INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

The reconciliation of income taxes at Canadian statutory rates with the reported income taxes is as follows:



		2022			2021
Earnings (loss) before income taxes	$	153.6		$	(87.2)
Canadian statutory income tax rates		26.54	%		26.53	%
Income taxes at Canadian statutory rates	$	40.8		$	(23.1)
Effect of differences in tax rates in other jurisdictions		(16.8)			(5.8)
Unrecognized tax benefits and tax benefits not previously recognized		2.2			3.2
Non-deductible expenses (non-taxable revenues)		1.5			(4.8)
Tax impact on after-tax profit of equity accounted investees		(12.1)			(1.1)
Prior years' tax adjustments		(1.5)			(6.3)
Other		(10.5)			(1.8)
Income tax expense (recovery)	$	3.6		$	(39.7)

Significant components of the provision for the income tax expense are as follows:



		2022		2021
Current income tax expense (recovery):
Current year	$	30.4	$	8.6
Prior years' tax adjustments		3.1		(15.0)
Deferred income tax (recovery) expense:
Tax benefit not previously recognized used to reduce the deferred tax expense		(4.1)		(5.2)
Change in income tax rates		(6.6)		(0.8)
Origination and reversal of temporary differences		(19.2)		(27.3)

Income tax expense (recovery)	$	3.6	$	(39.7)

During the year ended March 31, 2022, movements in temporary differences are as follows:






															Foreign
	Balance												currency
	beginning		Recognized			Recognized			Recognized			Business			exchange			Balance
	of year		in income				in OCI		in equity	combinations			differences			end of year
Non-capital loss carryforwards	$	48.1		$	48.3		$	—		$	—		$	0.2		$	0.3	$	96.9

Unclaimed research & development expenditures	70.8			15.9			—			—			(0.1)			—		86.6
Capital loss carryforwards	1.1			1.0			—			—			2.3			—		4.4
Investment tax credits	(76.4)			(9.0)			—			—			—			—		(85.4)
Property, plant and equipment and right-of-use of assets	(75.2)			(6.5)			—			—			(4.6)			0.1		(86.2)
Intangible assets	(92.5)			8.3			—			—			(5.9)			(0.1)		(90.2)
Deferred revenues, contract assets and contract liabilities	1.5			(42.2)			—			—			41.6			0.3		1.2
Foreign currency exchange difference	(1.4)			9.2			(4.9)			—			—			(0.3)		2.6
Derivative financial assets and liabilities	(6.5)			6.2			0.6			—			—			(0.5)		(0.2)
Defined benefit obligation	57.2			4.3			(33.4)			—			—			(0.9)		27.2
Amounts not currently deductible	65.0			4.6			—			—			13.5			—		83.1
Other	(10.3)			(10.2)			—			3.7			—			0.5		(16.3)
Net deferred tax assets (liabilities)	$	(18.6)		$	29.9		$	(37.7)		$	3.7		$	47.0		$	(0.6)	$	23.7

During the year ended March 31, 2021, movements in temporary differences are as follows:






																	Foreign
	Balance															currency
	beginning		Recognized				Recognized			Recognized			Business			exchange				Balance
	of year			in income				in OCI		in equity			combinations			differences			end of year
Non-capital loss carryforwards	$	33.4			$	12.0		$	—		—			$	2.4		$	0.3		$	48.1
Unclaimed research & development expenditures	64.4				5.8			—			—			0.6			—			70.8
Capital loss carryforwards	1.4				(0.3)			—			—			—			—			1.1
Investment tax credits	(70.0)				(6.4)			—			—			—			—			(76.4)
Property, plant and equipment and right-of-use of assets	(88.4)				(5.8)			—			—			6.9			12.1			(75.2)
Intangible assets	(93.0)				9.0			—			—			(11.5)			3.0			(92.5)
Deferred revenues, contract assets and contract liabilities	(15.9)				6.4			—			—			11.2			(0.2)			1.5
Foreign currency exchange difference	(2.3)				2.7			(1.6)			—			—			(0.2)			(1.4)
Derivative financial assets and liabilities	25.5				(18.9)			(13.0)			—			—			(0.1)			(6.5)
Defined benefit obligation	53.1				4.5			(0.3)			—			—			(0.1)			57.2
Amounts not currently deductible	42.7				33.2			—			—			(8.9)			(2.0)			65.0
Other	(17.0)				(8.9)			—			15.7			—			(0.1)			(10.3)
Net deferred tax (liabilities) assets	$	(66.1)			$	33.3		$	(14.9)		$	15.7		$	0.7		$	12.7		$	(18.6)

The non-capital losses incurred in various jurisdictions expire as follows: