The Company has a net operating loss carried forward of $290,454 available to offset taxable income in future years which commence expiring in fiscal 2030.
The income tax benefit has been computed by applying the weighted average income tax rates of the United States (federal and state rates) of 15% to the net loss before income taxes calculated for each jurisdiction. The tax effect of the significant temporary differences, which comprise future tax assets and liabilities, are as follows:
| 2017 | 2016 | |||||||
| Income tax recovery at statutory rate | $ | 32,074 | $ | 32,450 | ||||
| Valuation allowance change | $ | (32,074 | ) | $ | (32,450 | ) | ||
| Provision for income taxes | $ | - | $ | - | ||||
The significant components of deferred income tax assets and liabilities at June 30, 2017 and 2016, respectively, are as follows:
| Net operating loss carried forward | $ | 290,454 | $ | 258,380 | ||||
| Valuation allowance | $ | (290,454 | ) | $ | (258,380 | ) | ||
| Net deferred income tax asset | $ | - | $ | - |