Public Accountability Statement
AFFILIATES
COMMUNITY DEVELOPMENT AND INVESTMENT
This Public Accountability Statement addresses our regulatory requirement from the Canadian federal government as outlined in section 627.996 of the Bank Act (Canada) and includes information on CWB and its operating subsidiaries for our most recent fiscal year ended October 31, 2022, including: • CWB National Leasing Inc. • CWB Maxium Financial Inc. • Canadian Western Trust Company • Valiant Trust Company • CWB Wealth Management Ltd. – CWB Wealth Partners Ltd. (previously CWB McLean & Partners Wealth Management Ltd.) – Canadian Western Financial Ltd.
• Information about our approach to community development and investment, along with our fiscal 2022 charitable donations, volunteerism, and philanthropic activities can be found on pages 42 - 46 .
TAXES PAID OR PAYABLE IN CANADA
Our general business activities have a meaningful impact on the Canadian economy. Our fiscal 2022 effective tax rate of 24.9% is consistent with the combined Canadian federal and provincial statutory tax rate of the jurisdictions in which we operate (24.9%). In fiscal 2022, CWB Financial Group incurred $34.4 million in federal income taxes and $27.0 million in provincial income and capital taxes that were paid or payable in the year.
ACCESS TO FINANCIAL SERVICES
Income and capital taxes ($ thousands)
Tax jurisdiction (1)(2)
• Information about our approach to accessible financial services and products can be found on page 26 .
Federal
$34,358
SMALL BUSINESS FINANCING AND MICROLENDING
Ontario
12,197
Alberta
5,051
• Information about our approach to support small businesses can be found on page 25 . • Information about our approach to support microlending programs can be found on page 44 .
Manitoba
3,440
British Columbia
2,816
Saskatchewan
2,379
Quebec
786
SUPPORT AND PROTECTION FOR SENIORS
New Brunswick
328
• Information about our approach to support and protect seniors can be found on page 27 .
Total
$ 61,355
(1) Provinces or territories where no taxes are paid or payable are not included. (2) Taxes include income and capital taxes recorded in the consolidated Statement of Income, Comprehensive Income, and Changes in Equity for the year ended October 31, 2022.
64 2022 SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
Powered by FlippingBook