INCOME TAXES

12 Months Ended

Jul. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

Note 9 INCOME TAXES

As at July 31, 2022, no tax benefit has been recorded with respect to the net operating loss in the financial statements as the management of the Company believes that the realization of the Company’s net deferred tax assets would not be considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by the full valuation allowance. The Company has a net operating loss carryforward of approximately $1,813,968.

Income tax recovery differs from that which would be expected from applying the effective tax rates to the net loss for the years ended July 31, 2022 and 2021 as follows:

	Year Ended July 31
	2022			2021
Net loss for the year	$	(63,515	)	$	(7,500	)
Statutory and effective tax rate		25.46	%		25.46	%
Expected income tax recovery	$	(16,162	)	$	(1,909	)
Tax benefit deferred		16,162			1,909
Income taxes recorded	$	-		$	-

	Year Ended July 31
	2022			2021
Tax losses carried forward	$	1,814,000		$	1,750,000
Statutory and effective tax rate		25.46	%		25.46	%
Deferred tax asset	$	462,000		$	446,000
Valuation allowance		(462,000	)		(446,000	)
Net deferred tax asset	$	-		$	-

The Company’s income tax filings are subject to audit by various taxing authorities. The Company’s open audit periods include from Inception (June 10, 2010) to the current tax year.