Current and Deferred Income Taxes
|12 Months Ended|
Jun. 30, 2017
|Current and Deferred Income Taxes [Abstract]|
|Current and deferred income taxes||
The Company has the following non-capital losses available to reduce taxable income of future years:
In addition, the Company has non-refundable Federal investment tax credits of $207,080 that expire between 2029 and 2037 and non-refundable British Columbia investment tax credits of $112,448 that expire between 2019 and 2027.
Significant components of the Company’s deferred tax assets and tax liabilities are shown below:
The income tax benefit of these tax attributes has not been recorded in these consolidated financial statements because of the uncertainty of their recovery.
The Company’s effective income tax rate differs from the statutory income tax rate of 34% (2016 – 34%).
The differences arise from the following items:
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef