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INCOME TAXES | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
INCOME TAXES | 17.INCOME TAXES The income tax recovery balance from continuing operations consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
(in thousands) |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income tax: |  | ​ |  |  | ​ |
Origination of temporary differences | ​ | $ | 149 | ​ | $ | 1,795
Tax benefit-previously unrecognized tax assets | ​ |  | 2,128 | ​ |  | 247
Prior year under provision | ​ |  | (8) | ​ |  | (47)
​ | ​ |  | 2,269 | ​ |  | 1,995
Income tax recovery | ​ | $ | 2,269 | ​ | $ | 1,995
​ 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) |  | 2022 |  | 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ |
Income before taxes | ​ | $ | 12,085 | ​ | $ | 16,982 | ​
Combined Canadian tax rate | ​ |  | 26.50 | % |  | 26.50 | %
Income tax expense at combined rate | ​ |  | (3,202) | ​ |  | (4,500) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Difference in tax rates | ​ |  | (3,394) | ​ |  | (1,704) | ​
Non-deductible amounts | ​ |  | (3,018) | ​ |  | (4,637) | ​
Non-taxable amounts | ​ |  | 17,334 | ​ |  | 13,518 | ​
Change in deferred tax assets not recognized (1) | ​ |  | (5,257) | ​ |  | (409) | ​
Change in tax rates, legislation | ​ |  | (151) | ​ |  | (29) | ​
Prior year under provision | ​ |  | (8) | ​ |  | (47) | ​
Other | ​ |  | (35) | ​ |  | (197) | ​
Income tax recovery | ​ | $ | 2,269 | ​ | $ | 1,995 | ​
| (1) | The Company has recognized certain previously unrecognized Canadian tax assets in 2022 and 2021 as a result of the renunciation of certain tax benefits to subscribers pursuant to its December 2021 $8,000,000 and December 2020 $930,000 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) | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income tax assets: |  | ​ |  |  | ​ |
Property, plant and equipment, net | ​ | $ | 387 | ​ | $ | 387
Post-employment benefits | ​ |  | 314 | ​ |  | 331
Reclamation obligations | ​ |  | 8,990 | ​ |  | 11,420
Non-capital tax loss carry forwards | ​ |  | 20,070 | ​ |  | 16,910
Capital loss carry forward | ​ |  | 9,483 | ​ |  | 6,862
Other | ​ |  | 8,077 | ​ |  | 7,942
Deferred income tax assets-gross | ​ |  | 47,321 | ​ |  | 43,852
Set-off against deferred income tax liabilities | ​ |  | (47,321) | ​ |  | (43,852)
Deferred income tax assets-per balance sheet | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income tax liabilities: | ​ |  |  | ​ |  |
Inventory | ​ | $ | (759) | ​ | $ | (755)
Property, plant and equipment, net | ​ |  | (40,757) | ​ |  | (42,322)
Investments-equity instruments and uranium | ​ |  | (9,483) | ​ |  | (6,862)
Other | ​ |  | (1,272) | ​ |  | (1,132)
Deferred income tax liabilities-gross | ​ |  | (52,271) | ​ |  | (51,071)
Set-off of deferred income tax assets | ​ |  | 47,321 | ​ |  | 43,852
Deferred income tax liabilities-per balance sheet | ​ | $ | (4,950) | ​ | $ | (7,219)
​ The deferred income tax liability continuity summary is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
(in thousands) |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance-January 1 | ​ | $ | (7,219) | ​ | $ | (9,192)
Recognized in income | ​ |  | 2,269 | ​ |  | 1,995
Recognized in other liabilities (flow-through shares) | ​ |  | — | ​ |  | (22)
Recognized in other comprehensive income | ​ |  | — | ​ |  | —
Balance-December 31 | ​ | $ | (4,950) | ​ | $ | (7,219)
​ ​ 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) | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income tax assets not recognized |  | ​ |  |  | ​ |
Property, plant and equipment | ​ | $ | 5,372 | ​ | $ | 4,022
Tax losses-capital | ​ |  | 55,704 | ​ |  | 58,312
Tax losses-operating | ​ |  | 57,580 | ​ |  | 51,353
Tax credits | ​ |  | 1,126 | ​ |  | 1,126
Other deductible temporary differences | ​ |  | 2,653 | ​ |  | 5,023
Deferred income tax assets not recognized | ​ | $ | 122,435 | ​ | $ | 119,836
​ The expiry dates of the Company’s Canadian operating tax losses and tax credits are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Expiry |  | At December 31 |  | At December 31
(in thousands) | ​ | Date | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax losses-gross |  | ​ | 2025-2042 | ​ | $ | 287,754 | ​ | $ | 251,967
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax benefit at tax rate of 26% - 27% | ​ | ​ | ​ | ​ |  | 77,650 | ​ |  | 68,263
Set-off against deferred tax liabilities |  | ​ | ​ | ​ |  | (20,070) | ​ |  | (16,910)
Total tax loss assets not recognized | ​ | ​ | ​ | ​ | $ | 57,580 | ​ | $ | 51,353
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax credits | ​ |  | 2025-2035 | ​ |  | 1,126 | ​ |  | 1,126
Total tax credit assets not recognized | ​ | ​ | ​ | ​ | $ | 1,126 | ​ | $ | 1,126
​

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