TAXES PAID OR PAYABLE IN CANADA
BANKING CENTRE AND AUTOMATED BANKING MACHINE (ABM) LOCATIONS We have a network of 39 banking centres and 36 ABM locations. When banking centre locations are closed, consolidated or relocated, we work closely with our clients to ensure a smooth transition. During fiscal 2023, we made the following changes to our banking centre network:
Our general business activities have a meaningful impact on the Canadian economy. Our fiscal 2023 effective tax rate of 26.1% is higher than the combined Canadian federal and provincial statutory tax rate of the jurisdictions in which we operate (25.6%). In fiscal 2023, CWB Financial Group incurred $75.5 million in federal income taxes and $51.7 million in provincial income and capital taxes that were paid or payable in the year.
Relocated
Calgary North East
Income and capital taxes ($ thousands)
Tax jurisdiction (1)(2)
Relocated from
2810 32 Avenue NE
Federal
$75,469
Relocated to
3322 23 Street NE
Ontario
14,094
City, Province
Calgary, Alberta
Alberta
20,814
Manitoba
6,215
During fiscal 2023, we relocated one ABM as part of our Calgary North East banking centre relocation. To locate the branches and ABMs in your community, visit cwbank.com/branches .
British Columbia
6,121
Saskatchewan
3,190
Quebec
962
New Brunswick
329
Total
$127,194
(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, 2023.
EMPLOYMENT BY PROVINCE At October 31, 2023, CWB employed 2,665 full-time and part-time employees.
Province or territory
Full time
Part time
Total number of employees
Alberta
1,332
20
1,352
British Columbia
553
10
563
Manitoba
292
10
302
Ontario
301
4
305
Saskatchewan
79
5
84
Quebec
42
2
44
New Brunswick
7
-
7
Nova Scotia
7
-
7
Prince Edward Island
1
-
1
Total
2,614
51
2,665
(1) Locations with zero employees are not shown.
76 2023 SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
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