Selected information for a recent year follows for Bank of Montreal and Scotiabank (in millions):     Bank of Montreal   Scotiabank   Profit   $3,990   $8,243   Cash provided (used) by operating activities   2,908   16,584   Cash provided (used) by investing activities   (3,155 )  (12,540 ) Cash provided (used) by financing activities   1,996   (2,932 )      Calculate the increase or decrease in cash for each company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Enter your answers in millions.)   Bank of Montreal Scotiabank                                                                         $  $    eTextbook and Media                     Calculate the free cash flow for each company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Enter your answers in millions.)   Bank of Montreal Scotiabank Free cash flow $  $

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.