Income Taxes

12 Months Ended

Dec. 31, 2024

Note 11 Income Taxes

Reconciliation of accounting and taxable income, for the years ended December 31 are as follows:

	December 31, 2024			December 31, 2023			December 31, 2022
Loss before income taxes	$	(244,437	)	$	(191,795	)	$	(193,182	)
Tax expense (recovery) based on statutory rate of 27.0%		(66,000	)		(52,000	)		(52,000	)
Permanent differences and other		824,000			(84,000	)		(4,000	)
		758,000			(136,000	)		(56,000	)
Changes in unrecognized deferred tax assets		(758,000	)		136,000			56,000
Total income tax (recovery)	$	-		$	-		$	-

The nature and tax effect of the temporary differences giving rise to the deferred tax assets and liabilities at December 31, 2024 and 2023 are summarized as follows:

	December 31, 2024			December 31, 2023
Unrecognized deferred income tax assets:
Allowable capital losses	$	468,000		$	468,000
Non-capital losses		1,945,000			1,878,000
Investments		625,000			1,450,000
Unrecognized deferred tax assets		(3,038,000	)		(3,796,000	)

As at December 31, 2024, the Company had estimated non-capital losses for Canadian tax purposes of $7,202,000 that expire between 2027 to 2044 which may be carried forward to offset future years’ taxable income.

The potential benefit of these carry-forward non-capital losses has not been recognized in these financial statements as it is not considered probable that sufficient future taxable profit will allow the deferred tax asset to be recovered.