INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2025

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



		2025			2024
Earnings (loss) before income taxes	$	513.7		$	(390.4)
Canadian statutory income tax rates		26.5	%		26.5	%
Income taxes at Canadian statutory rates	$	136.2		$	(103.5)
Effect of differences in tax rates in other jurisdictions		1.8			7.4
Non-deductible impairment of goodwill		—			41.6
Tax benefits not previously recognized and unrecognized tax benefits		(6.8)			18.3
Non-taxable gain on fair value remeasurement of SIMCOM		(21.9)			—
Non-taxable revenues		—			(4.1)
Tax impact on after tax profit of equity accounted investees		(18.5)			(18.8)
Prior years' tax adjustments		2.8			(14.4)
Other		5.1			0.7
Income tax expense (recovery)	$	98.7		$	(72.8)
Effective tax rate		19	%		19	%

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



		2025		2024
Current income tax expense :
Current year	$	56.7	$	74.0
Prior years' tax adjustments		(2.7)		68.2
Deferred income tax expense (recovery):
Tax benefit not previously recognized used to reduce the deferred tax expense		(6.8)		18.3

Origination and reversal of temporary differences		51.5		(233.3)

Income tax expense (recovery)	$	98.7	$	(72.8)

During the year ended March 31, 2025, movements in temporary differences are as follows:






																Foreign
	Balance											Business			currency
	beginning		Recognized			Recognized			Recognized			combinations			exchange				Balance
	of year		in income				in OCI			in equity		(Note 2)			differences			end of year
Non-capital loss carryforwards	$	142.5		$	(61.3)		$	—		$	—		$	3.3		$	5.2		$	89.7
Unclaimed research & development expenditures	162.1			59.0			—			—			—			6.7			227.8
Investment tax credits	(73.8)			(3.0)			—			—			—			—			(76.8)
Property, plant and equipment and right-of-use of assets	(154.1)			9.3			—			—			(11.1)			(12.1)			(168.0)
Intangible assets	(39.0)			(59.7)			—			—			(26.3)			(1.8)			(126.8)
Amounts not currently deductible including interest limitation	76.9			22.7			—			2.4			6.5			2.2			110.7
Government participation	86.4			7.2			—			—			—			—			93.6
Other	(4.3)			(18.9)			20.3			—			3.9			(0.1)			0.9
Net deferred tax assets	$	196.7		$	(44.7)		$	20.3		$	2.4		$	(23.7)		$	0.1		$	151.1

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 including interest limitation	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

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