Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure of income tax [Abstract]  
Provision for income taxes
The provision for income taxes recorded in the consolidated financial statements differs from the amount which would be obtained by applying the statutory income tax rate to the loss before income taxes as follows:
  2020
$
2019
$
2018
$
Loss before income taxes (22,505,057) (33,122,888) (16,489,183)
Statutory Canadian corporate tax rate 24.00  % 26.50  % 27.00  %
Anticipated tax recovery (5,401,214) (8,777,565) (4,452,079)
Foreign jurisdiction tax rate difference 3,237,898  3,088,811  3,312,963 
Employee share-based compensation 614,154  389,591  382,275 
Change in fair value of warrant derivative (838,063) 3,341,334   
Impact of Alberta rate change 96,028  3,758,175   
Adjustment to opening tax pools 20,711  11,973  (238,222)
Other permanent differences 108,945  149,294  (35,912)
Change in deferred tax benefits deemed not probable to
be recovered
2,161,541  (1,961,613) 1,579,017 
Current income taxes   —  548,042 
Adjustment in respect to prior periods   —  — 
Net current tax expense   —  548,042 
Schedule of unrecognized non-capital losses, non-refundable credits and deferred tax assets
As at December 31, 2020, we have the following non-capital losses for income tax purposes in Canada:
Expiry $
2026 9,809,000 
2027 12,170,000 
2029 4,009,000 
2030 4,774,000 
2031 4,343,000 
2032 2,873,000 
2033 2,457,000 
2034 2,472,000 
2035 3,125,000 
2036 6,430,000 
2037 4,812,000 
2038 5,056,000 
2039 6,864,000 
2040 9,800,000 
78,994,000 
As at December 31, 2020, we have the following non-refundable federal investment tax credits for income tax purposes in Canada:
Expiry $
2021 471,000 
2022 465,000 
2023 361,000 
2024 228,000 
2025 271,000 
2026 520,000 
2027 596,000 
2028 622,000 
2029 173,000 
2030 91,000 
2031 114,000 
2032 381,000 
2033 487,000 
2034 270,000 
2035 183,000 
2036 41,000 
2037 980 
2038 22,000 
2039 8,000 
5,304,980 
Deferred tax assets are recognized, to the extent that it is probable that taxable income will be available, against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized. The components of our unrecognized deferred tax asset are as follows:
  2020
$
2019
$
2018
$
Net operating losses carried forward 21,487,804  19,625,642  20,664,345 
Scientific research and experimental development 6,362,152  6,338,542  7,406,169 
Investment tax credits 4,068,105  4,222,016  3,988,606 
Undepreciated capital costs in excess of book value of property and equipment and intellectual property
1,927,709  1,908,320  1,949,611 
Share issue costs 689,193  611,072  696,346 
Net capital losses carried forward 6,472  6,474  7,598 
Unrecognized deferred tax asset 34,541,435  32,712,066  34,712,675