TAXATION (Tables)

12 Months Ended

Mar. 31, 2024

As at March 31, 2024, the Company has the following net operating loss carryforwards that are scheduled to expire in the following years:

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)

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: