XML 100 R57.htm IDEA: XBRL DOCUMENT v3.25.3
Income Taxes (Tables)
 12 Months Ended
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.