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10-K - ANNUAL REPORT - Cannabics Pharmaceuticals Inc.amcm_10k31aug12.htm
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EX-32.1 - CERTIFICATION - Cannabics Pharmaceuticals Inc.amcm_10k31aug12ex32.htm
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INCOME TAXES
12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 5: INCOME TAXES

 

At August 31, 2012, the Company had deferred tax assets of approximately $578 principally arising from net operating loss carryforwards for income tax purposes. As our management cannot determine that it is more likely than not that we will realize the benefit of the deferred tax asset, a valuation allowance equal to the deferred tax asset has been established at August 31, 2012. A reconciliation of income taxes at statutory rates with the reported taxes is as follows:

 

    August 31, 2012   August 31, 2011
Net loss before income taxes $ 1,652 $ 107,310
         
Income tax recovery at statutory rates of 35%   578   37,500
Unrecognized benefits of non-capital losses   (578)   (37,500)
Total income tax recovery $ - $ -

 

The significant components of the deferred tax asset at August 31, 2012 were as follows:

 

    August 31, 2012   August 31, 2011
Deferred tax assets:        
Net operating loss carryforwards $ 144,000 $ 143,500
Valuation allowance   (144,000)   (143,500)
Net deferred tax asset $ - $ -

 

At August 31, 2012, we had net operating loss carryforwards of approximately $411,345, which expire in the year 2027 through 2032. The change in the valuation allowance from 2011 to 2012 was $578.