| INCOME TAXES [Text Block] |
a) The reconciliation of income taxes at statutory income tax rates in the United States of 21% (2023 - 21% and 2022 - 21%) to the income tax expense is as follows:
| Year ended December 31, |
|
2024 |
|
|
2023 |
|
|
2022 |
|
| |
|
$ |
|
|
$ |
|
|
$ |
|
| Gain(Loss) for the year before income tax |
|
(191,837 |
) |
|
53,976 |
|
|
(257,913 |
) |
| Expected income tax recovery based on statutory rate |
|
(40,000 |
) |
|
11,000 |
|
|
(54,000 |
) |
| Adjustment to expected income tax benefit: |
|
|
|
|
|
|
|
|
|
| Permanent differences |
|
(2,690 |
) |
|
- |
|
|
(1,575 |
) |
| Change in tax rate |
|
- |
|
|
- |
|
|
- |
|
| Change in benefit of tax assets not recognized |
|
234,527 |
|
|
(64,976 |
) |
|
55,575 |
|
| Income tax charge / benefit |
|
- |
|
|
- |
|
|
- |
|
b) Deferred income tax
Deferred income tax assets have not been recognized in respect of the following deductible temporary differences:
| Year ended December 31, |
|
2024 |
|
|
2023 |
|
| |
|
$ |
|
|
$ |
|
| Non-capital loss carryforwards |
|
14,668,000 |
|
|
14,476,000 |
|
| Capital loss carryforwards |
|
25,540,000 |
|
|
25,540,000 |
|
| Capital assets |
|
108,000 |
|
|
108,000 |
|
| Other |
|
65,000 |
|
|
65,000 |
|
| Total |
|
40,381,000 |
|
|
40,189,000 |
|
The Company has non-capital losses in the United States of approximately $14.67 million available, which may be applied against future taxable income and which expire as follows:
| Year of |
|
Amount |
|
| expire |
| |
|
|
| 2025 |
|
76,000 |
|
| 2026 |
|
224,000 |
|
| 2027 |
|
1,874,000 |
|
| 2028 |
|
3,340,000 |
|
| 2029 |
|
504,000 |
|
| 2030 |
|
1,017,000 |
|
| 2031 |
|
1,810,000 |
|
| 2032 |
|
1,690,000 |
|
| 2033 |
|
865,000 |
|
| 2034 |
|
667,000 |
|
| 2035 |
|
520,000 |
|
| 2036 |
|
238,000 |
|
| 2037 |
|
276,000 |
|
| Indefinite |
|
1,567,000 |
|
| |
|
|
|
| |
|
14,668,000 |
|
|