Income Taxes

12 Months Ended

Oct. 31, 2024

Income Taxes [Abstract]

Income Taxes

16. Income Taxes

Tax rates applicable to the Company:

The combined Canadian federal and provincial statutory income tax rate is 27% for years ended October 31, 2024, 2023 and 2022 and the Israeli statutory corporate tax rate was 23% in 2024, 2023 and 2022.

The tax effect (computed by applying the Canadian federal and provincial statutory rate) of the significant differences, which comprise deferred income tax assets and liabilities, are as follows:

	2024 $			2023 $			2022 $
Canadian statutory income tax rate		27	%		27	%		27	%
Income tax recovery at statutory rate		(1,316,712	)		(2,322,936	)		(1,861,476	)
Tax effect of:
Items not deductible for tax purposes		(20,556	)		223,809			335,494
Over provided in prior years		(384,109	)		(19,674	)		-
Tax rate difference for foreign jurisdiction		(5,365	)		10,715			56,175
Change in unrecognized deferred income tax assets		2,104,708			2,125,459			1,499,666
Income tax provision		377,966			17,372			29,859

As of October 31, 2024, the Company has Canadian non-capital losses carried forward of $20,281,000, which is available to offset future years’ taxable income in Canada. These losses expire as follows:

	$
2037		5,000
2038		73,000
2039		71,000
2040		169,000
2041		1,142,000
2042		4,716,000
2043		8,678,000
2044		5,427,000
		20,281,000

Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can utilize the benefits therefrom.