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Employee Benefits (Tables) | 12 Months Ended
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Oct. 31, 2025
Employee Benefits [Abstract] |
Summary of Plan Asset Allocation | The asset allocations by asset category for the principal defined benefit pension plans are as follows: Plan Asset Allocation (millions of Canadian dollars except as noted) Society 1 TDPP DB 1 Target % of Fair value Target % of Fair value As at October 31, 2025 range total Quoted Unquoted range total Quoted Unquoted Debt 60 - 90 % 71 % $ – $ 4,172 55 - 75 % 65 % $ – $ 2,245 Equity 0 - 21 7 124 297 0 - 30 9 65 238 Alternative investments 2 0 - 29 22 – 1,312 5 - 38 26 – 894 Other 3 n/a n/a – 218 n/a n/a – 307 Total 100 % $ 124 $ 5,999 100 % $ 65 $ 3,684 As at October 31, 2024 Debt 60 - 90 % 71 % $ – $ 4,245 55 - 75 % 67 % $ – $ 2,106 Equity 0 - 21 5 104 194 0 - 30 5 54 106 Alternative investments 2 0 - 29 24 – 1,458 5 - 38 28 – 877 Other 3 n/a n/a – 86 n/a n/a – 188 Total 100 % $ 104 $ 5,983 100 % $ 54 $ 3,277 1 The principal defined benefit pension plans invest in investment vehicles which may hold shares or debt issued by the Bank. 2 The principal defined benefit pension plans’ alternative investments are primarily private equity, infrastructure, and real estate funds. 3 Consists mainly of amounts due to and due from brokers for securities traded but not yet settled, bond repurchase agreements, interest and dividends receivable, and Pension Enhancement Account assets, which are invested at the members’ discretion in certain mutual and pooled funds.
Summary of Expenses for Bank's Defined Contribution Plans | The following table summarizes expenses for the Bank’s defined contribution plans. Defined Contribution Plan Expenses (millions of Canadian dollars) For the years ended October 31 2025 2024 Defined contribution pension plans 1 $ 362 $ 310 Government pension plans 2 597 533 Total $ 959 $ 843 Includes the TDPP DC and the TD Bank, N.A. defined contribution 401(k) plan. 2 Includes Canada Pension Plan, Quebec Pension Plan, and Social Security under the U.S. Federal Insurance Contributions Act .
Summary of Employee Benefit Plans' Obligations, Assets, Funded Status and Expense | The following table presents the financial position of the Bank’s principal pension and post-retirement defined benefit plans and the Bank’s other material defined benefit pension plans for the years ended October 31, 2025 and October 31, 2024. Other employee defined benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes. Employee Defined Benefit Plans’ Obligations, Assets, Funded Status, and Expense (millions of Canadian dollars, except as noted) Principal post-retirement Principal pension plans benefit plan 1 Other pension plans 2 2025 2024 2025 2024 2025 2024 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 8,470 $ 6,833 $ 397 $ 352 $ 2,500 $ 2,264 Service cost – benefits earned 276 217 6 5 19 15 Interest cost on projected benefit obligation 374 381 17 20 116 128 Remeasurement (gain) loss – financial (15) 1,155 5 40 16 220 Remeasurement (gain) loss – demographic – – – – (14) (1) Remeasurement (gain) loss – experience 107 92 (1) – (29) 20 Members’ contributions 109 112 – – – – Benefits paid (400) (355) (19) (20) (161) (149) Change in foreign currency exchange rate – – – – 10 3 Past service cost 3 – 35 – – 2 – Projected benefit obligation as at October 31 8,921 8,470 405 397 2,459 2,500 Wholly or partially funded projected benefit obligation 8,921 8,470 – 1,858 1,898 Unfunded projected benefit obligation – – 405 397 601 602 Total projected benefit obligation as at October 31 8,921 8,470 405 397 2,459 2,500 Change in plan assets Plan assets at fair value at beginning of year 9,418 8,220 – – 2,000 1,816 Interest income on plan assets 425 464 – – 94 102 Remeasurement gain (loss) – return on plan assets less interest income 41 988 – – 38 177 Members’ contributions 109 112 – – – – Employer’s contributions 289 – 19 20 69 56 Benefits paid (400) (355) (19) (20) (161) (149) Change in foreign currency exchange rate – – – – 10 3 Defined benefit administrative expenses (10) (11) – – (4) (5) Plan assets at fair value as at October 31 9,872 9,418 – – 2,046 2,000 Excess (deficit) of plan assets at fair value over projected benefit obligation 951 948 (405) (397) (413) (500) Effect of asset limitation and minimum funding requirement – – – – (26) (21) Net defined benefit asset (liability) 951 948 (405) (397) (439) (521) Recorded in Other assets in the Bank’s Consolidated Balance Sheet 951 948 – – 160 94 Other liabilities in the Bank’s Consolidated Balance Sheet – – (405) (397) (599) (615) Net defined benefit asset (liability) 951 948 (405) (397) (439) (521) Annual expense Net employee benefits expense includes the following: Service cost – benefits earned 276 217 6 5 19 15 Net interest cost (income) on net defined benefit liability (asset) (51) (83) 17 20 22 26 Interest cost on asset limitation and minimum funding requirement – 11 – – 1 3 Past service cost 3 – 35 – – 2 – Defined benefit administrative expenses 11 9 – – 4 5 Total $ 236 $ 189 $ 23 $ 25 $ 48 $ 49 Actuarial assumptions used to determine the annual expense Weighted-average discount rate for projected benefit obligation 4.83 % 5.66 % 4.80 % 5.71 % 5.06 % 5.95 % Weighted-average rate of compensation increase 2.78 % 2.78 % 3.00 % 3.05 % 1.37 % 1.35 % Assumed life expectancy at age 65, in years Male aged 65 23.2 23.2 23.2 23.2 21.9 21.9 Female aged 65 24.3 24.3 24.3 24.3 23.5 23.4 Male aged 45 24.1 24.1 24.1 24.1 22.7 22.6 Female aged 45 25.2 25.2 25.2 25.2 24.3 24.3 Actuarial assumptions used to determine the projected benefit obligation as at October 31 Weighted-average discount rate for projected benefit obligation 4.80 % 4.83 % 4.70 % 4.80 % 4.97 % 5.06 % Weighted-average rate of compensation increase 2.79 % 2.78 % 3.00 % 3.00 % 1.39 % 1.37 % Assumed life expectancy at age 65, in years Male aged 65 23.3 23.2 23.3 23.2 22.0 21.9 Female aged 65 24.4 24.3 24.4 24.3 23.6 23.5 Male aged 45 24.2 24.1 24.2 24.1 22.7 22.7 Female aged 45 25.3 25.2 25.3 25.2 24.4 24.3 1 The rate of increase for health care costs for the next year used to measure the expected cost of benefits covered for the principal post-retirement defined benefit plan is 2.46 %. The rate is assumed to decrease gradually to 0.89 % by the year 2040 and remain at that level thereafter (2024 – 2.59 % grading to 0.89 % by the year 2040 and remain at that level thereafter). 2 Includes Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance defined benefit pension plan, TD Insurance defined benefit pension plan, and supplemental executive defined benefit pension plans. 3 Relates to the Pension Fund Society that was modified in fiscal 2024.
Summary of Amounts Recognized in the Consolidated Balance Sheet | The Bank recognized the following amounts on the Consolidated Balance Sheet. Amounts Recognized in the Consolidated Balance Sheet (millions of Canadian dollars) As at October 31 October 31 2025 2024 Other assets Principal defined benefit pension plans $ 951 $ 948 Other defined benefit pension plans 160 94 Total 1,111 1,042 Other liabilities Principal post-retirement defined benefit plan 405 397 Other defined benefit pension plans 599 615 Other employee benefit plans 1 368 368 Total 1,372 1,380 Net amount recognized $ (261) $ (338) 1 Consists of other pension and other post-retirement benefit plans operated by the Bank and its subsidiaries that are not considered material for disclosure purposes.
Summary of Remeasurement of Defined Benefit Plans | The following table summarizes the remeasurements recognized in OCI for the Bank’s principal pension and post-retirement defined benefit plans and certain of the Bank’s other material defined benefit pension plans. Amounts Recognized in Other Comprehensive Income for Remeasurement of Defined Benefit Plans 1,2 (millions of Canadian dollars) Principal post-retirement Other Principal pension plans benefit plan pension plans For the years ended October 31 2025 2024 2025 2024 2025 2024 Remeasurement gains (losses) – financial $ 15 $ (1,155) $ (5) $ (40) $ (16) $ (220) Remeasurement gains (losses) – demographic – – – – 14 1 Remeasurement gains (losses) – experience (107) (92) 1 – 29 (20) Remeasurement gains (losses) – return on plan assets less interest income 42 986 – – 38 177 Changes in asset limitation and minimum funding requirement – 206 – – (4) 35 Total $ (50) $ (55) $ (4) $ (40) $ 61 $ (27) 1 Amounts are presented on a pre-tax basis. 2 Excludes net remeasurement gains (losses) recognized in OCI in respect of other employee defined benefit plans operated by the Bank and certain of its subsidiaries not considered material for disclosure purposes totalling $ 15 million (2024 – ($ 29 ) million).
Summary of Expected Future Benefit Payments | The following table summarizes the expected future benefit payments for the next 10 years. Expected Future Benefit Payments (millions of Canadian dollars) Principal Principal post-retirement pension plans benefit plan Other pension plans Benefit payments expected to be paid in: 2026 $ 435 $ 22 $ 165 2027 458 23 167 2028 484 24 168 2029 506 24 169 2030 527 25 170 2031-2035 2,918 134 830 Total $ 5,328 $ 252 $ 1,669
Summary of Disaggregation of Projections Benefit Obligation | The breakdown of the projected benefit obligations between active, deferred, and retired members is as follows: Disaggregation of Projected Benefit Obligation (millions of Canadian dollars) Principal Principal post-retirement pension plans benefit plan Other pension plans As at October 31 2025 2024 2025 2024 2025 2024 Active members $ 5,956 $ 5,722 $ 170 $ 163 $ 472 $ 488 Deferred members 633 543 – – 456 373 Retired members 2,332 2,205 235 234 1,531 1,639 Total $ 8,921 $ 8,470 $ 405 $ 397 $ 2,459 $ 2,500
Summary of Duration of Projected Benefit Obligation | The weighted-average duration of the projected benefit obligations is as follows: Duration of Projected Benefit Obligation (number of years) Principal Principal pension post-retirement plans benefit plan Other pension plans As at October 31 2025 2024 2025 2024 2025 2024 Weighted-average duration 13 14 13 13 11 11
Summary of Sensitivity of Significant Actuarial Assumptions | The following table provides the sensitivity of the projected benefit obligation for the Bank’s principal defined benefit pension plans, the principal post-retirement defined benefit plan, and the Bank’s significant other defined benefit pension plans to actuarial assumptions considered significant by the Bank. These include discount rate, rates of compensation increase, life expectancy, and health care cost initial trend rates, as applicable. The sensitivity analysis provided in the table should be used with caution, as it is hypothetical and the impact of changes in each significant assumption may not be linear. For each sensitivity test, the impact of a reasonably possible change in a single factor is shown with other assumptions left unchanged. Actual experience may result in simultaneous changes in a number of key assumptions, which could magnify or diminish certain sensitivities. Sensitivity of Significant Defined Benefit Plan Actuarial Assumptions (millions of Canadian dollars, except as noted) As at October 31, 2025 Obligation Increase (Decrease) Principal Principal post- Other pension retirement pension plans benefit plan plans Impact of an absolute change in significant actuarial assumptions Discount rate 1% decrease in assumption $ 1,280 $ 53 $ 286 1% increase in assumption (1,017) (43) (237) Rates of compensation increase 1% decrease in assumption (240) – 1 (23) 1% increase in assumption 213 – 1 28 Life expectancy 1 year decrease in assumption (157) (11) (76) 1 year increase in assumption 152 11 75 Health care cost initial trend rate 1% decrease in assumption n/a (7) n/a 1% increase in assumption n/a 8 n/a 1 An absolute change in this assumption is immaterial.

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- Definition The disclosure of information about the maturity profile of a defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments. [Refer: Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 147 -Subparagraph c -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_147_c&doctype=Standard -URIDate 2024-03-27 + Details
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- Definition The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 140 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_140_a&doctype=Standard -URIDate 2024-03-27 + Details
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- Definition The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [domain]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 145 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_145&doctype=Standard -URIDate 2024-03-27 + Details
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