Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Income Taxes

v3.22.2.2
Income Taxes
 12 Months Ended
Jun. 30, 2022
Deferred tax expense (income) [abstract]  
Income Taxes
17. Income Taxes

 

The reconciliation of the combined Canadian federal and provincial statutory income tax rate of 27% (2021 – 27%) to the effective tax rate is as follows:

 

    2022     2021     2020  
    $     $     $  
Net loss before income tax     (9,446,454 )     (552,436 )     (182,116 )
Combined federal and provincial statutory income tax rates     27 %     27 %     27 %
Expected income tax recovery at statutory rates     2,550,543       149,158       49,171  
Non-deductible differences     (1,102,753 )     (7,310 )     18,711  
Change in unrecognized deductible temporary differences     (1,447,790 )     (141,848 )     (67,882 )
Total income tax recovery    
-
      
-
      
-
  

 

Unrecognized deductible temporary differences

 

The income tax benefit of the following deductible temporary differences has not been recorded in these financial statements because of the uncertainly of their recovery:

 

    2022     2021     2020  
    $     $     $  
Non-capital losses carried forward     1,110,151       300,805       169,751  
Exploration and evaluation assets     (100,058 )     (109,447 )     (60,266 )
Other items     660,396       15,278       5,409  
      1,670,489       206,636       114,894  

 

Non-capital losses carried forward

 

The Company has non-capital tax losses available to reduce taxes in future years of approximately $4,112,000 (2021 – $1,114,000 ). These losses have expiry dates between 2038 and 2042.

 

Tax attributes are subject to review, and potential adjustment, by tax authorities