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INCOME TAXES
 12 Months Ended
Dec. 31, 2021
INCOME TAXES

25. INCOME TAXES

 

The following table reconciles the expected income taxes at the Canadian statutory income tax rates to the amounts recognized in the statements of comprehensive loss for the years ended December 31, 2021, 2020 and 2019:

 

   December 31, 2021   December 31, 2020      December 31, 2019  
Loss before income taxes  $16,202,972   $8,015,813    $ 11,095,507  
Canadian statutory rates        27%     27 %
Expected income tax recovery   4,196,600    2,164,000      2,996,000  
Impact of different foreign statutory tax rates   34,900    -      -  
Non-deductible items   116,400    (687,000)     (2,043,000 )
Share issue costs   887,600    -      -  
Adjustments to prior years provision versus statutory tax returns   376,500    189,000      (388,000 )
Differences between prior year provision and final tax return   (206,000)    (535,000)     (18,000 )
Change in deferred tax asset not recognized   (5,406,000)   (1,131,000)     (547,000 )
Income tax  $-   $-    $ -  

 

 

Draganfly Inc.

Notes to the Consolidated Financial Statements

For The Year Ended December 31, 2021

Expressed in Canadian Dollars

 

25. INCOME TAXES (CONT’D)

 

The Company’s unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts:

 

  December 31, 2021   December 31, 2020      December 31, 2019  
Deferred income tax assets (liabilities):                  
Share issuance costs  $728,000   $30,000    $ -  
Non-capital losses   7,043,000    3,656,000      2,439,000  
Property and equipment   449,000    457,000      581,000  
Capital gain reserve   74,000    -      -  
Scientific Research and Experimental Development   291,000    57,000     

49,000

  
Total deferred income tax assets  $8,585,000   $4,200,000    $ 3,069,000  
Deferred income tax not recognized   (8,585,000)   (4,200,000)     (3,069,000 )
Net deferred tax assets  $-   $-    $ -  

 

The Company has non-capital loss carry forward of approximately $25,487,000 which may be carried forward to apply against future year income tax for Canadian income tax purposes, subject to the final determination by taxation authorities, expiring in the years 2036 to 2040.