Toronto-Dominion Bank says it expects to take a one-time hit of US$400 million from the Trump administration’s overhaul of the American tax system. Canada’s second-largest lender by market cap says it will book the charge in the first quarter of fiscal 2018, as its deferred tax assets, which can be used to lower its tax rate, become less valuable under the new framework.

While the bank is booking a one-time hit, TD (TD.TO) says it expects the lower corporate tax rate will boost earnings in the long term.

TD is the latest Canadian financial institution to disclose the impact of U.S. tax reform, after Manulife Financial announced it would take a US$1.9 billion charge in late December.

Meanwhile, Morgan Stanley is expecting a one-time charge of US$1.4 billion; while Goldman Sachs is warning of an estimated US$5-billion hit, mostly due to costs tied to repatriating cash held overseas.