Income Taxes

12 Months Ended

Dec. 31, 2023

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:


	2023		2022		2021
Loss before income taxes	$	(27,655)	$	(24,751)	$	(26,255)
Statutory Canadian corporate tax rate	23.00%		23.00%		23.00%
Anticipated tax recovery	(6,361)		(5,693)		(6,039)
Difference in tax rates	2,841		3,552		2,716
Share-based compensation expense	441		547		880
Revaluation of tax balances	2		(338)		(552)
Impact of Barbados rate change	(9,088)		—		—
Other permanent differences	325		(368)		45
Expiry of tax benefits	3,382		1,614		1,661
Change in fair value of warrant derivative	(1,215)		5		(4)
Provision to offset deferred tax asset	9,770		765		1,342
Current income taxes	$	97	$	84	$	49

At December 31, 2023, we have non-capital losses of $110,450 and $129,884 in Canada and Barbados, respectively (December 31, 2022 - $98,475 and $145,405, respectively). These losses are expected to expire between 2024 and 2043, if not utilized. At December 31, 2023, we have Canadian investment tax credits of $4,056 (December 31, 2022 - $4,368) that are expected to expire between 2024 and 2043, if not utilized. As well, we have unclaimed Canadian scientific research and experimental development expenditures available to reduce future years’ taxable income of $28,376 (December 31, 2022 - $27,663). We also have unclaimed U.S. credits for research activities available to reduce future years' taxable income of $1,232 (December 31, 2022 - $1,285) expiring between 2031 and 2043. 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 to utilize the deductible temporary differences. The components of our unrecognized deferred tax asset are as follows:


	2023		2022		2021
Non-capital losses carried forward	$	37,174	$	26,726	$	25,158
Scientific research and experimental development	7,742		7,648		7,705
Investment tax credits	3,123		3,363		3,716
Property and equipment	382		366		351
Share issue costs	833		518		648
Net capital losses carried forward	6		6		6
Unrecognized deferred tax asset	$	49,260	$	38,627	$	37,584

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 material income tax examinations currently in progress by any taxing jurisdiction.