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Corporate Income Taxes (Tables) | 12 Months Ended
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Oct. 31, 2025
Text Block [Abstract] |
Components of income tax provision |
(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 |
Reconciliation to Statutory Tax Rate |
(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%.
Significant Components of Deferred Tax Assets and Liabilities | 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 – $1,397) on the Consolidated Statement of Financial Position.
Changes to Net Deferred Taxes | The major changes to net deferred taxes were as follows:
For the year ended October 31 ($ 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 |

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