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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Taxes [Abstract] |
INCOME TAXES | 8. INCOME TAXES
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Current tax expense (recovery) |  | $ | (5,636 | ) |  | $ | 10,988 |  |  | $ | 8,834 |  |  | $ | 50,094 |
Deferred tax expense (recovery) |  |  | (11,185 | ) |  |  | (5,824 | ) |  |  | (20,939 | ) |  |  | (9,902 | )
Tax expense (recovery) |  | $ | (16,821 | ) |  | $ | 5,164 |  |  | $ | (12,105 | ) |  | $ | 40,192 |
A reconciliation of the statutory income tax rate, which is a composite of Canadian federal and provincial rates, to the effective income tax rate was as follows:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Income (loss) before tax |  | $ | (137,904 | ) |  | $ | 73,006 |  |  | $ | (109,116 | ) |  | $ | 184,956 |
Multiplied by the statutory income tax rates |  |  | 26.39 | % |  |  | 26.40 | % |  |  | 26.39 | % |  |  | 26.40 | %
|  |  | (36,393 | ) |  |  | 19,274 |  |  |  | (28,796 | ) |  |  | 48,828 |
Income tax recorded at rates different from the Canadian tax rate |  |  | (521 | ) |  |  | (578 | ) |  |  | (5,216 | ) |  |  | (8,452 | )
Permanent differences |  |  | 9,581 |  |  |  | (8,626 | ) |  |  | 12,615 |  |  |  | (10,895 | )
Effect of temporary differences not recognized as deferred tax assets |  |  | 16,984 |  |  |  | (5,568 | ) |  |  | 4,217 |  |  |  | 12,994 |
Foreign taxes |  |  | (36 | ) |  |  | — |  |  |  | (170 | ) |  |  | — |
Change in estimates related to prior periods |  |  | 36 |  |  |  | (293 | ) |  |  | 126 |  |  |  | (255 | )
Foreign exchange |  |  | (6,569 | ) |  |  | 1,065 |  |  |  | 4,608 |  |  |  | (1,972 | )
Other |  |  | 97 |  |  |  | (110 | ) |  |  | 511 |  |  |  | (56 | )
Tax expense (recovery) |  | $ | (16,821 | ) |  | $ | 5,164 |  |  | $ | (12,105 | ) |  | $ | 40,192 |
Effective income tax rate |  |  | 12.20 | % |  |  | 7.07 | % |  |  | 11.09 | % |  |  | 21.73 | %

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