,159		389,277		45,882
Net deferred income tax assets (liabilities)	$	(75,868)	$	137,524	$	(213,392)	$	(161,206)	$	111,614	$	(272,820)

As at December 31, 2020, deferred income tax assets have been recognized in respect of non-capital loss carryforwards generated in the United States. These loss carryforwards expire as follows:


	Dec 31 2020
	Gross amount		Tax effect
Expire
Losses generated in 2014 (expires 2034)	$	33,252	$	7,648
Losses generated in 2015 (expires 2035)	351,625		80,874
Losses generated in 2016 (expires 2036)	432,581		99,494
Losses generated in 2017 (expires 2037)	234,941		54,036
	1,052,399		242,052
No expiry
Losses generated in 2019	232,163		53,397
Losses generated in 2020	140,021		32,205
Total non-capital loss carryforwards	$	1,424,583	$	327,654

Analysis of the change in deferred income tax assets and liabilities:


			2020						2019
	Net		Deferred tax assets		Deferred tax liabilities		Net		Deferred tax assets		Deferred tax liabilities
Balance, January 1	$	(161,206)	$	111,614	$	(272,820)	$	(221,682)	$	59,532	$	(281,214)
Adjustment on adoption of IFRS 16	—		—		—		4,529		533		3,996
Balance, January 1 (restated)	(161,206)		111,614		(272,820)		(217,153)		60,065		(277,218)
Deferred income tax recovery included in net income	87,301		28,243		59,058		34,335		28,875		5,460
Deferred income tax recovery (expense) included in other comprehensive income	(2,325)		(2,333)		8		22,049		21,871		178
Other	362		—		362		(437)		803		(1,240)
Balance, December 31	$	(75,868)	$	137,524	$	(213,392)	$	(161,206)	$	111,614	$	(272,820)