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Income taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
Net loss before income tax includes the following components:
For the year ended December 31, 2023For the 2-month period ended December 31, 2022For the year ended October 31, 2022For the year ended October 31, 2021
Canada$(72.0)$4.6 $(46.1)$(70.9)
Foreign(65.9)(3.0)(4.2)0.4 
Total$(137.9)$1.6 $(50.3)$(70.5)
The expense for income taxes consists of:
For the year ended December 31, 2023For the 2-month period ended December 31, 2022For the year ended October 31, 2022For the year ended October 31, 2021
Current
Canada$— $— $— $— 
Foreign0.1 — — — 
$0.1 $— $— $— 
Deferred and other
Canada$— $— $— $— 
Foreign— — — — 
$— $— $— $— 
Income tax expense$0.1 $— $— $— 
The recovery of income taxes differs from the amount obtained by applying the statutory Federal and Provincial/State income tax rates to the loss for the period as follows:
For the year ended December 31, 2023For the 2-month period ended December 31, 2022For the year ended October 31, 2022For the year ended October 31, 2021
Net loss for the year before tax$(137.9)$1.6 $(50.3)$(70.5)
Statutory tax rates26.5 %26.5 %26.5 %26.5 %
$(36.5)$0.4 $(13.3)$(18.7)
Change in valuation allowance$26.1 $(1.2)$17.6 $8.8 
Rate differential3.0 0.3 0.5 — 
Internal transfer of intangible property4.0 — — — 
Other0.1 — 0.1 — 
Non-deductible item and others3.4 0.5 (4.9)9.9 
Income tax expense$0.1 $— $— $— 
As of December 31, 2023, the Company has net operating losses of approximately $329.0 million (December 31, 2022: $204.5 million, October 31, 2022: $184.1 million; October 31, 2021: $53.4 million) related to Canada and the United States available to reduce net income for tax purposes in future years. Management believes there is insufficient evidence that the income tax benefits related to these losses and other potential deferred income tax assets will be realized. Accordingly, the Company has provided for a valuation allowance against the net amount of deferred income tax assets in the consolidated financial statements.
As of December 31, 2023, the Company has aggregate non-capital losses for Canadian income tax purposes of approximately $228.1 million (December 31, 2022: $168.0 million, October 31, 2022: $153.2 million, October 31, 2021: $48.7 million), that expire in the period 2037 to 2042. In addition, the Company has net operating losses for US income tax purposes of approximately $79.7 million (December 31, 2022: $28.7 million, October 31, 2022: $25.0 million, October 31, 2021: $4.7 million) that carryforward indefinitely. The net operating losses for income tax purposes in other jurisdictions, on which valuation allowances have been recorded, consists of approximately $2.5 million which can be carried forward indefinitely and $18.6 million which will expire beginning 2029 to 2037.
The components of deferred tax assets and liabilities are as follows:
For the year ended December 31, 2023For the 2-month period ended December 31, 2022For the year ended October 31, 2022For the year ended October 31, 2021
Deferred tax assets
Tax losses and credits carryforwards$82.6 $50.8 $48.6 $14.3 
Share issuance costs6.6 9.4 10.1 12.6 
Convertible debt— — — — 
Reserves and provisions0.1 0.1 0.1 0.2 
Other2.8 4.0 3.4 0.1 
Right of use assets, net of lease liabilities0.9 0.5 0.5 0.5 
Deferred income tax assets$93.0 $64.8 $62.7 $27.7 
Less valuation allowance(68.9)(42.7)(43.9)(25.0)
Deferred tax assets, net of valuation allowance$24.1 $22.1 $18.8 $2.7 
Deferred tax liabilities
Property, plant and equipment, due to differences in amortization(8.0)(9.2)(11.2)(2.7)
Convertible debt, due to differences in amortization(16.1)(12.9)(7.6)— 
Deferred tax liabilities, net of valuation allowance$(24.1)$(22.1)$(18.8)$(2.7)
Net deferred income tax assets (liabilities)$— $— $— $— 
We have not provided for deferred income taxes on the difference between the carrying value of substantially all of our foreign subsidiaries and their corresponding tax basis as the earnings of those subsidiaries are intended to be indefinitely reinvested in their operations. As such, these investments are not anticipated to give rise to income taxes in the foreseeable future. If such earnings are remitted, in the form of dividends or otherwise, we may be subject to income taxes and foreign withholding taxes. The determination of the amount of unrecognized deferred income tax liabilities applicable to such amounts is not practicable.
Certain of our subsidiaries are subject to taxation in Canada, the United States and other foreign jurisdictions. The material jurisdictions in which we are subject to potential examinations include Canada and the United States. We are open to examination by Canadian tax authorities for the 2019 to 2023 tax years and by US tax authorities for the 2020 to 2023 tax years. We are currently under examination for income tax matters for the 2021 tax year.
There are no unrecognized tax benefits reflected in the deferred tax asset balances.