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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Net deferred tax assets and liabilities [abstract]  
Schedule of Provision for Income Taxes

The provision for income taxes differs from that which would be expected by applying statutory Canadian income tax rates.

A reconciliation of the difference for the years ended December 31, is as follows:

 

 

 

2024

 

 

2023

 

Earnings before income taxes

$

 

154,559

 

$

 

265,779

 

Federal and provincial statutory rates

 

 

24

%

 

 

24

%

Tax at statutory rates

$

 

37,094

 

$

 

63,787

 

Adjusted for the effect of:

 

 

 

 

 

 

Non-deductible expenses

 

 

4,422

 

 

 

2,426

 

Non-taxable capital gains

 

 

(367

)

 

 

(2,551

)

Gain on acquisition

 

 

—

 

 

 

(6,222

)

Impact of foreign tax rates

 

 

(895

)

 

 

(2,450

)

Withholding taxes

 

 

356

 

 

 

337

 

Taxes related to prior years

 

 

(3,036

)

 

 

(4,945

)

Tax assets not recognized

 

 

5,655

 

 

 

8,629

 

Deferred tax assets recognized

 

 

—

 

 

 

(82,476

)

Income tax expense (recovery)

$

 

43,229

 

$

 

(23,465

)
Summary of Net Deferred Tax Liability

The net deferred tax liability is comprised of the tax effect of the following temporary differences. Prior period amounts have been reclassified to reflect changes in the presentation of the valuation allowance for temporary differences in tax jurisdictions:

 

 

 

2024

 

 

2023

 

Deferred Tax Liabilities:

 

 

 

 

 

 

Property, plant and equipment and intangibles

$

 

212,545

 

$

 

211,183

 

Other

 

 

83

 

 

 

17

 

 

 

 

212,628

 

 

 

211,200

 

Offsetting of assets

 

 

(165,177

)

 

 

(137,685

)

 

$

 

47,451

 

$

 

73,515

 

 

 

 

 

 

 

 

Deferred Tax Assets:

 

 

 

 

 

 

Losses (expire from time to time)

$

 

141,275

 

$

 

206,348

 

Long-term incentive plan

 

 

12,810

 

 

 

15,320

 

Other

 

 

4,386

 

 

 

6,767

 

 

 

 

158,471

 

 

 

228,435

 

Offsetting of liabilities

 

 

(151,912

)

 

 

(154,773

)

 

$

 

6,559

 

$

 

73,662

 

Net Deferred Tax Liability

$

 

40,892

 

$

 

(147

)
Summary of Deferred Tax Asset Not Recognized Accordingly, the Corporation has not recognized a deferred tax asset for the following items:

 

 

 

2024

 

 

2023

 

Tax losses (Capital)

$

 

17,692

 

 $

 

17,247

 

Tax losses (Income)

 

 

28,517

 

 

 

23,446

 

Deductible temporary differences

 

 

8,663

 

 

 

5,246

 

Total

$

 

54,872

 

 $

 

45,939

 

 
Summary of Movement in Temporary Differences of Deferred Tax Liabilities

The movement in temporary differences is as follows:

 

 

 

Property,
Plant and
Equipment
and
Intangibles

 

 

Partnership
Deferrals

 

 

Other
Deferred
Tax
Liabilities

 

 

Losses

 

 

Debt Issue
Costs

 

 

Long-Term
Incentive
Plan

 

 

Other
Deferred
Tax
Assets

 

 

Net
Deferred
Tax
Liability

 

Balance, December 31, 2022

$

 

228,005

 

$

 

21,768

 

$

 

—

 

$

 

(198,461

)

$

 

—

 

$

 

(15,765

)

$

 

(7,056

)

$

 

28,491

 

Recognized in net earnings

 

 

125,195

 

 

 

(21,768

)

 

 

5,816

 

 

 

(127,433

)

 

 

928

 

 

 

(6,002

)

 

 

(4,695

)

 

 

(27,959

)

Acquisition

 

 

9,865

 

 

 

—

 

 

 

694

 

 

 

(9,358

)

 

 

—

 

 

 

—

 

 

 

(237

)

 

 

964

 

Foreign exchange

 

 

(4,895

)

 

 

—

 

 

 

—

 

 

 

3,060

 

 

 

—

 

 

 

169

 

 

 

23

 

 

 

(1,643

)

Balance, December 31, 2023

$

 

358,170

 

$

 

—

 

$

 

6,510

 

$

 

(332,192

)

$

 

928

 

$

 

(21,598

)

$

 

(11,965

)

$

 

(147

)

Recognized in net earnings

 

 

(18,441

)

 

 

—

 

 

 

(486

)

 

 

45,831

 

 

 

(341

)

 

 

5,122

 

 

 

4,074

 

 

 

35,759

 

Recognized in other comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(750

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(750

)

Foreign exchange

 

 

18,186

 

 

 

—

 

 

 

4

 

 

 

(11,288

)

 

 

—

 

 

 

(423

)

 

 

(449

)

 

 

6,030

 

Balance, December 31, 2024

$

 

357,915

 

$

 

—

 

$

 

6,028

 

$

 

(298,399

)

$

 

587

 

$

 

(16,899

)

$

 

(8,340

)

$

 

40,892