|12 Months Ended|
Mar. 31, 2022
11. Income Taxes
The income tax rate at March 31, 2022 and 2021, was 25.85% and 28.71%, respectively to the effective tax rate is as follows:
The following deferred tax assets have not been recognized. Deferred tax reflects the tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities and consisted of the following:
The Company has non-capital losses in its Canadian subsidiary of $11.0 million which will expire between 2032 and 2042.
The company has net operating losses in the U.S. of $39.4 million, of which $18.6 million will start to expire in 2028, and the remaining losses can be carried forward indefinitely.
Certain tax attributes are subject to an annual limitation as a result of the acquisition of the US subsidiary, which constitutes a change of ownership as defined under IRC Section 382.
The following describes the open tax years, by major tax jurisdiction, as of March 31, 2022:
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef