XML 95 R23.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes |
17 | INCOME TAXES
The components of the provision for (recovery of) income tax for the years ended December 31, 2021, 2020 and 2019 are as follows:
|  | 2021 |
|  | Current |  |  | Deferred |  |  | Total |
US Federal |  | $ | — |  |  | $ | (3,278 | ) |  | $ | (3,278 | )
US State |  |  | 135 |  |  |  | (176 | ) |  |  | (41 | )
Canadian |  |  | (795 | ) |  |  | 588 |  |  |  | (207 | )
|  | $ | (660 | ) |  | $ | (2,866 | ) |  | $ | (3,526 | )
|  | 2020 |
|  | Current |  |  | Deferred |  |  | Total |
US Federal |  | $ | — |  |  | $ | (4,879 | ) |  | $ | (4,879 | )
US State |  |  | 260 |  |  |  | (434 | ) |  |  | (174 | )
Canadian |  |  | 3,412 |  |  |  | (1,149 | ) |  |  | 2,263 |
|  | $ | 3,672 |  |  | $ | (6,462 | ) |  | $ | (2,790 | )
|  | 2019 |
|  | Current |  |  | Deferred |  |  | Total |
US Federal |  | $ | — |  |  | $ | (5,922 | ) |  | $ | (5,922 | )
US State |  |  | 8 |  |  |  | (751 | ) |  |  | (743 | )
Canadian |  |  | (19 | ) |  |  | 818 |  |  |  | 799 |
|  | $ | (11 | ) |  | $ | (5,855 | ) |  | $ | (5,866 | )
The provision for (recovery of) income taxes reflected in the consolidated statements of (loss) income for the years ended December 31, 2021, 2020 and 2019 differs from the amounts computed at the federal statutory tax rates. The principal differences between the statutory income tax (recovery) and the effective provision for (recovery of) income taxes are summarized as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
(Loss) income before income taxes |  | $ | (12,651 | ) |  | $ | 8,818 |  |  | $ | (3,541 | )
Tax (recovery) calculated at US domestic tax rates |  |  | (2,592 | ) |  |  | 1,869 |  |  |  | (744 | )
State tax adjustments |  |  | (230 | ) |  |  | (310 | ) |  |  | (350 | )
Non-deductible items |  |  | 1,516 |  |  |  | (6,531 | ) |  |  | 1,304 |
True up of prior year income tax estimates |  |  | (648 | ) |  |  | (181 | ) |  |  | 207 |
Capitalized debt amortization costs |  |  | — |  |  |  | — |  |  |  | (631 | )
Share of income from joint venture |  |  | — |  |  |  | (228 | ) |  |  | (4,367 | )
Unrealized foreign exchange |  |  | — |  |  |  | — |  |  |  | (276 | )
Deferred adjustment |  |  | (2,429 | ) |  |  | 343 |  |  |  | (1,920 | )
Differences attributed to joint venture capital transactions |  |  | — |  |  |  | — |  |  |  | (487 | )
Tax rate differences on deferred items |  |  | 397 |  |  |  | 49 |  |  |  | (42 | )
Differences in Canadian tax rates |  |  | — |  |  |  | 1,643 |  |  |  | 1,472 |
Change in tax rates |  |  | 5 |  |  |  | 37 |  |  |  | — |
Change in valuation allowance |  |  | 57 |  |  |  | 3 |  |  |  | (144 | )
Other |  |  | 398 |  |  |  | 516 |  |  |  | 112 |
Recovery of income taxes |  | $ | (3,526 | ) |  | $ | (2,790 | ) |  | $ | (5,866 | )
The statutory tax rate in effect in Canada and the United States for the year ended December 31, 2021, 2020 and 2019 was 27.0% and 21.0%, respectively. The blended effective tax rate for 2021 was 27.9% compared to (31.4%) and 165.6% in 2020 and 2019, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax assets and liabilities presented on the consolidated statements of financial position are net amounts corresponding to their reporting jurisdiction. The deferred tax assets and liabilities presented in the note disclosure are grouped based on asset and liability classification without consideration of their corresponding reporting jurisdiction. Significant components of the Company’s net deferred income taxes at December 31, 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Other assets |  | $ | 5,140 |  |  | $ | 4,935 |
Long-term debt |  |  | 832 |  |  |  | 897 |
Tax losses: Non-capital and farm losses |  |  | 22,860 |  |  |  | 14,336 |
Provisions: Debt and unit issuance costs |  |  | 2,194 |  |  |  | 1,355 |
Tax losses: Valuation allowance |  |  | (1,708 | ) |  |  | (35 | )
|  |  | 29,318 |  |  |  | 21,488 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Joint venture shares |  |  | (2,662 | ) |  |  | (2,651 | )
Cash adjustment |  |  | (11,514 | ) |  |  | (7,604 | )
Property, plant and equipment |  |  | (17,033 | ) |  |  | (15,980 | )
|  |  | (31,209 | ) |  |  | (26,235 | )
Net tax assets |  | $ | (1,891 | ) |  | $ | (4,747 | )
In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon available positive and negative evidence and future taxable income, the Company has recorded a $1,708 valuation allowance on its deferred tax assets for the year ended December 31, 2021. The valuation allowance reflected on the consolidated balance sheets is approximately $35 at December 31, 2020 Included in the schedule of deferred tax assets and liabilities above are US federal net operating loss carryforwards of approximately $74,607 and $58,780 as of December 31, 2021 and 2020, respectively, which will begin to expire in 2031. At the state level, the Company has a combined state net operating loss carry forwards of approximately $28,189 and $21,108 as of December 31, 2021 and 2020, respectively, which started to expire in 2021. The Canadian Non-Capital Loss carry forwards are $26,916 and $3,345 as of December 31, 2021 and 2020, respectively. The Canadian Provincial Non-Capital Loss carry forwards are $13,409 and $0, as of December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, the balance of uncertain tax benefits is zero. The Company does not anticipate that the amount of the uncertain tax benefit will significantly increase within the next 12 months. The Company recognizes accrued interest related to uncertain tax benefits and penalties as income tax expense. As of December 31, 2021 and 2020, there are no recognized liabilities for interest or penalties. The Company is subject to taxation in the U.S. and various states, as well as Canada and its provinces. As of December 31, 2021, the Company’s tax years for 2018, 2019 and 2020 are subject to examination by the tax authorities.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration