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Income Tax | 12 Months Ended
--- | ---
Aug. 31, 2021
Income Tax |
20. Income Tax | 20. Income Tax The following table reconciles the income tax benefit at the U.S. Federal statutory rate to income tax benefit at the Company’s effective tax rates as at August 31, 2021 and 2020:
|  | August 31 2021 |  |  | August 31 2020 |
|  | $ |  |  | $ |
Loss before taxes |  |  | (4,169,832 | ) |  |  | (3,987,018 | )
Expected income tax recovery |  |  | (800,952 | ) |  |  | (856,424 | )
Non-deductible items |  |  | (142,895 | ) |  |  | 200,573 |
Change in estimates |  |  | (56,316 | ) |  |  | 92,083 |
Effect of changes in foreign and long-term tax rates |  |  | - |  |  |  | - |
Change in valuation allowance |  |  | 1,006,256 |  |  |  | 566,087 |
Total income taxes |  |  | 6,093 |  |  |  | 2,319 |
Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes. Deferred tax assets at August 31, 2021 and 2020 are comprised of the following:
|  | August 31 2021 $ |  |  | August 31 2020 $ |
Non-capital losses |  |  | 6,580,183 |  |  |  | 5,585,897 |
Marketable securities |  |  | 14,270 |  |  |  | 2,300 |
Total unrecognized deferred tax assets |  |  | 6,594,453 |  |  |  | 5,588,197 |
The Company has net operating loss carry-forwards of approximately $31,621,000 which may be carried forward to apply against future year income tax for U.S. tax purposes.
Year |  | Amount |  |  | Canada |
2026 |  |  |  |  |  | - |
2025 |  |  | 76,000 |  |  |  | - |
2026 |  |  | 508,000 |  |  |  | - |
2027 |  |  | 1,056,000 |  |  |  | - |
2028 |  |  | 720,000 |  |  |  | - |
2029 |  |  | 753,000 |  |  |  | - |
2030 |  |  | 552,000 |  |  |  | - |
2031 |  |  | 538,000 |  |  |  | - |
2032 |  |  | 252,000 |  |  |  | - |
2033 |  |  | 344,000 |  |  |  | - |
2034 |  |  | 3,257,000 |  |  |  | - |
2035 |  |  | 1,934,000 |  |  |  | - |
2036 |  |  | 1,150,000 |  |  |  | - |
2037 |  |  | 1,857,000 |  |  |  | - |
2038 |  |  | - |  |  |  | - |
2039 |  |  | - |  |  |  | 121,000 |
2040 |  |  | - |  |  |  | 318,000 |
Indefinite |  |  | 18,186,000 |  |  |  | - |
Total |  |  | 31,183,000 |  |  |  | 439,000 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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