TD Bank 2014 Annual Report Download - page 199
Download and view the complete annual report
Please find page 199 of the 2014 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.-
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
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189 -
190 -
191 -
192 -
193 -
194 -
195 -
196 -
197 -
198 -
199 -
200 -
201 -
202 -
203 -
204 -
205 -
206 -
207 -
208 -
209 -
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
 |
 |
TD BANK GROUP ANNUAL REPORT 2014 FINANCIAL RESULTS 197
INCOME TAXES
NOTE 27
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
2014 2013 2012
Provision for income taxes – Consolidated Statement of Income
Current income taxes
Provision for (recovery of) income taxes for the current period $ 1,450 $ 1,619 $ 999
Adjustments in respect of prior years and other 31 (114) (19)
Total current income taxes 1,481 1,505 980
Deferred income taxes
Provision for (recovery of) deferred income taxes related to the origination
and reversal of temporary differences 37 (398) 154
Effect of changes in tax rates 1 8 (14)
Recovery of income taxes due to recognition of previously unrecognized deductible
temporary differences and unrecognized tax losses of a prior period (11) (2) (1)
Adjustments in respect of prior years and other 4 22 (34)
Total deferred income taxes 31 (370) 105
Total provision for income taxes – Consolidated Statement of Income 1,512 1,135 1,085
Provision for (recovery of) income taxes – Statement of Other Comprehensive Income
Current income taxes (623) (699) 172
Deferred income taxes (269) (221) (356)
(892) (920) (184)
Income taxes – other non-income related items including business
combinations and other adjustments
Current income taxes (9) (17) 6
Deferred income taxes (4) 40 21
(13) 23 27
Total provision for (recovery of) income taxes 607 238 928
Current income taxes
Federal 413 353 604
Provincial 284 245 412
Foreign 152 191 142
849 789 1,158
Deferred income taxes
Federal (72) (4) (246)
Provincial (44) (5) (162)
Foreign (126) (542) 178
(242) (551) (230)
Total provision for (recovery of) income taxes $ 607 $ 238 $ 928
Reconciliation to Statutory Income Tax Rate
(millions of Canadian dollars, except as noted) 2014 2013 2012
Income taxes at Canadian statutory income tax rate $ 2,385 26.3% $ 1,970 26.3% $ 1,933 26.4%
Increase (decrease) resulting from:
Dividends received (321) (3.5) (253) (3.4) (262) (3.6)
Rate differentials on international operations (489) (5.4) (487) (6.5) (483) (6.6)
Tax rate changes – – – – (18) (0.2)
Other – net (63) (0.7) (95) (1.3) (85) (1.2)
Provision for income taxes and effective income tax rate $ 1,512 16.7% $ 1,135 15.1% $ 1,085 14.8%