NOTES  TO CONSOLIDATED FINANCIAL STATEMENTS 48 CEAPRO Annual Report 2012 The Company has accumulated capital losses of approximately $6,807,000, which can be carried forward indefinitely to offset future capital gains. The Company has accumulated non-capital losses carried forward for federal income tax purposes of approximately $13,650,200 and for provincial income tax purposes of approximately $13,497,500, the benefit of which has not been reflected in these consolidated financial statements. These losses may be applied against future taxable income within the limitations prescribed by the Income Tax Act and expire as follows: 15. FINANCE COSTS 14. OTHER OPERATING LOSSES (INCOME) 16. INCOME TAXES A) NON-CAPITAL LOSSES B) CAPITAL LOSSES Federal Alberta $ $ 2015 293,400 293,400 2026 651,500 651,500 2027 2,730,300 2,730,300 2028 4,770,200 4,617,500 2029 1,697,300 1,697,300 2030 1,512,300 1,512,300 2031 763,200 763,200 2032 1,232,000 1,232,000 Total 13,650,200 13,497,500 2012 2011 Year Ended December 31 $ $ Foreign exchange losses 29,295 31,609 Other income (5,488) (24,271) 23,807 7,338 2012 2011 Year Ended December 31 $ $ Interest on royalty financial liability 38,286 43,663 Interest on long-term loan 54,148 59,842 Interest on convertible debentures – 40,000 Accretion of convertible debentures – 32,500 Accretion of CAAP loan 18,166 4,341 Bank charges 2,300 462 112,900 180,808