Deferred tax assets have been recognized in respect of the following items:

 

		December 31, 2017				December 31, 2016				December 31, 2015
						As recast (note 3(b))				As recast (note 3(b))
Net operating losses carried forward		$	15,645			$	11,743			$	8,099
Research and development expenditures			5,450				5,098				4,946
Equipment book over tax depreciation			410				368				354
Intangible asset			2,464				2,307				2,238
Undeducted financing costs			273				270				281
Ontario Research and Development Tax Credit			427				398				388
Cumulative eligible capital			284				267				288
Unrecognized deferred tax asset		$	24,953			$	20,451			$	16,594

 

The Company has undeducted research and development expenditures, totaling million that can be carried forward indefinitely. The Company also has non-refundable federal investment tax credits of approximately million which are available to reduce future federal taxes payable and begin to expire in as well as non-refundable Ontario research and development tax credits of approximately thousand which are available to reduce future Ontario taxes payable and begin to expire in

 

In addition, the Company has non-capital loss carryforwards of million. To the extent that the non-capital loss carryforwards are used, they expire as follows:

 

2026		$	6
2027			3,460
2028			2,978
2029			522
2030			2,313
2031			2,053
2032			2,767
2033			5,977
2034			4,558
2035			8,988
2036			13,520
2037			11,859
		$	59,001

 

Provision for income taxes:

 

Major items causing the Company’s income tax rate to differ from the statutory rate of approximately ( – - ) are as follows:

 

		Year ended December 31, 2017				Year ended December 31, 2016				Year ended December 31, 2015
						As recast (note 3(b))				As recast (note 3(b))
Loss before income taxes		$	(11,661	)		$	(14,240	)		$	(11,711	)
Statutory Canadian corporate tax rate			26.5	%			26.5	%			26.5	%
Anticipated tax recovery		$	(3,090	)		$	(3,773	)		$	(3,103	)
Non-deductible permanent differences			220				412				604
Change in deferred tax benefits deemed not probable to be recovered			4,502				3,434				2,606
Change in substantively enacted rates			51
Foreign exchange differences			(1,391	)
Other			(292	)			(73	)			(107	)
		$	-			$	-			$	-