TAXATION (Tables)

12 Months Ended

Mar. 31, 2025

As at March 31, 2025, 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 2025		March 31 2024


Income (loss) before income taxes and non-controlling interest		$	(82,938)	$	246,687
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		$	(21,979)	$	65,372

Increase (decrease) in income taxes resulting from:
Adjustments in respect of current income tax of previous periods		3,309		603
Non-taxable items net of non-deductible items		(3,848)		(14,391)
Unrecognized assets		(31,343)		12,001
Income taxed at different rates and statutory rate changes		(462)		(8,843)
Manufacturing and processing allowance and all other items		(637)		(2,236)
At the effective income tax rate of 66.3% (March 31, 2024 – 21%)		$	(54,960)	$	52,506

Income tax expense (recovery) reported in the consolidated statements of income (loss):
Current tax expense		$	29,586	$	82,421
Deferred tax recovery		(84,546)		(29,915)
		$	(54,960)	$	52,506

Deferred tax related to items charged or credited directly to equity and goodwill:
Gain (loss) on revaluation of cash flow hedges		$	6,524	$	(2,212)
Opening deferred tax of acquired company	5	(15,160)		(10,963)
Other items recognized through equity		347		6,215
Income tax charged directly to equity and goodwill		$	(8,289)	$	(6,960)

Deferred income tax assets and liabilities are comprised of the following:


As at	March 31 2025		March 31 2024
Accounting income not currently taxable	$	53,612	$	24,782
Intangible assets	(138,615)		(128,423)
Investment tax credits taxable in future years when utilized	(4,781)		(5,332)
Loss available for offset against future taxable income	63,446		9,537
Property, plant and equipment	21,197		19,001
Other	8,590		4,986
Net deferred income tax asset (liability)	$	3,449	$	(75,449)


Presented as:	March 31 2025		March 31 2024
Deferred income tax assets	$	104,022	$	5,904
Deferred income tax liabilities	(100,573)		(81,353)
Net deferred income tax asset (liability)	$	3,449	$	(75,449)

Deferred income tax assets have not been recognized in respect of the following item:


As at	March 31 2025		March 31 2024
Losses and other assets available for offset against future taxable income	$	51,070	$	67,908

The investment tax credits are scheduled to expire as follows: