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Income taxes | 12 Months Ended
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Mar. 31, 2023
Disclosure Of Income Tax [Abstract] |
Income taxes | Income taxes Income tax expense (recovery) includes the following components:
| 2023 | 2022
| $ | $
Current |  |
Related to current year | 2,880 |  | 1,214 |
Related to prior years | (411) |  | (111) |
| 2,469 |  | 1,103 |
Deferred |  |
Related to current year | (6,338) |  | (27,831) |
Related to prior years | (350) |  | (193) |
| (6,688) |  | (28,024) |
Total income tax recovery | (4,219) |  | (26,921) |
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:
| 2023 | 2022
| $ | $
Loss before income taxes | (1,074,228) |  | (315,354) |
Statutory tax rate | 26.5 | % | 26.5 | %
Income tax recovery at the statutory tax rate | (284,671) |  | (83,589) |
Impact of rate differential of foreign jurisdiction | 9,944 |  | 7,078 |
Non-deductible share-based compensation and related costs | 33,771 |  | 20,208 |
Acquisition-related compensation and transaction-related costs | 1,267 |  | 1,480 |
Other non-deductible expenses (credits) and non-taxable amounts | 728 |  | (192) |
Adjustment related to prior years | (761) |  | (304) |
Goodwill impairment | 198,409 |  | — |
Changes in unrecognized benefits of deferred tax assets | 38,673 |  | 27,972 |
Impact of foreign exchange and other | (1,579) |  | 426 |
Total income tax recovery | (4,219) |  | (26,921) |
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:
| 2023 | 2022
Deferred tax assets | $ | $
Property and equipment | 3,179 |  | 2,402 |
Non-capital losses carried forward | 49,467 |  | 78,292 |
Lease liabilities | 6,045 |  | 6,354 |
Deferred revenue | 530 |  | 1,217 |
Interest expenses carried forward | 3,170 |  | 5,852 |
Other | 17,760 |  | 6,338 |
Total deferred tax assets | 80,151 |  | 100,455 |
Deferred tax liabilities |  |
Property and equipment | (562) |  | (299) |
Intangible assets | (67,972) |  | (97,647) |
Lease right-of-use assets | (5,028) |  | (5,140) |
Other | (6,288) |  | (4,048) |
Total deferred tax liabilities | (79,850) |  | (107,134) |
Net deferred tax assets (liabilities) | 301 |  | (6,679) |
As presented on the consolidated balance sheets: |  |
Deferred tax assets | 301 |  | 154 |
Deferred tax liabilities | — |  | (6,833) |
Net deferred tax assets (liabilities) | 301 |  | (6,679) |
2023
| Balance as at March 31, 2022 | Charged (credited) to consolidated statement of loss | Business acquisitions and other | Balance as at March 31, 2023
| $ | $ | $ | $
Deferred tax assets (liabilities) continuity |  |  |  |
Property and equipment | 2,103 |  | 514 |  | — |  | 2,617 |
Intangible assets | (97,647) |  | 29,675 |  | — |  | (67,972) |
Lease liabilities | 6,354 |  | (309) |  | — |  | 6,045 |
Lease right-of-use assets | (5,140) |  | 112 |  | — |  | (5,028) |
Non-capital losses carried forward | 78,292 |  | (28,825) |  | — |  | 49,467 |
Deferred revenue | 1,217 |  | (687) |  | — |  | 530 |
Interest expenses carried forward | 5,852 |  | (2,682) |  | — |  | 3,170 |
Other | 2,290 |  | 8,890 |  | 292 |  | 11,472 |
Net deferred tax assets (liabilities) | (6,679) |  | 6,688 |  | 292 |  | 301 |
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 assets (liabilities) | (1,186) |  | 28,024 |  | (33,517) |  | (6,679) |
The Company has accumulated unrecognized deductible temporary differences, unused tax losses and unused tax credits as follows:
| 2023 | 2022
| $ | $
Deductible temporary differences | 63,695 |  | 60,237 |
Non-capital losses | 587,407 |  | 394,067 |
Research and development expenditures | 21,760 |  | 15,456 |
| 672,862 |  | 469,760 |
As at March 31, 2023, the Company and its subsidiaries have non-capital losses of $587,407 (2022 - $394,067) available to reduce future taxable income for which the benefits have not been recognized. From this amount, $320,344 (2022 - $226,403) expires from calendar year 2024 to 2043, while $267,063 (2022 - $167,664) has no expiry date. There was no change in statutory tax rate for the financial year. 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, 2023, the Company recorded a Canadian provision for refundable tax credits of $4,077 (2022 – $3,933). This amount has been recorded as a reduction of research and development and e-business development expenditures for the year. As at March 31, 2023, the Company has available Canadian federal non-refundable investment tax credits of $2,598 (2022 – $2,548) related to research and development expenditures which may be used to reduce Canadian federal income taxes payable in future years. These non-refundable investment tax credits begin to expire in 2033. The Company also has a non-refundable e-business tax credit of $4,823 (2022 – $3,772) which may reduce Canadian provincial income taxes payable in future years. These non-refundable credits begin to expire in 2035. The benefits of these non-refundable investment tax credits have not been recognized in the consolidated financial statements.

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