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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Taxes |
Income Taxes |
Note 22: Income taxes
Income tax recovery provision The reconciliation of the income tax recovery computed at statutory rates to the reported income tax recovery is:
|  | Years ended December 31 |
|  | 2021 |  |  | 2020 |
Loss before income taxes |  | $ | 16,790 |  |  | $ | 10,763 |
Canadian federal and provincial income tax rates |  |  | 27% |  |  |  | 27% |
Expected income tax recovery |  |  | (4,533 | ) |  |  | (2,906 | )
Increase (decrease) in income tax recovery resulting from: |  |  |  |  |  |  |  |
Spin-out transaction |  |  | - |  |  |  | 8,650 |
Acquisition of Eastmain |  |  | - |  |  |  | (7,838 | )
Share-based compensation |  |  | 552 |  |  |  | 683 |
Share issuance costs |  |  | (60 | ) |  |  | (462 | )
Adjustment to tax estimates |  |  | 1,170 |  |  |  | (22 | )
Amortization of flow-through share premium |  |  | (1,220 | ) |  |  | (120 | )
Flow-through expenditures renunciation |  |  | 2,856 |  |  |  | 489 |
Difference in future and foreign tax rates |  |  | (172 | ) |  |  | 234 |
Other |  |  | (149 | ) |  |  | 55 |
Increase in unrecognized tax asset |  |  | 1,556 |  |  |  | 1,237 |
Income tax recovery |  | $ | - |  |  | $ | - |
Significant components of deferred tax asset and liabilities are:
|  | December 31 2020 |  |  | Net loss |  |  | Equity |  |  | December 31 2021 |
Deferred income tax assets |  |  |  |
Non-capital losses carried forward |  | $ | 19,846 |  |  | $ | 1,186 |  |  | $ | - |  |  |  | 21,032 |
Capital losses carried forward |  |  | 82 |  |  |  | 101 |  |  |  | - |  |  |  | 183 |
Share issuance costs and CEC |  |  | 833 |  |  |  | (281 | ) |  |  | - |  |  |  | 552 |
Investments |  |  | 44 |  |  |  | (26 | ) |  |  | - |  |  |  | 18 |
Site reclamation obligations |  |  | 1,137 |  |  |  | (16 | ) |  |  | - |  |  |  | 1,121 |
Property and equipment |  |  | 312 |  |  |  | 64 |  |  |  | - |  |  |  | 376 |
Mineral property interests |  |  | 3,985 |  |  |  | 1,016 |  |  |  | - |  |  |  | 5,001 |
Capital lease obligation |  |  | 66 |  |  |  | 58 |  |  |  | - |  |  |  | 124 |
Other |  |  | - |  |  |  | 63 |  |  |  | - |  |  |  | 63 |
|  |  | 26,305 |  |  |  | 2,165 |  |  |  | - |  |  |  | 28,470 |
Deferred income tax liabilities |  |  |  |  |  |  |
Property and equipment |  |  | (52 | ) |  |  | (34 | ) |  |  | - |  |  |  | (86 | )
Mineral property interests |  |  | (877 | ) |  |  | (729 | ) |  |  | - |  |  |  | (1,606 | )
Investments |  |  | (196 | ) |  |  | 154 |  |  |  | - |  |  |  | (42 | )
Net deferred tax assets |  |  | 25,180 |  |  |  | 1,556 |  |  |  | - |  |  |  | 26,736 |
Unrecognized deferred tax assets |  |  | (25,180 | ) |  |  | (1,556 | ) |  |  | - |  |  |  | (26,736 | )
Net deferred tax balance |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
|  | December 31 2019 |  |  | Net loss |  |  | Equity |  |  | December 31 2020 |
Deferred income tax assets |  |  |  |  |  |  |  |  |  |
Non-capital losses carried forward |  | $ | 15,076 |  |  | $ | 4,770 |  |  | $ | - |  |  | $ | 19,846 |
Capital losses carried forward |  |  | 45 |  |  |  | 37 |  |  |  | - |  |  |  | 82 |
Share issuance costs and CEC |  |  | 656 |  |  |  | 177 |  |  |  | - |  |  |  | 833 |
Investments |  |  | 57 |  |  |  | (13 | ) |  |  | - |  |  |  | 44 |
Site reclamation obligations |  |  | 576 |  |  |  | 561 |  |  |  | - |  |  |  | 1,137 |
Property and equipment |  |  | 259 |  |  |  | 53 |  |  |  | - |  |  |  | 312 |
Mineral property interests |  |  | 7,823 |  |  |  | (3,838 | ) |  |  | - |  |  |  | 3,985 |
Capital lease obligation |  |  | - |  |  |  | 66 |  |  |  | - |  |  |  | 66 |
Peruvian Value Added Tax Receivable |  |  | 402 |  |  |  | (402 | ) |  |  | - |  |  |  | - |
Foreign exchange on intercompany |  |  | 6 |  |  |  | (6 | ) |  |  | - |  |  |  | - |
|  |  | 24,900 |  |  |  | 1,405 |  |  |  | - |  |  |  | 26,305 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  |  | - |  |  |  | (52 | ) |  |  | - |  |  |  | (52 | )
Mineral property interests |  |  | (913 | ) |  |  | 36 |  |  |  | - |  |  |  | (877 | )
Investments |  |  | - |  |  |  | (196 | ) |  |  | - |  |  |  | (196 | )
Bridge loan |  |  | (44 | ) |  |  | 44 |  |  |  | - |  |  |  | - |
Net deferred tax assets |  |  | 23,943 |  |  |  | 1,237 |  |  |  | - |  |  |  | 25,180 |
Unrecognized deferred tax assets |  |  | (23,943 | ) |  |  | (1,237 | ) |  |  | - |  |  |  | (25,180 | )
Net deferred tax balance |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
The Company has accumulated non-capital losses of approximately $79,718 (December 31, 2020 – $75,864) in Canada, which may be carried forward to reduce taxable income of future years. The non-capital losses will, if unused, expire between 2024 and 2041. The Company has not recognized any deferred tax assets at December 31, 2021, in respect of these non-capital losses due to the uncertainty that future operations will generate sufficient taxable income to utilize these non-capital losses. The Company has $1,312 accumulated capital losses (December 31, 2020 – $nil) in Canada which may be carried forward indefinitely and used to reduce capital gains in future years.

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