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Taxes Payable
12 Months Ended
Dec. 31, 2023
Taxes Payable  
Taxes Payable

8. Taxes Payable

 

Taxes payable consist of:

 

   December 31,
2023
  December 31,
2022
       
HST/GST payable         74,134 
Income tax payable         174,510 
   $     $248,644 

 

On June 30, 2023, the Company entered into an exchange agreement with Leonite Capital, LLC, whereby it exchanged the 400,000 Series B shares with a value of $400,000 plus accrued dividends thereon of $61,184 for its entire shareholding in its property owning subsidiary, Cranberry Cove Holdings. The HST/GST payable was settled prior to disposal.

 

The income tax provision raised in previous years was reversed in the current year upon filing the tax returns with no taxation payable.