Income Taxes	12 Months Ended
Income Taxes	Oct. 31, 2025
Income Taxes [Abstract]
Income Taxes	NOTE 23: 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 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. International Tax Reform – Pillar Two Global Minimum Tax On December 20, 2021, the OECD published Pillar Two model rules as part of its efforts toward international tax reform. The Pillar Two model rules provide for the implementation of a 15% global minimum tax for large multinational enterprises, which is to be applied on a jurisdiction-by-jurisdiction basis. Pillar Two legislation was enacted in Canada on June 20, 2024 under Bill C-69, which includes the Global Minimum Tax Act addressing the Pillar Two model rules. Similar legislation has passed in other jurisdictions in which the Bank operates and will result in additional taxes being paid in these countries. The rules were effective and implemented by the Bank on November 1, 2024. The IASB previously issued amendments to IAS 12 Income Taxes for a temporary mandatory exception from the recognition and disclosure of deferred taxes related to the implementation of Pillar Two model rules, which the Bank has applied. For the year ended October 31, 2025, the Bank’s effective tax rate increased by approximately 0.3 % due to Pillar Two taxes. Other Tax Matters The Canada Revenue Agency (CRA), Revenu Québec Agency (RQA) and Alberta Tax and Revenue Administration (ATRA) are denying certain dividend and interest deductions claimed by the Bank. During the year ended October 31, 2025, the CRA and the ATRA reassessed the Bank for a total of $ 15 million of additional income tax and interest in respect of the 2019 and 2020 taxation years. As at October 31, 2025, the CRA has reassessed the Bank for $ 1,676 million for the years 2011 to 2020, the RQA has reassessed the Bank for $ 52 million for the years 2011 to 2018, and the ATRA has reassessed the Bank for $ 71 million for the years 2011 to 2020. In total, the Bank has been reassessed for $ 1,799 million of income tax and interest. The Bank expects to continue to be reassessed for open years. The Bank is of the view that its tax filing positions were appropriate and filed a Notice of Appeal with the Tax Court of Canada on March 21, 2023. 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. The amount of temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognized on the Consolidated Balance Sheet was $ 735 million as at October 31, 2025 (October 31, 2024 – $ 658 million), of which $ 1 million (October 31, 2024 – $ 2 million) is scheduled to expire within five years. Certain taxable temporary differences associated with the Bank’s investments in subsidiaries, branches and associates, and interests in joint ventures did not result in the recognition of deferred tax liabilities as at October 31, 2025. The total amount of these temporary differences was $ 84 billion as at October 31, 2025 (October 31, 2024 – $ 72 billion). 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)