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Income taxes
 12 Months Ended
Oct. 31, 2025
Text Block [Abstract]  
Income taxes
Note 18
  
Income taxes
 
Total income taxes
 
$ millions, for the year ended October 31
  
2025
 
 
2024
 
Consolidated statement of income
  
 
Provision for (reversal of) current income taxes
  
 
Adjustments for prior years
   
$
15
 
    $ (38 ) 
Current income tax expense
   
 
2,727
 
      2,294  
    
 
2,742
 
      2,256  
Provision for (reversal of) deferred income taxes
      
Adjustments for prior years
   
 
(11
)
      37  
Effect of changes in tax rates and laws
   
 
2
 
      4  
Origination and reversal of temporary differences
   
 
(248
) 
      (285 ) 
    
 
(257
)
      (244 ) 
Total income taxes
   
 
2,485
 
      2,012  
OCI
   
 
397
 
      578  
Total comprehensive income
   
$
  2,882
 
    $   2,590  
Components of income tax
 
$ millions, for the year ended October 31
  
2025
 
 
2024
 
Current income taxes
  
 
Federal
(1)
   
$
1,247
 
    $ 1,242  
Provincial
   
 
803
 
      795  
Foreign
   
 
976
 
      671  
    
 
3,026
 
      2,708  
Deferred income taxes
      
Federal
   
 
(150
) 
      (116 ) 
Provincial
   
 
(97
)
      (82 ) 
Foreign
   
 
103
 
      80  
    
 
(144
)
      (118 ) 
Total
   
$
  2,882
 
    $   2,590  
 
(1)
Includes the impact of global minimum corporate tax (GMT).
We are subject to Canadian taxation on income of foreign branches. Earnings of foreign subsidiaries would generally only be subject to Canadian tax when distributed to Canada. Additional Canadian taxes that would be payable if all foreign subsidiaries’ retained earnings were distributed to the Canadian parent as dividends are estimated to be nil.
The effective rates of income tax in the consolidated statement of income are different from the combined Canadian federal and provincial income tax rates as set out in the following table:
Reconciliation of income taxes
 
$ millions, for the year ended October 31
  
2025
 
  
2024
 
Combined Canadian federal and provincial income tax rate applied to income before income taxes
   
$
3,040
 
   
 
27.8
 % 
    $ 2,548        27.8  % 
Income taxes adjusted for the effect of:
            
Foreign operations subject to different tax rates
   
 
(487
)
   
 
(4.5
)
      (485 )       (5.4 ) 
Other
(1)
   
 
(68
)
   
 
(0.6
)
      (51 )      (0.5 )
Income taxes in the consolidated statement of income
   
$
  2,485
 
   
 
22.7
 % 
    $   2,012        21.9  % 
 
(1)
Includes the impact of GMT and tax-exempt income. Prior year amounts have been revised to conform to the presentation adopted in 2025.
 
 
Deferred income taxes
Sources of and movement in deferred tax assets and liabilities
 
$ millions, for the year ended October 31, 2025
  
 
Net asset
Nov. 1, 2024
 
 
 
 
Recognized in
net income
 
 
 
 
Recognized in
OCI
 
 
 
 
Other
 (1)
 
 
 
Net asset
Oct. 31, 2025
 
 
Deferred tax assets
  
 
 
 
 
Allowance for credit losses
   
$
440
 
  
$
2
 
   
$
–
 
   
$
2
 
  
$
444
 
Deferred compensation
   
 
728
 
  
 
196
 
   
 
–
 
   
 
57
 
  
 
981
 
Financial instruments revaluation
   
 
8
 
  
 
10
 
   
 
(15
)
   
 
(3
)
  
 
–
 
Deferred income
   
 
248
 
  
 
49
 
   
 
–
 
   
 
(9
)
  
 
288
 
Other
   
 
197
 
  
 
22
 
   
 
(3
)
   
 
12
 
  
 
228
 
    
$
  1,621
 
  
$
  279
 
   
$
    (18
)
   
$
  59
 
  
$
  1,941
 
Deferred tax liabilities
             
Intangible assets
   
$
(402
) 
  
$
20
 
   
$
–
 
   
$
–
 
  
$
(382
)
Property and equipment
   
 
(90
) 
  
 
6
 
   
 
–
 
   
 
–
 
  
 
(84
)
Pension and employee benefits
   
 
(218
) 
  
 
(6
)
   
 
(66
)
   
 
(1
)
  
 
(291
)
Goodwill
   
 
(93
) 
  
 
(1
)
   
 
–
 
   
 
–
 
  
 
(94
)
Financial instruments revaluation
   
 
(12
) 
  
 
(1
) 
   
 
(33
) 
   
 
4
  
 
(42
)
Other
   
 
(34
) 
  
 
(40
)
   
 
4
 
   
 
2
 
  
 
(68
)
    
$
(849
) 
  
$
(22
)
   
$
(95
)
   
$
5
 
  
$
(961
)
Total net deferred tax assets
   
$
772
 
  
$
257
 
   
$
  (113
)
   
$
64
 
  
$
980
 
 
(1)
Includes foreign currency translation adjustments.

$ millions, for the year ended October 31, 2024      Net asset
Nov. 1, 2023		  
 		     Recognized in
net income		  
 		     Recognized in
OCI		  
 		     Other
 (1)
 		     Net asset
Oct. 31, 2024		  
 
Deferred tax assets
           
Allowance for credit losses
    $ 401     $ 38     $ –     $ 1     $ 440  
Deferred compensation
      427       255       –       46       728  
Financial instruments revaluation
      91       (19 )      (59 )      (5 )      8  
Deferred income
      235       13       –       –       248  
Other
      158       31       2       6       197  
     $   1,312     $   318     $ (57 )    $   48     $   1,621  
Deferred tax liabilities
           
Intangible assets
    $ (392 )    $ (10 )    $ –     $ –     $ (402 ) 
Property and equipment
      (67 )      (22 )      –       (1 )      (90 ) 
Pension and employee benefits
      (132 )      (19 )      (68 )      1       (218 ) 
Goodwill
      (91 )      (1 )      –       (1 )      (93 ) 
Financial instruments revaluation
      (13 )      –       –       1       (12 ) 
Other
      (10 )      (22 )      1       (3 )      (34 ) 
     $ (705 )    $ (74 )    $ (67 )    $ (3 )    $ (849 ) 
Total net deferred tax assets
    $ 607     $ 244     $   (124 )    $ 45     $ 772  
 
(1)
Includes foreign currency translation adjustments.
Deferred tax assets and liabilities are assessed by entity for presentation in our consolidated balance sheet. As a result, the net deferred tax assets of $980 million (2024: $772 million) are presented in the consolidated balance sheet as deferred tax assets of $1,027 million (2024: $821 million) and deferred tax liabilities of $47 million (2024: $49 million).
The deferred tax effect of tax loss carryforwards related to operating losses is $13 million (2024: $12 million), of which $1 million relates to the U.S., $7 million relates to Canada, and $5 million relates to the Caribbean
, which
expire in various years commencing in 2025.
The amount of unused operating tax losses for which deferred tax assets have not been recognized was $598 million as at October 31, 2025 (2024: $735 million), of which $60 million (2024: $3 million) relates to the U.S. region and $538 million (2024: $732 million) relates to the Caribbean region, which will generally expire within 7 to 10 years.
The amount of unused capital tax losses for which deferred tax assets have not been recognized was $482 million as at October 31, 2025 (2024: $482 million). These unused capital tax losses relate to Canada.
Tax examinations and disputes
The CRA has reassessed CIBC’s 2011–2020 taxation years for approximately
$1,918
million of income taxes related to the denial of deductions of certain dividends. Subsequent taxation years may also be similarly reassessed. CIBC filed a Notice of Appeal in respect of its 2011 taxation year to put the matter in litigation. CIBC is confident that its tax filings are appropriate and intends to defend itself vigorously. Accordingly, no amounts have been accrued in the consolidated financial
statements.
As previously reported, CIBC has potential aggregate exposure remaining in respect of foreign exchange capital loss matters of approximately $76 million. No amounts have been accrued in the consolidated financial statements.
Global Minimum Tax
On June 20, 2024, Canada enacted the
Global Minimum Tax Act
to adopt the Organisation for Economic Co-operation and Development’s Pillar Two, which implements a
15
% global minimum corporate tax (GMT) on certain multinational enterprises. These rules applied to CIBC as of November 1, 2024.
The IASB previously issued “International Tax Reform – Pillar Two Model Rules”, which amended IAS 12 to provide a temporary exception from the recognition and
disclosure
of deferred taxes arising from the implementation of Pillar Two Model Rules, which CIBC has applied.
The impact of GMT on CIBC’s consolidated tax rate is within a
1
% range for the year ended October 31, 2025.