MINCO GOLD CORP | CIK:0001020825 | 3

  • Filed: 4/30/2018
  • Entity registrant name: MINCO GOLD CORP (CIK: 0001020825)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1020825/000127956918000857/0001279569-18-000857-index.htm
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    • ifrs-full:DisclosureOfIncomeTaxExplanatory

    11.
    Income tax
     
    No income taxes were recorded due to sufficient loss available.
     
    Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to the loss before income taxes. These differences result from the following items:
     
     
     
    2017
     
     
    2016
     
     
    2015
     
     
     
    $
     
     
    $
     
     
    $
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Net income (loss)
     
     
    (3,297,578)
     
     
     
    7,217,068
     
     
     
    14,320,556
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    26
    %
     
     
    26
    %
     
     
    26
    %
     
     
     
     
     
     
     
     
     
     
     
     
     
    Income tax recovery at statutory rates
     
     
    (857,370)
     
     
     
    1,876,438
     
     
     
    3,723,345
     
    Non-taxable (deductible) expenses
     
     
    80,641
     
     
     
    26,375
     
     
     
    19,159
     
    Difference/change in tax rates
     
     
    -
     
     
     
    (671,958)
     
     
     
    1,093,732
     
    Difference in gain on disposition of Minco Resources
     
     
    -
     
     
     
    -
     
     
     
    (6,662,076)
     
    Reduction of tax attributes from sale of Minco Resources
     
     
    -
     
     
     
    -
     
     
     
    6,668,881
     
    Expiry of non-capital loss carry forward
     
     
    -
     
     
     
    -
     
     
     
    300,755
     
    Deferred income tax asset not recognized
     
     
    791,748
     
     
     
    (1,245,922)
     
     
     
    (5,252,629)
     
    Other
     
     
    (15,019)
     
     
     
    15,067
     
     
     
    108,833
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Provision for tax expenses
     
     
    -
     
     
     
    -
     
     
     
    -
     
     
    Deferred income taxes arise from temporary differences in the recognition of income and expenses for financial reporting and tax purposes. The significant components of unrecognized deferred income tax assets and liabilities at December 31, 2017 and 2016 are as follows:
     
     
     
    2017
     
    2016
     
     
     
    $
     
    $
     
     
     
     
     
     
     
     
     
    Deferred income tax assets (liabilities) not recognized
     
     
     
     
     
     
     
    Non-capital loss
     
     
    4,473,755
     
     
    3,718,815
     
    Resource expenditures
     
     
    534,069
     
     
    680,236
     
    Capital assets
     
     
    36,236
     
     
    34,127
     
    Investments
     
     
    (832,557)
     
     
    (1,043,545)
     
    Capital loss
     
     
    1,036,875
     
     
    1,066,999
     
     
     
     
     
     
     
     
     
     
     
     
    5,248,378
     
     
    4,456,631
     
     
    No deferred income tax asset has been recognized as realization is not considered probable due to the uncertainty of future taxable income.
     
    The Company has approximately $16,569,465 of operating losses in Canada. The expiries for Canadian non-capital loss carry forwards are as follows:
     
     
     
    $
     
     
     
     
     
     
    2026
     
     
    1,442,234
     
    2028
     
     
    1,582,716
     
    2029
     
     
    1,270,045
     
    2030
     
     
    1,285,615
     
    2031
     
     
    1,933,078
     
    2032
     
     
    2,131,656
     
    2033
     
     
    1,535,838
     
    2034
     
     
    1,324,803
     
    2035
     
     
    1,201,864
     
    2036
     
     
    1,558,996
     
    2037
     
     
    1,302,620
     
     
     
     
    16,569,465