| INCOME TAXES |
20. INCOME TAXES
a) Provision for Income Taxes
A reconciliation of income taxes at statutory rates with the reported taxes is as follows:
|
|
|
2022
|
|
2021
|
| |
|
($)
|
|
($)
|
|
Loss for the year
|
|
(22,473,192 |
)
|
|
(17,840,147 |
)
|
| |
|
|
|
|
|
|
|
Expected income tax (recovery)
|
|
(6,070,000 |
)
|
|
(4,820,000 |
)
|
|
Change in statutory, foreign tax, foreign exchange rates and other
|
|
(12,000 |
)
|
|
294,000 |
|
|
Permanent differences
|
|
1,875,000 |
|
|
1,107,000 |
|
|
Share issue costs
|
|
370,000 |
|
|
432,000 |
|
|
Change in unrecognized deductible temporary differences
|
|
3,837,000 |
|
|
2,987,000 |
|
|
Income tax expense
|
|
—
|
|
|
—
|
|
b) Deferred Income Taxes
The significant components of the Company’s deferred tax assets that have not been included on the consolidated balance sheets are as follows:
|
|
|
2022
|
|
2021
|
| |
|
($)
|
|
($)
|
|
Non-capital losses carry-forward
|
|
14,379,000 |
|
|
11,751,000 |
|
|
Evaluation assets
|
|
1,470,000 |
|
|
1,470,000 |
|
|
Share issuance costs
|
|
789,000 |
|
|
735,000 |
|
|
Debt with accretion
|
|
—
|
|
|
(70,000 |
)
|
|
Intangible assets
|
|
622,000 |
|
|
179,000 |
|
|
Other deferreds
|
|
12,000 |
|
|
37,000 |
|
|
Allowable capital losses
|
|
3,558,000 |
|
|
3,801,000 |
|
|
Property and equipment
|
|
76,000 |
|
|
35,000 |
|
| |
|
20,906,000 |
|
|
17,938,000 |
|
|
Unrecognized deferred tax assets
|
|
(20,906,000 |
)
|
|
(17,938,000 |
)
|
The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated balance sheets are as follows:
|
Temporary Differences
|
|
2022
|
|
Expiry Date Range
|
|
2021
|
|
Expiry Date
Range
|
| |
|
($)
|
|
|
|
($)
|
|
|
|
Non-capital losses available for future periods – US
|
|
41,188,000 |
|
2036 to indefinite |
|
29,390,000 |
|
2036 to indefinite |
|
Non-capital losses available for future periods – Canada
|
|
21,739,000 |
|
2026 to 2042 |
|
20,664,000 |
|
2026 to 2041 |
|
Allowable capital losses
|
|
13,178,000 |
|
No expiry date |
|
14,077,000 |
|
No expiry date |
|
Property and equipment
|
|
270,000 |
|
No expiry date |
|
128,000 |
|
No expiry date |
|
Intangible assets
|
|
2,962,000 |
|
No expiry date |
|
853,000 |
|
No expiry date |
|
Exploration and evaluation assets
|
|
5,446,000 |
|
No expiry date |
|
5,446,000 |
|
No expiry date |
|
Share issuance costs
|
|
2,922,000 |
|
No expiry date |
|
2,724,000 |
|
No expiry date |
Tax attributes are subject to review, and potential adjustment, by tax authorities. The Company files income tax returns with Canada, U.S. and state governments. With few exceptions, the Company is no longer subject to tax examinations by tax authorities for years before 2017.
|