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Income taxes | 12 Months Ended
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Nov. 30, 2023
Major components of tax expense (income) [abstract] |
Income taxes |
21. | Income taxes
The following table presents the components of the current and deferred tax expenses (recovery).
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current tax expense |  | $ | 450 |  |  | $ | 443 |  |  | $ | 63 |
Deferred tax expense (recovery) |  |  |  |  |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  | $ | (5,972) |  |  | $ | (11,705) |  |  | $ | (7,796) |
Change in unrecognized deductible temporary differences |  |  | 5,943 |  |  |  | 11,705 |  |  |  | 7,796 |
Total deferred tax expense (recovery) |  | $ | (29) |  |  | $ | - |  |  | $ | - |
Total current and deferred tax expense |  | $ | 421 |  |  | $ | 443 |  |  | $ | 63 |
Reconciliation between effective and applicable tax amounts.
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income taxes at domestic tax statutory rate |  | $ | (6,237) |  |  | $ | (12,400) |  |  | $ | (8,390) |
Change in unrecognized deductible temporary differences |  |  | 5,943 |  |  |  | 11,705 |  |  |  | 7,796 |
Impact of differences in statutory tax rates |  |  | (130) |  |  |  | 102 |  |  |  | 64 |
Non-deductible expenses and other |  |  | 845 |  |  |  | 1,036 |  |  |  | 593 |
Total income tax expense |  | $ | 421 |  |  | $ | 443 |  |  | $ | 63 |
The applicable statutory tax rate was 26.5 % in 2023, 2022 and 2021. The Company’s applicable tax rate is the Canadian combined rates applicable in the jurisdictions in which the Company operates. Unrecognized deferred tax assets As at November 30, 2023 and 2022, the amounts and expiry dates of Canadian tax attributes for which no deferred tax asset was recognized were as follows:
|  |  |  |  | 2023 |  |  |  |  |  | 2022 |
|  | Federal |  |  | Provincial |  |  | Federal |  |  | Provincial |
Research and development expenses, without time limitation |  | $ | 87,151 |  |  | $ | 105,549 |  |  | $ | 86,768 |  |  | $ | 105,174 |
Losses carried forward 2027 |  |  | 5,512 |  |  |  | 5,504 |  |  |  | 5,569 |  |  |  | 5,561 |
2028 |  |  | 33,761 |  |  |  | 16,258 |  |  |  | 34,110 |  |  |  | 16,426 |
2029 |  |  | 14,345 |  |  |  | 12,124 |  |  |  | 14,494 |  |  |  | 12,250 |
2030 |  |  | 8,423 |  |  |  | 8,420 |  |  |  | 8,510 |  |  |  | 8,507 |
2031 |  |  | 17,346 |  |  |  | 15,397 |  |  |  | 17,525 |  |  |  | 15,556 |
2032 |  |  | 11,752 |  |  |  | 10,791 |  |  |  | 11,874 |  |  |  | 10,902 |
2033 |  |  | 8,444 |  |  |  | 8,365 |  |  |  | 8,532 |  |  |  | 8,451 |
2034 |  |  | 7,733 |  |  |  | 7,665 |  |  |  | 7,813 |  |  |  | 7,744 |
2037 |  |  | 6,901 |  |  |  | 6,818 |  |  |  | 6,972 |  |  |  | 6,889 |
2038 |  |  | 2,013 |  |  |  | 1,938 |  |  |  | 2,034 |  |  |  | 1,958 |
2039 |  |  | 1,326 |  |  |  | 1,289 |  |  |  | 1,340 |  |  |  | 1,302 |
2040 |  |  | 7,242 |  |  |  | 7,218 |  |  |  | 7,317 |  |  |  | 7,292 |
2041 |  |  | 19,152 |  |  |  | 19,078 |  |  |  | 19,350 |  |  |  | 19,276 |
2042 |  |  | 29,042 |  |  |  | 28,885 |  |  |  | 31,181 |  |  |  | 31,190 |
2043 |  |  | 19,298 |  |  |  | 19,284 |  |  |  | - |  |  |  | - |
Other temporary differences, without time limitation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Excess of tax value of property and equipment over carrying value |  |  | 435 |  |  |  | 420 |  |  |  | 1,000 |  |  |  | 454 |
Excess of tax value of intellectual property and patent fees over carrying value |  |  | 10,660 |  |  |  | 10,656 |  |  |  | 10,765 |  |  |  | 10,765 |
Available deductions and other |  |  | 73,522 |  |  |  | 32,536 |  |  |  | 69,448 |  |  |  | 28,034 |
Given the Company’s past losses, management does not believe that it is probable that the Company can realize its deferred tax assets and, therefore, no amount has been recognized in the consolidated statements of financial position. The generation of future taxable profit is dependent on the successful commercialization of the Company’s products and technologies. In addition to the above attributes, as at November 30, 2023, the Company had available $8,816 (2022 – $8,883) of losses carried forward in Ireland without expiry dates for which no deferred tax assets were recognized. As at November 30, 2023, deferred tax liabilities had not been recognized for taxable temporary differences arising from investments in a subsidiary because the Company controls the decisions affecting the realization of such liabilities and it is probable that the temporary differences will not reverse in the foreseeable future.

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