• Filing Date: 2013-07-10
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.8
NOTE 7 - INCOME TAXES
12 Months Ended
Mar. 31, 2013
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
NOTE 7 – INCOME TAXES

Pursuant to ASC 740, the Company is required to compute tax asset benefits for net operating losses carried forward. Potential benefit of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years.

The components of the net deferred tax asset are as follows:

 
March 31,
March 31,
 
2013
2012
 
$
$
Deferred Tax Assets
   
Non-Capital Losses Carry-Forward
205,159
186,004
Valuation Allowance
(205,159)
(186,004)
 
   
Net Deferred Tax Assets
-
-

For the years ended March 31, 2013 and 2012, a reconciliation of the statutory tax rate to the effective tax rate is as follows:

Statutory Tax Rate
35%
Increase in Valuation Allowance
(35%)
 
 
Effective Tax Rate
0%

Potential benefits of income tax losses are not recognized until realization is more likely than not.  As at March 31, 2013, the Company has a net operating loss carry-forward of $586,168 which may be applied to reduce future taxable income in the United States.  The net operating losses expire as follows:

 
$
2029
8,538
2030
59,039
2031
389,742
2032
74,121
2033
54,728
 
 
 
586,168