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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
INCOME TAXES | 24. INCOME TAXES
| (a) | Income tax expense (recovery)
Income tax expense (recovery) included in the consolidated statements of operations and comprehensive income (loss) is as follows:
|  | 2023 |  |  | 2022 |
Current income tax expense (recovery) |  | $ | (527 | ) |  | $ | 1,144 |
Deferred income tax expense (recovery) |  |  | (525 | ) |  |  | 3,440 |
Total income tax expense (recovery) |  | $ | (1,052 | ) |  | $ | 4,584 |
The reconciliation of income taxes calculated at the Canadian statutory tax rate to the income tax expense recognized in the year is as follows:
|  | 2023 |  |  | 2022 |
Net income (loss) before income taxes |  | $ | (510 | ) |  | $ | 7,680 |
Combined statutory tax rate |  |  | 27.00 | % |  |  | 27.00 | %
Income tax expense (recovery) at the Canadian statutory rate |  |  | (138 | ) |  |  | 2,074 |
Reconciling items: |  |  |  |  |  |  |  |
Effect of difference in foreign tax rates |  |  | 57 |  |  |  | 326 |
Non-deductible/non-taxable items |  |  | 892 |  |  |  | 1,205 |
Change in unrecognized deductible temporary differences |  |  | (334 | ) |  |  | 1,169 |
Impact of foreign exchange |  |  | (1,574 | ) |  |  | (351 | )
Special mining duties |  |  | 157 |  |  |  | 385 |
Revisions to estimates |  |  | (19 | ) |  |  | (215 | )
Share issue costs |  |  | (136 | ) |  |  | (3 | )
Other items |  |  | 43 |  |  |  | (6 | )
Income tax expense (recovery) recognized in the year |  | $ | (1,052 | ) |  | $ | 4,584 |
The Company recognized a non-cash recovery of $30 for the year ended December 31, 2023 (2022 – expense of $408) related to the deferred tax impact of the special mining duty.
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred income tax assets |  | $ | 2,034 |  |  | $ | 1,426 |
Deferred income tax liabilities |  |  | (6,730 | ) |  |  | (6,647 | )
|  | $ | (4,696 | ) |  | $ | (5,221 | )
The approximate tax effects of each type of temporary difference that gives rise to potential deferred income tax assets and liabilities are as follows:
|  | December 31, 2023 |  |  | December 31, 2022 |
Reclamation provision |  | $ | 979 |  |  | $ | 167 |
Other deductible temporary differences |  |  | 1,055 |  |  |  | 1,259 |
Exploration and evaluation assets |  |  | (3,054 | ) |  |  | (3,310 | )
Plant, equipment and mining properties |  |  | (3,676 | ) |  |  | (2,337 | )
Net deferred income tax liabilities |  | $ | (4,696 | ) |  | $ | (5,221 | )
The net deferred tax liability presented in these consolidated financial statements is due to the difference in the carrying amounts and tax bases of the Mexican plant, equipment and mining properties which were acquired in the purchase of Avino Mexico. The carrying values of the Mexican plant, equipment and mining properties includes an estimated fair value adjustment recorded upon the July 17, 2006, acquisition of control of Avino Mexico that was based on a share exchange, while the tax bases of these assets are historical undeducted tax amounts that were nil on acquisition. The deferred tax liability is attributable to assets in the tax jurisdiction of Mexico.
| (b) | Unrecognized deductible temporary differences:
Temporary differences and tax losses arising in Canada have not been recognized as deferred income tax assets due to the fact that management has determined it is not probable that sufficient future taxable profits will be earned in Canada to recover such assets. Unrecognized deductible temporary differences are summarized as follows:
|  | December 31, 2023 |  |  | December 31, 2022 |
Tax losses carried forward - Canada |  | $ | 20,468 |  |  | $ | 20,370 |
Tax losses carried forward - Mexico |  |  | 50,889 |  |  |  | 42,575 |
Share issue costs |  |  | 815 |  |  |  | 841 |
Plant, equipment and mining properties |  |  | 511 |  |  |  | 411 |
Exploration and evaluation assets |  |  | 1,174 |  |  |  | 1,156 |
Investments |  |  | 2,267 |  |  |  | 1,289 |
Unrecognized deductible temporary differences |  | $ | 76,124 |  |  | $ | 66,642 |
The Company has capital losses of $7,919 carried forward and $12,549 in non-capital tax losses carried forward available to reduce future Canadian taxable income. The capital losses can be carried forward indefinitely until used. The non-capital losses have an expiry date range of 2024 to 2043. The Company has non-capital tax losses of $50,889 carried forward available to reduce future Mexican taxable income and have an expiry date range of 2024 to 2033.

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