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Investment in Associates and Joint Ventures | 12 Months Ended
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Oct. 31, 2025
Investments in Associates and Joint Ventures [Abstract] |
Investment in Associates and Joint Ventures | NOTE 12: INVESTMENTS IN ASSOCIATES AND JOINT VENTURES INVESTMENT IN THE CHARLES SCHWAB CORPORATION On February 12, 2025, the Bank sold its entire remaining equity investment in Schwab through a registered offering and share repurchase by Schwab. Immediately prior to the sale, TD held 184.7 million shares of Schwab’s common stock, representing 10.1 % economic ownership. The sale of the shares resulted in proceeds of $ 21.0 billion and the Bank recognized in Other income (loss) a net gain on sale of $ 9.2 billion. This gain is net of the release of related cumulative foreign currency translation from AOCI, the release of AOCI on designated net investment hedging items, and direct transaction costs. For segment reporting, the Bank recognized an after-tax gain of $ 8.6 billion in its Corporate segment and $ 184 million of underwriting fees in its Wholesale segment as a result of TD Securities acting as a lead bookrunner on the transaction. The Bank discontinued recording its share of earnings available to common shareholders from its investment in Schwab following the sale. The Bank’s share of net income from its prior investment in Schwab of $ 305 million during the year ended October 31, 2025, reflects net income after adjustments for amortization of certain intangibles net of tax. The stockholder agreement to which the Bank and Schwab were party (the “Stockholder Agreement”) was terminated by the Bank’s sale of its equity investment in Schwab. The Bank continues to have a business relationship with Schwab through the insured deposit account agreement (“Schwab IDA Agreement”). Prior to the sale, the Bank had significant influence over Schwab and the ability to participate in the financial and operational policy-making decisions of Schwab through a combination of the Bank’s ownership, board representation and the insured deposit account agreement between the Bank and Schwab. As such, the Bank accounted for its investment in Schwab using the equity method. The Bank’s share of Schwab’s earnings available to common shareholders was reported with a one-month lag. The Bank took into account changes in the one-month lag period that would significantly affect the results. On August 21, 2024, the Bank sold 40.5 million shares of common stock of Schwab for proceeds of $ 3.4 billion (US$ 2.5 billion). The share sale reduced the Bank’s ownership interest in Schwab from 12.3 % to 10.1 %. The Bank recognized $ 1.0 billion (US$ 0.7 billion) as other income in fiscal 2024. As at October 31, 2024, the Bank’s reported investment in Schwab was approximately 10.1 %, consisting of 7.5 % of the outstanding voting common shares and the remainder in non-voting common shares of Schwab with an aggregate fair value of $ 18 billion (US$ 13 billion) based on the closing price of US$ 70.83 on the New York Stock Exchange. Under the Stockholder Agreement, the Bank had the right to designate two members of Schwab’s Board of Directors and had representation on two Board Committees, subject to the Bank meeting certain conditions. The Bank’s designated directors were the Bank’s former Group President and Chief Executive Officer and the Bank’s former Chair of the Board. Under the Stockholder Agreement, the Bank was not permitted to own more than 9.9 % voting common shares of Schwab, and the Bank was subject to customary standstill restrictions and subject to certain exceptions, transfer restrictions. The carrying value of the Bank’s prior investment in Schwab of $ 9.0 billion as at October 31, 2024 represented the Bank’s share of Schwab’s stockholders’ equity, adjusted for goodwill, other intangibles, and cumulative translation adjustment. The Bank’s share of net income from its investment in Schwab of $ 703 million during the year ended October 31, 2024, reflects net income after adjustments for amortization of certain intangibles net of tax. The following tables represent the gross amount of Schwab’s total assets, liabilities, net revenues, net income available to common stockholders, other comprehensive income (loss), and comprehensive income (loss) for the comparative year. Summarized Financial Information (millions of Canadian dollars) As at September 30 2024 Total assets $ 630,363 Total liabilities 566,502 (millions of Canadian dollars) For the year ended September 30 2024 Total net revenues $ 25,493 Total net income available to common stockholders 6,376 Total other comprehensive income (loss) 8,356 Total comprehensive income (loss) 14,732 Insured Deposit Account Agreement On May 4, 2023, the Bank and Schwab entered into an amended Schwab IDA Agreement, with an initial expiration of July 1, 2034. Pursuant to the Schwab IDA Agreement, the Bank makes sweep deposit accounts available to clients of Schwab. Schwab designates a portion of the deposits with the Bank as fixed-rate obligation amounts (FROA). Remaining deposits are designated as floating-rate obligations. The FROA floor is set at US$ 60 billion. Refer to Note 26 for further details on the Schwab IDA Agreement. INVESTMENTS IN OTHER ASSOCIATES AND JOINT VENTURES Except for Schwab as disclosed above, the Bank did not have investments in associates or joint ventures which were individually material as of October 31, 2025, or October 31, 2024. The carrying amount of the Bank’s investments in other associates and joint ventures as at October 31, 2025 was $ 5.2 billion (October 31, 2024 – $ 4.9 billion), recorded in Other assets on the Consolidated Balance Sheet. Other associates and joint ventures consisted predominantly of investments in private funds or partnerships that make equity investments, provide debt financing or support community-based tax-advantaged investments. The investments in these entities generate a return primarily through the realization of U.S. federal and state income tax credits, including Low Income Housing Tax Credits, New Markets Tax Credits, and Historic Tax Credits.

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