Entity information:

8. INCOME TAXES

 

A reconciliation of income tax expense to the amount computed at the statutory rate is as follows:

 

    2017     2016  
Net loss for the year   $ (19,302 )   $ (29,683 )
Statutory tax rate     34.00 %     34.00 %
Computed expected (benefit) income taxes     (6,563 )     (10,092 )
Change in estimates     3,550       -  
Income tax benefit not recognized     3,012       10,092  
    $ -     $ -  

 

Significant components of deferred income tax assets are as follows:

 

    2017     2016  
Operating losses carried forward   $ 210,000     $ 204,000  
Valuation allowance     (210,000 )     (204,000 )
    $ -     $ -  

 

The Company has incurred operating losses of approximately $620,000 which, if unutilized, will expire through to 2037. Future tax benefits, which may arise as a result of these losses, have not been recognized in these financial statements, and have been offset by a valuation allowance. The following table lists the fiscal year in which the loss was incurred and the expiration date of the operating loss carry forwards:

 

    Amount     Expiration Date  
      37,000       2027  
      68,000       2028  
      22,000       2029  
      13,000       2030  
      88,000       2031  
      107,000       2032  
      125,000       2033  
      54,000       2034  
      57,000       2035  
      30,000       2036  
      19,000       2037  
Total income tax operating loss carry forward     620,000