| Disclosure of income tax [text block] |
The actual income tax provisions differ from the expected amounts calculated by applying the Canadian combined federal and provincial corporate income tax rates to the Company’s loss before income taxes. The components of these differences are as follows:
| |
|
Year ended March 31, 2026 |
|
|
Year ended March 31, 2025 |
|
|
Year ended March 31, 2024 |
|
| Income (loss) before taxes for the year |
|
$ |
(6,898,108 |
) |
|
$ |
(3,615,375 |
) |
|
$ |
(4,472,170 |
) |
| Canadian federal and provincial income tax rates |
|
|
27 |
% |
|
|
27 |
% |
|
|
27 |
% |
| Expected income tax recovery based on above rates |
|
|
(1,862,000 |
) |
|
|
(976,000 |
) |
|
|
(1,207,000 |
) |
| Change in statutory, foreign tax, foreign exchange rates and other |
|
|
- |
|
|
|
35,000 |
|
|
|
(3,000 |
) |
| Permanent difference |
|
|
459,000 |
|
|
|
214,000 |
|
|
|
204,000 |
) |
| Impact of spin-out transaction |
|
|
(129,000 |
) |
|
|
(527,000 |
) |
|
|
- |
|
| Impact of flow-through shares |
|
|
1,462,000 |
|
|
|
130,000 |
|
|
|
124,000 |
|
| Share issue costs |
|
|
(319,000 |
) |
|
|
(182,000 |
) |
|
|
(129,000 |
) |
| Adjustment to prior year’s provision versus statutory tax returns and expiry of non-capital losses |
|
|
1,234,000 |
|
|
|
330,000 |
|
|
|
(94,000 |
) |
| Change in unrecognized deductible temporary differences |
|
|
(845,000 |
) |
|
|
976,000 |
|
|
|
1,105,000 |
|
| Deferred income tax recovery |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
The Canadian income tax rate declined/increased during the year due to changes in the law that reduced/increased corporate income tax rates in Canada/British Columbia.
The significant components of the Company’s deferred tax assets and liabilities are as follows:
| |
|
Year ended March 31, 2026 |
|
|
Year ended March 31, 2025 |
|
| Deferred tax assets (liabilities) |
|
|
|
|
|
|
|
|
| Exploration and evaluation assets |
|
$ |
(4,448,000 |
) |
|
$ |
(1,257,000 |
) |
| Marketable securities |
|
|
(104,000 |
) |
|
|
- |
|
| Non-capital losses |
|
|
4,552,000 |
|
|
|
1,257,000 |
|
| |
|
$ |
- |
|
|
$ |
- |
|
FOREMOST CLEAN ENERGY LTD.
Notes to the Consolidated Financial Statements
March 31, 2026, 2025 and 2024
(Expressed in Canadian Dollars)
| 14. |
INCOME TAXES (Continued) |
The significant components of the Company’s temporary differences and unused tax losses that have not been included on the consolidated statement of financial position are as follows:
| |
|
Year ended March 31, 2026 |
|
|
Expiry date range year ended
March 31, 2026 |
|
|
Year ended March 31, 2025 |
|
|
Expiry date range year ended
March 31, 2025 |
|
| Temporary differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share issue costs |
|
$ |
1,562,000 |
|
|
2046 to 2049 |
|
|
|
869,000 |
|
|
$ |
2046 to 2049 |
|
| Other |
|
|
97,000 |
|
|
No expiry date |
|
|
|
- |
|
|
No expiry date |
|
| Investment in associate |
|
|
- |
|
|
No expiry date |
|
|
|
106,000 |
|
|
No expiry date |
|
| Allowable capital losses |
|
|
- |
|
|
No expiry date |
|
|
|
- |
|
|
No expiry date |
|
| Net operating losses available for future period |
|
|
- |
|
|
No expiry date |
|
|
|
- |
|
|
No expiry date |
|
| Non-capital losses available for future period |
|
|
10,928,000 |
|
|
2031 to 2046 |
|
|
|
15,182,000 |
|
|
|
2031 to 2045 |
|
| Canada |
|
|
12,459,000 |
|
|
2031 to 2046 |
|
|
|
19,837,000 |
|
|
|
2031 to 2045 |
|
| USA |
|
|
- |
|
|
No expiry date |
|
|
|
- |
|
|
No expiry date |
|
Tax attributes are subject to review, and potential adjustment, by tax authorities.
During the year ended March 31, 2025, the Company incurred $193,262 in income tax penalties and interest for the late filing of tax returns in the United States.
|