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Ahmed added that there are “puts and takes in the adjustments, but as kind of an average run-rate, that’s a fair number.”

The exact effect of the cuts, which kicked in at the start of 2018 and lowered the corporate rate to 21 per cent from 35 per cent, can be hard to pin down because of how the lenders report their financial results.

The fiscal years for the Big Five banks end at the end of October, and the tax rate was lowered in January 2018, meaning the first fiscal quarter of last year only included one month affected by the cut.

Also muddying the waters somewhat is that the banks first had to book one-time charges because of accounting assets that lost value when the tax rate was lowered. For example, BMO had reported a $425-million charge and TD a $453-million charge.

However, with those charges now behind them, Canadian banks are set to enjoy the ongoing effect of the lower corporate rate.

“The tax cuts that they saw in the U.S. are adding to the bottom line if you exclude those impairments, those write-downs, that they took on their deferred tax assets in Q1 of last year,” said Robert Colangelo, senior vice-president of Canadian banks at ratings agency DBRS. “They’re definitely benefitting from those reforms.”

Colangelo pointed to the lower effective tax rates that the banks have been reporting in their financial results.

Royal Bank of Canada, for instance, said its effective income tax rate fell to 19.5 per cent for the first quarter of its fiscal 2019, down from the 25.6 per cent effective tax rate for the first quarter of 2018, which had been affected by a $178-million charge.