TD Bank 2012 Annual Report Download - page 156

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TD BANK GROUP ANNUAL REPORT 2012 FINANCIAL RESULTS154
INCOME TAXES
NOTE 26
The provision for (recovery of) income taxes is comprised of the following
for the years ended October 31, 2012 and October 31, 2011.
Provision for (Recovery of) Income Taxes
(millions of Canadian dollars) 2012 2011
Provision for income taxes – Consolidated Statement of Income
Current income taxes
Provision for (recovery of) income taxes for the current period $ 999 $ 1,526
Adjustments in respect of prior years (11) (5)
Other adjustments to current tax provision (recovery) (8) (48)
Total current income taxes 980 1,473
Deferred income taxes
Provision for (recovery of) deferred income taxes related to the origination
and reversal of temporary differences 161 (152)
Effect of changes in tax rates (14) 13
Adjustments in respect of prior years (6) (5)
Recovery of income taxes due to recognition of previously unrecognized deductible
temporary differences and unrecognized tax losses of a prior period (1) –
Other adjustments to current tax provision (recovery) (28) (3)
Total deferred income taxes 112 (147)
Total provision for income taxes – Consolidated Statement of Income 1,092 1,326
Provision for income taxes – Statement of Other Comprehensive Income
Current income taxes 172 202
Deferred income taxes (67) (132)
105 70
Income taxes – other non-income related items including business
combinations and other adjustments
Current income taxes 6 (61)
Deferred income taxes 21 (69)
27 (130)
Total provision for (recovery of) income taxes $ 1,224 $ 1,266
Current income taxes
Federal $ 604 $ 718
Provincial 412 463
Foreign 142 433
1,158 1,614
Deferred income taxes
Federal (100) (50)
Provincial (68) (28)
Foreign 234 (270)
66 (348)
Total provision for (recovery of) income taxes $ 1,224 $ 1,266
Reconciliation to Statutory Income Tax Rate
(millions of Canadian dollars, except as noted) 2012 2011
Income taxes at Canadian statutory income tax rate $ 1,938 26.4% $ 2,005 28.1%
Increase (decrease) resulting from:
Dividends received (262) (3.6) (214) (3.0)
Rate differentials on international operations (481) (6.6) (468) (6.6)
Provincial tax rate changes (18) (0.2) – –
Other – net (85) (1.1) 3 0.1
Provision for income taxes and effective income tax rate $ 1,092 14.9% $ 1,326 18.6%