Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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

Schedule of unrecognized non-capital losses, non-refundable credits and deferred tax assets

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

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