Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.3.0.814
Income Tax (Tables)
12 Months Ended
Aug. 31, 2015
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
    2015     2014  
Income (loss) before taxes $ (1,934,352 ) $ (3,257,711 )
Statutory tax rate   35%     35%  
Expected income tax (recovery) $ (677,023 ) $ (1,140,199 )
Non-deductible items $ 98,764   $ 24,259  
Change in estimates $ 646,711     (530 )
Change in valuation allowance $ (68,453 ) $ 1,116,470  
Total income taxes (recovery) $   Nil   $   Nil  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
    2015     2014  
Net capital loss carryforwards $ 2,715,944   $ 2,126,795  
Oil and Gas Property $   -   $ 657,652  
  $ 2,715,944   $ 2,784,447  
Valuation allowance $ (2,715,944 ) $ (2,784,447 )
Net deferred tax assets (liabilities) $   Nil   $   Nil  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Year   Amount  
2025 $ 76,000  
2026   508,000  
2027   1,056,000  
2028   720,000  
2029   753,000  
2030   552,000  
2031   538,000  
2032   252,000  
2033   344,000  
2034   1,309,000  
2035   1,652,000  
Total $ 7,760,000