CANADIAN ZINC CORP | CIK:0000910569 | 3

  • Filed: 3/29/2018
  • Entity registrant name: CANADIAN ZINC CORP (CIK: 0000910569)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/910569/000127956918000610/0001279569-18-000610-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/910569/000127956918000610/czicf-20171231.xml
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    • ifrs-full:DisclosureOfIncomeTaxExplanatory

    16.
    Income Taxes
      
    The Company did not record current or deferred income tax expense for the years ended December 31, 2017, 2016 and 2015. A reconciliation of the statutory tax rate to the effective rate for the Company is as follows:
     
     
     
    2017
     
    2016
     
    2015
     
    Statutory tax rate
     
     
    27.16
    %
     
    26.54
    %
     
    26.74
    %
    Income taxes/(recovery) computed at statutory rates
     
    $
    (3,010)
     
    $
    (1,347)
     
    $
    (2,209)
     
    Expired losses
     
     
    -
     
     
    239
     
     
    -
     
    Flow-through share premium recovery
     
     
    -
     
     
    -
     
     
    (126)
     
    Income tax rate changes
     
     
    (400)
     
     
    126
     
     
    (112)
     
    Loss on marketable securities subject to capital gains tax rate
     
     
    -
     
     
    -
     
     
    (66)
     
    Non-refundable investment tax credits
     
     
    -
     
     
    -
     
     
    (1,651)
     
    Other
     
     
    670
     
     
    9
     
     
    (95)
     
    Permanent differences
     
     
    240
     
     
    299
     
     
    40
     
    Renunciation of resource expenditures
     
     
    830
     
     
    104
     
     
    779
     
    Tax benefits not yet recognized
     
     
    1,670
     
     
    570
     
     
    3,440
     
     
     
     
    -
     
     
    -
     
     
    -
     
     
    The approximate tax effect of each type of temporary difference that gives rise to the Company’s deferred income tax assets and liabilities are as follows:
     
     
     
    2017
     
    2016
     
    2015
     
    Non-capital loss carry forwards
     
    $
    12,169
     
    $
    11,392
     
    $
    10,942
     
    Capital losses
     
     
    631
     
     
    1,260
     
     
    -
     
    Investment tax credits
     
     
    1,651
     
     
    1,651
     
     
    1,651
     
    Marketable securities
     
     
    -
     
     
    -
     
     
    1,258
     
    Plant and equipment
     
     
    469
     
     
    448
     
     
    433
     
    Resource interests
     
     
    12,222
     
     
    10,599
     
     
    10,294
     
    Other
     
     
    756
     
     
    871
     
     
    776
     
    Net unrecognized deferred income tax asset
     
    $
    27,898
     
    $
    26,221
     
    $
    25,354
     
     
    At December 31, 2017, the Company has approximately $45,149,000 (2016 - $43,076,000 and 2015 - $41,126,000) of non-capital losses for tax purposes available to be carried forward to various dates until 2037 and applied against future income for tax purposes and approximately $45,623,000 (2016 - $44,659,000 and 2015 - $38,889,000) of unused cumulative Canadian exploration and development expenses for tax purposes available to be carried forward indefinitely and applied against future income for tax purposes. The non-capital losses expire as follows:
     
    Year
     
    Total
     
    2026
     
    $
    1,116
     
    2027
     
     
    3,511
     
    2028
     
     
    5,500
     
    2029
     
     
    3,547
     
    2030
     
     
    3,605
     
    2031
     
     
    3,915
     
    2032
     
     
    6,741
     
    2033
     
     
    2,272
     
    2034
     
     
    6,554
     
    2035
     
     
    3,634
     
    2036
     
     
    2,681
     
    2037
     
     
    2,073
     
     
     
    $
    45,149
     
     
    The non-refundable investment tax credits of $1.6 million expire between 2025 and 2032.