| 19. |
INCOME TAXES |
| a) |
Provision for Income Taxes |
| Major items causing the Company’s effective tax rate to differ from the combined Canadian federal and provincial statutory rate of 26.5% (2012 – 28.25%) were as follows: |
| Years Ended December 31, | |||||||||
| 2017 | 2016 | 2015 | |||||||
| $ | $ | $ | |||||||
| Net loss for the year | (61,287 | ) | (497,610 | ) | (2,417,247 | ) | |||
| Combined federal and provincial income tax rates | 26.50% | 26.50% | 26.50% | ||||||
| Income tax recovery at Canadian federal and provincial statutory rates | (16,000 | ) | (131,867 | ) | (640,570 | ) | |||
| Permanent differences | (77,000 | ) | 13,679 | (49,263 | ) | ||||
| Difference between Canadian rates and rates applicable to subsidiary in the Foreign Jurisdictions | - | - | (80,501 | ) | |||||
| Foreign exchange differences | - | (91,671 | ) | 575,147 | |||||
| Other | 2,000 | 7,219 | 1,887 | ||||||
| Change in unrecognized deferred tax asset | 91,000 | 202,640 | 193,300 | ||||||
| Income tax expense | - | - | - | ||||||
| b) |
Deferred Income Taxes |
| Deferred income taxes assets have not been recognized in respect to the following deductible temporary differences: |
| 2017 | 2016 | |||||
| $ | $ | |||||
| Non-capital losses carried forward | 15,953,000 | 13,514,706 | ||||
| Financing costs - Canada | 7,000 | - | ||||
| Fixed assets - Canada | 255,000 | 185,547 | ||||
| Exploration and evaluation properties - Congo | 31,242,000 | 31,000,260 | ||||
| Total | 47,457,000 | 44,700,513 |
Non-capital losses in Canada expire in the following years:
| 2026 | $ | 46,000 | |
| 2027 | 215,000 | ||
| 2028 | 772,000 | ||
| 2029 | 879,000 | ||
| 2030 | 1,982,000 | ||
| 2031 | 3,381,000 | ||
| 2032 | 2,852,000 | ||
| 2033 | 2,538,000 | ||
| 2034 | 1,135,000 | ||
| 2035 | 810,000 | ||
| 2036 | 798,000 | ||
| 2037 | 545,000 | ||
| $ | 15,953,000 |