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INCOME TAX | 12 Months Ended
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Mar. 31, 2022
Disclosure of income tax [text block] [Abstract] |
INCOME TAX |
| 18. | INCOME TAX
| (a) | Income tax expense
The significant components of income tax expense recognized in the statements of income are as follows:
|  | Year ended March 31, |
Income tax expense |  | 2022 |  |  | 2021 |
Current |  | $ | 8,760 |  |  | $ | 10,942 |
Deferred |  |  | 5,028 |  |  |  | 2,052 |
|  | $ | 13,788 |  |  | $ | 12,994 |
The reconciliation of the Canadian statutory income tax rates to the effective tax rate is as follows:
|  | Years ended March, 31 |
|  | 2022 |  |  | 2021 |
Canadian statutory tax rate |  |  | 27.00 | % |  |  | 27.00 | %
Income before income taxes |  | $ | 57,072 |  |  | $ | 73,503 |
Income tax expense computed at Canadian statutory rates |  |  | 15,409 |  |  |  | 19,846 |
Foreign tax rates different from statutory rate |  |  | (3,398 | ) |  |  | (7,172 | )
Permanent items |  |  | 635 |  |  |  | 2,567 |
Withholding taxes |  |  | 1,428 |  |  |  | 1,191 |
Change in unrecognized deferred tax assets |  |  | (286 | ) |  |  | (3,438 | )
Income tax expense |  | $ | 13,788 |  |  | $ | 12,994 |
| (b) | Deferred income tax
The continuity of deferred income tax assets (liabilities) is summarized as follows:
|  | Years ended March, 31 |
|  | 2022 |  |  | 2021 |
Net deferred income tax liabilities, beginning of the year |  | $ | (40,792 | ) |  | $ | (35,758 | )
Deferred income tax expense recognized in net income for the year |  |  | (5,028 | ) |  |  | (2,052 | )
Deferred income tax expense recognized in other comprehensive income for the year |  |  | 122 |  |  |  | - |
Foreign exchange impact |  |  | (1,430 | ) |  |  | (2,982 | )
Net deferred income tax liabilities, end of the year |  | $ | (47,128 | ) |  | $ | (40,792 | )
The significant components of the Company’s deferred income tax are as follows:
|  | March 31, 2022 |  |  | March 31, 2021 |
Deferred income tax assets |  |  |  |  |  |
Plant and equipment |  | $ | 2,230 |  |  | $ | 1,706 |
Environmental rehabilitation |  |  | 2,021 |  |  |  | 1,716 |
Unrealized loss on investments |  |  | 122 |  |  |  | - |
Other deductible temporary difference |  |  | 133 |  |  |  | 655 |
Total deferred income tax assets |  |  | 4,506 |  |  |  | 4,077 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Plant and equipment |  |  | (2,024 | ) |  |  | (1,488 | )
Mineral rights and properties |  |  | (49,386 | ) |  |  | (43,105 | )
Unrealized gain on investments |  |  | - |  |  |  | - |
Other taxable temporary difference |  |  | (224 | ) |  |  | (276 | )
Total deferred income tax liabilities |  |  | (51,634 | ) |  |  | (44,869 | )
Net deferred income tax liabilities |  |  | (47,128 | ) |  |  | (40,792 | )
Of which |  |  |  |  |  |  |  |
-Deferred tax assets |  |  | 905 |  |  |  | - |
-Deferred tax liabilities |  | $ | (48,033 | ) |  | $ | (40,792 | )
Deferred tax assets are recognized to the extent that the realization of the related tax benefit through future taxable profits is probable. The ability to realize the tax benefits is dependent upon numerous factors, including the future profitability of operations in the jurisdictions in which the tax benefits arose. Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following:
|  | March 31, 2022 |  |  | March 31, 2021 |
Non-capital loss carry forward |  | $ | 69,341 |  |  | $ | 62,764 |
Plant and equipment |  |  | 2,331 |  |  |  | 10,813 |
Mineral rights and properties |  |  | 2,006 |  |  |  | 1,972 |
Other deductible temporary difference |  |  | 21,088 |  |  |  | 21,669 |
|  | $ | 94,766 |  |  | $ | 97,218 |
As at March 31, 2022, the Company has the following net operating losses, expiring in various years to 2042 and available to offset future taxable income in Canada and China, respectively.
|  | Canada |  |  | China |  |  | Total |
2023 |  | $ | - |  |  | $ | 1,105 |  |  | $ | 1,105 |
2024 |  |  | - |  |  |  | 1,322 |  |  |  | 1,322 |
2025 |  |  | - |  |  |  | 902 |  |  |  | 902 |
2026 |  |  | - |  |  |  | 267 |  |  |  | 267 |
2027 |  |  | - |  |  |  | 1,308 |  |  |  | 1,308 |
2030 |  |  | 1,175 |  |  |  | - |  |  |  | 1,175 |
2031 |  |  | 6,820 |  |  |  | - |  |  |  | 6,820 |
2032 |  |  | 9,893 |  |  |  | - |  |  |  | 9,893 |
2033 |  |  | 10,181 |  |  |  | - |  |  |  | 10,181 |
2034 |  |  | 8,001 |  |  |  | - |  |  |  | 8,001 |
2035 |  |  | 7,266 |  |  |  | - |  |  |  | 7,266 |
2036 |  |  | 54 |  |  |  | - |  |  |  | 54 |
2037 |  |  | 585 |  |  |  | - |  |  |  | 585 |
2038 |  |  | 2,555 |  |  |  | - |  |  |  | 2,555 |
2039 |  |  | 4,719 |  |  |  | - |  |  |  | 4,719 |
2040 |  |  | 2,155 |  |  |  | - |  |  |  | 2,155 |
2041 |  |  | 4,281 |  |  |  | - |  |  |  | 4,281 |
2042 |  |  | 6,752 |  |  |  | - |  |  |  | 6,752 |
|  | $ | 64,437 |  |  | $ | 4,904 |  |  | $ | 69,341 |
As at March 31, 2022, temporary differences of $184.6 million (March 31, 2021 - $143.6 million) associated with the investments in subsidiaries have not been recognized as the Company is able to control the timing of the reversal of these differences which are not expected to reverse in the foreseeable future.

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