8. INCOME TAXES
|
Three-month ended March 31,
|
|
2026
|
|
2025
|
|
Current tax expense (recovery)
|
|
$
|
2,185 |
|
|
$
|
2,432 |
|
|
Deferred tax expense (recovery)
|
|
|
(11,536 |
)
|
|
|
(1,514 |
)
|
|
Tax expense (recovery)
|
|
$
|
(9,351 |
)
|
|
$
|
918 |
|
A reconciliation of the statutory income tax rate, which is a composite of Canadian federal and provincial rates, to the effective income tax rate was as follows:
|
Three-month ended March 31,
|
|
2026
|
|
2025
|
|
Income (loss) before income taxes
|
|
$
|
(160,300 |
)
|
|
$
|
(50,539 |
)
|
|
Multiplied by the statutory income tax rates
|
|
|
26.39 |
%
|
|
|
26.39 |
%
|
| |
|
|
(42,303 |
)
|
|
|
(13,337 |
)
|
|
Income tax recorded at rates different from the Canadian tax rate
|
|
|
(339 |
)
|
|
|
(1,187 |
)
|
|
Permanent differences
|
|
|
15,321 |
|
|
|
11,107 |
|
|
Effect of temporary differences not recognized as deferred tax assets
|
|
|
19,717 |
|
|
|
3,540 |
|
|
Foreign taxes
|
|
|
—
|
|
|
|
535 |
|
|
Impact of foreign exchange
|
|
|
(1,747 |
)
|
|
|
260 |
|
|
Tax expense (recovery)
|
|
$
|
(9,351 |
)
|
|
$
|
918 |
|
|
Effective income tax rate
|
|
|
5.83 |
%
|
|
|
(1.82 |
)%
|
|