Income Taxes (Tables)

6 Months Ended

Apr. 30, 2020

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Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities comprise of the following:

Deferred Tax Assets and Liabilities

(millions of Canadian dollars)	As at
	April 30 2020		October 31 2019
Deferred tax assets
Allowance for credit losses	$	1,394	$	965
Trading loans		50		50
Employee benefits		779		844
Pensions		411		344
Losses available for carry forward		99		95
Tax credits		260		228
Intangibles		19		–
Other		100		88
Total deferred tax assets		3,112		2,614
Deferred tax liabilities
Securities		1,593		527
Land, buildings, equipment, and other depreciable assets		8		242
Deferred (income) expense		48		91
Intangibles		–		40
Goodwill		122		108
Total deferred tax liabilities		1,771		1,008
Net deferred tax assets		1,341		1,606
Reflected on the Consolidated Balance Sheet as follows:
Deferred tax assets		1,623		1,799
Deferred tax liabilities1		282		193
Net deferred tax assets	$	1,341	$	1,606

¹  Included in Other liabilities on the Interim Consolidated Balance Sheet.