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Income taxes | 12 Months Ended
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Mar. 31, 2022
Disclosure Of Income Tax [Abstract] |
Income taxes | Income taxes Income tax expense (recovery) includes the following components:
| 2022 | 2021
| $ | $
Current |  |
United States | 1,225 |  | 33 |
Europe | (138) |  | 140 |
Other | 16 |  | (7) |
| 1,103 |  | 166 |
Deferred |  |
Canada | (11) |  | (55) |
United States | (22,038) |  | (61) |
Europe | (1,229) |  | (3,883) |
New Zealand | (4,746) |  | — |
Other | — |  | (1,959) |
| (28,024) |  | (5,958) |
Total income tax recovery | (26,921) |  | (5,792) |
The income tax expense (recovery) reported, which includes foreign taxes, differs from the amount of the income tax expense (recovery) computed by applying Canadian statutory rates as follows:
| 2022 | 2021
| $ | $
Loss before income taxes | (315,354) |  | (130,070) |
Statutory tax rate | 26.5 | % | 26.5 | %
Income tax recovery at the statutory tax rate | (83,589) |  | (34,486) |
Impact of rate differential of foreign jurisdiction | 7,078 |  | 1,570 |
Non-deductible share-based compensation and related costs | 20,208 |  | 9,257 |
Acquisition-related compensation and transaction costs | 1,480 |  | 5,080 |
Other non-deductible expenses (credits) and non-taxable amounts | (496) |  | 590 |
Changes in unrecognized benefits of deferred tax assets | 27,972 |  | 11,403 |
Impact of foreign exchange and other | 426 |  | 794 |
Total income tax recovery | (26,921) |  | (5,792) |
Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:
| 2022 | 2021
Deferred tax assets | $ | $
Property and equipment | 2,402 |  | 2,115 |
Non-capital losses carried forward | 78,292 |  | 41,308 |
Lease liabilities | 6,354 |  | 6,073 |
Deferred revenue | 1,217 |  | 1,011 |
Interest expenses carried forward | 5,852 |  | 5,188 |
Others | 6,338 |  | 2,288 |
Total deferred tax assets | 100,455 |  | 57,983 |
Deferred tax liabilities |  |
Property and equipment | (299) |  | (54) |
Intangible assets | (97,647) |  | (50,476) |
Lease right-of-use assets | (5,140) |  | (5,000) |
Other | (4,048) |  | (3,639) |
Total deferred tax liabilities | (107,134) |  | (59,169) |
Net deferred tax liabilities | (6,679) |  | (1,186) |
As presented on the consolidated balance sheets: |  |
Deferred tax assets | 154 |  | 170 |
Deferred tax liabilities | (6,833) |  | (1,356) |
Net deferred tax liabilities | (6,679) |  | (1,186) |
2022
| Balance as at March 31, 2021 | Charged (credited) to consolidated statement of loss | Business acquisitions and other | Balance as at March 31, 2022
| $ | $ | $ | $
Deferred tax assets (liabilities) continuity |  |  |  |
Property and equipment | 2,061 |  | 75 |  | (33) |  | 2,103 |
Intangible assets | (50,476) |  | 22,042 |  | (69,213) |  | (97,647) |
Lease liabilities | 6,073 |  | 5 |  | 276 |  | 6,354 |
Lease right-of-use assets | (5,000) |  | 86 |  | (226) |  | (5,140) |
Non-capital losses carried forward | 41,308 |  | 3,439 |  | 33,545 |  | 78,292 |
Deferred revenue | 1,011 |  | 206 |  | — |  | 1,217 |
Interest expenses carried forward | 5,188 |  | 664 |  | — |  | 5,852 |
Other | (1,351) |  | 1,507 |  | 2,134 |  | 2,290 |
Net deferred tax liabilities | (1,186) |  | 28,024 |  | (33,517) |  | (6,679) |
2021
| Balance as at March 31, 2020 | Charged (credited) to consolidated statement of loss | Business acquisitions and other | Balance as at March 31, 2021
| $ | $ | $ | $
Deferred tax assets (liabilities) continuity |  |  |  |
Property and equipment | 1,696 |  | 321 |  | 44 |  | 2,061 |
Intangible assets | (15,403) |  | 7,191 |  | (42,264) |  | (50,476) |
Lease liabilities | 3,557 |  | 2,516 |  | — |  | 6,073 |
Lease right-of-use assets | (3,226) |  | (1,774) |  | — |  | (5,000) |
Non-capital losses carried forward | 8,159 |  | (1,290) |  | 34,439 |  | 41,308 |
Deferred revenue | — |  | — |  | 1,011 |  | 1,011 |
Interest expenses carried forward | — |  | 2,649 |  | 2,539 |  | 5,188 |
Other | (1,252) |  | (3,655) |  | 3,556 |  | (1,351) |
Net deferred tax liabilities | (6,469) |  | 5,958 |  | (675) |  | (1,186) |
The Company has accumulated other deductible temporary differences of $60,237 (2021 – $46,412) for Canadian tax purposes for which no deferred tax asset is recognized. The Company has accumulated research and development expenditures of $15,456 (2021 – $13,508) for Canadian federal income tax purposes. These expenditures are available to reduce future taxable income and have an unlimited carryforward period.
| 2022 | 2021 | Calendar year in which the losses begin to expire
| $ | $ |
Non-capital loss carryforwards |  |  |
Canada | 151,096 |  | 73,737 |  | 2034
Belgium | 41,928 |  | 40,383 |  | No expiry
Netherlands | 38,213 |  | 31,105 |  | 2024
United States | 366,680 |  | 236,149 |  | 2035
Germany | 21,289 |  | 21,219 |  | No expiry
Switzerland | 36,139 |  | 13,042 |  | 2023
New Zealand | 57,366 |  | — |  | No expiry
United Kingdom | 9 |  | — |  | No expiry
Australia | 8,569 |  | 5,367 |  | No expiry
Total non-capital loss carryforwards | 721,289 |  | 421,002 |  |
As at March 31, 2022, the Company and its subsidiaries have non-capital losses of $394,067 (2021 - $253,813) available to reduce future taxable income for which the benefits have not been recognized. From this amount, $226,403 (2021 - $185,666) expires from calendar year 2023 to 2041, while $167,664 (2021 - $68,147) has no expiry date. We have identified additional financing costs related to Fiscal 2021 that are deductible for tax purposes and were not previously disclosed. As a result, we have revised amounts previously disclosed in the income tax note for accumulated deductible temporary differences for Canadian tax purposes from $13,272 to $46,412, and Canadian non-capital loss carryforwards from $65,452 to $73,737. In addition, we have identified additional share-based payments related to Fiscal 2021 that are deductible for tax purposes and were not previously disclosed. As a result, we have revised amounts previously disclosed in the income tax note for United States non-capital loss carryforwards from $209,422 to $236,149. The cumulative impact of the additional financing costs and deductible share-based payments impacted the non-capital losses available to reduce future taxable income for which the benefits have not been recognized from $218,801 to $253,813. In addition, we have updated the amount of non-capital losses with an expiration period from $177,381 to $185,666 and the amount of non-capital losses without expiration from $41,420 to $68,147. Government assistance The Company incurred research and development expenditures and e-business development expenses which are eligible for tax credits. The tax credits recorded are based on management’s estimate of amounts expected to be recovered and are subject to audit by the taxation authorities and, accordingly, these amounts may vary. For the fiscal year ended March 31, 2022, the Company recorded a Canadian provision for refundable tax credits of $3,933 (2021 – $3,146). This amount has been recorded as a reduction of research and development and e‑business development expenditures for the year. As at March 31, 2022, the Company has available Canadian federal non-refundable investment tax credits of $2,548 (2021 – $2,230) related to research and development expenditures which may be used to reduce Canadian federal and provincial income taxes payable in future years. These non-refundable investment tax credits begin to expire in calendar year 2033. The Company also has a non-refundable e-business tax credit of $3,772 (2021 – $2,857) expiring on various dates starting in calendar year 2035. The benefits of these non-refundable investment tax credits have not been recognized.

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- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2021-03-24 + Details
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