|12 Months Ended|
Mar. 31, 2020
The income tax rate of 24.39% (2019 - 25.30%) 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 $12,249,509 which will expire between 2028 and 2040. The company has net operating losses in the U.S. of $29,790,641. $18,573,147 will start to expire in year ended March 31, 2028, and $11,217,494 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, 2020:
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://fasb.org/us-gaap/role/ref/legacyRef