INCOME TAXES	12 Months Ended
May 31, 2013
Income Taxes:
Income Tax Disclosure	12. Income Taxes The Company has net operating losses carried forward of $2,793,300 (2012 - $2,594,600) available to offset taxable income in future years which expire beginning in fiscal 2021. The Company is subject to United States federal and state income taxes at an approximate rate of 35%. 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: May 31, 2013 May 31, 2012 ------------ ------------ $ $ Net loss before income taxes per financial statements (266,441) (614,009) Income tax rate 35% 35% Income tax recovery (93,254) (214,903) Permanent differences -- 21,141 Temporary differences 23,740 244 Change in valuation allowance 69,514 193,518 --------- --------- Provision for income taxes -- -- ========= ========= The significant components of deferred income tax assets and liabilities at May 31, 2013 and 2012 are as follows: May 31, 2013 May 31, 2012 ------------ ------------ $ $ Net operating loss carry-forward 977,641 908,127 Valuation allowance (977,641) (908,127) --------- --------- Net deferred income tax asset -- -- ========= =========

INCOME TAXES

12 Months Ended

May 31, 2013

12. Income Taxes

The Company has net  operating  losses  carried  forward of  $2,793,300  (2012 -

$2,594,600)  available  to offset  taxable  income in future  years which expire

beginning in fiscal 2021.

The Company is subject to United  States  federal and state  income  taxes at an

approximate rate of 35%. 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:

                                                May 31, 2013        May 31, 2012

                                                ------------        ------------

                                                     $                   $

Net loss before income taxes per

 financial statements                             (266,441)           (614,009)

Income tax rate                                         35%                 35%

Income tax recovery                                (93,254)           (214,903)

Permanent differences                                   --              21,141

Temporary differences                               23,740                 244

Change in valuation allowance                       69,514             193,518

                                                 ---------           ---------

Provision for income taxes                              --                  --

                                                 =========           =========

The significant  components of deferred income tax assets and liabilities at May

31, 2013 and 2012 are as follows:

                                                May 31, 2013        May 31, 2012

                                                ------------        ------------

                                                     $                   $

Net operating loss carry-forward                   977,641             908,127

Valuation allowance                               (977,641)           (908,127)

                                                 ---------           ---------

Net deferred income tax asset                           --                  --

                                                 =========           =========

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Sky Harvest Energy Corp. 10-K