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Income Taxes (Tables) | 12 Months Ended
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Oct. 31, 2025
Income Taxes [Abstract] |
Summary of Provision for (Recovery of) Income Taxes | The provision for (recovery of) income taxes is comprised of the following: Provision for (Recovery of) Income Taxes (millions of Canadian dollars) For the years ended October 31 2025 2024 Provision for (recovery of) income taxes – Consolidated Statement of Income Current income taxes Provision for (recovery of) income taxes for the current period $ 4,281 $ 3,956 Adjustments in respect of prior years and other (107) (204) Total current income taxes 4,174 3,752 Deferred income taxes Provision for (recovery of) deferred income taxes related to the origination and reversal of temporary differences (778) (1,254) Effect of changes in tax rates (45) (13) Adjustments in respect of prior years and other 59 206 Total deferred income taxes (764) (1,061) Total provision for (recovery of) income taxes – Consolidated Statement of Income 3,410 2,691 Provision for (recovery of) income taxes – Statement of Other Comprehensive Income Current income taxes 628 767 Deferred income taxes 323 183 Total provision for (recovery of) income taxes – Statement of Other Comprehensive Income 951 950 Income taxes – other items including business combinations and other adjustments Current income taxes (134) (38) Deferred income taxes (7) (12) (141) (50) Total provision for (recovery of) income taxes 4,220 3,591 Current income taxes Federal 2,078 1,712 Provincial 1,454 1,221 Foreign 1,136 1,548 4,668 4,481 Deferred income taxes Federal (162) 92 Provincial (132) 54 Foreign (154) (1,036) (448) (890) Total provision for (recovery of) income taxes $ 4,220 $ 3,591
Summary of Reconciliation to Statutory Income Tax Rate | The Bank’s statutory and effective tax rate is outlined in the following table. Reconciliation to Statutory Income Tax Rate (millions of Canadian dollars, except as noted) 2025 2024 Income taxes at Canadian statutory income tax rate $ 6,572 27.8 % $ 3,009 27.8 % Increase (decrease) resulting from: Dividends received (13) (0.1) (28) (0.3) Rate differentials on international operations 1 (3,037) (12.8) (270) (2.5) Other – net (112) (0.5) (20) (0.2) Provision for income taxes and effective income tax rate $ 3,410 14.4 % $ 2,691 24.8 % 1 The 2025 amount includes the Pillar Two Global Minimum Tax impact to provision for income taxes as discussed in the International Tax Reform – Pillar Two Global Minimum Tax section below.
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities comprise of the following: Deferred Tax Assets and Liabilities (millions of Canadian dollars) As at October 31 October 31 2025 2024 Deferred tax assets Allowance for credit losses $ 1,760 $ 1,592 Trading loans 26 31 Employee benefits 1,089 1,036 Losses available for carry forward 44 45 Tax credits 81 89 Land, buildings, equipment, other depreciable assets, and right-of-use assets 437 366 Securities 478 589 Deferred income 359 353 Intangibles 202 92 Other 923 727 Total deferred tax assets 5,399 4,920 Deferred tax liabilities Pensions 91 81 Goodwill 223 202 Total deferred tax liabilities 314 283 Net deferred tax assets 5,085 4,637 Reflected on the Consolidated Balance Sheet as follows: Deferred tax assets 5,388 4,937 Deferred tax liabilities 1 303 300 Net deferred tax assets $ 5,085 $ 4,637 1 Included in Other liabilities on the Consolidated Balance Sheet.
Summary of Deferred Income Tax Expense (Recovery) | The movement in the net deferred tax asset for the years ended October 31, 2025 and October 31, 2024, was as follows: Deferred Income Tax Expense (Recovery) (millions of Canadian dollars) For the years ended October 31 2025 2024 Consolidated Other Business Consolidated Other Business statement of comprehensive combinations statement of comprehensive combinations income income and other Total income income and other Total Deferred income tax expense (recovery) Allowance for credit losses $ (168) $ – $ – $ (168) $ (126) $ – $ – $ (126) Trading loans 5 – – 5 (1) – – (1) Employee benefits (55) 2 – (53) (154) (15) – (169) Losses available for carry forward 1 – – 1 82 – – 82 Tax credits 8 – – 8 (43) – – (43) Land, buildings, equipment, other depreciable assets, and right-of-use assets (71) – – (71) 105 – – 105 Securities (219) 330 – 111 (494) 219 – (275) Deferred (income) expenses (6) – – (6) (591) – – (591) Intangibles (110) – – (110) (102) – – (102) Other deferred tax assets (189) – (7) (196) 291 – (12) 279 Pensions 19 (9) – 10 (56) (21) – (77) Goodwill 21 – – 21 28 – – 28 Total deferred income tax expense (recovery) $ (764) $ 323 $ (7) $ (448) $ (1,061) $ 183 $ (12) $ (890)

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