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Note 14 - Income Tax | 12 Months Ended
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Nov. 30, 2022
Statement Line Items [Line Items] |
Disclosure of income tax [text block] |
14. | Income Tax
14.1 | Income taxes
|  | For the year ended |
|  | November 30, 2022 ($) |  |  | November 30, 2021 ($) |
Current income tax expense |  |  | 11 |  |  |  | - |
Deferred income tax expense (recovery) |  |  | (1,220 | ) |  |  | 9,011 |
Income tax expense (recovery) for the year |  |  | (1,209 | ) |  |  | 9,011 |
A reconciliation of the provision for income taxes computed at the combined Canadian federal and provincial statutory rate to the provision for income taxes as shown in the consolidated statements of comprehensive income (loss) for the years ended November 30, 2022 and 2021 is as follows:
|  | For the year ended |
|  | November 30, 2022 ($) |  |  | November 30, 2021 ($) |
Net income (loss) for the year |  |  | (14,409 | ) |  |  | 109,195 |
Canadian statutory income tax rate |  |  | 27.00 | % |  |  | 27.00 | %
Expected tax expense (recovery) |  |  | (3,890 | ) |  |  | 29,483 |
Non-deductible permanent differences |  |  | 2,407 |  |  |  | 1,986 |
Non-taxable gains on remeasurement of GRC |  |  | - |  |  |  | (16,297 | )
Income tax rate differences |  |  | - |  |  |  | 3 |
Change in unrecognized deferred income tax assets |  |  | 351 |  |  |  | (6,729 | )
Other |  |  | (77 | ) |  |  | 565 |
Tax expense (recovery) for the year |  |  | (1,209 | ) |  |  | 9,011 |
14.2 | Deferred Income Tax Assets and Liabilities
Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following:
|  | As at November 30, 2022 ($) |  |  | As at November 30, 2021 ($) |
Non-capital loss carry-forward |  |  | 1,322 |  |  |  | 1,397 |
Mineral properties |  |  | 887 |  |  |  | 744 |
Fixed assets |  |  | - |  |  |  | 2 |
Unrecognized deferred tax assets |  |  | 2,209 |  |  |  | 2,143 |
|  | As at November 30, 2022 ($) |  |  | As at November 30, 2021 ($) |
Deferred tax assets (liabilities) |  |  |  |  |  |  |  |
Long-term investments |  |  | (9,483 | ) |  |  | (17,547 | )
Non-capital losses carry-forward |  |  | 9,034 |  |  |  | 7,499 |
Others |  |  | 153 |  |  |  | 181 |
Net deferred tax liability |  |  | (296 | ) |  |  | (9,867 | )
Deferred tax assets that can not be offset against deferred tax liabilities have not been recognized in the consolidated financial statements, as management does not consider it more likely than not that those assets will be realized in the near future. The Company has non-capital losses which may be carried-forward to reduce taxable income in future years. As at November 30, 2022, the Company has non-capital losses of $34,235 in Canada which will expire between 2029 and 2042.

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