INCOME AND MINING TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME AND MINING TAXES

Schedule of components of income and mining tax expense

	Year Ended December 31,
	2021		2020
Current income and mining taxes	$	181,812	$	180,202
Deferred income and mining taxes:
Origination and reversal of temporary differences		178,588		75,756
Total income and mining taxes expense	$	360,400	$	255,958

Schedule of effective income and mining tax reconciliation

	Year Ended December 31,
	2021			2020
Combined federal and composite provincial tax rates		26	%		26	%
Expected income tax expense at statutory income tax rate	$	234,887		$	199,568
Increase (decrease) in income and mining taxes resulting from:
Mining taxes		119,692			94,511
Impact of foreign tax rates		(9,531)			(7,471)
Permanent differences		(5,718)			(19,197)
Impact of foreign exchange on deferred income tax balances		21,070			(11,453)
Total income and mining taxes expense	$	360,400		$	255,958

Schedule of Components of Net Deferred Income Assets

	As at		As at
	December  31, 2021		December  31, 2020
Mining properties	$	9,439	$	—
Net operating loss carry forwards		107,489		—
Reclamation provisions and other liabilities		16,680		—
Total net deferred income tax assets	$	133,608	$	—

Schedule and continuity of components of deferred income and mining tax liabilities

	As at		As at
	December 31, 2021		December 31, 2020
Mining properties	$	1,514,017	$	1,390,600
Net operating and capital loss carry forwards		(27,459)		(100,026)
Mining taxes		(98,807)		(90,706)
Reclamation provisions and other liabilities		(175,001)		(163,807)
Total net deferred income and mining tax liabilities	$	1,212,750	$	1,036,061

Changes in net deferred tax assets and liabilities for the years ended December 31, 2021 and 2020 are as follows:

	As at		As at
	December 31, 2021		December 31, 2020
Net deferred income and mining tax liabilities - beginning of year	$	1,036,061	$	948,142
Income and mining tax impact recognized in net income		179,720		76,197
Income tax impact recognized in other comprehensive income and equity		(3,542)		11,722
Deferred income tax assets acquired on the purchase of TMAC		(133,097)		—
Net deferred income and mining tax liabilities - end of year	$	1,079,142	$	1,036,061

Schedule of deductible temporary differences and unused tax losses in respect of which a deferred tax asset has not been recognized

	As at		As at
	December 31, 2021		December 31, 2020
Other deductible temporary differences	$	420,154	$	214,520