Income Taxes (Tables)

12 Months Ended

Oct. 31, 2025

Income Taxes [Abstract]

Summary of Provision for (Recovery of) Income Taxes

The provision for (recovery of) income taxes is comprised of the following:

Provision for (Recovery of) Income Taxes

(millions of Canadian dollars)

For the years ended October 31

2025

2024

Provision for (recovery of) income taxes – Consolidated Statement of Income 

Current income taxes

Provision for (recovery of) income taxes for the current period

$

4,281

$

3,956

Adjustments in respect of prior years and other

(107)

(204)

Total current income taxes

4,174

3,752

Deferred income taxes

Provision for (recovery of) deferred income taxes related to the origination 

and reversal of temporary differences

(778)

(1,254)

Effect of changes in tax rates

(45)

(13)

Adjustments in respect of prior years and other

59

206

Total deferred income taxes

(764)

(1,061)

Total provision for (recovery of) income taxes – Consolidated Statement of Income

3,410

2,691

Provision for (recovery of) income taxes – Statement of Other Comprehensive Income

Current income taxes

628

767

Deferred income taxes

323

183

Total provision for (recovery of) income taxes – Statement of Other Comprehensive Income

951

950

Income taxes – other items including business combinations and other adjustments

Current income taxes

(134)

(38)

Deferred income taxes

(7)

(12)

(141)

(50)

Total provision for (recovery of) income taxes

4,220

3,591

Current income taxes

Federal

2,078

1,712

Provincial

1,454

1,221

Foreign

1,136

1,548

4,668

4,481

Deferred income taxes 

Federal

(162)

92

Provincial

(132)

54

Foreign

(154)

(1,036)

(448)

(890)

Total provision for (recovery of) income taxes

$

4,220

$

3,591

Summary of Reconciliation to Statutory Income Tax Rate

The Bank’s statutory and effective tax rate is outlined in the following table.

Reconciliation to Statutory Income Tax Rate

(millions of Canadian dollars, except as noted)

2025

2024

Income taxes at Canadian statutory income tax rate

$

6,572

27.8

%

$

3,009

27.8

%

Increase (decrease) resulting from:

Dividends received

(13)

(0.1)

(28)

(0.3)

Rate differentials on international operations

1

(3,037)

(12.8)

(270)

(2.5)

Other – net

(112)

(0.5)

(20)

(0.2)

Provision for income taxes and effective income tax rate

$

3,410

14.4

%

$

2,691

24.8

%

1

 The 2025 amount includes the Pillar Two Global Minimum Tax impact to provision for income taxes as discussed in the International Tax Reform – Pillar Two Global Minimum Tax section

below.

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

October 31

October 31

2025

2024

Deferred tax assets

Allowance for credit losses

$

1,760

$

1,592

Trading loans

26

31

Employee benefits

1,089

1,036

Losses available for carry forward

44

45

Tax credits

81

89

Land, buildings, equipment, other depreciable assets, and right-of-use assets

437

366

Securities

478

589

Deferred income

359

353

Intangibles

202

92

Other

923

727

Total deferred tax assets

5,399

4,920

Deferred tax liabilities

Pensions

91

81

Goodwill

223

202

Total deferred tax liabilities

314

283

Net deferred tax assets

5,085

4,637

Reflected on the Consolidated Balance Sheet as follows:

Deferred tax assets

5,388

4,937

Deferred tax liabilities

1

303

300

Net deferred tax assets

$

5,085

$

4,637

1

 Included in Other liabilities on the Consolidated Balance Sheet.

Summary of Deferred Income Tax Expense (Recovery)

The movement in the net deferred tax asset for the years ended October 31, 2025 and October 31, 2024, was as follows:

Deferred Income Tax Expense (Recovery)

(millions of Canadian dollars)

For the years ended October 31

2025

2024

Consolidated

Other

Business

Consolidated

Other

Business

statement of

comprehensive

combinations

statement of

comprehensive

combinations

income

income

and other

Total

income

income

and other

Total

Deferred income tax expense 

(recovery)

Allowance for credit losses

$

(168)

$

–

$

–

$

(168)

$

(126)

$

–

$

–

$

(126)

Trading loans 

5

–

–

5

(1)

–

–

(1)

Employee benefits

(55)

2

–

(53)

(154)

(15)

–

(169)

Losses available for carry 

forward

1

–

–

1

82

–

–

82

Tax credits

8

–

–

8

(43)

–

–

(43)

Land, buildings, equipment, other depreciable

assets, and right-of-use assets

(71)

–

–

(71)

105

–

–

105

Securities

(219)

330

–

111

(494)

219

–

(275)

Deferred (income) expenses

(6)

–

–

(6)

(591)

–

–

(591)

Intangibles

(110)

–

–

(110)

(102)

–

–

(102)

Other deferred tax assets

(189)

–

(7)

(196)

291

–

(12)

279

Pensions

19

(9)

–

10

(56)

(21)

–

(77)

Goodwill

21

–

–

21

28

–

–

28

Total deferred income tax

 expense (recovery)

$

(764)

$

323

$

(7)

$

(448)

$

(1,061)

$

183

$

(12)

$

(890)