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Income taxes (Tables) | 12 Months Ended
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Oct. 31, 2025
Text Block [Abstract] |
Total Income Taxes | Total income taxes
$ millions, for the year ended October 31 |  | 2025 |  |  | 2024 |
Consolidated statement of income |  |  |  |  |  |  |  |
Provision for (reversal of) current income taxes |  |  |  |  |  |  |  |
Adjustments for prior years |  | $ | 15 |  |  | $ | (38 | )
Current income tax expense |  |  | 2,727 |  |  |  | 2,294 |
|  |  | 2,742 |  |  |  | 2,256 |
Provision for (reversal of) deferred income taxes |  |  |  |  |  |  |  |
Adjustments for prior years |  |  | (11 | ) |  |  | 37 |
Effect of changes in tax rates and laws |  |  | 2 |  |  |  | 4 |
Origination and reversal of temporary differences |  |  | (248 | ) |  |  | (285 | )
|  |  | (257 | ) |  |  | (244 | )
Total income taxes |  |  | 2,485 |  |  |  | 2,012 |
OCI |  |  | 397 |  |  |  | 578 |
Total comprehensive income |  | $ | 2,882 |  |  | $ | 2,590 |
Components of Income Tax | Components of income tax
$ millions, for the year ended October 31 |  | 2025 |  |  | 2024 |
Current income taxes |  |  |  |  |  |  |  |
Federal (1) |  | $ | 1,247 |  |  | $ | 1,242 |
Provincial |  |  | 803 |  |  |  | 795 |
Foreign |  |  | 976 |  |  |  | 671 |
|  |  | 3,026 |  |  |  | 2,708 |
Deferred income taxes |  |  |  |  |  |  |  |
Federal |  |  | (150 | ) |  |  | (116 | )
Provincial |  |  | (97 | ) |  |  | (82 | )
Foreign |  |  | 103 |  |  |  | 80 |
|  |  | (144 | ) |  |  | (118 | )
Total |  | $ | 2,882 |  |  | $ | 2,590 |
(1) | Includes the impact of global minimum corporate tax (GMT).
Reconciliation of Income Taxes | Reconciliation of income taxes
$ millions, for the year ended October 31 |  | 2025 |  |  | 2024 |
Combined Canadian federal and provincial income tax rate applied to income before income taxes |  | $ | 3,040 |  |  |  | 27.8 | % |  | $ | 2,548 |  |  |  | 27.8 | %
Income taxes adjusted for the effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign operations subject to different tax rates |  |  | (487 | ) |  |  | (4.5 | ) |  |  | (485 | ) |  |  | (5.4 | )
Other (1) |  |  | (68 | ) |  |  | (0.6 | ) |  |  | (51 | ) |  |  | (0.5 | )
Income taxes in the consolidated statement of income |  | $ | 2,485 |  |  |  | 22.7 | % |  | $ | 2,012 |  |  |  | 21.9 | %
(1) | Includes the impact of GMT and tax-exempt income. Prior year amounts have been revised to conform to the presentation adopted in 2025.
Sources of and Movement in Deferred Tax Assets and Liabilities | Deferred income taxes Sources of and movement in deferred tax assets and liabilities
$ millions, for the year ended October 31, 2025 |  |  | Net asset Nov. 1, 2024 |  |  |  | Recognized in net income |  |  |  | Recognized in OCI |  |  |  | Other | (1) |  |  | Net asset Oct. 31, 2025 |
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 440 |  |  | $ | 2 |  |  | $ | – |  |  | $ | 2 |  |  | $ | 444 |
Deferred compensation |  |  | 728 |  |  |  | 196 |  |  |  | – |  |  |  | 57 |  |  |  | 981 |
Financial instruments revaluation |  |  | 8 |  |  |  | 10 |  |  |  | (15 | ) |  |  | (3 | ) |  |  | – |
Deferred income |  |  | 248 |  |  |  | 49 |  |  |  | – |  |  |  | (9 | ) |  |  | 288 |
Other |  |  | 197 |  |  |  | 22 |  |  |  | (3 | ) |  |  | 12 |  |  |  | 228 |
|  | $ | 1,621 |  |  | $ | 279 |  |  | $ | (18 | ) |  | $ | 59 |  |  | $ | 1,941 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible assets |  | $ | (402 | ) |  | $ | 20 |  |  | $ | – |  |  | $ | – |  |  | $ | (382 | )
Property and equipment |  |  | (90 | ) |  |  | 6 |  |  |  | – |  |  |  | – |  |  |  | (84 | )
Pension and employee benefits |  |  | (218 | ) |  |  | (6 | ) |  |  | (66 | ) |  |  | (1 | ) |  |  | (291 | )
Goodwill |  |  | (93 | ) |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | (94 | )
Financial instruments revaluation |  |  | (12 | ) |  |  | (1 | ) |  |  | (33 | ) |  |  | 4 |  |  |  | (42 | )
Other |  |  | (34 | ) |  |  | (40 | ) |  |  | 4 |  |  |  | 2 |  |  |  | (68 | )
|  | $ | (849 | ) |  | $ | (22 | ) |  | $ | (95 | ) |  | $ | 5 |  |  | $ | (961 | )
Total net deferred tax assets |  | $ | 772 |  |  | $ | 257 |  |  | $ | (113 | ) |  | $ | 64 |  |  | $ | 980 |
(1) | Includes foreign currency translation adjustments.
$ millions, for the year ended October 31, 2024 |  |  | Net asset Nov. 1, 2023 |  |  |  | Recognized in net income |  |  |  | Recognized in OCI |  |  |  | Other | (1) |  |  | Net asset Oct. 31, 2024 |
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 401 |  |  | $ | 38 |  |  | $ | – |  |  | $ | 1 |  |  | $ | 440 |
Deferred compensation |  |  | 427 |  |  |  | 255 |  |  |  | – |  |  |  | 46 |  |  |  | 728 |
Financial instruments revaluation |  |  | 91 |  |  |  | (19 | ) |  |  | (59 | ) |  |  | (5 | ) |  |  | 8 |
Deferred income |  |  | 235 |  |  |  | 13 |  |  |  | – |  |  |  | – |  |  |  | 248 |
Other |  |  | 158 |  |  |  | 31 |  |  |  | 2 |  |  |  | 6 |  |  |  | 197 |
|  | $ | 1,312 |  |  | $ | 318 |  |  | $ | (57 | ) |  | $ | 48 |  |  | $ | 1,621 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible assets |  | $ | (392 | ) |  | $ | (10 | ) |  | $ | – |  |  | $ | – |  |  | $ | (402 | )
Property and equipment |  |  | (67 | ) |  |  | (22 | ) |  |  | – |  |  |  | (1 | ) |  |  | (90 | )
Pension and employee benefits |  |  | (132 | ) |  |  | (19 | ) |  |  | (68 | ) |  |  | 1 |  |  |  | (218 | )
Goodwill |  |  | (91 | ) |  |  | (1 | ) |  |  | – |  |  |  | (1 | ) |  |  | (93 | )
Financial instruments revaluation |  |  | (13 | ) |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | (12 | )
Other |  |  | (10 | ) |  |  | (22 | ) |  |  | 1 |  |  |  | (3 | ) |  |  | (34 | )
|  | $ | (705 | ) |  | $ | (74 | ) |  | $ | (67 | ) |  | $ | (3 | ) |  | $ | (849 | )
Total net deferred tax assets |  | $ | 607 |  |  | $ | 244 |  |  | $ | (124 | ) |  | $ | 45 |  |  | $ | 772 |
(1) | Includes foreign currency translation adjustments.

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