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Income Tax
 12 Months Ended
Aug. 31, 2024
Income Tax  
Income Tax 11. Income Taxes

 

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, 2024 and 2023:

 

 

 

 

August 31

 2024

 

 

 

 

August 31

 2023

 

 

 

 

$

 

 

$

 

Loss before taxes

 

 

 (5,808,654

)

 

 

(6,712,525

)

Expected income tax recovery

 

 

 (1,255,377

)

 

 

(1,427,529

)

Non-deductible items

 

 

 (532

)

 

 

(831

)

Change in estimates

 

 

 119,349

 

 

 

4,271

 

Effect of changes in foreign and long-term tax rates

 

 

 

 

 

 

-

 

Change in valuation allowance

 

 

 1,138,779

 

 

 

1,432,305

 

Total income taxes

 

 

 2,219

 

 

 

8,216

 

 

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, 2024 and 2023 are comprised of the following:

 

 

 

 

 

August 31

2024

 

 

 

 

August 31

2023

 

 

 

 

$

 

 

$

 

Non-capital losses

 

 

 8,738,277

 

 

 

8,637,353

 

Marketable securities

 

 

 (14,051

)

 

 

(14,051 

)

Stock based compensation

 

 

 754,147

 

 

 

650,778

 

R&D

 

 

 1,348,082

 

 

 

371,326

 

PPE and intangibles 

 

 

 (95,179

)

 

 

(64,569

)

Total deferred tax assets

 

 

 10,731,276

 

 

 

9,580,837

 

Valuation Allowance

 

 

 (10,731,276

)

 

 

(9,580,837

)

Net Deferred tax assets

 

 

 -

 

 

 

-

 

 

The Company has net operating loss carry-forwards of approximately $44 million which may be carried forward to apply against future year income tax for U.S. tax purposes.