Toronto Dominion Bank
TD
#83
Rank
$203.54 B
Marketcap
$124.64
Share price
-2.77%
Change (1 day)
54.76%
Change (1 year)

Toronto Dominion Bank - 40-F annual report 2025


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October 31, 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UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
40-F
[Check one]
 
☐
 
REGISTRATION
 
STATEMENT
 
PURSUANT TO SECTION 12 OF THE
 
 
SECURITIES EXCHANGE ACT OF 1934
 
OR
 
☒
 
ANNUAL REPORT PURSUANT
 
TO SECTION 13(a) OR 15(d) OF THE
 
SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended
October 31, 2025
Commission File Number
1-14446
THE
TORONTO-DOMINION BANK
(Exact name of Registrant as specified in its charter)
Canada
(Province or other jurisdiction of incorporation or organization)
6029
(Primary Standard Industrial Classification Code Number (if applicable))
13-5640479
(I.R.S. Employer Identification Number (if applicable))
c/o General Counsel’s Office
P.O. Box 1
Toronto-Dominion Centre
Toronto
,
Ontario
M5K 1A2
(
416
)
944-6367
(Address and telephone number of Registrant’s
 
principal executive offices)
Glenn Gibson
, The Toronto-Dominion
 
Bank
One Vanderbilt Avenue
New York
,
NY
10017
(
212
)
827-7000
(Name, address (including zip code) and telephone number (including
 
area code)
of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of
 
the Act.
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Shares
TD
New York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of
 
the Act.
Not Applicable
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of
 
the Act.
Not Applicable
(Title of Class)
For annual reports, indicate by check mark the information filed with this form:
☒
Annual information form
☒
Audited annual financial statements
Indicate the number of outstanding shares of each of the issuer’s classes of capital
 
or common stock as of the close of the period
covered by the annual report.
 
Common Shares
1,689,495,505
Non-Cumulative 5-Year
 
Rate Reset Preferred Shares, Series 1
(Non-Viability Contingent Capital)
20,000,000
Non-Cumulative 5-Year
 
Rate Reset Preferred Shares, Series 16
(Non-Viability Contingent Capital)
14,000,000
Non-Cumulative 5-Year
 
Rate Reset Preferred Shares, Series 18
 
(Non-Viability Contingent Capital)
14,000,000
Class A First Preferred Shares, Series 26
 
1,750,000
(Non-Viability Contingent Capital)*
Non-Cumulative 5-Year
 
Rate Reset Preferred Shares, Series 27
850,000
Non-Cumulative 5-Year
 
Rate Reset Preferred Shares, Series 28
800,000
Class A First Preferred Shares, Series 29
 
(Non-Viability Contingent Capital)*
1,500,000
Class A First Preferred Shares, Series 30
 
(Non-Viability Contingent Capital)*
1,750,000
Class A First Preferred Shares, Series 31
 
(Non-Viability Contingent Capital)*
750,000
Class A First Preferred Shares, Series 32
 
(Non-Viability Contingent Capital)*
750,000
Class A First Preferred Shares, Series 33
 
(Non-Viability Contingent Capital)*
750,000
*In connection with the issuance of: (i) Limited Recourse Capital
 
Notes NVCC, Series 1, the Registrant issued CAD$1,750
million of
 
Class A
 
First Preferred
 
Shares, Series
 
26 (Series
 
26 Preferred
 
Shares) at
 
a price
 
of CAD$1,000
 
per Series
 
26
Preferred Share; (ii) Limited Recourse Capital Notes NVCC, Series 2, the Registrant issued CAD$1,500 million of
 
Class A
First Preferred Shares,
 
Series 29 (Series
 
29 Preferred Shares)
 
at a price of
 
CAD$1,000 per Series
 
29 Preferred Share;
 
(iii)
Limited
 
Recourse
 
Capital
 
Notes
 
NVCC,
 
Series
 
3,
 
the
 
Registrant
 
issued
 
USD$1,750
 
million
 
of
 
Class
 
A
 
First
 
Preferred
Shares, Series
 
30 (Series
 
30 Preferred
 
Shares) at
 
a price
 
of USD$1,000
 
per Series
 
30 Preferred
 
Share; and
 
(iv) Limited
Recourse Capital Notes NVCC,
 
Series 4, the Registrant
 
issued USD$750 million
 
of Class A First Preferred
 
Shares, Series
31 (Series
 
31 Preferred
 
Shares) at
 
a price
 
of USD$1,000
 
per Series
 
31 Preferred
 
Share. The
 
Series 26
 
Preferred
 
Shares,
Series 29
 
Preferred Shares,
 
Series 30 Preferred
 
Shares and Series
 
31 Preferred
 
Shares were
 
issued to
 
a trust to
 
be held as
limited recourse trust
 
assets in
 
connection with the
 
Limited Recourse Capital
 
Note structure.
 
The Series
 
26 Preferred Shares,
Series 29 Preferred Shares,
 
Series 30 Preferred Shares,
 
Series 31 Preferred Shares,
 
Series 32, and Series 33
 
are eliminated
on the Registrant's consolidated financial statements.
Indicate by check mark
 
whether the Registrant (1)
 
has filed all reports
 
required to be filed by
 
Section 13 or 15(d)
 
of the Exchange Act
during the preceding 12 months (or for such shorter period that the Registrant was
 
required to file such reports) and (2) has been subject
to such filing requirements for the past 90 days.
Yes
 
☒
No
 
☐
Indicate by check mark whether the Registrant has submitted electronically
 
every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
 
during the preceding 12 months (or for such shorter period that the
Registrant was required to submit such files).
 
Yes
 
☒
No
 
☐
Indicate by check mark whether the Registrant is an emerging
 
growth company, as defined in
 
Rule 12b-2 of the Exchange Act.
 
Emerging growth company
 
☐
If an emerging growth company that prepares its financial statements
 
in accordance with U.S. GAAP,
 
indicate by check mark if the
registrant has elected not to use the extended transition period for complying
 
with any new or revised financial accounting standards†
provided pursuant to Section 13(a) of the Exchange Act.
 
☐
 
† The term "new or revised financial accounting standard" refers to any update
 
issued by the Financial Accounting Standards Board to
its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the Registrant has filed a report on and attestation to
 
its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b)
 
of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
 
☒
 
 
If securities are registered pursuant to Section 12(b) of the Act, indicate by
 
check mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously
 
issued financial statements.
 
☐
 
Indicate by check mark whether any of those error corrections are restatements
 
that required a recovery analysis of incentive-based
compensation received by any of the registrant’s
 
executive officers during the relevant recovery period pursuant
 
to §240.10D-1(b).
 
☐
 
Auditor Name:
Ernst & Young LLP
 
Auditor Location:
Toronto, Canada
 
Auditor Firm ID:
1263
 
 
Disclosure Controls and Procedures
The disclosure provided under the heading
Accounting Standards and Policies – Controls
 
and Procedures
 
– Disclosure Controls and
Procedures
included in Exhibit 99.2:
 
Management’s Discussion and Analysis
 
is incorporated by reference herein.
 
Management’s Annual Report on Internal
 
Control Over Financial Reporting
The disclosure provided under the heading
Accounting Standards and Policies – Controls
 
and Procedures
 
- Management’s
 
Report on
Internal Control Over Financial Reporting
included in Exhibit 99.2:
 
Management’s Discussion and Analysis
 
is incorporated by
reference herein.
Attestation Report of the Registered Public Accounting Firm
The disclosure provided under the heading
Report of Independent Registered Public Accounting
 
Firm To the
 
Shareholders and the
Board of Directors of
 
The Toronto
 
-Dominion Bank – Opinion on Internal Control
 
over Financial Reporting
included in Exhibit 99.3:
 
2025 Annual Financial Statements is incorporated by reference herein.
Changes in Internal Control Over Financial Reporting
The disclosure provided under the heading
Accounting Standards and Policies – Controls
 
and Procedures
 
- Changes in Internal
Control Over Financial Reporting
included in Exhibit 99.2:
 
Management’s Discussion and Analysis
 
is incorporated by reference
herein.
Audit Committee Financial Expert
The disclosure provided under the heading
Directors and Executive Officers - Audit Committee
included in Exhibit 99.1:
 
Annual
Information Form dated December 3, 2025 is incorporated by reference
 
herein.
 
Code of Ethics
The Registrant has adopted the
Code of Conduct and Ethics for Employees and Directors
(the “Code”) as its code of ethics applicable
to all its employees and directors, including the Registrant’s
 
Group President and Chief Executive Officer,
 
Group Head and Chief
Financial Officer, and Senior
 
Vice President, Finance, Controller
 
and Chief Accountant.
 
The Registrant posts the Code on its website
at
www.td.com
 
and also undertakes to provide a copy of the Code to any person without charge
 
upon request.
 
Such request may be
made by mail, telephone or e-mail to:
The Toronto-Dominion
 
Bank
TD Shareholder Relations
P.O.
 
Box 1, Toronto-Dominion
 
Centre
Toronto, Ontario,
 
Canada
 
M5K 1A2
Telephone:
 
1-866-756-8936
E-mail:
 
tdshinfo@td.com
On March 4, 2025, an amended version of the Code was filed with the SEC on Form 6-K
 
and made available on the Registrant’s
website.
The key amendments made to the Code at that time included: (a) Applying
 
the Code, Step 4, Evaluate the options and make a
decision: Added the concept of considering the expectations of the general
 
public when assessing a difficult decision; (b) 2.
Demonstrating Personal Integrity,
 
A. Criminal Charges and Regulatory Investigations: The obligation
 
for employees to provide notice
to TD of any criminal charges has been expanded to include notice
 
of any adverse regulatory findings or disciplinary action; (c)
Applying the Code, 2. Demonstrating Personal Integrity,
 
B. Gifts and Entertainment and F.
 
Irregular Business Conduct, Bribery and
Corruption: Various
 
amendments were made to clarify and emphasize the prohibition against accepting, offering
 
or giving any form of
money or cash equivalents including stored value cards, gift cards, gift
 
certificates, gift vouchers or coupons with a cash face value;
(d) 2. Demonstrating Personal Integrity,
 
F Irregular Business Conduct, Anti-Competitive Behaviour: Amended
 
to include a prohibition
against "recommending" the purchase or sale of a security based on material, non
 
-public information about the relevant entity; and (e)
6. Work
 
Environment, A. Appearance and Courtesy: Amendments were made prohibiting employees
 
from wearing clothing or
accessories with partisan political slogans, statements or images that contribute
 
to the perception that those views represent TD, which
brings the Code in line with the dress code obligations already found in core business
 
policies.
 
 
No waivers from the provisions of the Code were granted in the fiscal year ended
 
October 31, 2025 to the Registrant’s
 
Group
President and Chief Executive Officer,
 
Group Head and Chief Financial Officer,
 
and Senior Vice President, Finance,
 
Controller and
Chief Accountant.
Principal Accountant Fees and Services
The disclosure regarding Audit Fees, Audit-Related Fees, Tax
 
Fees and All Other Fees provided under the heading
Directors and
Executive Officers - Pre-Approval
 
Policies and Shareholders’ Auditor Service Fees
included in Exhibit 99.1:
 
Annual Information
Form dated December 3, 2025 is incorporated by reference herein.
Pre-Approval
 
Policy for Audit and Non-Audit Services
The disclosure provided under the heading
Directors and Executive Officers - Pre-Approval
 
Policies and Shareholders’ Auditor
Service Fees
included in Exhibit 99.1:
 
Annual Information Form dated December 3, 2025 is incorporated by reference
 
herein.
 
During the fiscal year ended October 31, 2025, the waiver of pre-approval
 
provisions set forth in the applicable rules of the SEC were
not utilized for any services related to Audit-Related Fees, Tax
 
Fees or All Other Fees and the Audit Committee did not approve any
such fees subject to the waiver of pre-approval provisions.
 
Hours Expended on Audit Attributed to Persons Other than the Principal
 
Accountant’s
 
Employees
Not Applicable
Off-balance Sheet Arrangements
The disclosure provided under the heading
Group Financial Condition – Securitization and Off-Balance
 
Sheet Arrangements
included
in Exhibit 99.2:
 
Management’s Discussion and Analysis is incorporated
 
by reference herein.
Contractual and Other Obligations
The disclosure provided in Table
 
58:
Remaining Contractual Maturity
 
included in Exhibit 99.2: Management's Discussion and
Analysis is incorporated by reference herein.
 
Identification of the Audit Committee
The disclosure provided under the heading
Directors and Executive Officers - Audit Committee
included in Exhibit 99.1:
 
Annual
Information Form dated December 3, 2025 identifying the Registrant’s
 
Audit Committee is incorporated by reference herein.
Mine Safety Disclosure
Not Applicable
Disclosure Regarding Foreign Jurisdictions that
 
Prevent Inspections.
Not Applicable
Recovery of Erroneously Awarded
 
Compensation.
Not Applicable
Undertaking
Registrant undertakes to make available, in person or by telephone, representatives
 
to respond to inquiries made by the Commission
staff, and to furnish promptly,
 
when requested to do so by the Commission staff, information relating
 
to: the securities registered
pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report
 
on Form 40-F arises; or transactions in
said securities.
 
 
Comparison of New York
 
Stock Exchange Corporate Governance Rules
A comparison of NYSE Corporate Governance Rules required to be followed
 
by U.S. Domestic Issuers under the NYSE's listing
standards and the Corporate Governance practices of The Toronto
 
-Dominion Bank (disclosure required by section 303A.11
 
of the
NYSE Listed Company Manual) is available on the Corporate Governance
 
section of the Registrant’s website at
https://www.td.com/ca/en/about
 
-td/corporate-profile/corporate-governance
.
Disclosure Pursuant to Section 13(r) of the Securities Exchange
 
Act of 1934
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights
 
Act of 2012 (Section 219), which added Section 13(r)
to the Securities Exchange Act of 1934, as amended, the Bank is required to disclose whether
 
it or any of its affiliates have knowingly
engaged in certain specified activity related to Iran or with certain other persons
 
that are the subject of U.S. sanctions laws. During the
fiscal year ending on October 31, 2025, the Bank identified three matters pursuant
 
to Section 219.
 
The Bank identified a personal account opened in Canada with an initial deposit of CAD 3,000.00
 
for an individual designated by the
U.S. Department of the Treasury’s
 
Office of Foreign Assets Control pursuant to Executive Order
 
13224. The Bank froze the account
as well as filed a disclosure with the local competent authority pursuant to the Canadian
 
Criminal Code, due to the identified
connection of the individual with a Canada-listed terrorist organization.
 
No other transactions were conducted on the account.
 
The Bank identified a banking relationship with a separate individual
 
designated by the U.S. Department of the Treasury's Office
 
of
Foreign Assets Control pursuant to Executive Order 13224.
 
The banking relationship consisted of a credit card account that had been
closed earlier in the fiscal year and an inactive personal account held in Canada.
 
The Bank froze the personal account as well as filed
a disclosure with the local competent authority pursuant to the Canadian
 
Criminal Code, due to the identified connection of the
individual with a Canada-listed terrorist organization.
 
No other transactions were conducted via the account.
 
The Bank identified a banking relationship with an individual designated by the
 
U.S. Department of the Treasury's Office
 
of Foreign
Assets Control as subject to secondary sanctions pursuant to Executive
 
Order 13902.
 
This individual was designated due to acting as
a facilitator of financial activities on behalf of the Iranian government.
 
The banking relationship consisted of two personal accounts
held in Canada, both with minimal activity.
 
The Bank ended its relationship with this individual.
 
The Bank’s gross revenue
 
and net profit attributable to these three relationships was de minimis and not material to
 
the Bank’s
business. The Bank does not intend to engage in further activity with respect to these
 
relationships.
Signatures
Pursuant to the requirements
 
of the Exchange
 
Act, the Registrant certifies
 
that it meets all
 
of the requirements
 
for filing on Form
 
40-F
and has duly caused this annual report to be signed on its behalf by the undersigned,
 
thereto duly authorized.
Registrant:
THE TORONTO-DOMINION BANK
By:
/s/ Kelvin Tran
Name:
Kelvin Tran
Title:
Group Head and Chief Financial Officer
Date:
December 4, 2025
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F
ANNUAL REPORT PURSUANT TO
SECTION 13(a) or 15(d) OF
THE SECURITIES EXCHANGE ACT OF
 
1934
________________________________
THE TORONTO-DOMINION BANK
________________________________
EXHIBITS
________________________________
INDEX TO EXHIBITS
No.
Exhibits
97
99.1
99.2
99.3
99.4
99.5
99.6
99.7
99.8
101
The following financial information from
 
The Toronto-Dominion Bank's Annual Report on Form 40-F
 
for the year ended October 31,
2025 formatted in Inline XBRL: (i) Consolidated
 
Balance Sheet as at October 31, 2025 and
 
2024; (ii) Consolidated Statements of Income,
Comprehensive Income, Changes in Equity, and Cash Flows
 
for each of the two years ended October
 
31, 2025; and (iii) Notes to
Consolidated Financial Statements.
104
Cover Page Interactive Data File (formatted
 
as Inline XBRL and contained in Exhibit
 
101)