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INCOME TAXES | 12 Months Ended
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Dec. 31, 2020
Income Taxes |
INCOME TAXES | The income tax recovery balance from continuing operations consists of:
(in thousands) |  | 2020 |  | 2019
Deferred income tax: |  |  |  |  |  |  |  |
Origination of temporary differences |  | $ | 710 |  |  | $ | 4,940 |
Tax benefit-previously unrecognized tax assets |  |  | 1,255 |  |  |  | 1,326 |
Prior year over (under) provision |  |  | (1,105 | ) |  |  | (890 | )
|  |  | 860 |  |  |  | 5,376 |
Income tax recovery |  | $ | 860 |  |  | $ | 5,376 |
The Company operates in multiple industries and jurisdictions, and the related income is subject to varying rates of taxation. The combined Canadian tax rate reflects the federal and provincial tax rates in effect in Ontario, Canada for each applicable year. A reconciliation of the combined Canadian tax rate to the Company’s effective rate of income tax is as follows:
(in thousands) |  | 2020 |  | 2019
Loss before taxes |  | $ | (17,143 | ) |  | $ | (23,517 | )
Combined Canadian tax rate |  |  | 26.50 | % |  |  | 26.50 | %
Income tax recovery at combined rate |  |  | 4,543 |  |  |  | 6,232 |
Difference in tax rates |  |  | 1,746 |  |  |  | 2,048 |
Non-deductible amounts |  |  | (2,579 | ) |  |  | (2,675 | )
Non-taxable amounts |  |  | 2,535 |  |  |  | 2,362 |
Previously unrecognized deferred tax assets (1) |  |  | 1,255 |  |  |  | 1,326 |
Renunciation of tax attributes-flow through shares |  |  | (417 | ) |  |  | (403 | )
Change in deferred tax assets not recognized |  |  | (5,960 | ) |  |  | (2,476 | )
Change in tax rates, legislation |  |  | (55 | ) |  |  | (81 | )
Prior year over (under) provision |  |  | (1,105 | ) |  |  | (890 | )
Other |  |  | 897 |  |  |  | (67 | )
Income tax recovery |  | $ | 860 |  |  | $ | 5,376 |
(1) | The Company has recognized certain previously unrecognized Canadian tax assets in 2020 and 2019 as a result of the renunciation of certain tax benefits to subscribers pursuant to its December 2019 $4,715,460 and November 2018 $5,000,000 flow-through share offerings.
The deferred income tax assets (liabilities) balance reported on the balance sheet is comprised of the temporary differences as presented below:
|  | At December 31 |  | At December 31
(in thousands) |  | 2020 |  | 2019
Deferred income tax assets: |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 387 |  |  | $ | 387 |
Post-employment benefits |  |  | 355 |  |  |  | 590 |
Reclamation obligations |  |  | 11,709 |  |  |  | 9,561 |
Tax loss carry forwards |  |  | 16,943 |  |  |  | 15,827 |
Other |  |  | 7,747 |  |  |  | 8,537 |
Deferred income tax assets-gross |  |  | 37,141 |  |  |  | 34,902 |
Set-off against deferred income tax liabilities |  |  | (37,141 | ) |  |  | (34,902 | )
Deferred income tax assets-per balance sheet |  | $ | — |  |  | $ | — |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Inventory |  | $ | (757 | ) |  | $ | (742 | )
Property, plant and equipment, net |  |  | (44,436 | ) |  |  | (41,949 | )
Other |  |  | (1,140 | ) |  |  | (1,135 | )
Deferred income tax liabilities-gross |  |  | (46,333 | ) |  |  | (43,826 | )
Set-off of deferred income tax assets |  |  | 37,141 |  |  |  | 34,902 |
Deferred income tax liabilities-per balance sheet |  | $ | (9,192 | ) |  | $ | (8,924 | )
The deferred income tax liability continuity summary is as follows:
(in thousands) |  | 2020 |  | 2019
Balance-January 1 |  | $ | (8,924 | ) |  | $ | (12,963 | )
Recognized in income (loss) |  |  | 860 |  |  |  | 5,376 |
Recognized in other liabilities (flow-through shares) |  |  | (902 | ) |  |  | (1,337 | )
Recognized in other comprehensive income |  |  | (226 | ) |  |  | — |
Balance-December 31 |  | $ | (9,192 | ) |  | $ | (8,924 | )
Management believes that it is not probable that sufficient taxable profit will be available in future years to allow the benefit of the following deferred tax assets to be utilized:
|  | At December 31 |  | At December 31
(in thousands) |  | 2020 |  | 2019
Deferred income tax assets not recognized |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 4,744 |  |  | $ | 7,344 |
Tax losses – capital |  |  | 66,873 |  |  |  | 66,783 |
Tax losses – operating |  |  | 42,635 |  |  |  | 35,904 |
Tax credits |  |  | 1,126 |  |  |  | 1,126 |
Other deductible temporary differences |  |  | 1,441 |  |  |  | 1,571 |
Deferred income tax assets not recognized |  | $ | 116,819 |  |  | $ | 112,728 |
The expiry dates of the Company’s Canadian tax losses and credits is as follows:
|  | Expiry |  | At December 31 |  | At December 31
(in thousands) |  | Date |  | 2020 |  | 2019
Tax losses - gross |  |  | 2025-2040 |  |  | $ | 220,039 |  |  | $ | 192,197 |
Tax benefit at tax rate of 26% - 27% |  |  |  |  |  |  | 59,578 |  |  |  | 51,731 |
Set-off against deferred tax liabilities |  |  |  |  |  |  | (16,943 | ) |  |  | (15,827 | )
Total tax loss assets not recognized |  |  |  |  |  |  | 42,635 |  |  |  | 35,904 |
Tax credits |  |  | 2025-2035 |  |  |  | 1,126 |  |  |  | 1,126 |
Total tax credit assets not recognized |  |  |  |  |  | $ | 1,126 |  |  | $ | 1,126 |

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