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v3.22.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Provision for income taxes | The provision for income taxes has been computed as follows:
| Years Ended December 31
| 2022 |  | 2021 |
Net income before income taxes | $ | 890,915 |  | $ | 1,694,840 |
Expected income taxes at the statutory rate of 24.80% (2021 – 25.12%) (1) | 220,947 |  | 425,744 |
Increase (decrease) in income taxes resulting from: |  |
Effect of foreign exchange | 4,976 |  | (841) |
Effect of rate adjustments for foreign jurisdictions | (25,522) |  | (21,746) |
Effect of change in deferred tax benefit not recognized (2)(3) | (129,931) |  | (325,295) |
Effect of internal debt restructuring | (44,762) |  | — |
Adjustments, assessments and other | 9,602 |  | 3,378 |
Income tax expense | $ | 35,310 |  | $ | 81,240 |
(1)The expected income tax rate decreased due to changes in the provincial apportionment of Canadian income. (2)A deferred income tax asset of $14.4 million remains unrecognized due to uncertainty surrounding future capital gains (December 31, 2021 - $29.8 million). The unrecognized deferred income tax asset relates to realized and unrealized foreign exchange losses arising from the repayment of previously issued U.S. dollar denominated long-term notes and from the translation of U.S. dollar denominated long-term notes currently outstanding. (3)A deferred income tax asset of $115.8 million was previously unrecognized due to uncertainty surrounding commodity prices. The tax benefit associated with the deferred income tax asset has been fully recognized in the current period as a result of the impairment reversals related to oil and gas properties and E&E assets recognized for the year ended December 31, 2022.
Continuity of net deferred income tax liability | A continuity of the net deferred income tax liability is detailed in the following tables:
As at | January 1, 2022 | Recognized in Net Income |  |  | Foreign Currency Translation Adjustment | December 31, 2022
Taxable temporary differences: |  |  |  |  |  |
Petroleum and natural gas properties | $ | (760,579) |  | $ | (18,081) |  |  |  | $ | (28,854) |  | $ | (807,514) |
Financial derivatives | — |  | (2,506) |  |  |  | — |  | (2,506) |
Other | (21,616) |  | (1,137) |  |  |  | 1,802 |  | (20,951) |
Deductible temporary differences: |  |  |  |  |  |
Asset retirement obligations | 185,336 |  | (40,693) |  |  |  | 632 |  | 145,275 |
Financial derivatives | 31,492 |  | (31,492) |  |  |  | — |  | — |
Non-capital losses (1)(2) | 342,884 |  | 18,707 |  |  |  | 12,242 |  | 373,833 |
Finance costs | 55,027 |  | 43,486 |  |  |  | 4,736 |  | 103,249 |
Net deferred income tax liability (3) | $ | (167,456) |  | $ | (31,716) |  |  |  | $ | (9,442) |  | $ | (208,614) |
(1)Non-capital loss carry-forwards at December 31, 2022 totaled $1.8 billion and expire from 2033 to 2040. (2)A deferred income tax asset of $57.2 million has been recognized in respect of non-capital losses of a wholly owned financing subsidiary of Baytex; which losses will be offset against future interest income to be earned as a result of an internal debt restructuring. (3)The net deferred income tax liability is comprised of a deferred income tax asset of $57.2 million and a deferred income tax liability of $265.9 million.
As at | January 1, 2021 | Recognized in Net Loss |  |  | Foreign Currency Translation Adjustment | December 31, 2021
Taxable temporary differences: |  |  |  |  |  |
Petroleum and natural gas properties | $ | (502,625) |  | $ | (257,800) |  |  |  | $ | (154) |  | $ | (760,579) |
Other | (22,377) |  | 624 |  |  |  | 137 |  | (21,616) |
Deductible temporary differences: |  |  |  |  |  |
Asset retirement obligations | 187,840 |  | (2,436) |  |  |  | (68) |  | 185,336 |
Financial derivatives | 5,410 |  | 26,082 |  |  |  | — |  | 31,492 |
Non-capital losses (1) | 241,514 |  | 104,479 |  |  |  | (3,109) |  | 342,884 |
Finance costs | 3,705 |  | 49,083 |  |  |  | 2,239 |  | 55,027 |
Net deferred income tax liability | $ | (86,533) |  | $ | (79,968) |  |  |  | $ | (955) |  | $ | (167,456) |
(1)Non-capital loss carry-forwards at December 31, 2021 totaled $2.0 billion and expire from 2033 to 2039.

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