The Company is subject to United States federal and state income taxes at a rate of 34% per annum. The reconciliation of the provision for income taxes at the statutory rate compared to the Company’s income tax expense as reported is as follows:
|
2017 $ |
2016 $ |
|||||||
| Income tax recovery at statutory rate | (14,862 | ) | (2,198 | ) | ||||
| Valuation allowance change | 14,862 | 2,198 | ||||||
| Provision for income taxes | – | – | ||||||
The significant components of deferred income tax assets and liabilities as at January 31, 2017 and 2016 are as follows:
|
2017 $ |
2016 $ |
|||||||
| Net operating losses carried forward | 36,208 | 21,346 | ||||||
| Valuation allowance | (36,208 | ) | (21,346 | ) | ||||
| Net deferred income tax asset | – | – | ||||||
The Company has net operating losses carried forward of $106,495 available to offset taxable income in future years which expires at the beginning of fiscal 2032.