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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Disclosure of income tax [Abstract] |
Income Taxes | Income Taxes The provision for income taxes recorded in the consolidated financial statements differs from the amount which would be obtained by applying the statutory income tax rate to the loss before income taxes as follows:
| 2020 $ | 2019 $ | 2018 $
Loss before income taxes | (22,505,057) |  | (33,122,888) |  | (16,489,183) |
Statutory Canadian corporate tax rate | 24.00 | % | 26.50 | % | 27.00 | %
Anticipated tax recovery | (5,401,214) |  | (8,777,565) |  | (4,452,079) |
Foreign jurisdiction tax rate difference | 3,237,898 |  | 3,088,811 |  | 3,312,963 |
Employee share-based compensation | 614,154 |  | 389,591 |  | 382,275 |
Change in fair value of warrant derivative | (838,063) |  | 3,341,334 |  | — |
Impact of Alberta rate change | 96,028 |  | 3,758,175 |  | — |
Adjustment to opening tax pools | 20,711 |  | 11,973 |  | (238,222) |
Other permanent differences | 108,945 |  | 149,294 |  | (35,912) |
Change in deferred tax benefits deemed not probable to be recovered | 2,161,541 |  | (1,961,613) |  | 1,579,017 |
Current income taxes | — |  | — |  | 548,042 |
Adjustment in respect to prior periods | — |  | — |  | — |
Net current tax expense | — |  | — |  | 548,042 |
As at December 31, 2020, we have the following non-capital losses for income tax purposes in Canada:
Expiry | $
2026 | 9,809,000 |
2027 | 12,170,000 |
2029 | 4,009,000 |
2030 | 4,774,000 |
2031 | 4,343,000 |
2032 | 2,873,000 |
2033 | 2,457,000 |
2034 | 2,472,000 |
2035 | 3,125,000 |
2036 | 6,430,000 |
2037 | 4,812,000 |
2038 | 5,056,000 |
2039 | 6,864,000 |
2040 | 9,800,000 |
| 78,994,000 |
As at December 31, 2020, we have the following non-refundable federal investment tax credits for income tax purposes in Canada:
Expiry | $
2021 | 471,000 |
2022 | 465,000 |
2023 | 361,000 |
2024 | 228,000 |
2025 | 271,000 |
2026 | 520,000 |
2027 | 596,000 |
2028 | 622,000 |
2029 | 173,000 |
2030 | 91,000 |
2031 | 114,000 |
2032 | 381,000 |
2033 | 487,000 |
2034 | 270,000 |
2035 | 183,000 |
2036 | 41,000 |
2037 | 980 |
2038 | 22,000 |
2039 | 8,000 |
| 5,304,980 |
As well, we have unclaimed scientific research and experimental development expenditures available to reduce future years’ taxable income of approximately $27,660,000. We have not recorded the potential benefits of these tax pools in these consolidated financial statements. Deferred tax assets are recognized, to the extent that it is probable that taxable income will be available, against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized. The components of our unrecognized deferred tax asset are as follows:
| 2020 $ | 2019 $ | 2018 $
Net operating losses carried forward | 21,487,804 |  | 19,625,642 |  | 20,664,345 |
Scientific research and experimental development | 6,362,152 |  | 6,338,542 |  | 7,406,169 |
Investment tax credits | 4,068,105 |  | 4,222,016 |  | 3,988,606 |
Undepreciated capital costs in excess of book value of property and equipment and intellectual property | 1,927,709 |  | 1,908,320 |  | 1,949,611 |
Share issue costs | 689,193 |  | 611,072 |  | 696,346 |
Net capital losses carried forward | 6,472 |  | 6,474 |  | 7,598 |
Unrecognized deferred tax asset | 34,541,435 |  | 32,712,066 |  | 34,712,675 |

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