Annual report pursuant to Section 13 and 15(d)

Income Taxes

v3.21.2
Income Taxes
12 Months Ended
Aug. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES
29. INCOME TAXES

 

The Company’s deferred tax assets (liabilities), resulting from temporary differences that will change taxable incomes of future years, are: 

 

    August 31,
2021
    August 31,
2020
 
Property, plant and equipment and intangible assets   $ (24,049,200 )    $ (18,502,900 )
Non-capital tax loss carry-forwards    

15,993,200 
      14,418,180  
Other tax-related balances and credits    

(208,332

)      (160,286  
Valuation allowance     8,264,332       4,247,006  
Net deferred tax assets (liabilities)   $
-
    $
-
 

   

A reconciliation of the provision for income taxes is:

  

    Year ended August 31,
2021
    Year ended August 31,
2020
 
Net loss before income taxes   $ 9,474,243     $ 12,379,067  
Combined federal and state statutory income tax rates     26.5 %     26.5 %
Tax recovery using the Company’s domestic tax rate    

2,510,674

      3,280,453  
Effect of tax rates in foreign jurisdictions    
-
     
-
 
Net effect of (non-deductible) deductible items    

(1,814,000

)      (2,369,610 )
Current year deductible amounts    

1,254,163

      1,638,692  
Current period losses not recognized    

(1,950,837

)      (2,549,535 )
Provision for income taxes   $
-
    $
-
 

   

As at August 31, 2021, the Company has, on a consolidated basis, non-capital losses of approximately $XX million for income tax purposes which may be used to reduce taxable incomes of future years. If unused, these losses will expire between 2031and 2041.