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Income and other taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Schedule of components of income tax (expense) recovery | Income tax (expense) recovery:
For the years ended December 31 | 2024 | 2023
Current tax (expense) recovery: |  |
Current period before undernoted items | $ | (74,169) |  | $ | (64,679) |
Adjustments to prior years including resolution for certain outstanding audits | 43 |  | 14,755 |
| (74,126) |  | (49,924) |
Deferred tax recovery (expense): |  |
Origination and reversal of temporary differences | 52,396 |  | 46,982 |
Adjustments to prior years including resolution for certain outstanding audits | (383) |  | 6,904 |
Changes in tax rates | 34 |  | (5,828) |
Impact of foreign exchange and other | (7,762) |  | 377 |
| 44,285 |  | 48,435 |
Total income tax expense | $ | (29,841) |  | $ | (1,489) |
Schedule of 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 | 2024 | 2023
Income before income taxes | $ | 280,086 |  | $ | 285,611 |
Deduct earnings of associate | (38,335) |  | (99,466) |
| 241,751 |  | 186,145 |
Canadian statutory tax rate | 24.5 | % | 24.5 | %
Income tax expense calculated at Canadian statutory tax rate | (59,229) |  | (45,606) |
Decrease (increase) in income tax expense resulting from: |  |
Impact of income and losses taxed in foreign jurisdictions | 14,268 |  | 27,260 |
Utilization of unrecognized loss carryforwards and temporary differences | 6,482 |  | 7,381 |
Impact of tax rate changes | 34 |  | (5,828) |
Impact of foreign exchange | 1,650 |  | 5,287 |
Other business taxes | 2,791 |  | (13,943) |
Impact of items not taxable for tax purposes | 4,555 |  | 2,373 |
Adjustments to prior years including resolution for certain outstanding audits | (340) |  | 21,658 |
Other | (52) |  | (71) |
Total income tax expense | $ | (29,841) |  | $ | (1,489) |
Schedule of 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, 2024 |  |  | Dec 31, 2023
| Net | Deferred tax assets | Deferred tax liabilities |  | Net | Deferred tax assets | Deferred tax liabilities
Property, plant and equipment (owned) | $ | (325,338) |  | $ | (162,036) |  | $ | (163,302) |  |  | $ | (363,644) |  | $ | (189,646) |  | $ | (173,998) |
Right-of-use assets | (35,757) |  | (25,816) |  | (9,941) |  |  | (35,883) |  | (28,299) |  | (7,584) |
Repatriation taxes | (119,281) |  | (30) |  | (119,251) |  |  | (109,186) |  | (7) |  | (109,179) |
Other | (26,241) |  | (11,267) |  | (14,974) |  |  | (31,630) |  | (9,259) |  | (22,371) |
| (506,617) |  | (199,149) |  | (307,468) |  |  | (540,343) |  | (227,212) |  | (313,131) |
Non-capital loss carryforwards | 357,670 |  | 346,150 |  | 11,520 |  |  | 358,774 |  | 321,602 |  | 37,172 |
Lease obligations | 48,706 |  | 35,740 |  | 12,966 |  |  | 48,633 |  | 37,854 |  | 10,779 |
Share-based compensation | 24,567 |  | 8,185 |  | 16,382 |  |  | 16,391 |  | 651 |  | 15,740 |
Other | 40,652 |  | 13,165 |  | 27,487 |  |  | 50,955 |  | 19,355 |  | 31,600 |
| 471,595 |  | 403,240 |  | 68,355 |  |  | 474,753 |  | 379,462 |  | 95,291 |
Net deferred income tax assets (liabilities) | $ | (35,022) |  | $ | 204,091 |  | $ | (239,113) |  |  | $ | (65,590) |  | $ | 152,250 |  | $ | (217,840) |
As at December 31, 2024, 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 2024
| Gross amount | Tax effect
Expire |  |
Losses generated in 2015 (expires 2035) | $ | 282,437 |  | $ | 62,136 |
Losses generated in 2016 (expires 2036) | 432,581 |  | 95,168 |
Losses generated in 2017 (expires 2037) | 234,941 |  | 51,687 |
| 949,959 |  | 208,991 |
No expiry |  |
Losses generated in 2019 | 255,244 |  | 56,154 |
Losses generated in 2020 | 121,321 |  | 26,691 |
Losses generated in 2023 | 23,721 |  | 5,219 |
Losses generated in 2024 | 6,636 |  | 1,460 |
Total non-capital loss carryforwards | $ | 1,356,881 |  | $ | 298,515 |
Analysis of the change in deferred income tax assets and liabilities:
|  | 2024 |  |  |  | 2023 |
| Net | Deferred tax assets | Deferred tax liabilities |  | Net | Deferred tax assets | Deferred tax liabilities
Balance, January 1 | $ | (65,590) |  | $ | 152,250 |  | $ | (217,840) |  |  | $ | (180,643) |  | $ | 46,353 |  | $ | (226,996) |
Deferred income tax recovery (expense) included in net income | 44,285 |  | 65,244 |  | (20,959) |  |  | 48,435 |  | 40,159 |  | 8,276 |
Deferred income tax recovery (expense) included in other comprehensive income | (14,096) |  | (13,403) |  | (693) |  |  | 66,636 |  | 65,738 |  | 898 |
Other | 379 |  | — |  | 379 |  |  | (17) |  | — |  | (17) |
Balance, December 31 | $ | (35,022) |  | $ | 204,091 |  | $ | (239,113) |  |  | $ | (65,590) |  | $ | 152,250 |  | $ | (217,840) |

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