Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Disclosure of deferred income tax assets and liabilities

The Company’s deferred income tax assets and liabilities are as follows:

($000s)	2021			2020
Deferred income tax asset and liability, beginning of year		-			-
Expenses related to the origination and reversal of temporary differences for:
Property and equipment		10,390			(25,507	)
Non-capital losses carried forward		1,580			(4,459	)
Long-term liabilities		-			-
Share issue expenses		-			-
Changes in unrecognized tax benefits		(11,968	)		29,967
Deferred income tax expense recognized in net earnings (loss)		6,246			3,723
Deferred income tax recovery recognized in net earnings (loss)		(6,246	)		(3,723	)
Deferred income tax asset, end of year		6,246			3,723
Deferred income tax liability, end of year		(6,246	)		(3,723	)

Reconciliation of income tax expense

Income taxes vary from the amount that would be computed by applying the average Canadian statutory income tax rate of 23% (2020 – 24%) to income before taxes as follows:

($000s)	2021			2020
Income taxes calculated at the Canadian statutory rate		14,432			(15,328	)
Increases (decreases) in income taxes resulting from:
Non-deductible expenses		2,539			5,260
Changes in unrecognized tax benefits		(11,968	)		29,966
Effect of tax rates in foreign jurisdictions1		16,176			(6,562	)
Changes in tax rates and other		1,232			194
Income tax expense - current		22,411			13,530

1 The statutory tax rate in Egypt is 40.55%.