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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2022
Disclosure of Income Taxes Explanatory [Abstract] |
Income taxes |
| 18. | Income taxes
($000s) |  | 2022 |  |  | 2021 |
Deferred tax expense (recovery) |  |  | 8,268 |  |  |  | 4,630 |
|  |  | 8,268 |  |  |  | 4,630 |
Tax expense (recovery) recognized in other comprehensive income or directly in equity
($000s) |  | 2022 |  |  | 2021 |
Financing costs - recognized in statement of equity |  |  | (330 | ) |  |  | (438 | )
Unrealized gain or loss on marketable securities - recognized in OCI |  |  | 831 |  |  |  | (61 | )
|  |  | 501 |  |  |  | (499 | )
In 2022, the Company recognized income tax expense of $8.3 million, primarily due to the deferred tax liability arising from the gain recognized on remeasurement of the fair value of the secured note liability, and from the renouncement of expenditures related to the June 2021 flow-through shares issued which are capitalized for accounting purposes. The income tax expense was partially offset by income tax recovery arising from the losses in the period. The income tax impact of the revaluation of the secured note liability that was recorded through other comprehensive income (loss) during 2022, of $0.05 million, was also recorded through other comprehensive income (loss).
| (a) | Rate Reconciliation
The provision for income taxes differs from the amount that would have resulted by applying the combined Canadian Federal, Ontario, British Columbia, Northwest Territories and Yukon statutory income tax rates of 26.68% (2021 - 26.63%).
($000s) |  | 2022 |  |  | 2021 |
Earnings before income taxes |  |  | 874 |  |  |  | 5,525 |
|  |  | 26.68 | % |  |  | 26.63 | %
Tax expense calculated |  |  |  |  |  |  |  |
Using statutory rates |  |  | 233 |  |  |  | 1,471 |
Non-deductible items |  |  | 2,280 |  |  |  | 303 |
Difference in foreign tax rates |  |  | 103 |  |  |  | (8 | )
Change in deferred tax rates |  |  | (116 | ) |  |  | (132 | )
Movement in tax benefits not recognized |  |  | 2,996 |  |  |  | 949 |
Impact of true-up of prior year balances |  |  | 124 |  |  |  | 1 |
Renouncement of flow-through expenditures |  |  | 2,525 |  |  |  | 2,020 |
Other |  |  | 123 |  |  |  | 24 |
Income tax expense |  |  | 8,268 |  |  |  | 4,630 |
| (b) | Deferred Income Tax
The following table summarizes the significant components of deferred income tax assets and liabilities:
($000s) |  | December 31, 2022 |  |  | December 31, 2021 |
Deferred income tax assets: |  |  |  |  |  |
Property and equipment |  |  | 565 |  |  |  | 292 |
Provision for reclamation liabilities |  |  | 1,235 |  |  |  | 595 |
Financing costs |  |  | 2,487 |  |  |  | 2,080 |
Non-capital loss carryforwards |  |  | 38,255 |  |  |  | 33,098 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Mineral interests |  |  | (63,710 | ) |  |  | (59,229 | )
Secured note |  |  | (10,766 | ) |  |  | - |
Net deferred income tax liabilities |  |  | (31,934 | ) |  |  | (23,164 | )
| (c) | Unrecognized Deferred Tax Assets
The company has not recognized deferred income tax assets in respect of the following tax effected deductible temporary differences:
($000s) |  | December 31, 2022 |  |  | December 31, 2021 |
Marketable securities |  |  | 137 |  |  |  | 182 |
Loss carryforwards |  |  | 834 |  |  |  | 798 |
Investment tax credits |  |  | 1,481 |  |  |  | 1,481 |
Foreign tax credits |  |  | 268 |  |  |  | 268 |
Mineral properties |  |  | 437 |  |  |  | 140 |
Provision for reclamation liabilities |  |  | 1,091 |  |  |  | 1,083 |
Deferred tax has not been recognized on the deductible temporary difference of $2.1 million (2021 - $3.2 million) relating to investments in subsidiaries as these amounts will not be distributed in the foreseeable future. The tax losses not recognized expire as per the amount and years noted below. The deductible temporary differences do not expire under the current tax legislation. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit would be available against which the Company can utilize the benefits there from.
| (d) | Income Tax Attributes
As at December 31, 2022, the Company had the following income tax attributes to carry forward.
|  | ($000s) |  |  | Expiry date |
Canadian non-capital losses |  |  | 143,103 |  |  |  | 2042 |
Canadian capital losses |  |  | 2,571 |  |  |  | Indefinite |
Canadian tax basis of mineral interest |  |  | 406,278 |  |  |  | Indefinite |
US non-capital losses |  |  | 480 |  |  |  | 2042 |
US tax basis of mineral interest |  |  | 23,201 |  |  |  | Indefinite |

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