Table:
|  | December 31, 2019 | December 31, 2018 |
| --- | --- | --- |
|  | $ | $ |
| Deferred tax assets |  |  |
| Tax loss carryforwards | 59,407 | 19,540 |
| Temporary differences on capital and intangible assets | 44,445 | 2,366 |
| Stock-based compensation expense | 11,324 | 6,427 |
| Accruals and reserves | 10,397 | 8,384 |
| Share issuance costs | 6,590 | 8,011 |
| Temporary differences related to lease assets and liabilities | 4,526 | — |
| Investment tax credits | 694 | 5,833 |
| Valuation allowance | (89,363) | (46,343) |
| Total deferred tax assets | 48,020 | 4,218 |
| Deferred tax liabilities |  |  |
| Temporary differences on intangible assets | (35,967) | (5,350) |
| Other deferred tax liabilities | (1,374) | — |
| Total deferred tax liabilities | (37,341) | (5,350) |
| Net deferred tax assets (liabilities) | 10,679 | (1,132) |
Paragraphs:
The significant components of the Company’s deferred income tax assets and liabilities as of December 31, 2019 and 2018 are as follows:
In July 2019, the Company formally established its EMEA headquarters in Ireland and its Asia-Pacific headquarters in Singapore. As a result of these actions, the Company transferred regional relationship and territory rights from its Canadian entity to enable each regional headquarters to develop and maintain merchant and commercial operations within its respective region, while keeping the ownership of all of the Company's current developed technology within Canada. These transfers reflect the growing proportion of the Company's business occurring internationally and resulted in a one-time capital gain. As a result of the capital gain, ongoing operations, the recognition of deferred tax assets and liabilities, and the utilization of all applicable credits and other tax attributes, including loss carryforwards, the Company has a provision for income taxes of $29,027 in the year ended December 31, 2019.
During the year ended December 31, 2019, the Company released some of its valuation allowance against its deferred tax assets in Canada, the United States, and Sweden. In the third quarter of 2019, the Company released a portion of its valuation allowance against its Canadian deferred tax assets as a result of the capital gain from the transfer of the regional relationship and territory rights. In the United States, as a result of the acquisition of 6RS the Company released a portion of its valuation allowance during its fourth quarter against deferred tax assets on its United States net operating losses.
The Company has provided for deferred income taxes for the estimated tax cost of distributable earnings of its subsidiaries of $292.
The Company had no material uncertain income tax positions for the years ended December 31, 2019 and 2018. The Company's accounting policy is to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. In the years ended December 31, 2019 and 2018, there was no interest or penalties related to uncertain tax positions.
The Company remains subject to audit by the relevant tax authorities for the years ended 2012 through 2019.
Investment tax credits, which are earned as a result of qualifying R&D expenditures, are recognized and applied to reduce income tax expense in the year in which the expenditures are made and their realization is reasonably assured.
As at December 31, 2019 and 2018, the Company had unused non-capital tax losses of approximately $209,759 and $53,941 respectively. Of the December 31, 2019 balance, $150,707 of the non-capital tax losses do not expire, while the remaining non-capital losses of $59,052 are due to expire between 2033 and 2039. The Company has U.S. state losses of $298,998 as at December 31, 2019 (December 31, 2018 - $116,026). There is no SR&ED expenditure pool balance as at December 31, 2019 (December 31, 2018 - $9,575). In addition, at December 31, 2019 and 2018, the Company had investment tax credits of $2,111 and $4,179, respectively. The investment tax credits are due to expire between 2035 and 2039.
Expressed in US $000's except share and per share amounts
Question:
Which year has the highest total deferred tax assets?
Answer: Because 48,020> 4,218, the answer is: 2019.