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TAXATION (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2024
Income taxes [Abstract] |
Disclosure of detailed information about operating loss carryforwards | As at March 31, 2024, the Company has the following net operating loss carryforwards that are scheduled to expire in the following years:
As at | March 31, 2024
Years of expiry | Non-Canadian |  | Canadian
2025 - 2031 | $ | 5,006 |  |  | $ | 6 |
2032 - 2044 | 16,720 |  |  | 5 |
No expiry | 114,626 |  |  | — |
| $ | 136,352 |  |  | $ | 11 |
As at | March 31, 2023
Years of expiry | Non-Canadian |  | Canadian
2024 - 2030 | $ | 16,181 |  |  | $ | 6 |
2031 - 2043 | 17,322 |  |  | 3,849 |
No expiry | 105,843 |  |  | — |
| $ | 139,346 |  |  | $ | 3,855 |
Disclosure of reconciliation of accounting profit multiplied by applicable tax rates | These differences result from the following items:
Years ended | Note |  |  |  |  |  |  | March 31 2024 |  |  | March 31 2023
Income before income taxes and non-controlling interest |  |  |  |  |  |  |  | $ | 246,687 |  |  |  | $ | 159,771 |
Combined Canadian basic federal and provincial income tax rate |  |  |  |  |  |  |  | 26.50% |  |  | 26.50%
Income tax expense based on combined Canadian basic federal and provincial income tax rate |  |  |  |  |  |  |  | $ | 65,372 |  |  |  | $ | 42,339 |
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |
Adjustments in respect of current income tax of previous periods |  |  |  |  |  |  |  | 603 |  |  |  | (4,269) |
Non-taxable items net of non-deductible items |  |  |  |  |  |  |  | (14,391) |  |  |  | (4,649) |
Unrecognized assets |  |  |  |  |  |  |  | 12,001 |  |  |  | 9,428 |
Income taxed at different rates and statutory rate changes |  |  |  |  |  |  |  | (8,843) |  |  |  | (10,030) |
Manufacturing and processing allowance and all other items |  |  |  |  |  |  |  | (2,236) |  |  |  | (749) |
At the effective income tax rate of 21% (March 31, 2023 – 20%) |  |  |  |  |  |  |  | $ | 52,506 |  |  |  | $ | 32,070 |
Income tax expense reported in the consolidated statements of income: |  |  |  |  |  |  |  |  |  |  |
Current tax expense |  |  |  |  |  |  |  | $ | 82,421 |  |  |  | $ | 69,612 |
Deferred tax recovery |  |  |  |  |  |  |  | (29,915) |  |  |  | (37,542) |
|  |  |  |  |  |  |  | $ | 52,506 |  |  |  | $ | 32,070 |
Deferred tax related to items charged or credited directly to equity and goodwill: |  |  |  |  |  |  |  |  |  |  |
Loss on revaluation of cash flow hedges |  |  |  |  |  |  |  | $ | (2,212) |  |  |  | $ | (3,495) |
Opening deferred tax of acquired company | 5 |  |  |  |  |  |  | (10,963) |  |  |  | (6,727) |
Other items recognized through equity |  |  |  |  |  |  |  | 6,215 |  |  |  | (7,428) |
Income tax charged directly to equity and goodwill |  |  |  |  |  |  |  | $ | (6,960) |  |  |  | $ | (17,650) |
Disclosure of temporary difference, unused tax losses and unused tax credits | Deferred income tax assets and liabilities are comprised of the following:
As at | March 31 2024 |  | March 31 2023
Accounting income not currently taxable | $ | 24,782 |  |  | $ | (655) |
Intangible assets | (128,423) |  |  | (127,466) |
Investment tax credits taxable in future years when utilized | (5,332) |  |  | (7,285) |
Loss available for offset against future taxable income | 9,537 |  |  | 13,898 |
Property, plant and equipment | 19,001 |  |  | 21,688 |
Other | 4,986 |  |  | 1,698 |
Net deferred income tax liability | $ | (75,449) |  |  | $ | (98,122) |
Presented as: | March 31 2024 |  | March 31 2023
Deferred income tax assets | $ | 5,904 |  |  | $ | 6,337 |
Deferred income tax liabilities | (81,353) |  |  | (104,459) |
Net deferred income tax liability | $ | (75,449) |  |  | $ | (98,122) |
Deferred income tax assets have not been recognized in respect of the following item:
As at | March 31 2024 |  | March 31 2023
Losses and other assets available for offset against future taxable income | $ | 67,908 |  |  | $ | 59,076 |
The investment tax credits are scheduled to expire as follows:
Years of expiry | Gross ITC balance
2031 - 2036 | $ | 1,246 |
2037 - 2044 | 25,768 |
| $ | 27,014 |

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