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Corporate Income Taxes | 12 Months Ended
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Oct. 31, 2025
Text Block [Abstract] |
Corporate Income Taxes |
26 | Corporate Income Taxes
Corporate income taxes recorded in the Bank’s consolidated financial statements for the years ended October 31 are as follows:
(a) | Components of income tax provision
For the year ended October 31 ($ millions) |  | 2025 |  |  | 2024 |
Provision for income taxes in the Consolidated Statement of Income: |  |  |  |  |  |  |  |
Current income taxes: |  |  |  |  |  |  |  |
Domestic: |  |  |  |  |  |  |  |
Federal |  | $ | 1,088 |  |  | $ | 138 |
Provincial |  |  | 786 |  |  |  | 275 |
Adjustments related to prior periods |  |  | 23 |  |  |  | (40 | )
Foreign |  |  | 1,418 |  |  |  | 1,219 |
Adjustments related to prior periods |  |  | (15 | ) |  |  | 2 |
|  |  | 3,300 |  |  |  | 1,594 |
Deferred income taxes: |  |  |  |  |  |  |  |
Domestic: |  |  |  |  |  |  |  |
Federal |  |  | (261 | ) |  |  | 388 |
Provincial |  |  | (154 | ) |  |  | 181 |
Foreign |  |  | (134 | ) |  |  | (131 | )
|  |  | (549 | ) |  |  | 438 |
Total provision for income taxes in the Consolidated Statement of Income |  | $ | 2,751 |  |  | $ | 2,032 |
Provision for income taxes in the Consolidated Statement of Changes in Equity: |  |  |  |  |  |  |  |
Current income taxes |  | $ | (162 | ) |  | $ | 1,019 |
Deferred income taxes |  |  | 224 |  |  |  | 41 |
|  |  | 62 |  |  |  | 1,060 |
Reported in: |  |  |  |  |  |  |  |
Other Comprehensive Income |  |  | 187 |  |  |  | 1,156 |
Retained earnings |  |  | (125 | ) |  |  | (96 | )
Other reserves |  |  | – |  |  |  | – |
Total provision for income taxes in the Consolidated Statement of Changes in Equity |  |  | 62 |  |  |  | 1,060 |
Total provision for income taxes |  | $ | 2,813 |  |  | $ | 3,092 |
Provision for income taxes in the Consolidated Statement of Income includes: |  |  |  |  |  |  |  |
Deferred tax expense (benefit) relating to origination/reversal of temporary differences |  | $ | (549 | ) |  | $ | 438 |
Deferred tax expense (benefit) of tax rate changes |  |  | – |  |  |  | – |
|  | $ | (549 | ) |  | $ | 438 |
(b) | Reconciliation to statutory rate
Income taxes in the Consolidated Statement of Income vary from the amounts that would be computed by applying the composite federal and provincial statutory income tax rate for the following reasons:
|  | 2025 |  |  | 2024 |
For the year ended October 31 ($ millions) |  | Amount |  |  | Percent of pre-tax income |  |  | Amount |  |  | Percent of pre-tax income |
Income taxes at Canadian statutory rate |  | $ | 2,919 |  |  |  | 27.8 | % |  | $ | 2,755 |  |  |  | 27.8 | %
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lower average tax rate applicable to subsidiaries and foreign branches (1) |  |  | (177 | ) |  |  | (1.7 | ) |  |  | (746 | ) |  |  | (7.5 | )
Tax-exempt income from securities |  |  | – |  |  |  | – |  |  |  | (28 | ) |  |  | (0.3 | )
Other, net |  |  | 9 |  |  |  | 0.1 |  |  |  | 51 |  |  |  | 0.5 |
Total income taxes and effective tax rate |  | $ | 2,751 |  |  |  | 26.2 | % |  | $ | 2,032 |  |  |  | 20.5 | %
(1) | Lower average tax rate applicable to subsidiaries and foreign branches includes the impact of the GMT which increased the effective tax rate by 0.8%.
(c) | Deferred taxes
Significant components of the Bank’s deferred tax assets and liabilities are as follows:
|  | Statement of Income |  |  | Statement of Financial Position |
|  | For the year ended |  |  | As at |
October 31 ($ millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss carryforwards |  | $ | 60 |  |  | $ | 29 |  |  | $ | 623 |  |  | $ | 930 |
Allowance for credit losses |  |  | (272 | ) |  |  | 54 |  |  |  | 1,357 |  |  |  | 1,076 |
Deferred compensation |  |  | (109 | ) |  |  | (100 | ) |  |  | 388 |  |  |  | 317 |
Deferred income |  |  | (150 | ) |  |  | (137 | ) |  |  | 404 |  |  |  | 255 |
Property and equipment |  |  | (101 | ) |  |  | (10 | ) |  |  | 422 |  |  |  | 262 |
Pension and other post-retirement benefits |  |  | (22 | ) |  |  | (48 | ) |  |  | 314 |  |  |  | 387 |
Securities |  |  | (26 | ) |  |  | (17 | ) |  |  | 284 |  |  |  | 260 |
Lease liabilities |  |  | 3 |  |  |  | 28 |  |  |  | 910 |  |  |  | 891 |
Own credit risk |  |  | – |  |  |  | – |  |  |  | 447 |  |  |  | 250 |
Other |  |  | (22 | ) |  |  | (57 | ) |  |  | 757 |  |  |  | 673 |
Total deferred tax assets |  | $ | (639 | ) |  | $ | (258 | ) |  | $ | 5,906 |  |  | $ | 5,301 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  | $ | – |  |  | $ | – |  |  | $ | 39 |  |  | $ | 57 |
Deferred compensation |  |  | (11 | ) |  |  | (24 | ) |  |  | 209 |  |  |  | 187 |
Deferred income |  |  | (14 | ) |  |  | (20 | ) |  |  | 65 |  |  |  | 50 |
Property and equipment |  |  | (39 | ) |  |  | (243 | ) |  |  | 805 |  |  |  | 684 |
Pension and other post-retirement benefits |  |  | (1 | ) |  |  | 1 |  |  |  | 73 |  |  |  | 82 |
Securities |  |  | 34 |  |  |  | (14 | ) |  |  | 398 |  |  |  | 354 |
Investment in subsidiaries and associates |  |  | (26 | ) |  |  | 52 |  |  |  | 86 |  |  |  | 29 |
Intangible assets |  |  | 57 |  |  |  | (344 | ) |  |  | 1,746 |  |  |  | 1,809 |
Other |  |  | (90 | ) |  |  | (104 | ) |  |  | 646 |  |  |  | 504 |
Total deferred tax liabilities |  | $ | (90 | ) |  | $ | (696 | ) |  | $ | 4,067 |  |  | $ | 3,756 |
Net deferred tax assets (liabilities) (1) |  | $ | (549 | ) |  | $ | 438 |  |  | $ | 1,839 |  |  | $ | 1,545 |
(1) | For Consolidated Statement of Financial Position presentation, deferred tax assets and liabilities are assessed by legal entity. As a result, the net deferred tax assets of $1,839 (2024 – $1,545) are represented by deferred tax assets of $3,253 (2024 – $2,942), and deferred tax liabilities of $1,414 (2024 – $1,397) on the Consolidated Statement of Financial Position.
The major changes to net deferred taxes were as follows:
For the year ended October 31 ($ millions) |  | 2025 |  |  | 2024 |
Balance at beginning of year |  | $ | 1,545 |  |  | $ | 2,095 |
Deferred tax benefit (expense) for the year recorded in income |  |  | 549 |  |  |  | (438 | )
Deferred tax benefit (expense) for the year recorded in equity |  |  | (224 | ) |  |  | (41 | )
Disposed in divestitures |  |  | (35 | ) |  |  | – |
Other |  |  | 4 |  |  |  | (71 | )
Balance at end of year |  | $ | 1,839 |  |  | $ | 1,545 |
The tax related to temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized in the Consolidated Statement of Financial Position amounts to $10 million (October 31, 2024 – $18 million). The amount related to unrecognized losses is $10 million, which have no expiry. Included in the net deferred tax asset are tax benefits of $56 million (2024 – $73 million) that have been recognized in the Canadian bank and certain Canadian and foreign subsidiaries that have incurred losses in either the current or the preceding year. In determining if it is appropriate to recognize these tax benefits, the Bank relied on projections of future taxable profits which are expected to generate sufficient taxable income to utilize the deferred tax assets. The amount of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures for which deferred tax liabilities have not been recognized at October 31, 2025 is approximately $59 billion (2024 – $57 billion). Tax Assessments The Bank received reassessments totaling $1,808 million of tax and interest as a result of the Canada Revenue Agency (CRA) denying the tax deductibility of certain Canadian dividends received during the 2011-2020 taxation years. The dividends subject to these reassessments are similar to those prospectively addressed by tax rules introduced in 2015 and 2018. The Bank has filed Notices of Appeal with the Tax Court of Canada against the federal reassessment in respect of its 2011 and 2012 taxation years. In addition, a subsidiary of the Bank received reassessments on the same matter in respect of its 2018-2020 taxation years totaling $ 4 million of tax and interest. A subsidiary of the Bank received withholding tax assessments from the CRA in respect of certain of its securities lending transactions for its 2014-2019 taxation years totaling $637 million of tax, penalties and interest. The subsidiary has filed a Notice of Appeal with the Tax Court of Canada against the federal assessment in respect of its 2014-2019 taxation years. In respect of both matters, the Bank is confident that its tax filing position was appropriate and in accordance with the relevant provisions of the Income Tax Act (Canada) and intends to vigorously defend its position. Global Minimum Tax The Organisation for Economic Co-operation and Development published Pillar Two model rules in December 2021 as part of its efforts toward international tax reform. The rules aim to have large multinational enterprises, with consolidated revenues in excess of € 750 million, pay a minimum effective tax of 15%. These rules apply to the Bank effective November 1, 2024, and have been enacted or substantively enacted in certain jurisdictions in which the Bank operates, including Canada, whose Global Minimum Tax (GMT) Act was enacted in June 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 GMT rules, which the Bank has applied. For the t welve months ended October 31, 2025, the impact of the GMT on the Bank’s effective tax rate was approximately 0.8%, and was primarily related to its operations in certain Caribbean jurisdictions and Ireland.

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