Income Taxes

3 Months Ended

Apr. 30, 2015

Notes

Income Taxes

NOTE 8: INCOME TAXES

The components of the net change in deferred tax asset at April 30, 2015 and January 31, 2015, the statutory tax rate, the effective tax rate and the amount of the valuation allowance are indicated below:

	April 30, 2015			January 31, 2015
Income (loss) before taxes	$	(171,005	)	$	(1,090,336	)
Statutory rate		34%			34%
Computed expected tax payable (recovery)	$	(58,200	)	$	(370,600	)
Non-deductible expenses		––			––
Change in valuation allowance		58,200			370,600
Reported income taxes	$	––		$	––

The significant components of the cumulative deferred income tax assets and liabilities at April 30, 2015 and January 31, 2015, are as follows:

	April 30, 2015			January 31, 2015
Deferred tax assets:
Net operating loss carry forward	$	3,048,800		$	2,990,600
Less valuation allowance		(3,048,800	)		(2,990,600	)
Net deferred tax asset - continuing operations	$	––		$	––