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Income taxes | 12 Months Ended
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Dec. 31, 2023
Income taxes |
Income taxes |
22. | Income taxes
| (a) | Income tax expense
The income tax recorded in the consolidated statements of loss for the years ended December 31, 2023 and 2022 is presented as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
​ |  | $ |  | $
Current income tax | ​ | ​ | ​ | ​
Expense for the year | ​ | 127 | ​ | —
Current income tax expense | ​ | 127 | ​ | —
​ | ​ | ​ | ​ | ​
Deferred income tax | ​ |  | ​ |
Origination and reversal of temporary differences | ​ | (52,653) | ​ | (63,178)
Change in unrecognized deductible temporary differences | ​ | 26,844 | ​ | 63,051
Other | ​ | 3,165 | ​ | 1,833
Deferred income tax (expense) recovery | ​ | (22,644) | ​ | 1,706
Income tax (expense) recovery | ​ | (22,517) | ​ | 1,706
​ The provision for income taxes presented in the consolidated statements of loss differs from the amount that would arise using the statutory income tax rate applicable to income of the entities, as a result of the following: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | $ | ​ | $
Loss before income taxes | ​ | (204,390) |  | (190,754)
Income tax provision calculated using the Canadian federal and provincial statutory income tax rate | ​ | (54,163) |  | (50,550)
Increase in income taxes resulting from: | ​ | ​ |  |
Non-deductible expenses, net | ​ | 1,563 |  | (291)
Non-taxable (non-deductible) portion of capital losses, net | ​ | (1,120) |  | (8,202)
Share of equity associate loss | ​ | 81 | ​ | 78
Change in unrecognized deferred tax assets | ​ | 26,844 |  | 63,051
Differences in foreign statutory tax rates | ​ | 2,164 |  | (3,970)
Deferred premium on flow-through shares | ​ | — |  | 810
Effect of flow-through shares renunciation | ​ | — |  | (1,052)
Other | ​ | 2,114 |  | 1,832
Total income tax expense (recovery) | ​ | (22,517) |  | 1,706
​ The 2023 and 2022 Canadian federal and provincial statutory income tax rate is 26.5%.
| (b) | Deferred income taxes
The components that give rise to deferred income tax assets and liabilities are as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ |  | $ |  | $
Deferred tax assets: | ​ |  | ​ |
Non-capital losses | ​ | — | ​ | 929
Deferred and restricted share units | ​ | — | ​ | 29
Other | ​ | — | ​ | 8,209
Deferred tax assets | ​ | — | ​ | 9,167
​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  | ​ |
Property, Plant & Equipment | ​ | — | ​ | (3,873)
Stream Interest | ​ | — | ​ | (28,823)
Other | ​ | — | ​ | (45)
Deferred tax liability | ​ | — | ​ | (32,741)
Deferred tax liability, net | ​ | — | ​ | (23,574)
​ The 2023 movement for deferred tax assets and deferred tax liabilities may be summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Statement | ​ | Other | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Dec. 31, | ​ | of income | ​ | comprehensive | ​ | Translation | ​ | Dec. 31, | ​ | ​
​ |  | 2022 | ​ | (loss) | ​ | income |  | adjustment |  | 2023 | ​ | ​
​ |  | $ |  | $ |  | $ |  | $ |  | $ | ​ | ​
Deferred tax assets: | ​ |  |  |  | ​ | ​ |  |  | ​ | ​ | ​ | ​
Non-capital losses | ​ | 929 | ​ | (933) | ​ | — |  | 4 | ​ | — | ​ | ​
Deferred and restricted share units | ​ | 29 | ​ | (29) | ​ | — | ​ | — | ​ | — | ​ | ​
Other assets | ​ | 8,209 | ​ | (8,248) | ​ | — |  | 39 | ​ | — | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments | ​ | — | ​ | (1,010) | ​ | 1,010 | ​ | — | ​ | — | ​ | ​
Stream interests | ​ | (28,823) | ​ | 28,929 | ​ | — | ​ | (106) | ​ | — | ​ | ​
Property, Plant, & Equipment | ​ | (3,873) | ​ | 3,890 | ​ | — | ​ | (17) | ​ | — | ​ | ​
Other Liabilities | ​ | (45) | ​ | 45 | ​ | — |  | — | ​ | — | ​ | ​
​ | ​ | (23,574) | ​ | 22,644 | ​ | 1,010 |  | (80) | ​ | — | ​ | ​
​ The 2022 movement for deferred tax assets and deferred tax liabilities may be summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Statement | ​ | Other | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Dec. 31, | ​ | Of income | ​ | comprehensive | ​ | Translation | ​ | Business | ​ | Dec. 31,
​ |  | 2021 |  | (loss) |  | income | ​ | adjustment |  | combination | ​ | 2022
​ |  | $ |  | $ |  | $ |  | $ |  | $ |  | $
Deferred tax assets: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Non-capital losses | ​ | — | ​ | 937 |  | — | ​ | (8) | ​ | — | ​ | 929
Deferred and restricted share units | ​ | — | ​ | 56 | ​ | — | ​ | (2) | ​ | (25) | ​ | 29
Other assets | ​ | — | ​ | 5,053 |  | — | ​ | 116 | ​ | 3,040 | ​ | 8,209
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  | ​ |  |  |  | ​ |  | ​ | ​ | ​ | ​
Investments | ​ | (1,205) | ​ | 1,205 |  | — | ​ | — | ​ | — | ​ | —
Stream interests | ​ | — | ​ | (6,429) | ​ | — | ​ | (1,040) | ​ | (21,354) | ​ | (28,823)
Property, Plant, & Equipment | ​ | — | ​ | (2,528) | ​ | — | ​ | (44) | ​ | (1,301) | ​ | (3,873)
Other Liabilities | ​ | — | ​ | — |  | — | ​ | (2) | ​ | (43) | ​ | (45)
​ | ​ | (1,205) | ​ | (1,706) |  | — | ​ | (980) | ​ | (19,683) | ​ | (23,574)
​
| (c) | Unrecognized deferred tax liabilities
The aggregate amount of taxable temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized as at December 31, 2023 is $4.1 million ($28.2 million as at December 31, 2022). No deferred tax liabilities are recognized on the temporary differences associated with investment in subsidiaries because the company controls the timing of reversal, and it is not probable that they will reverse in the foreseeable future. ​ ​ ​
| (d) | Unrecognized deferred tax assets
As at December 31, 2023, the Company had temporary difference with a tax benefit of $157 million ($128 million as at December 31, 2022) which are not recognized as deferred tax assets. The Company recognizes the benefit of tax attributes only to the extent of anticipated future taxable income that can be reduced by these tax attributes ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ |  | $ | ​ | $
Non-capital losses carried forward | ​ | 146,800 | ​ | 116,656
Mineral stream interests – Mexico | ​ | 8,001 | ​ | 8,789
Unrealized losses on investments in associates | ​ | 1,505 | ​ | 3,124
Other | ​ | 668 | ​ | 156
​ | ​ | 156,974 | ​ | 128,725
​

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