Income taxes

12 Months Ended

Mar. 29, 2026

Income taxes paid (refund) [abstract]

The components of the provision for income tax are as follows:


	Year ended
	March 29, 2026	March 30, 2025	March 31, 2024
Current income tax expense	$	$	$
Current period	17.9	33.0	15.4
Current tax related to Pillar Two income taxes	—	3.7	—
Adjustment in respect of prior periods	(0.6)	(1.2)	9.5
	17.3	35.5	24.9
Deferred income tax expense (recovery)
Origination and reversal of temporary differences	9.2	(13.4)	(0.8)
Effect of change in income tax rates	(1.1)	1.3	(0.2)
Adjustment in respect of prior periods	0.6	1.1	(6.3)
	8.7	(11.0)	(7.3)
Total income tax expense	26.0	24.5	17.6

The effective income tax rates differ from the weighted average basic Canadian federal and provincial statutory income tax rates for the following reasons:


	Year ended
	March 29, 2026		March 30, 2025		March 31, 2024
	$		$		$
Income before income taxes	53.8		128.1		75.7
Expected Statutory Rate	25.2	%	25.3	%	25.5	%
Income tax at expected statutory rate	13.6		32.5		19.3
Non-deductible (taxable) items	0.2		(1.7)		(0.1)
Non-deductible stock option expense	2.0		2.5		1.7
Effect of foreign tax rates	7.8		(6.6)		(10.3)
Non-deductible (taxable) remeasurement of Earn-out	2.2		—		—
Non-deductible (taxable) remeasurement of put option liability	0.4		(2.7)		1.4
Non-deductible (taxable) foreign exchange (gain) loss	(0.2)		0.5		0.9
Change in tax rates	(1.1)		1.3		(0.2)
Change in deferred tax asset not recognized	—		(1.5)		1.7
Other including adjustments in respect of prior years	1.1		0.2		3.2
Total income tax expense	26.0		24.5		17.6

Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Company operates, and is effective for the Company’s current fiscal year. The Company has assessed its potential liability for Pillar Two taxes and estimated that the effective tax rate in most jurisdictions is above 15%. In jurisdictions where the Pillar Two transitional safe harbour rule does not apply and the estimated effective tax rate is below 15%, the Company may be liable for Pillar Two top up taxes. The Company has recorded $nil (March 30, 2025 - $3.7m) in respect of Pillar Two top up taxes. The Company has applied the temporary mandatory exception from the recognition and disclosure of deferred taxes related to the implementation of Pillar Two legislation.

The significant components of deferred tax assets (liabilities) and their fiscal year over year change consist of the following:


		Change in the year affecting
	March 30, 2025	Net income	Foreign exchange translation	Other comprehensive income	March 29, 2026
	$	$	$	$	$
Losses carried forward	23.8	(0.1)	—	—	23.7
Other liabilities and provisions	25.6	2.1	(0.5)	—	27.2

Capital lease	12.0	1.2	(0.1)	—	13.1

Unrealized profit in inventory	47.1	(9.9)	(0.8)	—	36.4


Total deferred tax asset	108.5	(6.7)	(1.4)	—	100.4
Unrealized foreign exchange	—	(1.7)	—	1.1	(0.6)
Intangible assets	(22.5)	(0.4)	(0.3)	—	(23.2)
Property, plant and equipment	(11.1)	0.1	0.3	—	(10.7)
Total deferred tax liabilities	(33.6)	(2.0)	—	1.1	(34.5)
Net deferred tax assets	74.9	(8.7)	(1.4)	1.1	65.9

The change in deferred tax assets and liabilities as presented in the statement of financial position are as follows:


		Changes in the year affecting
	March 30, 2025	Adjustments	Net income	Foreign exchange translation	Other comprehensive income	March 29, 2026
	$	$	$	$	$	$
Deferred tax assets	95.7	—	(17.3)	(1.5)	—	76.9
Deferred tax liabilities	(20.8)	—	8.6	0.1	1.1	(11.0)
	74.9	—	(8.7)	(1.4)	1.1	65.9

In evaluating whether it is probable that all or a portion of a deferred tax asset will be realized, consideration is given to the estimated reversal of deferred tax liabilities and future taxable income. The Company has not recorded a deferred tax asset for certain losses carried forward and other deferred tax assets when it is believed that it is probable that these items will not be realized.

The Company continues to believe that the amount of unrealized tax benefits appropriately reflects the uncertainty of items that are or may in the future be under discussion, audit, dispute or appeal with a tax authority or which otherwise result in uncertainty in the determination of income for tax purposes. If appropriate, an unrealized tax benefit will be realized in the year in which the Company determines that realization is not in doubt. Where the final determined outcome is different from the Company’s estimate, such difference will impact the Company’s income taxes in the year during which such determination is made.

As at March 29, 2026, the Company had the following losses carried forward available to reduce future years’ taxable income, which losses expire as follows:


			$
Expiring within 5 years			—
Between 5 and 10 years			29.5
Between 10 and 15 years			13.1
Between 15 and 20 years			50.0
Indefinite			4.3
Total			96.9

As at March 29, 2026, the Company had the following losses carried forward available to reduce future years’ taxable income geographically as follows:


			$
Canada			63.0
United States			—
North America			63.0
EMEA1			33.9
Total			96.9

1EMEA comprises Europe, the Middle East, Africa, and Latin America.

As at March 29, 2026, the Company had temporary differences associated with investments in foreign subsidiaries of $484.6m (March 30, 2025 - $495.4m) for which no deferred tax liabilities have been recognized, as the Company is able to control the timing of the reversal of these temporary differences and material undistributed earnings are considered permanently invested or, if undistributed earnings are not considered permanently invested, it is probable that these earnings will not be subject to tax upon their distribution