| Schedule of Major Components of Tax Expense (income) |
The components of income tax benefit (expense) included in the determination of the profit (loss) from continuing operations comprise of: 28. Income taxes (cont'd): (a)Current tax expense (cont'd): | | | | | | | | | | | | | 2023 | | 2022 | | Current tax expense | | | | | Current period income tax | $ | 64 | | | $ | 39 | | | Withholding tax | 94 | | | 3 | | | Total current tax expense | $ | 158 | | | $ | 42 | | | Deferred tax expense | | | | | Origination and reversal of temporary differences | $ | (45,050) | | | $ | (12,264) | | | Adjustments for prior periods | 2,174 | | | 277 | | | Change in unrecognized deductible temporary differences | 42,876 | | | 11,987 | | | Total deferred tax expense | $ | — | | | $ | — | | | | | | | Total income tax expense from continuing operations | $ | 158 | | | $ | 42 | |
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| Schedule of Reconciliation of Accounting Profit |
The Corporation’s effective income tax rate differs from the combined Canadian federal and provincial statutory income tax rate for companies. The principal factors causing the difference are as follows: | | | | | | | | | | | | | 2023 | | 2022 | | Net loss before income taxes (from continuing operations) | $ | (144,052) | | | $ | (160,329) | | Expected tax recovery at 27.00% (2022 – 27.00% ) | $ | (38,894) | | | $ | (43,289) | | | Increase (reduction) in income taxes resulting from: | | | | | Non-deductible expenses (non-taxable income) | (993) | | | 12,712 | | | Expiry of losses and ITC | 96 | | | 1,515 | | | Investment tax credits earned | (4,009) | | | (3,782) | | | Foreign tax rate and tax rate differences | 4,165 | | | 4,636 | | | Change in unrecognized deductible temporary differences | 39,674 | | | 28,247 | | | Other | 119 | | | 3 | | | Income taxes from continuing operations | $ | 158 | | | $ | 42 | |
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| Schedule of Temporary Difference, Unused Tax Losses and Unused Tax Credits |
At December 31, 2023, the Corporation did not recognize any deferred tax assets resulting from the following deductible temporary differences for financial statement and income tax purposes. | | | | | | | | | | | | | 2023 | | 2022 | | Scientific research expenditures | $ | 143,663 | | | $ | 127,482 | | | Investments | 36,315 | | | 21,463 | | | Share issuance costs | 14,145 | | | 23,588 | | | Losses from operations carried forward | 394,599 | | | 284,468 | | | Capital losses carried forward | 10,703 | | | — | | | Investment tax credits | 46,810 | | | 43,451 | | | Property, plant and equipment and intangible assets | 221,365 | | | 208,991 | | | $ | 867,600 | | | $ | 709,443 | |
The Corporation has available to carry forward the following as at December 31: | | | | | | | | | | | | | 2023 | | 2022 | | Canadian scientific research expenditures | $ | 143,663 | | | $ | 127,482 | | | Canadian losses from operations | 262,887 | | | 165,647 | | | Canadian capital losses from operations | 12,958 | | | — | | | Canadian investment tax credits | 46,810 | | | 40,877 | | | German losses from operations for corporate tax purposes | 46 | | | 501 | | | US federal losses from operations | 46,784 | | | 49,237 | | | Denmark losses from operations | 65,786 | | | 50,495 | | | Hong Kong losses from operations | 116 | | | 61 | | | UK losses from operations | 13,085 | | | 14,304 | | | UK research and development tax credits | 122 | | | 115 | |
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