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Income taxes (Tables)
 12 Months Ended
Oct. 31, 2023
Text Block [Abstract]  
Total Income Taxes
Total income taxes
 
$ millions, for the year ended October 31
   
2023
     2022  
Consolidated statement of income
                 
Provision for (reversal of) current income taxes
                 
Adjustments for prior years
   
$
607
 
   $ 35  
Current income tax expense
   
 
1,411
 
     1,741  
 
   
 
2,018
 
     1,776  
Provision for (reversal of) deferred income taxes
                 
Adjustments for prior years
   
 
(11
) 
     (27 ) 
Effect of changes in tax rates and laws
   
 
(10
) 
     (4 ) 
Origination and reversal of temporary differences
   
 
(66
) 
     (15 ) 
 
   
 
(87
) 
     (46 ) 
    
 
1,931
 
     1,730  
OCI
   
 
(219
) 
     (268 ) 
Total comprehensive income
   
$
    1,712
 
   $     1,462  
Components of Income Tax
Components of income tax
 
$ millions, for the year ended October 31
   
2023
     2022  
Current income taxes
                 
Federal
   
$
748
 
   $ 627  
Provincial
   
 
481
 
     429  
Foreign
   
 
634
 
     459  
 
   
 
1,863
 
     1,515  
Deferred income taxes
                 
Federal
   
 
(37
) 
     51  
Provincial
   
 
(24
) 
     37  
Foreign
   
 
(90
) 
     (141 ) 
 
   
 
(151
) 
     (53 ) 
 
   
$
    1,712
 
   $     1,462  
Reconciliation of Income Taxes
Reconciliation of income taxes
 
$ millions, for the year ended October 31
   
2023
      2022  
Combined Canadian federal and provincial income tax rate applied to income before
income taxes
   
$
1,936
 
   
 
27.8
 % 
    $ 2,097        26.3  % 
Income taxes adjusted for the effect of:
                                    
Foreign operations subject to different tax rates
   
 
(332
) 
   
 
(4.8
) 
      (199 )       (2.5 ) 
Tax-exempt
income
   
 
(184
) 
   
 
(2.7
) 
      (156 )       (2.0 ) 
Changes in income tax rate on deferred tax balances
   
 
(10
) 
   
 
(0.1
) 
      (4 )       –  
Impact of equity-accounted income
   
 
(2
) 
   
 
–
 
      (13 )       (0.2 ) 
Canada Recovery Dividend
(CRD) 
tax
   
 
525
 
   
 
7.5
 
      –        –  
Other
   
 
(2
) 
   
 
–
 
      5        0.1  
Income taxes in the consolidated statement of income
   
$
    1,931
 
   
 
    27.7
 % 
    $     1,730        21.7  % 
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		     Property
and
equipment		     Pension and
employee
benefits		     Provisions     Financial
instrument
revaluation		     Tax loss
carry-
forwards 
(1)
     Other     Total
assets		  
2023
   
Balance at beginning of year
  
$
256
 
  
$
6
 
  
$
275
 
  
$
92
 
  
$
125
 
  
$
6
 
  
$
264
 
  
$
1,024
 
    
Recognized in net income
  
 
142
 
  
 
(1
) 
  
 
12
 
  
 
(39
) 
  
 
(7
) 
  
 
(1
) 
  
 
25
 
  
 
131
 
    
Recognized in OCI
  
 
–
 
  
 
–
 
  
 
70
 
  
 
–
 
  
 
(27
) 
  
 
–
 
  
 
16
 
  
 
59
 
 
   
Other
(2)
  
 
3
 
  
 
(1
) 
  
 
(46
) 
  
 
–
 
  
 
–
 
  
 
(1
) 
  
 
(1
) 
  
 
(46
) 
 
   
Balance at end of year
  
$
401
 
  
$
4
 
  
$
311
 
  
$
53
 
  
$
91
 
  
$
4
 
  
$
304
 
  
$
1,168
 
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  
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		  
2023
   
Balance at beginning of year
  
$
(341
) 
  
$
(69
) 
  
$
(71
) 
  
$
(89
) 
  
$
(13
) 
  
$
(6
) 
  
$
(589
) 
    
Recognized in net income
  
 
(50
) 
  
 
1
 
  
 
1
 
  
 
(2
) 
  
 
–
 
  
 
6
 
  
 
(44
) 
    
Recognized in OCI
  
 
–
 
  
 
–
 
  
 
5
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
5
 
 
   
Other
(2)
  
 
(1
) 
  
 
1
 
  
 
49
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
49
 
 
   
Balance at end of year
  
$
    (392
) 
  
$
    (67
) 
  
$
    (16
) 
  
$
    (91
) 
  
$
    (13
) 
  
$
–
 
  
$
    (579
) 
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 ) 
Net deferred tax assets as at October 31, 2023
 
  
$
589
 
Net deferred tax assets as at October 31, 2022
     $ 435  
 
(1)
The deferred tax effect of tax loss carryforwards includes $4 million (2022: $6 million) that relate to operating losses (of which $2 million relate to Canada, and $2 million relate to the Caribbean) that expire in various years commencing in 2023, and nil (2022: nil) that relate to U.S. capital losses.
(2)
Includes foreign currency translation adjustments.