January 8, 2018 / 2:31 PM / a year ago

Canada's TD Bank to take $400 mln hit from tax reforms in Q1

Jan 8 (Reuters) - Canada's Toronto-Dominion Bank said on Monday it would take a hit of $400 million in the first quarter related to the remeasurement of certain net deferred tax assets as a result of U.S. President Donald Trump's tax reforms.

The sweeping tax code changes enacted in late December cuts the corporate tax rate to 21 percent from 35 percent and were expected to mean short-term pain but long-term gain for U.S.-based corporations.

Several U.S. big banks, like Goldman Sachs, Morgan Stanley and Citigroup have said they will take a hit in their fourth-quarter earnings because of the tax reform. (Reporting by Akshara P in Bengaluru; Editing by Martina D'Couto)

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