Income Taxes

12 Months Ended

May 31, 2019

Income Taxes [Text Block]

8.Income Taxes

The Company has net operating losses carried forward of $4,082,477 available to offset taxable income in future years which expires beginning in fiscal 2027. Under section 382 of the Internal Revenue Code such a change in control negates much of the tax loss carry forward and deferred income tax. The Company is subject to examination by the IRS for tax years 2014 to 2019.  The Company is also subject to income tax in Canada. 

The Company was subject to United States federal and state income taxes at an approximate rate of 21% for the years ended May 31, 2019 and 2018. 

The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company's income tax expense as reported is as follows:

	2019 $		2018 $
Income tax recovery at statutory rate	(48,432	)	(51,794	)
Valuation allowance change	(48,432	)	(51,794	)
Provision for income taxes	-		-

The significant components of deferred income tax assets and liabilities at May 31, 2019 and 2018, are as follows:

	2019 $		2018 $
Mineral property costs	299,971		299,971
Net operating losses carried forward	857,320		808,888
Gross deferred income tax assets	1,157,291		1,108,859
Valuation allowance	(1,157,291	)	(1,108,859	)
Net deferred income tax asset	-		-