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Current and Deferred Income Tax | 12 Months Ended
--- | ---
Dec. 31, 2023
Current and Deferred Income Tax [Abstract] |
Current and deferred income tax |
| 18. | Current and deferred income tax
Income tax expense (recovery)
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | $ |  |  | $ |
Current tax expense (recovery) |  |  |  |  |  |
Current period |  |  | 2,450 |  |  |  |  |
Deferred tax expense (recovery) |  |  |  |  |  |  |  |
Orgination and reversal of temporary differences |  |  | (4,631,094 | ) |  |  | (2,949,101 | )
Change in tax rate |  |  | (321,972 | ) |  |  |  |
Change in unrecognized temporary differences |  |  | 4,953,071 |  |  |  | 2,949,101 |
Income tax expense (recovery) |  |  | 2,455 |  |  |  | - |
The actual income tax provision differs from the expected amount calculated by applying the Canadian combined federal and provincial corporate tax rates to income before tax. These differences result from the following:
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | $ |  |  | $ |
Loss before income tax |  |  | (22,385,977 | ) |  |  | (16,515,389 | )
Statutory income tax rate |  |  | 27 | % |  |  | 27 | %
Expected income tax expense (recovery) |  |  | (6,044,214 | ) |  |  | (4,459,155 | )
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
Change in unrecognized temporary differences |  |  | 4,953,071 |  |  |  | 2,949,101 |
Permanent differences |  |  | 1,135,213 |  |  |  | 1,159,884 |
Change in tax rate |  |  | (321,972 | ) |  |  | - |
Effect of tax rates in foreign jurisdictions |  |  | 221,891 |  |  |  | 146,727 |
Share issue costs |  |  | - |  |  |  | 201,740 |
Other |  |  | 58,461 |  |  |  | 1,703 |
Income tax expense (recovery) |  |  | 2,450 |  |  |  | - |
Recognized deferred tax assets and liabilities Deferred tax assets are attributable to the following:
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | $ |  |  | $ |
Loss carryforwards |  |  | 2,136,465 |  |  |  | 488,823 |
Lease liability and other |  |  | 166,894 |  |  |  | - |
Deferred tax assets |  |  | 2,303,159 |  |  |  | 488,823 |
Set-off of tax |  |  | (2,303,159 | ) |  |  | (488,823 | )
Net deferred tax assets |  |  | - |  |  |  | - |
Deferred tax liabilities are attributable to the following:
|  | December 31, 2023 $ |  |  | December 31, 2022 $ |
Intangible assets |  |  | (37,659 | ) |  |  | (39,481 | )
Right-of-use assets |  |  | (119,784 | ) |  |  | (42,472 | )
Fixed assets |  |  | (913,369 | ) |  |  | (276,699 | )
Convertible note |  |  | (182,600 | ) |  |  | - |
Marketable securities |  |  | (1,049,747 | ) |  |  | (130,171 | )
Deferred tax liabilities |  |  | (2,303,159 | ) |  |  | (488,823 | )
Set-off of tax |  |  | 2,303,159 |  |  |  | 488,823 |
Net deferred tax liability |  |  | - |  |  |  | - |
Unrecognized deferred tax assets
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | $ |  |  | $ |
Deductible temporary differences |  |  | 16,045,512 |  |  |  | 3,920,076 |
Tax losses |  |  | 40,067,059 |  |  |  | 26,069,552 |
|  |  | 56,112,571 |  |  |  | 29,989,628 |
Deferred tax assets have not been recognized in respect of the above items, because it is not probable that future taxable profit will be available against which the Company can use the benefits therefrom. The Company has Canadian non-capital loss carryforwards of $42,405,288 (December 31, 2022 - $28,628,469), that will start expiring in 2028 and US federal net operating loss carryforwards of $27,093,435 (December 31, 2022 - $21,099,321), of which $21,217,214 can be carried forward indefinitely and $5,876,221 that will start expiring in 2027.

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- References No definition available. + Details
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- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2023-03-23 + Details
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