Bank of Montreal 2015 Annual Report Download - page 177
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Notes
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Provision for Income Taxes
(Canadian $ in millions) 2015 2014 2013
Consolidated Statement of Income
Current
Provision for income taxes for the current period 685 547 1,095
Adjustments in respect of current tax for prior periods 18 (1) (29)
Deferred
Origination and reversal of temporary differences 248 361 (10)
Effect of changes in tax rates (15) (4) (1)
936 903 1,055
Other Comprehensive Income and Shareholders’ Equity
Income tax expense (recovery) related to:
Gains (losses) on remeasurement of pension and other employee future benefit plans 51 (63) 126
Unrealized (losses) on available-for-sale securities, net of hedging activities (87) (15) (31)
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value 43 ––
Gains (losses) on cash flow hedges 174 51 (57)
Hedging of unrealized (gains) on translation of net foreign operations (167) (144) (146)
Total 950 732 947
Components of Total Provision for Income Taxes
(Canadian $ in millions) 2015 2014 2013
Canada: Current income taxes
Federal 395 292 457
Provincial 215 200 300
610 492 757
Canada: Deferred income taxes
Federal 131 33 (109)
Provincial 71 29 (76)
202 62 (185)
Total Canadian 812 554 572
Foreign: Current income taxes 36 (58) 90
Deferred income taxes 102 236 285
Total foreign 138 178 375
Total 950 732 947
Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective income tax rates
and provision for income taxes that we have recorded in our Consolidated Statement of Income:
(Canadian $ in millions, except as noted) 2015 2014 2013
Combined Canadian federal and provincial income taxes at the statutory tax rate 1,410 26.4% 1,382 26.4% 1,386 26.4%
Increase (decrease) resulting from:
Tax-exempt income from securities (378) (7.1) (343) (6.5) (250) (4.7)
Foreign operations subject to different tax rates (39) (0.7) (69) (1.3) (10) (0.2)
Change in tax rate for deferred income taxes (15) (0.3) (4) (0.1) (1) –
Income attributable to non-controlling interests (29) (0.5) (33) (0.7) (35) (0.7)
Adjustments in respect of current tax for prior periods 18 0.3 (1) – (29) (0.6)
Other (31) (0.6) (29) (0.6) (6) (0.1)
Provision for income taxes and effective tax rate 936 17.5% 903 17.2% 1,055 20.1%
Certain comparative figures have been reclassified to conform with the current year’s presentation.
190 BMO Financial Group 198th Annual Report 2015