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Income tax note

12 Months Ended

Mar. 31, 2024

Income tax note

Income tax note

17. Income tax note

The reconciliation of the combined Canadian federal and provincial statutory income tax rate of 26.5% (2023 – 26.5%) to the effective tax rate is as follows:


		2024		2023
Net Income/(Loss) before recovery of income taxes		(51,159,048)		(3,206,403)
Expected income tax (recovery)/expense		(13,557,148)		(849,679)
Difference in foreign tax rates		966		—
Listing expense		10,992,625		—
Other permanent expenses		2,061,001		—
Change in tax benefits not recognized		502,556		849,679
Income tax (recovery)/expense		—		—

Unrecognized deferred tax asset

Deferred taxes are provided as a result of temporary differences that arise due to the differences between the income tax values and the carrying amounts of assets and liabilities. Deferred tax assets have not been recognized in respect of the following deductible temporary differences:


Unrecognized deductible temporary differences		2024		2023
Equipment		240		—
Other		124,132		22,035
Non-capital losses carried forward-Canada		1,357,347		—
Non-capital losses carried forward-Australia		164,861		1,699,257
		1,646,580		1,721,292

The Company’s non-capital loss carry forwards will expire as noted in the table below:


Year of expiry		Canada		Australia
2044		1,357,347		—
Indefinite		—		164,861
Total		1,357,347		164,861