Income Taxes

12 Months Ended

Nov. 30, 2014

13.

Income Taxes

The Company has net operating losses carry forward of $2,476,806 available to offset taxable income in future years which commence expiring in fiscal 2026.

The Company is subject to United States federal and state income taxes at an approximate rate of 35%. The reconciliation of the recovery for income taxes at the United States federal statutory rate compared to the Company’s income tax recovery reported is as follows:

	2014 $			2013 $

Net loss before income taxes per financial statements		(1,099,285	)		(193,767	)

Income tax rate		35	%		35	%

Income tax recovery		384,750			67,818

Permanent differences and other		(115,592	)		(26,806	)

Change in valuation allowance		(269,158	)		(41,012	)

Provision for income taxes		—			—

The significant components of deferred income tax assets and liabilities at November 30, 2014 and 2013 are as follows:

	2014 $			2013 $

Net operating losses carried forward		885,029			615,421

Oil and gas property		1,191			1,641

Valuation allowance		(886,220	)		(617,062	)

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.

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CHUMA HOLDINGS, INC. 10-K/A