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Income taxes (Tables)
 12 Months Ended
Oct. 31, 2019
Text block [abstract]  
Total Income Taxes
Total income taxes
 
$ millions, for the year ended October 31
  
2019
 
 
2018 
(1)
 
 
2017
 
Consolidated statement of income
  
 
 
 
 
 
 
 
 
 
 
 
Provision for current income taxes
  
 
 
 
 
 
 
 
 
 
 
 
Adjustments for prior years
  
$
(1
25
) 
 
$
(39
) 
 
$
(19
) 
Current income tax expense
  
 
1,
36
5
 
 
 
1,392
 
 
 
1,160
 
 
  
 
1,240
 
 
 
1,353
 
 
 
1,141
 
Provision for deferred income taxes
  
 
 
 
 
 
 
 
 
 
 
 
Adjustments for prior years
  
 
107
 
 
 
32
 
 
 
6
 
Effect of changes in tax rates and laws
  
 
34
 
 
 
87
 
 
 
3
 
Origination and reversal of temporary differences
  
 
(33
)
 
 
 
(50
) 
 
 
12
 
 
  
 
108
 
 
 
69
 
 
 
21
 
 
  
 
1,348
 
 
 
1,422
 
 
 
1,162
 
OCI
  
 
22
 
 
 
42
 
 
 
166
 
Total comprehensive income
  
$
    1,370
 
 
$
    1,464
 
 
$
    1,328
 
 
(1)
Excludes loss carryforwards that were recognized directly in retained earnings relating to foreign exchange translation amounts on CIBC’s net investment in foreign operations. These amounts were previously reclassified to retained earnings as part of our transition to IFRS in 2012.
Components of Income Tax
Components of income tax
 
$ millions, for the year ended October 31
  
2019
 
  
2018
 
  
2017
 
Current income taxes
  
 
 
 
  
 
 
 
  
 
 
 
Federal
  
$
634
 
  
$
686
 
  
$
683
 
Provincial
  
 
428
 
  
 
467
 
  
 
451
 
Foreign
  
 
226
 
  
 
188
 
  
 
127
 
 
  
 
1,288
 
  
 
1,341
 
  
 
1,261
 
Deferred income taxes
  
 
 
 
  
 
 
 
  
 
 
 
Federal
  
 
30
 
  
 
54
 
  
 
52
 
Provincial
  
 
20
 
  
 
36
 
  
 
33
 
Foreign
  
 
3
2
 
  
 
33
 
  
 
(18
) 
 
  
 
8
2
 
  
 
123
 
  
 
67
 
 
  
$
    1,3
70
 
  
$
    1,464
 
  
$
    1,328
 
Reconciliation of Income Taxes
Reconciliation of income taxes
 
$ millions, for the year ended October 31
  
2019
 
  
2018
 
  
2017
 
Combined Canadian federal and provincial income tax rate applied to income before income taxes
  
$
1,718
 
  
 
26.5
 % 
  
$
1,777
 
  
 
26.5
 % 
  
$
1,558
 
  
 
26.5
 % 
Income taxes adjusted for the effect of:
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Earnings of foreign subsidiaries
  
 
(214
) 
  
 
(3.3
) 
  
 
(220
) 
  
 
(3.3
) 
  
 
(137
) 
  
 
(2.3
) 
Tax-exempt income
  
 
(131
) 
  
 
(2.0
) 
  
 
(203
) 
  
 
(3.0
) 
  
 
(219
) 
  
 
(3.7
) 
Disposition
  
 
–
 
  
 
–
 
  
 
(1
) 
  
 
–
 
  
 
(26
) 
  
 
(0.4
) 
Changes in income tax rate on deferred tax balances
  
 
34
 
  
 
0.5
 
  
 
88
 
  
 
1.3
 
  
 
3
 
  
 
–
 
Impact of equity-accounted income
  
 
(23
) 
  
 
(0.4
) 
  
 
(29
) 
  
 
(0.4
) 
  
 
(25
) 
  
 
(0.4
) 
Other (including Enron settlement)
  
 
(36
) 
  
 
(0.5
)
 
  
 
10
 
  
 
0.1
 
  
 
8
 
  
 
0.1
 
Income taxes in the consolidated statement of income
  
$
    1,348
 
  
 
20.8
 % 
  
$
    1,422
 
  
 
21.2
 % 
  
$
    1,162
 
  
 
19.8
 % 
Sources of and Movement in Deferred Tax Assets and Liabilities
Deferred income taxes
Sources of and movement in deferred tax assets and liabilities
Deferred tax assets
$ millions, for the year ended October 31
 
Allowance
for credit
losses
 
 
Buildings
and
equipment
 
 
Pension and
employee
benefits
 
 
Provisions
 
 
Financial
instrument
revaluation
 
 
Tax loss
carry-
forwards 
(1)
 
 
Other 
(2)
 
 
Total
assets
 
2019
 
Balance at beginning of year before accounting policy changes
 
$
    298
 
 
$
    12
 
 
$
    437
 
 
$
    16
 
 
$
    66
 
 
$
    38
 
 
$
    127
 
 
$
    994
 
 
 
Impact of adopting IFRS 15 at November 1, 2018
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
3
 
 
 
3
 
 
 
Balance at beginning of year after accounting policy changes
 
 
298
 
 
 
12
 
 
 
437
 
 
 
16
 
 
 
66
 
 
 
38
 
 
 
130
 
 
 
997
 
 
 
Recognized in net income
 
 
(124
) 
 
 
14
 
 
 
46
 
 
 
3
 
 
 
(32
) 
 
 
(14
) 
 
 
20
 
 
 
(87
) 
 
 
Recognized in OCI
 
 
–
 
 
 
–
 
 
 
83
 
 
 
–
 
 
 
(50
) 
 
 
–
 
 
 
–
 
 
 
33
 
 
 
Other
(3)
 
 
(4
) 
 
 
21
 
 
 
1
 
 
 
1
 
 
 
17
 
 
 
–
 
 
 
7
 
 
 
43
 
 
 
Balance at end of year
 
$
    170
 
 
$
    47
 
 
$
    567
 
 
$
    20
 
 
$
    1
 
 
$
    24
 
 
$
    157
 
 
$
    986
 
2018
 
Balance at beginning of year under IAS 39
 
$
245
 
 
$
69
 
 
$
559
 
 
$
47
 
 
$
124
 
 
$
18
 
 
$
107
 
 
$
1,169
 
 
 
Impact of adopting IFRS 9 at November 1, 2017
 
 
7
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
20
 
 
 
–
 
 
 
–
 
 
 
27
 
 
 
Balance at beginning of year under IFRS 9
 
 
252
 
 
 
69
 
 
 
559
 
 
 
47
 
 
 
144
 
 
 
18
 
 
 
107
 
 
 
1,196
 
 
 
Recognized in net income
 
 
31
 
 
 
(53
) 
 
 
(45
) 
 
 
(31
) 
 
 
(60
) 
 
 
20
 
 
 
22
 
 
 
(116
) 
 
 
Recognized in OCI
 
 
1
 
 
 
–
 
 
 
(87
) 
 
 
–
 
 
 
(1
) 
 
 
–
 
 
 
–
 
 
 
(87
) 
 
 
Other
(3)
 
 
14
 
 
 
(4
) 
 
 
10
 
 
 
–
 
 
 
(17
) 
 
 
–
 
 
 
(2
) 
 
 
1
 
 
 
Balance at end of year
 
$
    298
 
 
$
12
 
 
$
437
 
 
$
16
 
 
$
66
 
 
$
38
 
 
$
127
 
 
$
994
 
2017
 
Balance at beginning of year
 
$
227
 
 
$
    88
 
 
$
    520
 
 
$
31
 
 
$
25
 
 
$
    70
 
 
$
117
 
 
$
    1,078
 
 
 
Recognized in net income
 
 
2
 
 
 
(14
) 
 
 
19
 
 
 
15
 
 
 
(26
) 
 
 
(49
) 
 
 
3
 
 
 
(50
) 
 
 
Recognized in OCI
 
 
–
 
 
 
–
 
 
 
(49
) 
 
 
–
 
 
 
19
 
 
 
–
 
 
 
–
 
 
 
(30
) 
 
 
Acquisitions
 
 
14
 
 
 
–
 
 
 
86
 
 
 
–
 
 
 
111
 
 
 
–
 
 
 
10
 
 
 
221
 
 
 
Other
(3)
 
 
2
 
 
 
(5
) 
 
 
(17
) 
 
 
1
 
 
 
(5
) 
 
 
(3
) 
 
 
(23
) 
 
 
(50
) 
 
 
Balance at end of year
 
$
245
 
 
$
69
 
 
$
559
 
 
$
    47
 
 
$
  124
 
 
$
18
 
 
$
107
 
 
$
1,169
 
 
Deferred tax liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ millions, for the year ended October 31
 
Intangible
assets
 
 
Buildings
and
equipment
 
 
Pension and
employee
benefits
 
 
Goodwill
 
 
Financial
instrument
revaluation
 
 
Foreign
currency
 
 
Other
 
 
Total
liabilities
 
2019
 
Balance at beginning of year before accounting policy changes
 
$
(287
) 
 
$
(47
) 
 
$
(11
) 
 
$
(85
) 
 
$
(12
) 
 
$
–
 
 
$
6
 
 
$
(436
) 
 
 
Impact of adopting IFRS 15 at November 1, 2018
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(5
) 
 
 
(5
) 
 
 
Balance at beginning of year after accounting policy changes
 
 
(287
) 
 
 
(47
) 
 
 
(11
) 
 
 
(85
) 
 
 
(12
) 
 
 
–
 
 
 
1
 
 
 
(441
) 
 
 
Recognized in net income
 
 
(16
) 
 
 
(12
) 
 
 
(1
) 
 
 
(1
) 
 
 
(4
) 
 
 
–
 
 
 
13
 
 
 
(21
) 
 
 
Recognized in OCI
 
 
–
 
 
 
–
 
 
 
(6
) 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(1
) 
 
 
(7
) 
 
 
Other
(3)
 
 
(12
) 
 
 
(9
) 
 
 
9
 
 
 
2
 
 
 
(9
) 
 
 
–
 
 
 
(19
) 
 
 
(38
) 
 
 
Balance at end of year
 
$
(315
) 
 
$
(68
) 
 
$
(9
) 
 
$
(84
) 
 
$
(25
) 
 
$
–
 
 
$
(6
) 
 
$
(507
) 
2018
 
Balance at beginning of year under IFRS 9
(4)
 
$
    (329
) 
 
$
    (52
) 
 
$
    (10
) 
 
$
(93
) 
 
$
(17
) 
 
$
(1
) 
 
$
30
 
 
$
(472
) 
 
 
Recognized in net income
 
 
53
 
 
 
–
 
 
 
3
 
 
 
1
 
 
 
3
 
 
 
–
 
 
 
(13
) 
 
 
47
 
 
 
Recognized in OCI
 
 
–
 
 
 
–
 
 
 
(3
) 
 
 
–
 
 
 
(2
) 
 
 
–
 
 
 
13
 
 
 
8
 
 
 
Other
(3)
 
 
(11
) 
 
 
5
 
 
 
(1
) 
 
 
7
 
 
 
4
 
 
 
1
 
 
 
(24
) 
 
 
(19
) 
 
 
Balance at end of year
 
$
(287
) 
 
$
(47
) 
 
$
(11
) 
 
$
(85
) 
 
$
(12
) 
 
$
–
 
 
$
6
 
 
$
(436
) 
2017
 
Balance at beginning of year
 
$
(158)
 
 
$
(45)
 
 
$
(8)
 
 
$
(88
) 
 
$
(54
) 
 
$
24
 
 
$
1
 
 
$
(328
) 
 
 
Recognized in net income
 
 
(19
) 
 
 
(3
) 
 
 
1
 
 
 
(5
) 
 
 
36
 
 
 
–
 
 
 
19
 
 
 
29
 
 
 
Recognized in OCI
 
 
–
 
 
 
–
 
 
 
(5
) 
 
 
–
 
 
 
(13
) 
 
 
–
 
 
 
2
 
 
 
(16
) 
 
 
Acquisitions
 
 
(143
) 
 
 
(7
) 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(150
) 
 
 
Other
(3)
 
 
(9
) 
 
 
3
 
 
 
2
 
 
 
–
 
 
 
14
 
 
 
    (25
) 
 
 
8
 
 
 
(7
) 
 
 
Balance at end of year
 
$
(329
) 
 
$
(52
) 
 
$
(10
) 
 
$
    (93
) 
 
$
    (17
) 
 
$
(1
) 
 
$
    30
 
 
$
    (472
) 
Net deferred tax assets as at October 31, 2019
 
 
$
479
 
Net deferred tax assets as at October 31, 2018
 
 
$
558
 
Net deferred tax assets as at October 31, 2017
 
 
$
697
 
 
 
(1)
The tax loss carryforwards include $22 million (2018: $38 million; 2017: $18 million) that relate to operating losses (of which $1 million relate to Canada, $18 million relate to the U.S., and $3 million relate to the Caribbean) that expire in various years commencing in 2020, and $2 million (2018: nil, 2017: nil) that relate to U.S. capital losses that expire in 2024.
(2)
Certain information has been restated to conform to the presentation adopted in the current year.
(3)
Includes foreign currency translation adjustments.
(4)
Transition impact from the adoption of IFRS 9 at November 1, 2017 was nil.