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Income Taxes (Tables) | 12 Months Ended
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Oct. 31, 2025
Text Block [Abstract] |
Summary of Provision for Income Taxes | Provision for Income Taxes
(Canadian $ in millions) |  | 2025 |  |  | 2024 |
Consolidated Statement of Income |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Provision for income taxes for the current period |  | $ | 2,813 |  |  | $ | 2,055 |
Deferred |  |  |  |  |  |  |  |
Origination and reversal of temporary differences |  |  | 5 |  |  |  | 150 |
Effect of changes in tax rates |  |  | 7 |  |  |  | 3 |
|  |  | 2,825 |  |  |  | 2,208 |
Other Comprehensive Income and Equity |  |  |  |  |  |  |  |
Income tax expense (recovery) related to: |  |  |  |  |  |  |  |
Unrealized gains on FVOCI debt securities |  |  | 113 |  |  |  | 79 |
Reclassification to earnings of (gains) on FVOCI debt securities |  |  | (23 | ) |  |  | (31 | )
Gains on derivatives designated as cash flow hedges |  |  | 365 |  |  |  | 966 |
Reclassification to earnings of losses on derivatives designated as cash flow hedges |  |  | 397 |  |  |  | 536 |
Unrealized (losses) on hedges of net foreign operations |  |  | (29 | ) |  |  | (38 | )
Unrealized gains (losses) on FVOCI equity securities |  |  | (4 | ) |  |  | 3 |
Gains (losses) on remeasurement of pension and other employee future benefit plans |  |  | 53 |  |  |  | 1 |
(Losses) on remeasurement of own credit risk on financial liabilities designated at fair value |  |  | (92 | ) |  |  | (242 | )
Income tax (recovery) recorded directly in equity |  |  | (136 | ) |  |  | (95 | )
|  |  | 644 |  |  |  | 1,179 |
Total provision for income taxes |  | $ | 3,469 |  |  | $ | 3,387 |
Summary of Reconciliation of Effective Tax Rates | Reconciliation to Statutory Tax Rate Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective tax rates and provision for income taxes that we have recorded in our Consolidated Statement of Income:
(Canadian $ in millions, except as noted) |  | 2025 |  |  | 2024 |
Combined Canadian federal and provincial income taxes at the statutory tax rate |  | $ | 3,211 |  |  |  | 27.8 | % |  | $ | 2,651 |  |  |  | 27.8 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income from securities |  |  | (36 | ) |  |  | (0.3 | ) |  |  | (45 | ) |  |  | (0.5 | )
Foreign operations subject to different tax rates (1) |  |  | (264 | ) |  |  | (2.3 | ) |  |  | (365 | ) |  |  | (3.8 | )
Change in tax rate for deferred taxes |  |  | 7 |  |  |  | 0.1 |  |  |  | 3 |  |  |  | – |
Income attributable to investments in associates and joint ventures |  |  | (51 | ) |  |  | (0.4 | ) |  |  | (36 | ) |  |  | (0.3 | )
Other |  |  | (42 | ) |  |  | (0.4 | ) |  |  | – |  |  |  | – |
Provision for income taxes in our Consolidated Statement of Income and effective tax rate |  | $ | 2,825 |  |  |  | 24.5 | % |  | $ | 2,208 |  |  |  | 23.2 | %
| (1) | Global minimum tax rules became effective this fiscal year, and as a result, our effective tax rate increased by approximately 55 basis points for the year ended October 31, 2025.
Summary of Components of Deferred Income Tax Balances | Components of Deferred Tax Balances
(Canadian $ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred Tax Asset (Liability) |  | Net asset, November 1, 2024 |  |  | Benefit (expense) to income statement |  |  | Benefit (expense) to equity |  |  | Translation and other |  |  | Net asset, October 31, 2025 |
Allowance for credit losses |  | $ | 1,343 |  |  | $ | (56 | ) |  | $ | – |  |  | $ | 5 |  |  | $ | 1,292 |
Employee future benefits |  |  | 282 |  |  |  | 23 |  |  |  | (6 | ) |  |  | – |  |  |  | 299 |
Deferred compensation benefits |  |  | 749 |  |  |  | 308 |  |  |  | – |  |  |  | 2 |  |  |  | 1,059 |
Other comprehensive income |  |  | 224 |  |  |  | – |  |  |  | (261 | ) |  |  | – |  |  |  | (37 | )
Premises and equipment |  |  | (480 | ) |  |  | (19 | ) |  |  | – |  |  |  | 1 |  |  |  | (498 | )
Pension benefits |  |  | (338 | ) |  |  | 13 |  |  |  | (47 | ) |  |  | 2 |  |  |  | (370 | )
Goodwill and intangible assets |  |  | (805 | ) |  |  | 36 |  |  |  | – |  |  |  | (6 | ) |  |  | (775 | )
Securities |  |  | 867 |  |  |  | (294 | ) |  |  | – |  |  |  | 5 |  |  |  | 578 |
Other |  |  | 1,181 |  |  |  | (23 | ) |  |  | 2 |  |  |  | 23 |  |  |  | 1,183 |
Net deferred tax assets (liabilities) |  | $ | 3,023 |  |  | $ | (12 | ) |  | $ | (312 | ) |  | $ | 32 |  |  | $ | 2,731 |
Comprising |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax assets |  | $ | 3,024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,732 |
Deferred tax liabilities |  |  | (1 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1 | )
Net deferred tax assets (liabilities) |  | $ | 3,023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,731 |
(Canadian $ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred Tax Asset (Liability) |  | Net asset, November 1, 2023 |  |  | Benefit (expense) to income statement |  |  | Benefit (expense) to equity |  |  | Translation and other |  |  | Net asset, October 31, 2024 |
Allowance for credit losses |  | $ | 893 |  |  | $ | 449 |  |  | $ | – |  |  | $ | 1 |  |  | $ | 1,343 |
Employee future benefits |  |  | 264 |  |  |  | 3 |  |  |  | 15 |  |  |  | – |  |  |  | 282 |
Deferred compensation benefits |  |  | 783 |  |  |  | (35 | ) |  |  | – |  |  |  | 1 |  |  |  | 749 |
Other comprehensive income |  |  | 522 |  |  |  | – |  |  |  | (298 | ) |  |  | – |  |  |  | 224 |
Premises and equipment |  |  | (343 | ) |  |  | (136 | ) |  |  | – |  |  |  | (1 | ) |  |  | (480 | )
Pension benefits |  |  | (395 | ) |  |  | 73 |  |  |  | (16 | ) |  |  | – |  |  |  | (338 | )
Goodwill and intangible assets |  |  | (913 | ) |  |  | 107 |  |  |  | – |  |  |  | 1 |  |  |  | (805 | )
Securities |  |  | 987 |  |  |  | (119 | ) |  |  | – |  |  |  | (1 | ) |  |  | 867 |
Other |  |  | 1,606 |  |  |  | (495 | ) (1) |  |  | 4 |  |  |  | 66 |  |  |  | 1,181 |
Net deferred tax assets (liabilities) |  | $ | 3,404 |  |  | $ | (153 | ) |  | $ | (295 | ) |  | $ | 67 |  |  | $ | 3,023 |
Comprising |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax assets |  | $ | 3,420 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,024 |
Deferred tax liabilities |  |  | (16 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1 | )
Net deferred tax assets (liabilities) |  | $ | 3,404 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,023 |
| (1) | Includes the tax impact of the legal provision reversal recorded in relation to the lawsuit described in Note 24.

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