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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of Income Tax Provision (Recovery)

The components of the provision for (recovery of) income tax for the years ended December 31, 2022, 2021 and 2020 are as follows:

 

 

 

2022

 

 

 

Current

 

 

Deferred

 

 

Total

 

US Federal

 

$

 

 

$

14,650

 

 

$

14,650

 

US State

 

 

72

 

 

 

(2,085

)

 

 

(2,013

)

Canadian

 

 

(5,222

)

 

 

(2,734

)

 

 

(7,956

)

 

 

$

(5,150

)

 

$

9,831

 

 

$

4,681

 

 

 

 

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

)

Summary of Effective Income Tax Rate Reconciliation

The (recovery of) provision for income taxes reflected in the consolidated statements of (loss) income for the years ended December 31, 2022, 2021 and 2020 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,

 

 

 

2022

 

 

2021

 

 

2020

 

(Loss) income before income taxes

 

$

(96,734

)

 

$

(12,651

)

 

$

8,818

 

Tax (recovery) calculated at US domestic tax rates

 

 

(20,339

)

 

 

(2,592

)

 

 

1,869

 

State tax adjustments

 

 

(1,799

)

 

 

(230

)

 

 

(310

)

Non-deductible items

 

 

928

 

 

 

1,516

 

 

 

(6,531

)

True up of prior year income tax estimates

 

 

 

 

 

(648

)

 

 

(181

)

Share of income from joint venture

 

 

 

 

 

 

 

 

(228

)

Deferred adjustment

 

 

(3,324

)

 

 

(2,429

)

 

 

343

 

Tax rate differences on deferred items

 

 

308

 

 

 

397

 

 

 

49

 

Foreign rate differentials

 

 

88

 

 

 

86

 

 

 

1,643

 

Change in tax rates

 

 

5

 

 

 

5

 

 

 

37

 

Change in valuation allowance

 

 

28,684

 

 

 

57

 

 

 

3

 

Other

 

 

130

 

 

 

312

 

 

 

516

 

Recovery of income taxes

 

$

4,681

 

 

$

(3,526

)

 

$

(2,790

)

Summary of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred income taxes at December 31, 2022 and 2021 are as follows:

 

 

 

2022

 

 

2021

 

Deferred tax assets:

 

 

 

 

 

 

Other assets

 

$

5,536

 

 

$

5,140

 

Long-term debt

 

 

943

 

 

 

832

 

Tax losses: Non-capital and farm losses

 

 

33,579

 

 

 

22,860

 

Provisions: Debt and unit issuance costs

 

 

1,683

 

 

 

2,194

 

Tax losses: Valuation allowance

 

 

(30,419

)

 

 

(1,708

)

 

 

 

11,322

 

 

 

29,318

 

Deferred tax liabilities:

 

 

 

 

 

 

Joint venture shares

 

 

(2,406

)

 

 

(2,662

)

Cash adjustment

 

 

(12,861

)

 

 

(11,514

)

Property, plant and equipment

 

 

(11,610

)

 

 

(17,033

)

 

 

 

(26,877

)

 

 

(31,209

)

Net tax assets

 

$

(15,555

)

 

$

(1,891

)