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Income taxes (Tables)
 12 Months Ended
Oct. 31, 2022
Text Block [Abstract]  
Total Income Taxes
Total income taxes
 
$ millions, for the year ended October 31
  
2022
 
 
2021
 
Consolidated statement of income
  
      
 
      
Provision for (reversal of) current income taxes
  
      
 
      
Adjustments for prior years
   
$
35
 
    $ (22 ) 
Current income tax expense
   
 
1,741
 
      1,939  
    
 
1,776
 
      1,917  
Provision for (reversal of) deferred income taxes
                  
Adjustments for prior years
   
 
(27
)
  
   19  
Effect of changes in tax rates and laws
   
 
(4
)
  
   1  
Origination and reversal of temporary differences
   
 
(15
)
  
   (61 ) 
    
 
(46
)
  
   (41 ) 
    
 
1,730
 
  
   1,876  
OCI
   
 
(268
)
  
   297  
Total comprehensive income
   
$
 
 
 
 
1,462
      $     2,173  
Components of Income Tax
Components of income tax

 
$ millions, for the year ended October 31
  
2022
 
  
2021
 
Current income taxes
  
      
  
      
Federal
   
$
627
 
    $ 918  
Provincial
   
 
429
 
      629  
Foreign
   
 
459
 
      398  
    
 
1,515
 
      1,945  
Deferred income taxes
                  
Federal
   
 
51
 
      137  
Provincial
   
 
37
 
      90  
Foreign
   
 
(141
)
  
   1  
    
 
(53
)
  
   228  
   
$
      1,462
 
    $     2,173  
Reconciliation of Income Taxes
Reconciliation of income taxes
 
$ millions, for the year ended October 31
  
2022
 
  
2021
 
Combined Canadian federal and provincial income tax rate applied to income before
income taxes
   
$
2,097
 
   
 
26.3
 % 
    $ 2,188        26.3  % 
Income taxes adjusted for the effect of:
                                    
Earnings of foreign subsidiaries
   
 
(199
)
   
 
(2.5
)
      (136 )       (1.6 ) 
Tax-exempt income
   
 
(156
)
   
 
(2.0
)
      (150 )       (1.8 ) 
Changes in income tax rate on deferred tax balances
   
 
(4
)
   
 
–
 
      1        –
 
Impact of equity-accounted income
   
 
(13
)
   
 
(0.2
)
      (13 )       (0.2 ) 
Other
   
 
5
 
   
 
0.1
 
      (14 )       (0.2 ) 
Income taxes in the consolidated statement of income
   
$
     1,730
 
   
 
       21.7
 % 
    $     1,876        22.5  % 
 
Sources of and Movement in Deferred Tax Assets and Liabilities
Deferred tax assets
$ millions, for the year ended October 31
 
Allowance
for credit
losses
 
 
Property
and
equipment
 
 
Pension and
employee
benefits
 
 
Provisions
 
 
Financial
instrument
revaluation
 
 
Tax loss
carry-
forwards 
(1)
 
 
Other
 
 
Total
assets
 
2022
   
Balance at beginning of year
  
$
222
 
  
$
40
 
  
$
307
 
  
$
103
 
  
$
24
 
  
$
5
 
  
$
215
 
  
$
916
 
    
Recognized in net income
  
 
24
 
  
 
3
 
  
 
(25
)
  
 
(12
)
  
 
(3
)
  
 
2
 
  
 
49
 
  
 
38
 
    
Recognized in OCI
  
 
–
 
  
 
–
 
  
 
(16
)
  
 
–
 
  
 
104
 
  
 
–
 
  
 
–
 
  
 
88
 
    
Other
(2)
  
 
10
 
  
 
(37
)
  
 
9
 
  
 
1
 
  
 
–
 
  
 
(1
)
  
 
–
 
  
 
(18
)
    
Balance at end of year
  
$
256
 
  
$
6
 
  
$
275
 
  
$
92
 
  
$
125
 
  
$
6
 
  
$
264
 
  
$
1,024
 
2021   
Balance at beginning of year
   $ 314     $ 39     $ 554     $ 53     $ 1     $ 19     $ 236     $ 1,216  
    
Recognized in net income
     (80 )      3       59       51       (7 )      (3 )      (16 )      7  
    
Recognized in OCI
     –       –       (296 )      –       43       –       –       (253 ) 
    
Other
(2)
     (12 )      (2 )      (10 )      (1 )      (13 )      (11 )      (5 )      (54 ) 
    
Balance at end of year
   $     222     $     40     $      307     $     103     $      24     $ 5     $     215     $       916  
Deferred tax liabilities
$ millions, for the year ended October 31
 
Intangible
assets
 
 
Property
and
equipment
 
 
Pension and
employee
benefits
 
 
Goodwill
 
 
Financial
instrument
revaluation
 
 
Other
 
 
Total
liabilities
 
2022
   
Balance at beginning of year
  
$
(327
) 
  
$
(82
) 
  
$
(24
) 
  
$
(88
) 
  
$
(19
) 
  
$
(12
) 
  
$
(552
) 
    
Recognized in net income
  
 
(10
)
  
 
(23
)
  
 
33
 
  
 
(2
)
  
 
4
 
  
 
6
 
  
 
8
 
    
Recognized in OCI
  
 
–
 
  
 
–
 
  
 
(81
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(81
)
    
Other
(2)
  
 
(4
)
  
 
36
 
  
 
1
 
  
 
1
 
  
 
2
 
  
 
–
 
  
 
36
 
    
Balance at end of year
  
$
    (341
) 
  
$
      (69
) 
  
$
    (71
) 
  
$
    (89
) 
  
$
    (13
) 
  
$
    (6
) 
  
$
    (589
) 
2021   
Balance at beginning of year
   $ (305 )    $ (112 )    $ (15 )    $ (86 )    $ (63 )    $ (18 )    $ (599 ) 
    
Recognized in net income
     (26 )      27       1       (2 )      28       6       34  
    
Recognized in OCI
     –       –       (15 )      –       (1 )      –       (16 ) 
    
Other
(2)
     4       3       5       –       17       –       29  
    
Balance at end of year
   $ (327 )    $ (82 )    $ (24 )    $ (88 )    $ (19 )    $ (12 )    $ (552 ) 
Net deferred tax assets as at October 31, 2022
 
  
$
435
 
Net deferred tax assets as at October 31, 2021
     $ 364  
 
(1)
The deferred tax effect of tax loss carryforwards includes $6
 
million (2021: $5
 
million) that relate to operating losses (of which $3
 
million relate to Canada, and $3
 
million relate to the Caribbean) that expire in various years commencing in 2022, and nil (2021: nil) that relate to U.S. capital losses.
(2)
Includes foreign currency translation adjustments.