Annual report pursuant to Section 13 and 15(d)

Income Taxes

v3.21.2
Income Taxes
 12 Months Ended
Aug. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES
29. INCOME TAXES

The Company’s deferred tax assets (liabilities), resulting from temporary differences that will change taxable incomes of future years, are:

August 31,
2021		 August 31,
2020
Property, plant and equipment and intangible assets $ (24,049,200 ) $ (18,502,900 )
Non-capital tax loss carry-forwards

15,993,200 		14,418,180
Other tax-related balances and credits

(208,332

 ) (160,286
Valuation allowance 8,264,332 4,247,006
Net deferred tax assets (liabilities) $
-
 $
-

A reconciliation of the provision for income taxes is:

Year ended August 31,
2021		 Year ended August 31,
2020
Net loss before income taxes $ 9,474,243 $ 12,379,067
Combined federal and state statutory income tax rates 26.5 % 26.5 %
Tax recovery using the Company’s domestic tax rate

2,510,674

 3,280,453
Effect of tax rates in foreign jurisdictions
-
-
Net effect of (non-deductible) deductible items

(1,814,000

 ) (2,369,610 )
Current year deductible amounts

1,254,163

 1,638,692
Current period losses not recognized

(1,950,837

 ) (2,549,535 )
Provision for income taxes $
-
 $
-

As at August 31, 2021, the Company has, on a consolidated basis, non-capital losses of approximately $XX million for income tax purposes which may be used to reduce taxable incomes of future years. If unused, these losses will expire between 2031and 2041.