Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2021
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,

2021

$

 

 

June 30,

2020

$

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Non-capital losses carried forward

 

 

20,148

 

 

 

11,871

 

Stock-based compensation

 

 

155

 

 

 

 

Capital losses carried forward

 

 

18

 

 

 

18

 

Financing costs

 

 

326

 

 

 

221

 

Scientific research and development

 

 

761

 

 

 

604

 

Scientific research and development – Investment

   Tax Credits (“ITC”)

 

 

665

 

 

 

534

 

 

 

 

22,073

 

 

 

13,248

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Scientific research and development – ITC

 

 

(110

)

 

 

(88

)

 

 

 

21,963

 

 

 

13,160

 

Valuation allowance

 

 

(21,963

)

 

 

(13,160

)

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,

2021

$

 

 

June 30,

2020

$

 

Tax recovery at statutory income tax rates

 

 

(8,015

)

 

 

(1,916

)

Permanent differences

 

 

4,506

 

 

 

142

 

Effect of rate differentials between jurisdictions

 

 

(551

)

 

 

(239

)

Effect of foreign exchange rates

 

 

(954

)

 

 

347

 

Non-capital losses acquired with Adgero

 

 

(4,114

)

 

 

 

Scientific research and development – ITC

 

 

97

 

 

 

(38

)

Adjustment to prior year's provision versus statutory tax returns

 

 

228

 

 

 

323

 

Change in valuation allowance

 

 

8,803

 

 

 

1,381