Note 12 - Income Taxes

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

12. INCOME TAXES  

A reconciliation of income taxes at statutory rates with the reported taxes is as follows:

	December 31, 2021			December 31, 2020
Loss before taxes for the year	$	(1,986,665	)	$	(2,772,484	)
Expected income tax (recovery)	$	(417,000	)	$	(582,000	)
Effect of change in tax rates		(64,000	)		(16,000	)
Permanent differences		150,000			60,000
Adjustment to prior years provision		2,147,000			2,086,000
Change in unrecognized deductible temporary		(1,816,000	)		(1,548,000	)
Total income taxes	$	-		$	-
Current income tax	$	-		$	-
Deferred tax recovery	$	-		$	-

The significant components of the Company’s deferred tax assets that have not been included on the consolidated statement of financial position are as follows:

	December 31, 2021			December 31, 2020
Non-capital losses	$	5,010,903		$	5,037,600
	$	5,010,903		$	5,037,600
Unrecognized deferred tax assets		(5,010,903	)		(5,037,600	)
Net deferred tax assets	$	-		$	-

The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows:

	2021		Expiry Date Range			2020		Expiry Date Range
Temporary Differences
Non-capital losses available for future periods	$	23,473,000	2026	to	2041	$	23,904,000	2026	to	2040
Canada	$	22,304,000	2026	to	2041	$	23,646,000	2026	to	2040
USA	$	1,169,000	2026	to	2041	$	258,000	2026	to	2040