INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2024

The reconciliation of income taxes at Canadian statutory rates with the income tax (recovery) expense is as follows:



		2024			2023
(Loss) earnings before income taxes	$	(390.4)		$	292.4
Canadian statutory income tax rates		26.50	%		26.53	%
Income taxes at Canadian statutory rates	$	(103.5)		$	77.6
Effect of differences in tax rates in other jurisdictions		7.4			(4.0)
Non-deductible impairment of goodwill		41.6			—
Unrecognized tax benefits		18.3			0.9
Non-taxable revenues		(4.1)			(3.2)
Tax impact on after-tax profit of equity accounted investees		(18.8)			(13.0)
Prior years' tax adjustments		(14.4)			1.1
Other		0.7			3.2
Income tax (recovery) expense	$	(72.8)		$	62.6
Effective tax rate		19	%		21	%

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



		2024		2023
Current income tax expense :
Current year	$	74.0	$	49.9
Prior years' tax adjustments		68.2		0.7
Deferred income tax (recovery) expense:
Tax benefit not previously recognized used to reduce the deferred tax expense		18.3		(2.2)

Origination and reversal of temporary differences		(233.3)		14.2

Income tax (recovery) expense	$	(72.8)	$	62.6

During the year ended March 31, 2024, movements in temporary differences are as follows:






															Foreign
	Balance								Disposal of					currency
	beginning		Recognized			Recognized				discontinued				exchange				Balance
	of year		in income				in OCI			operations			differences		end of year
Non-capital loss carryforwards	$	98.2		$	59.4		$	—			$	(14.6)				$	(0.5)		$	142.5
Unclaimed research & development expenditures	162.3			13.5			—				(13.7)					—			162.1
Investment tax credits	(82.1)			5.8			—				2.1					0.4			(73.8)
Property, plant and equipment and right-of-use of assets	(114.8)			(41.0)			—				1.1					0.6			(154.1)
Intangible assets	(114.7)			64.6			—				10.5					0.6			(39.0)

Amounts not currently deductible	80.3			3.0			—				(6.9)					0.5			76.9
Government participation	(32.6)			118.7			—				0.3					—			86.4
Other	(0.8)			9.7			(10.6)				(3.9)					1.3			(4.3)
Net deferred tax assets (liabilities)	$	(4.2)		$	233.7		$	(10.6)			$	(25.1)				$	2.9		$	196.7

For the year ended March 31, 2024, deferred tax recovery of $18.7 million has been recorded in net income from discontinued operations.

During the year ended March 31, 2023, movements in temporary differences are as follows:






												Foreign
	Balance									currency
	beginning		Recognized			Recognized			Business	exchange					Balance
	of year		in income				in OCI		combinations	differences			end of year
Non-capital loss carryforwards	$	96.9		$	(4.4)		$	—		$	—		$	5.7		$	98.2
Unclaimed research & development expenditures	86.6			75.8			—			—			(0.1)			162.3
Investment tax credits	(85.4)			3.3			—			—			—			(82.1)
Property, plant and equipment and right-of-use of assets	(82.7)			(22.9)			—			(2.8)			(6.4)			(114.8)
Intangible assets	(90.2)			(19.7)			—			—			(4.8)			(114.7)

Amounts not currently deductible	83.1			(4.7)			—			—			1.9			80.3
Government participation	(24.0)			(8.6)			—			—			—			(32.6)
Other	39.4			(29.2)			(9.8)			0.7			(1.9)			(0.8)
Net deferred tax assets (liabilities)	$	23.7		$	(10.4)		$	(9.8)		$	(2.1)		$	(5.6)		$	(4.2)

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