Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Components of Future Tax Assets and Deferred Tax Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below:

 

 

 

June 30,

2020

$

 

 

June 30,

2019

$

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Non-capital losses carried forward

 

 

11,870,922

 

 

 

10,823,529

 

Capital losses carried forward

 

 

17,925

 

 

 

17,925

 

Financing costs

 

 

221,276

 

 

 

 

Scientific research and development

 

 

604,489

 

 

 

534,398

 

Scientific research and development – Investment

   Tax Credits (“ITC”)

 

 

534,355

 

 

 

484,135

 

 

 

 

13,248,967

 

 

 

11,859,987

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Scientific research and development – ITC

 

 

(88,929

)

 

 

(81,386

)

 

 

 

13,160,038

 

 

 

11,778,601

 

Valuation allowance

 

 

(13,160,038

)

 

 

(11,778,601

)

Net future tax assets

 

 

 

 

 

 

Schedule of Difference Between Income Tax Rate and Statutory Income Tax Rate

The differences arise from the following items:

 

 

 

June 30,

2020

$

 

 

June 30,

2019

$

 

Tax recovery at statutory income tax rates

 

 

(1,916,442

)

 

 

(1,690,126

)

Permanent differences

 

 

142,523

 

 

 

(527,532

)

Effect of rate differentials between jurisdictions

 

 

(239,465

)

 

 

(429,531

)

Effect of foreign exchange rates

 

 

347,510

 

 

-

 

Scientific research and development – ITC

 

 

(38,252

)

 

 

(39,807

)

Other

 

 

322,689

 

 

 

106,320

 

Change in valuation allowance

 

 

1,381,437

 

 

 

2,580,676