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Income Taxes | 12 Months Ended
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Dec. 31, 2021
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:
For the years ended December 31, | 2021 |  | 2020 |  | 2019
Loss before income taxes | $ | (26,254,852) |  | $ | (22,505,057) |  | $ | (33,122,888)
Statutory Canadian corporate tax rate | 23.00% |  | 24.00% |  | 26.50%
Anticipated tax recovery | (6,038,616) |  | (5,401,214) |  | (8,777,565)
Foreign jurisdiction tax rate difference | 2,716,319 |  | 3,237,898 |  | 3,088,811
Share-based compensation | 879,957 |  | 614,154 |  | 389,591
Change in fair value of warrant derivative | (3,937) |  | (838,063) |  | 3,341,334
Impact of Alberta rate change | — |  | 96,028 |  | 3,758,175
Adjustment to opening tax pools | (552,079) |  | 20,711 |  | 11,973
Other permanent differences | 44,290 |  | 108,945 |  | 149,294
Expiry of tax benefits | 1,661,187 |  | — |  |  | — |
Change in deferred tax benefits deemed not probable to be recovered | 1,342,306 |  | 2,161,541 |  | (1,961,613)
Current income taxes | $ | 49,427 |  | $ | — |  | $ | —
As at December 31, 2021, we have the following approximate non-refundable federal investment tax credits and non-capital losses for income tax purposes in Canada, as well as non-capital losses in Barbados that are expected to expire in the following years, if not utilized:
| Canada |  | Barbados
| Investment tax credits |  | Non-capital losses |  | Non-capital losses
2022 | 465,000 |  |  | — |  |  | 42,826,000 |
2023 | 361,000 |  |  | — |  |  | 33,063,000 |
2024 | 228,000 |  |  | — |  |  | 15,990,000 |
2025 | 271,000 |  |  | — |  |  | 15,138,000 |
2026 | 520,000 |  |  | 9,809,000 |  |  | 16,575,000 |
2027 | 596,000 |  |  | 12,170,000 |  |  | 26,114,000 |
2028 | 622,000 |  |  | — |  |  | 13,280,000 |
2029 | 173,000 |  |  | 4,009,000 |  |  | — |
2030 | 91,000 |  |  | 4,774,000 |  |  | — |
2031 | 114,000 |  |  | 4,343,000 |  |  | — |
2032 | 381,000 |  |  | 2,873,000 |  |  | — |
2033 | 487,000 |  |  | 2,457,000 |  |  | — |
2034 | 270,000 |  |  | 2,472,000 |  |  | — |
2035 | 183,000 |  |  | 3,125,000 |  |  | — |
2036 | 41,000 |  |  | 6,430,000 |  |  | — |
2037 | 980 |  |  | 4,812,000 |  |  | — |
2038 | 22,000 |  |  | 5,056,000 |  |  | — |
2039 | 8,000 |  |  | 6,864,000 |  |  | — |
2040 | — |  |  | 9,724,000 |  |  | — |
2041 | — |  |  | 10,619,000 |  |  | — |
| $ | 4,833,980 |  |  | $ | 89,537,000 |  |  | $ | 162,986,000 |
As well, we have unclaimed Canadian scientific research and experimental development expenditures available to reduce future years’ taxable income of approximately $27,663,000. We also have unclaimed U.S. credits for increasing research activities available to reduce future years' taxable income of approximately $1,343,000 expiring between 2031 and 2041. 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:
For the years ended December 31, | 2021 |  | 2020 |  | 2019
Net operating losses carried forward | $ | 25,157,950 |  |  | $ | 21,487,804 |  |  | $ | 19,625,642 |
Scientific research and experimental development | 7,705,028 |  |  | 6,362,152 |  |  | 6,338,542 |
Investment tax credits | 3,715,652 |  |  | 4,068,105 |  |  | 4,222,016 |
Undepreciated capital costs in excess of book value of property and equipment and intellectual property | 350,695 |  |  | 1,927,709 |  |  | 1,908,320 |
Share issue costs | 647,978 |  |  | 689,193 |  |  | 611,072 |
Net capital losses carried forward | 6,472 |  |  | 6,472 |  |  | 6,474 |
Unrecognized deferred tax asset | $ | 37,583,775 |  |  | $ | 34,541,435 |  |  | $ | 32,712,066 |
The Company currently files income tax returns in the various jurisdictions in which it operates. These tax returns are subject to periodic examinations in the normal course by the applicable tax authorities. Management is not aware of any other material income tax examination currently in progress by any taxing jurisdiction.

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