Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Note 19 - Income Taxes

v3.8.0.1
Note 19 - Income Taxes
12 Months Ended
Mar. 31, 2018
Statement Line Items [Line Items]  
Disclosure of income tax [text block]
19.
Income taxes:
 
Deferred tax (recovery) expense:
 
              Thirteen-months ended       Month
ended
      Twelve-months
ended
         
      March 31,
2018
      March 31,
2017
     
March 31,
2017
(Unaudited)
     
February 28,
2017
(Unaudited)
     
February 29,
2016
 
      $       $       $       $       $  
                                         
Origination and reversal of temporary differences    
5,241
     
2,240
     
163
     
2,077
     
2,065
 
Change in unrecognized deductible temporary differences    
(5,241
)    
(2,369
)    
(163
)    
(2,206
)    
(2,065
)
Deferred tax (recovery) expense    
     
(129
)    
     
(129
)    
 
 
Reconciliation of effective tax rate:
 
       
Thirteen-months
ended
 
Month
ended
 
Twelve-months
ended
 
   
March 31,
2018
 
March 31,
2017
 
March 31,
2017
(Unaudited)
 
February 28,
2017
(Unaudited)
 
February 29,
2016
      $       $       $       $       $  
Loss before income taxes    
(21,504
)    
(11,376
)    
(769
)    
(10,607
)    
(6,317
)
Basic combined Canadian statutory income tax rate
1
   
26.78
%    
26.87
%    
26.80
%    
26.88
%    
26.90
%
Computed income tax recovery    
(5,759
)    
(3,057
)    
(206
)    
(2,851
)    
(1,699
)
Increase resulting from:                                        
Change in unrecognized deductible temporary differences    
5,241
     
2,369
     
162
     
2,207
     
2,065
 
Non-deductible stock-based compensation    
248
     
178
     
23
     
155
     
83
 
Non-deductible change in fair value    
92
     
14
     
6
     
8
     
(592
)
Permanent differences and other    
118
     
166
     
12
     
154
     
143
 
Change in statutory income tax rate    
60
     
201
     
3
     
198
     
 
Total tax (recovery) expense    
     
(129
)    
     
(129
)    
 
 
1
The Canadian combined statutory income tax rate has decreased due to a reduction in the provincial statutory income tax rate.
 
Unrecognized deferred tax assets:
 
At
March 31, 2018,
March 31, 2017
and
February 28, 2017,
the net deferred tax assets, which have
not
been recognized in these financial statements because the criteria for recognition of these assets were
not
met, were as follows:
 
      March 31, 2018       March 31, 2017       February 28, 2017
(Unaudited)
 
     
$
     
$
     
$
 
Deferred tax assets                        
Tax losses carried forward    
12,670
     
8,293
     
8,153
 
Research and development expenses    
4,927
     
4,220
     
4,196
 
Property, plan and equipment and intangible assets    
567
     
435
     
423
 
Other deductible temporary differences    
884
     
522
     
539
 
Deferred tax assets    
19,048
     
13,470
     
13,311
 
                         
Deferred tax liabilities                        
Tax basis of unsecured convertible debentures in excess of carrying value    
67
     
122
     
126
 
Deferred tax liabilities    
67
     
122
     
126
 
Net deferred tax assets    
18,981
     
13,348
     
13,185
 
 
On initial recognition of the unsecured convertible debenture equity component on
February 21, 2017,
a deferred tax liability of
$129
was recognized with the corresponding entry recognized directly in Other equity. Consequently, an equal amount of deferred tax asset related to unrecognized tax losses was recognized with the offsetting entry in the Corporation statement of earnings and comprehensive loss.
 
As at
March 31, 2018,
the amounts and expiry dates of tax attributes and temporary differences, which are available to reduce future years’ taxable income, were as follows:
 
     
                         March 31, 2018
 
     
Federal
     
Provincial
 
     
           $
     
   $
 
Tax losses carried forward                
2029    
714
     
714
 
2030    
1,627
     
1,620
 
2031    
2,071
     
2,063
 
2032    
2,262
     
2,241
 
2033    
1,854
     
1,825
 
2034    
3,598
     
3,598
 
2035    
4,595
     
4,459
 
2036    
5,494
     
5,494
 
2037    
8,584
     
8,456
 
2038    
17,155
     
17,155
 
     
47,954
     
47,625
 
                 
Research and development expenses, without time limitation    
18,002
     
19,362
 
                 
Other deductible temporary differences, without time limitation    
5,224
     
5,224