TD Bank 2002 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2002 TD Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 95

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95

63
FINANCIAL RESULTS
(millions of dollars) 2002 2001 2000
Provision for income taxes – consolidated statement of operations1
Current income taxes $ 610 $ 973 $ 1,087
Future income taxes (1,016) (1,137) (791)
(406) (164) 296
Provision for income taxes – consolidated statement of changes in
shareholders’ equity
Current income taxes 46 (217) (48)
Future income taxes (1) (74) (6)
45 (291) (54)
Total provision for (benefit of) income taxes $ (361) $ (455) $ 242
Current income taxes
Federal $ 432 $ 395 $ 497
Provincial 172 159 124
Foreign 52 202 418
656 756 1,039
Future income taxes2
Federal (591) (785) (568)
Provincial (184) (343) (199)
Foreign (242) (83) (30)
(1,017) (1,211) (797)
$ (361) $ (455) $ 242
NOTE 12 Provision for (benefit of) income taxes
1Includes the tax effect of goodwill amortization of $9 million in each
of fiscal 2001 and 2000.
2Includes a net future income tax benefit of $22 million (2001 – $215
million; 2000 – $54 million) related to federal and provincial tax rate
reductions.
The provision for income taxes shown in the consolidated
state-
ment of operations differs from that obtained by applying
statutory tax rates to the income (loss) before provision for
(benefit of) income taxes for the following reasons:
2002 2001 2000
Canadian statutory income tax rate 38.4% 41.1% 42.4%
Increase (decrease) resulting from:
Goodwill amortization –4.4 2.6
Dividends 39.2 (12.3) (8.2)
Rate differentials on international operations 18.8 (19.0) (9.8)
Future federal and provincial tax rate reductions 4.8 (17.0) (7.2)
Federal large corporations tax (3.5) 1.4 1.0
Financial institutions temporary surcharge ––.5
Gains on sale of investment real estate .1 (9.1) –
Non-controlling interest in net income of subsidiaries (9.9) 3.4 2.1
Other – net 2.7 (5.9) (2.2)
Effective income tax rate 90.6% (13.0)% 21.2%