Income Taxes

12 Months Ended

Nov. 30, 2017

6.	Income Taxes

The component of the Company’s deferred tax assets as of November 30, 2016 and 2015 are noted below. A valuation allowance has been recorded as management believes it is more likely than not that the deferred income tax asset will not be realized.

	2017			2016
Tax loss carry forward	$	130,785		$	113,142

Deferred tax asset	$	27,500		$	39,600
Valuation allowance		(27,500	)		(39,600	)
Net deferred tax asset	$	-		$	-

A reconciliation of income taxes computed at the 21% (2016 - 35%) statutory rate to the income tax recorded is as follows:

	2017			2016
Net loss for the year	$	17,643		$	15,738

Income taxes at the statutory rate	$	3,700		$	5,508
Valuation allowance		(3,700	)		(5,508	)
Net deferred tax asset	$	-		$	-

The Company did not pay any income taxes during the periods ended November 30, 2017 and 2016, and since inception.

The net federal operating loss carry forward will expire between 2031 and 2038. This carry forward may be limited upon the consummation of a business combination under IRC Section 381.

OnePower Systems Ltd. 10-K