| Income taxes |
14.Income taxes
The income taxes shown in the consolidated statements of comprehensive loss differ from the amounts obtained by applying statutory rates to the loss before income taxes due to the following:
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2022 |
|
|
|
$ |
|
$ |
|
$ |
|
Net loss for the year |
|
(3,313,346) |
|
(2,158,065) |
|
(7,718,882) |
|
Statutory tax rate |
|
27 |
% |
27 |
% |
27 |
% |
Expected income tax recovery |
|
(895,000) |
|
(583,000) |
|
(2,084,000) |
|
Decrease to income tax recovery due to: |
|
|
|
|
|
|
|
Non-deductible permanent differences |
|
(246,000) |
|
45,000 |
|
131,000 |
|
Temporary differences |
|
312,000 |
|
(25,000) |
|
276,000 |
|
(Over) under provided in prior years |
|
(1,099,000) |
|
(559,000) |
|
(552,000) |
|
Change in tax assets not recognized |
|
1,928,000 |
|
1,122,000 |
|
2,229,000 |
|
Income tax recovery |
|
— |
|
— |
|
— |
|
The significant components of the Company’s deferred tax assets are as follows:
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
|
$ |
|
$ |
Share issuance costs |
|
292,000 |
|
229,000 |
Cumulative eligible capital |
|
95,000 |
|
117,000 |
Operating losses carried forward |
|
6,706,000 |
|
4,819,000 |
Total deferred tax assets |
|
7,093,000 |
|
5,165,000 |
Deferred tax assets not recognized |
|
(7,093,000) |
|
(5,165,000) |
|
|
— |
|
— |
The realization of income tax benefits related to these deferred potential tax deductions is not probable. Accordingly, no deferred income tax assets have been recognized for accounting purposes. The Company has Canadian non-capital losses carried forward of approximately CAD $36,039,000 that may be available for tax purposes. The losses expire as follows:
|
|
|
Expiry date |
|
$ |
2032 |
|
44,000 |
2033 |
|
748,000 |
2034 |
|
325,000 |
2035 |
|
286,000 |
2036 |
|
365,000 |
2037 |
|
618,000 |
2038 |
|
1,089,000 |
2039 |
|
554,000 |
2040 |
|
1,116,000 |
2041 |
|
3,648,000 |
2042 |
|
12,628,000 |
2043 |
|
8,084,000 |
2044 |
|
6,534,000 |
Total |
|
36,039,000 |
|