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INCOME TAXES

12 Months Ended

Sep. 30, 2023

INCOME TAXES

INCOME TAXES

11.    INCOME TAXES

The following is a reconciliation of income taxes calculated at the combined Canadian federal and provincial income statutory corporate tax rate of 27.0% (2022 – 27.0%) to the tax expense:

​

​	​	​	​	​	​	​
For the years ended September 30		2023			2022
​	​	​	​	​	​	​
Loss for the year before income tax	​	$	(26,580,743)		$	(35,215,072)
​	​	​	​	​	​	​
Tax recovery at statutory income tax rates	​	$	(7,177,000)		$	(9,509,000)
Non-deductible share-based payments	​		643,000		​	963,000
Taxable capital gains	​		​		​	​
Other permanent differences including foreign exchange	​		(4,000)		​	(25,000)
Change in statutory, foreign tax, foreign exchange rates and other	​		1,212,000		​	1,288,000
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses	​		325,000		​	165,000
Change in valuation allowance	​		5,003,000		​	7,007,000
​	​	​	​	​	​	​
Total income tax expense	​	$	2,000		$	(111,000)

​

Tax attributes are subject to review, and potential adjustment, by tax authorities. The Company has recorded an income tax expense of $2,000 for the year ended September 30, 2023 (2022 recovery of $111,000) in relation to taxable income generated by its U.S. subsidiary.

​

For the years ended September 30, 2023 and 2022, the Company did not record a provision for income taxes due to a full valuation allowance against our deferred tax assets. The significant components of the Company’s deferred tax assets that have not been included on the consolidated statement of financial position are as follows:

​

​	​	​	​	​	​	​
Deferred tax assets		2023			2022
​	​	​	​	​	​	​
Operating losses carried forward	​	$	43,726,000		$	37,710,000
Equipment and intangible assets	​		77,000		​	77,000
Investment tax credits	​		29,000		​	29,000
Financing costs	​		1,191,000		​	2,026,000
Federal R&D credit	​		210,000		​	210,000
Other	​		(54,000)		​	125,000
​	​	​	​	​	​	​
​	​		45,179,000		​	40,177,000
Valuation allowance	​		(45,179,000)		​	(40,177,000)
​	​	​	​	​	​	​
Net future tax assets	​	$	—		$	—

​

​

As at September 30, 2023, the Company has non-capital loss carry-forwards of approximately $90,502,000 (2022 - $87,702,000) available to offset future taxable income in Canada and approximately $91,858,000 (2022 - $66,812,000) available to offset future taxable income in the US. These non-capital loss carryforwards begin to expire in 2031.

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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

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-Publisher FASB
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