v3.26.1
Employee Benefits
 9 Months Ended
Jul. 31, 2026
Employee Benefits [Abstract]  
Employee Benefits
NOTE 14: EMPLOYEE BENEFITS
The following table summarizes expenses for
 
the Bank’s principal pension and non-pension post-retirement
 
defined benefit plans and the Bank’s other
 
material
defined benefit pension plans, for the
 
three and nine months ended July 31, 2026
 
and July 31,
 
2025. Other employee defined benefit
 
plans operated by the Bank
and certain of its subsidiaries are not considered
 
material for disclosure purposes.
Defined Benefit Plan Expenses
(millions of Canadian dollars)
Principal post-retirement
 
Principal pension plans
benefit plan
Other pension plans
1
For the three months ended
July 31
July 31
July 31
July 31
July 31
July 31
2026
2025
2026
2025
2026
2025
Service cost – benefits earned
$
68
$
69
$
1
$
1
$
5
$
4
Net interest cost (income) on net defined
 
benefit liability (asset)
(12)
(13)
4
5
4
5
Interest cost on asset limitation and minimum
 
funding
 
requirement
–
–
–
–
1
1
Past service cost
–
–
–
–
–
1
Defined benefit administrative expenses
3
3
–
–
1
1
Total
$
59
$
59
$
5
$
6
$
11
$
12
For the nine months ended
July 31
July 31
July 31
July 31
July 31
July 31
2026
2025
2026
2025
2026
2025
Service cost – benefits earned
$
205
$
207
$
4
$
4
$
15
$
14
Net interest cost (income) on net defined
 
benefit liability (asset)
(35)
(38)
12
13
12
16
Interest cost on asset limitation and minimum
 
funding
 
requirement
–
–
–
–
1
1
Past service cost
–
–
–
–
2
1
Defined benefit administrative expenses
8
8
–
–
4
4
Total
$
178
$
177
$
16
$
17
$
34
$
36
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.
The following table summarizes expenses for
 
the Bank’s defined contribution plans for the three
 
and nine months ended July 31, 2026 and
 
July 31, 2025.
Defined Contribution Plan Expenses
(millions of Canadian dollars)
For the three months ended
For the nine months ended
July 31
July 31
July 31
July 31
2026
2025
2026
2025
Defined contribution pension plans
1
$
100
$
82
$
303
$
273
Government pension plans
2
148
128
534
488
Total
$
248
$
210
$
837
$
761
Includes defined contribution portion of the TD Pension Plan (Canada) and 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
.
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, for the three and nine months ended
 
July 31, 2026 and July 31, 2025.
Amounts Recognized in Other Comprehensive
 
Income for Remeasurement of Defined
 
Benefit Plans
1,2,3
(millions of Canadian dollars)
Principal post-retirement
Principal pension plans
benefit plan
Other pension plans
For the three months ended
July 31
July 31
July 31
July 31
July 31
July 31
2026
2025
2026
2025
2026
2025
Remeasurement gain/(loss) – financial
$
106
$
152
$
9
$
4
$
8
$
4
Remeasurement gain/(loss) – return on plan
 
assets less
interest income
(51)
(177)
–
–
–
–
Change in asset limitation and minimum
 
funding requirement
(11)
–
–
–
–
–
Total
$
44
$
(25)
$
9
$
4
$
8
$
4
For the nine months ended
July 31
July 31
July 31
July 31
July 31
July 31
2026
2025
2026
2025
2026
2025
Remeasurement gain/(loss) – financial
$
541
$
310
$
27
$
9
$
15
$
8
Remeasurement gain/(loss) – return on plan
 
assets less
interest income
(472)
(361)
–
–
–
–
Change in asset limitation and minimum
 
funding requirement
(11)
–
–
–
–
–
Total
$
58
$
(51)
$
27
$
9
$
15
$
8
1
 
Excludes the 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 other employee defined benefit plans operated by the Bank and certain of its subsidiaries not considered material for
 
disclosure purposes as these plans are not remeasured on
a quarterly basis.
 
2
 
Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. All other assumptions
 
are updated annually.
3
 
Amounts are presented on a pre-tax basis.