Notes to Consolidated Financial Statements  Year ended December 31, 2011  6. Income tax expense (continued):  The income tax effect of the temporary differences that give rise to the Corporation’s deferred  income tax assets and liabilities are as follows:  As at December 31, 2011, the Corporation has $2,989,609 in non-capital losses available to reduce  income tax in future years that expire in 2025 or later. As at December 31, 2011, the Corporation has unused federal investment tax credits which expire  from time to time as follows:  The Corporation has research and development expenditures not deducted at the end of the year,  to be deducted over an indefinite period for an amount of $58,131,473.  Movement in deferred tax balances during the year  Deferred Income Taxes  Balance at January 1, 2010  $ 22,454,167  Recognized in profit and loss  (3,306,784)  Recognized directly in equity  808,519  Recognized in other comprehensive income  (1,797,710)  Balance at December 31, 2010 $ 18,158,192  Recognized in profit and loss  (7,561,243)  Recognized directly in equity  555,694  Recognized in other comprehensive income  2,865,317  Balance at December 31, 2011 $ 14,017,960  Alaris Royalty Corp. 2011 Annual Report  41  2017 $ 133,652 2018 150,798 2019 1,623,342 2020 1,935,046 2021 1,295,097 2022 3,296,237 2023 1,840,597 2024 647,624 $ 10,922,393 Dec 31, 2011 Dec 31, 2010  Jan 1, 2010  Deferred income tax assets  (liabilities): Non-capital losses and  unclaimed scientific research  and development expenses  (“SRED”) $ 15,280,271 $  24,124,260 $ 27,404,431 Equipment  94,504  90,527  93,943  Share issue costs  1,296,091 1,313,175 962,065 Intangible assets  (1,665,285) (1,446,292) (1,489,600) Investment tax credits  (2,730,598) (2,730,598) (2,752,502) Preferred partnership units  1,693,001  (3,192,880)  (1,400,170)  $  13,967,984  $  18,158,192  $ 22,454,167 