Cover
Cover | 12 Months Ended |
Oct. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | TD |
Entity Registrant Name | TORONTO DOMINION BANK |
Entity Central Index Key | 0000947263 |
Current Fiscal Year End Date | --10-31 |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 1,812,486,824 |
Entity Interactive Data Current | Yes |
Security Exchange Name | NYSE |
Security 12(b) Title | Common Shares |
Entity Emerging Growth Company | false |
Entity Address Country | CA |
Entity Incorporation State Country Code | CA |
Entity Address, Address Line One | c/o General Counsel’s Office |
Entity Address, City or Town | Toronto |
Entity Address, Postal Zip Code | M5K 1A2 |
Entity Address, State or Province | ON |
Local Phone Number | (416) 308-6963 |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Glenn Gibson |
Entity Address, Address Line One | 31 West 52nd Street |
Entity Address, City or Town | New York |
Entity Address, Postal Zip Code | 10019-6101 |
Entity Address, State or Province | NY |
Local Phone Number | (212) 827-7000 |
Consolidated Balance Sheet
Consolidated Balance Sheet - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Assets | ||
Cash and due from banks | $ 4,863 | $ 4,735 |
Interest-bearing deposits with banks | 25,583 | 30,720 |
Cash and interest bearing deposits with banks | 30,446 | 35,455 |
Trading loans, securities, and other (Notes 5, 7) | 146,000 | 127,897 |
Non-trading financial assets at fair value through profit or loss (Notes 5,7) | 6,503 | 4,015 |
Derivatives (Notes 5, 11) | 48,894 | 56,996 |
Financial assets designated at fair value through profit or loss (Notes 5,7) | 4,040 | 3,618 |
Financial assets at fair value through other comprehensive income (Notes 5, 7, 8) | 111,104 | 130,600 |
Total Trading and Non Trading Financial Assets | 316,541 | 323,126 |
Debt securities at amortized cost, net of allowance for credit losses (Notes 5, 7) | 130,497 | 107,171 |
Securities purchased under reverse repurchase agreements (Note 5) | 165,935 | 127,379 |
Loans (Notes 5, 8) | ||
Residential mortgages | 235,640 | 225,191 |
Consumer instalment and other personal | 180,334 | 172,079 |
Credit card | 36,564 | 35,018 |
Business and government | 236,517 | 217,654 |
Gross loans | 689,055 | 649,942 |
Allowance for loan losses (Note 8) | (4,447) | (3,549) |
Loans, net of allowance for loan losses | 684,608 | 646,393 |
Other | ||
Customers' liability under acceptances | 13,494 | 17,267 |
Goodwill (Note 14) | 16,976 | 16,536 |
Other intangibles (Note 14) | 2,503 | 2,459 |
Land, buildings, equipment, and other depreciable assets (Note 15) | 5,513 | 5,324 |
Deferred tax assets (Note 25) | 1,799 | 2,812 |
Amounts receivable from brokers, dealers, and clients | 20,575 | 26,940 |
Other assets (Note 16) | 17,087 | 15,596 |
Total other miscellaneous assets | 87,263 | 95,379 |
Total assets | 1,415,290 | 1,334,903 |
LIABILITIES | ||
Trading deposits (Notes 5, 17) | 26,885 | 114,704 |
Derivatives (Notes 5, 11) | 50,051 | 48,270 |
Securitization liabilities at fair value (Notes 5, 9) | 13,058 | 12,618 |
Financial liabilities designated at fair value through profit or loss (Notes 5, 17) | 105,131 | 16 |
Total financial liabilities other than non-trading deposits and other | 195,125 | 175,608 |
Deposits (Notes 5, 17) | ||
Personal | 503,430 | 477,644 |
Banks | 16,751 | 16,712 |
Business and government | 366,796 | 357,083 |
Total deposits, other than trading | 886,977 | 851,439 |
Other | ||
Acceptances | 13,494 | 17,269 |
Obligations related to securities sold short (Note 5) | 29,656 | 39,478 |
Obligations related to securities sold under repurchase agreements (Note 5) | 125,856 | 93,389 |
Securitization liabilities at amortized cost (Notes 5, 9) | 14,086 | 14,683 |
Amounts payable to brokers, dealers, and clients | 23,746 | 28,385 |
Insurance-related liabilities (Note 22) | 6,920 | 6,698 |
Other liabilities (Note 18) | 21,004 | 19,174 |
Total other miscellaneous liabilities | 234,762 | 219,076 |
Subordinated notes and debentures (Notes 5, 19) | 10,725 | 8,740 |
Total liabilities | 1,327,589 | 1,254,863 |
EQUITY | ||
Contributed surplus | 157 | 193 |
Retained earnings | 49,497 | 46,145 |
Accumulated other comprehensive income (loss) | 10,581 | 6,639 |
Equity attributable to owners of parent | 87,701 | 79,047 |
Non-controlling interests in subsidiaries (Note 21) | 993 | |
Total equity | 87,701 | 80,040 |
Total liabilities and equity | 1,415,290 | 1,334,903 |
Common shares [member] | ||
EQUITY | ||
Issued capital (Note 21) | 21,713 | 21,221 |
Treasury shares - (Note 21) | (41) | (144) |
Preferred shares [member] | ||
EQUITY | ||
Issued capital (Note 21) | 5,800 | 5,000 |
Treasury shares - (Note 21) | (6) | (7) |
TD Ameritrade [member] | ||
Other | ||
Investment in TD Ameritrade (Note 12) | $ 9,316 | $ 8,445 |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Interest income | ||||
Loans | [1] | $ 31,925 | $ 27,790 | $ 23,663 |
Securities | ||||
Interest | [1] | 7,843 | 6,685 | 4,595 |
Dividends | [1] | 1,548 | 1,234 | 1,128 |
Deposits with banks | [1] | 683 | 713 | 446 |
Total interest income | [1] | 41,999 | 36,422 | 29,832 |
Interest expense (Note 30) | ||||
Deposits | 13,675 | 10,489 | 6,615 | |
Securitization liabilities | 524 | 586 | 472 | |
Subordinated notes and debentures | 395 | 337 | 391 | |
Other | 3,474 | 2,771 | 1,507 | |
Total interest expense | 18,068 | 14,183 | 8,985 | |
Net interest income | 23,931 | 22,239 | 20,847 | |
Non-interest income | ||||
Investment and securities services | 4,872 | 4,714 | 4,512 | |
Credit fees | 1,289 | 1,210 | 1,130 | |
Net securities gain (loss) (Note 7) | 78 | 111 | 128 | |
Trading income (loss) | 1,047 | 1,052 | 303 | |
Income (loss) from non-trading financial instruments at fair value through profit or loss | 121 | 48 | ||
Income (loss) from financial instruments designated at fair value through profit or loss | 8 | (170) | (254) | |
Service charges | 2,885 | 2,716 | 2,648 | |
Card services | 2,465 | 2,376 | 2,388 | |
Insurance revenue (Note 22) | 4,282 | 4,045 | 3,760 | |
Other income (loss) | 87 | 551 | 740 | |
Total non-interest income | 17,134 | 16,653 | 15,355 | |
Total revenue | 41,065 | 38,892 | 36,202 | |
Provision for credit losses (Note 8) | 3,029 | 2,480 | 2,216 | |
Insurance claims and related expenses (Note 22) | 2,787 | 2,444 | 2,246 | |
Non-interest expenses | ||||
Salaries and employee benefits (Note 24) | 11,244 | 10,377 | 10,018 | |
Occupancy, including depreciation | 1,835 | 1,765 | 1,794 | |
Equipment, including depreciation | 1,165 | 1,073 | 992 | |
Amortization of other intangibles | 800 | 815 | 704 | |
Marketing and business development | 769 | 803 | 726 | |
Restructuring charges (recovery) | 175 | 73 | 2 | |
Brokerage-related and sub-advisory fees | 336 | 359 | 360 | |
Professional and advisory services | 1,322 | 1,194 | 1,119 | |
Other | 4,374 | 3,736 | 3,704 | |
Total non-interest expenses | 22,020 | 20,195 | 19,419 | |
Income before income taxes and equity in net income of an investment in TD Ameritrade | 13,229 | 13,773 | 12,321 | |
Provision for (recovery of) income taxes (Note 25) | 2,735 | 3,182 | 2,253 | |
Net income | [2] | 11,686 | 11,334 | 10,517 |
Preferred dividends | 252 | 214 | 193 | |
Net income available to common shareholders and non-controlling interests in subsidiaries | 11,434 | 11,120 | 10,324 | |
Attributable to: | ||||
Common shareholders | 11,416 | 11,048 | 10,203 | |
Non-controlling interests in subsidiaries | $ 18 | $ 72 | $ 121 | |
Earnings per share (Canadian dollars) (Note 26) | ||||
Basic | $ 6.26 | $ 6.02 | $ 5.51 | |
Diluted | 6.25 | 6.01 | 5.50 | |
Dividends per common share (Canadian dollars) | $ 2.89 | $ 2.61 | $ 2.35 | |
TD Ameritrade [member] | ||||
Non-interest expenses | ||||
Equity in net income of an investment in TD Ameritrade (Note 12) | $ 1,192 | $ 743 | $ 449 | |
[1] | Includes $34,828 million, for the year ended October 31, 2019 (October 31, 2018 - $30,639 million), which has been calculated based on the effective interest rate method (EIRM). Refer to Note 30. | |||
[2] | The amounts are net of income tax provisions (recoveries) presented in the following table. |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Profit or loss [abstract] | ||
Interest income calculated using effective interest rate method | $ 34,828 | $ 30,639 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Statement [LineItems] | ||||
Net income | [1] | $ 11,686 | $ 11,334 | $ 10,517 |
Net change in unrealized gains (losses) on financial assets at fair value through other comprehensive income (available-for-sale securities under IAS 39) | ||||
Change in unrealized gains (losses) on available-for-sale securities | [1],[2] | 467 | ||
Change in unrealized gains (losses) on debt securities at fair value through other comprehensive income | [1] | 110 | (261) | |
Reclassification to earnings of net losses (gains) in respect of available-for-sale securities | [1],[2] | (143) | ||
Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income | [1] | (31) | (22) | |
Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income | [1] | (1) | (1) | |
Net change in unrealized gains (losses) on financial assets at fair value through other comprehensive income | [1],[2] | 78 | (284) | 324 |
Net change in unrealized foreign currency translation gains (losses) on Investments in foreign operations, net of hedging activities | ||||
Unrealized gains (losses) on investments in foreign operations | [1] | (165) | 1,323 | (2,534) |
Reclassification to earnings of net losses (gains) on investment in foreign operations | [1] | (17) | ||
Net gains (losses) on hedges of investments in foreign operations | [1] | 132 | (288) | 659 |
Reclassification to earnings of net losses (gains) on hedges of investments in foreign operations | [1] | 4 | ||
Net change in unrealized foreign currency translation gains (losses) on Investments in foreign operations, net of hedging activities | [1] | (33) | 1,035 | (1,888) |
Net change in gains (losses) on derivatives designated as cash flow hedges | ||||
Change in gains (losses) on derivatives designated as cash flow hedges | [1] | 3,459 | (1,624) | (1,454) |
Reclassification to earnings of losses (gains) on cash flow hedges | [1] | 519 | (455) | (810) |
Net change in gains (losses) on derivatives designated as cash flow hedges | [1] | 3,978 | (2,079) | (2,264) |
Items that will not be subsequently reclassified to net income | ||||
Actuarial gains (losses) on employee benefit plans | [1] | (921) | 622 | 325 |
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income | [1] | (95) | 38 | |
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss | [1] | 14 | ||
Other comprehensive income that will not be reclassified to profit or loss net of tax | [1] | (1,002) | 660 | 325 |
Total other comprehensive income (loss), net of income taxes | [1] | 3,021 | (668) | (3,503) |
Total comprehensive income (loss), net of income taxes | [1] | 14,707 | 10,666 | 7,014 |
Attributable to: | ||||
Non-controlling interests in subsidiaries | [1] | 18 | 72 | 121 |
Income Tax Provisions (Recoveries) in the Consolidated Statement of Comprehensive Income | ||||
Change in unrealized gains (losses) on available-for-sale securities | 150 | |||
Change in unrealized gains (losses) on debt securities at fair value through other comprehensive income | 21 | (139) | ||
Less: Reclassification to earnings of net losses (gains) in respect of available-for-sale securities | (36) | |||
Less: Reclassification to earnings of net losses (gains) in respect of debt securities at fair value through other comprehensive income | (1) | 13 | ||
Less: Reclassification to earnings of changes in allowance for credit losses on debt securities at fair value through other comprehensive income | 0 | 0 | 0 | |
Unrealized gains (losses) on investments in foreign operations | 0 | 0 | 0 | |
Less: Reclassification to earnings of net losses (gains) on investment in foreign operations | 0 | 0 | 0 | |
Net gains (losses) on hedges of investments in foreign operations | 48 | (104) | 237 | |
Less: Reclassification to earnings of net losses (gains) on hedges of investments in foreign operations | (1) | |||
Change in gains (losses) on derivatives designated as cash flow hedges | 1,235 | (473) | (789) | |
Less: Reclassification to earnings of losses (gains) on cash flow hedges | (157) | 283 | 258 | |
Actuarial gains (losses) on employee benefit plans | (324) | 243 | 129 | |
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income | (35) | 20 | ||
Change in fair value due to credit risk on financial liabilities designated at fair value through profit or loss | 4 | |||
Total income taxes | 1,107 | (749) | (494) | |
Common shares [member] | ||||
Attributable to: | ||||
Attributable to shareholders | [1] | 14,437 | 10,380 | 6,700 |
Preferred shares [member] | ||||
Attributable to: | ||||
Attributable to shareholders | [1] | $ 252 | $ 214 | $ 193 |
[1] | The amounts are net of income tax provisions (recoveries) presented in the following table. | |||
[2] | IAS 39, Financial Instruments: Recognition and Measurement (IAS 39). |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Issued capital [member]Common shares [member] | Issued capital [member]Preferred shares [member] | Treasury shares [member]Common shares [member] | Treasury shares [member]Preferred shares [member] | Contributed surplus [member] | Retained earnings [member] | Retained earnings [member]Common shares [member] | Retained earnings [member]Preferred shares [member] | Accumulated other comprehensive income (loss) [member] | Accumulated other comprehensive income (loss) [member]Net unrealized gain (loss) on available-for-sale securities [member] | Accumulated other comprehensive income (loss) [member]Reserve of change in fair value of financial liability attributable to change in credit risk of liability [member] | Accumulated other comprehensive income (loss) [member]Net unrealized foreign currency translation gain (loss) on investments in foreign operations, net of hedging activities [member] | Accumulated other comprehensive income (loss) [member]Net gain (loss) on derivatives designated as cash flow hedges [member] | Accumulated other comprehensive income (loss) [member]Net unrealized gain (loss) on debt securities at fair value through other comprehensive income [member] | Accumulated other comprehensive income (loss) [member]Net unrealized gain (loss) on equity securities designated at fair value through other comprehensive income [member] | Equity attributable to owners of parent [member] | Non-controlling interests in subsidiaries [member] | |||
Balance at beginning of period at Oct. 31, 2016 | $ 20,711 | $ 4,400 | $ (31) | $ (5) | $ 203 | $ 35,452 | $ 299 | $ 9,679 | $ 1,856 | $ 1,650 | |||||||||||
Net premium (discount) on sale of treasury shares | 23 | ||||||||||||||||||||
Net income attributable to non-controlling interests in subsidiaries | $ 121 | 121 | |||||||||||||||||||
Issue of shares | 350 | ||||||||||||||||||||
Purchase of shares | (9,654) | (175) | |||||||||||||||||||
Other comprehensive income (loss) | 324 | ||||||||||||||||||||
Other comprehensive income (loss) | (1,888) | [1] | (1,888) | ||||||||||||||||||
Other comprehensive income (loss) | (2,264) | [1] | (2,264) | ||||||||||||||||||
Issuance of stock options, net of options exercised (Note 23) | 148 | (8) | |||||||||||||||||||
Redemption of non-controlling interests in subsidiaries | (617) | ||||||||||||||||||||
Sale of shares | 9,509 | 173 | |||||||||||||||||||
Net income attributable to shareholders | 10,396 | ||||||||||||||||||||
Other comprehensive income (loss) | [1],[2] | 324 | |||||||||||||||||||
Shares issued as a result of dividend reinvestment plan | 329 | ||||||||||||||||||||
Dividends | $ (4,347) | $ (193) | |||||||||||||||||||
Share issue expenses and others | (4) | ||||||||||||||||||||
Purchase of shares for cancellation and other | (257) | ||||||||||||||||||||
Other | (4) | (171) | |||||||||||||||||||
Net premium on repurchase of common shares, redemption of preferred shares, and other | (1,140) | ||||||||||||||||||||
Actuarial gains (losses) on employee benefit plans | 325 | [1] | 325 | ||||||||||||||||||
Balance at end of year at Oct. 31, 2017 | 75,190 | 20,931 | 4,750 | (176) | (7) | 214 | 40,489 | $ 8,006 | $ 623 | 7,791 | (408) | $ 510 | $ 113 | $ 74,207 | 983 | ||||||
Net premium (discount) on sale of treasury shares | (2) | ||||||||||||||||||||
Net income attributable to non-controlling interests in subsidiaries | 72 | 72 | |||||||||||||||||||
Issue of shares | 750 | ||||||||||||||||||||
Purchase of shares | (8,295) | (129) | |||||||||||||||||||
Other comprehensive income (loss) | 1,035 | [1] | 1,035 | ||||||||||||||||||
Other comprehensive income (loss) | (2,079) | [1] | (2,079) | ||||||||||||||||||
Impact on adoption of IFRS 9 | 53 | [3] | 19 | (96) | |||||||||||||||||
Issuance of stock options, net of options exercised (Note 23) | 152 | (12) | |||||||||||||||||||
Redemption of shares | (500) | ||||||||||||||||||||
Sale of shares | 8,327 | 129 | |||||||||||||||||||
Net income attributable to shareholders | 11,262 | ||||||||||||||||||||
Other comprehensive income (loss) | (284) | [1],[2] | (283) | ||||||||||||||||||
Other comprehensive income (loss) | 40 | ||||||||||||||||||||
Shares issued as a result of dividend reinvestment plan | 366 | ||||||||||||||||||||
Dividends | (4,786) | (214) | |||||||||||||||||||
Allowance for credit losses | (1) | [1] | (1) | ||||||||||||||||||
Reclassification of loss (gain) to retained earnings | (2) | ||||||||||||||||||||
Share issue expenses and others | (10) | ||||||||||||||||||||
Purchase of shares for cancellation and other | (228) | ||||||||||||||||||||
Other | (7) | (62) | |||||||||||||||||||
Net premium on repurchase of common shares, redemption of preferred shares, and other | (1,273) | ||||||||||||||||||||
Actuarial gains (losses) on employee benefit plans | 622 | [1] | 622 | ||||||||||||||||||
Realized gains (losses) on equity securities designated at fair value through other comprehensive income | 2 | ||||||||||||||||||||
Balance at end of year at Oct. 31, 2018 | 80,040 | 21,221 | 5,000 | (144) | (7) | 193 | 46,145 | 6,639 | 8,826 | (2,487) | 245 | 55 | 79,047 | 993 | |||||||
Impact on adoption of IFRS 151 | [4] | (41) | |||||||||||||||||||
Net premium (discount) on sale of treasury shares | (22) | ||||||||||||||||||||
Net income attributable to non-controlling interests in subsidiaries | 18 | 18 | |||||||||||||||||||
Issue of shares | 800 | ||||||||||||||||||||
Purchase of shares | (9,782) | (151) | |||||||||||||||||||
Other comprehensive income (loss) | 14 | [1] | $ 14 | ||||||||||||||||||
Other comprehensive income (loss) | (33) | [1] | (33) | ||||||||||||||||||
Other comprehensive income (loss) | 3,978 | [1] | 3,978 | ||||||||||||||||||
Issuance of stock options, net of options exercised (Note 23) | 124 | (8) | |||||||||||||||||||
Redemption of non-controlling interests in subsidiaries | (1,000) | ||||||||||||||||||||
Sale of shares | 9,885 | 152 | |||||||||||||||||||
Net income attributable to shareholders | 11,668 | ||||||||||||||||||||
Other comprehensive income (loss) | 78 | [1],[2] | 79 | ||||||||||||||||||
Other comprehensive income (loss) | (46) | ||||||||||||||||||||
Shares issued as a result of dividend reinvestment plan | 357 | ||||||||||||||||||||
Dividends | $ (5,262) | $ (252) | |||||||||||||||||||
Allowance for credit losses | (1) | [1] | (1) | ||||||||||||||||||
Reclassification of loss (gain) to retained earnings | (49) | ||||||||||||||||||||
Shares issued in connection with acquisitions (Notes 13) | 366 | ||||||||||||||||||||
Share issue expenses and others | (9) | ||||||||||||||||||||
Purchase of shares for cancellation and other | (355) | ||||||||||||||||||||
Other | (6) | $ (11) | |||||||||||||||||||
Net premium on repurchase of common shares, redemption of preferred shares, and other | (1,880) | ||||||||||||||||||||
Actuarial gains (losses) on employee benefit plans | (921) | [1] | (921) | ||||||||||||||||||
Realized gains (losses) on equity securities designated at fair value through other comprehensive income | 49 | ||||||||||||||||||||
Balance at end of year at Oct. 31, 2019 | $ 87,701 | $ 21,713 | $ 5,800 | $ (41) | $ (6) | $ 157 | $ 49,497 | $ 10,581 | $ 14 | $ 8,793 | $ 1,491 | $ 323 | $ (40) | $ 87,701 | |||||||
[1] | The amounts are net of income tax provisions (recoveries) presented in the following table. | ||||||||||||||||||||
[2] | IAS 39, Financial Instruments: Recognition and Measurement (IAS 39). | ||||||||||||||||||||
[3] | IFRS 9, Financial Instruments (IFRS 9). | ||||||||||||||||||||
[4] | IFRS 15, Revenue from Contracts with Customers (IFRS 15). |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flows from (used in) operating activities | |||
Net income before income taxes, including equity in net income of an investment in TD Ameritrade | $ 14,421 | $ 14,516 | $ 12,770 |
Adjustments to determine net cash flows from (used in) operating activities | |||
Provision for credit losses (Note 8) | 3,029 | 2,480 | 2,216 |
Depreciation (Note 15) | 605 | 576 | 603 |
Amortization of other intangibles | 800 | 815 | 704 |
Net securities losses (gains) (Note 7) | (78) | (111) | (128) |
Deferred taxes (Note 25) | (33) | 385 | 175 |
Changes in operating assets and liabilities | |||
Interest receivable and payable (Notes 16, 18) | (26) | (104) | (283) |
Securities sold under repurchase agreements | 32,467 | 4,798 | 39,618 |
Securities purchased under reverse repurchase agreements | (38,556) | 7,050 | (48,377) |
Securities sold short | (9,822) | 3,996 | 2,367 |
Trading loans and securities | (18,103) | (24,065) | (4,661) |
Loans net of securitization and sales | (41,693) | (45,620) | (22,332) |
Deposits | (52,281) | 53,379 | 40,150 |
Derivatives | 9,883 | (3,745) | 1,836 |
Non-trading financial assets at fair value through profit or loss | (2,397) | 5,257 | |
Financial assets and liabilities designated at fair value through profit or loss | 104,693 | (460) | 245 |
Securitization liabilities | (157) | (1,532) | (1,575) |
Current taxes | (771) | (780) | (419) |
Brokers, dealers, and clients amounts receivable and payable | 1,726 | (1,435) | 2,459 |
Other | (2,244) | (8,964) | 1,412 |
Net cash from (used in) operating activities | 271 | 5,693 | 26,127 |
Cash flows from (used in) financing activities | |||
Issuance of subordinated notes and debentures (Note 19) | 1,749 | 1,750 | 1,500 |
Redemption or repurchase of subordinated notes and debentures (Note 19) | 24 | (2,468) | (2,536) |
Common shares issued (Note 21) | 105 | 128 | 125 |
Preferred shares issued (Note 21) | 791 | 740 | 346 |
Repurchase of common shares (Note 21) | (2,235) | (1,501) | (1,397) |
Redemption of preferred shares (Note 21) | (500) | ||
Redemption of non-controlling interests in subsidiaries (Note 21) | (1,000) | (626) | |
Sale of treasury shares (Note 21) | 10,015 | 8,454 | 9,705 |
Purchase of treasury shares (Note 21) | (9,933) | (8,424) | (9,829) |
Dividends paid | (5,157) | (4,634) | (4,211) |
Distributions to non-controlling interests in subsidiaries | (11) | (72) | (112) |
Net cash from (used in) financing activities | (5,652) | (6,527) | (7,035) |
Cash flows from (used in) investing activities | |||
Interest-bearing deposits with banks | 5,137 | 20,465 | 2,529 |
Activities in financial assets at fair value through other comprehensive income (Note 7) | |||
Purchases | (24,898) | (20,269) | |
Proceeds from maturities | 37,835 | 30,101 | |
Proceeds from sales | 10,158 | 2,731 | |
Activities in available-for-sale securities (Note 7) | |||
Purchases | (63,339) | ||
Proceeds from maturities | 30,775 | ||
Proceeds from sales | 4,977 | ||
Activities in debt securities at amortized cost (Note 7) | |||
Purchases | (51,202) | (51,663) | |
Proceeds from maturities | 28,392 | 20,101 | |
Proceeds from sales | 1,418 | 670 | |
Activities in held-to-maturity securities (Note 7) | |||
Purchases | (17,807) | ||
Proceeds from maturities | 27,729 | ||
Proceeds from sales | 452 | ||
Activities in debt securities classified as loans | |||
Purchases | (2,471) | ||
Proceeds from maturities | 337 | ||
Proceeds from sales | 447 | ||
Net purchases of land, buildings, equipment, and other depreciable assets | (794) | (587) | (434) |
Net cash from (used in) investing activities | 5,506 | 1,549 | (18,934) |
Effect of exchange rate changes on cash and due from banks | 3 | 49 | (94) |
Net increase (decrease) in cash and due from banks | 128 | 764 | 64 |
Cash and due from banks at beginning of year | 4,735 | 3,971 | 3,907 |
Cash and due from banks at end of year | 4,863 | 4,735 | 3,971 |
Supplementary disclosure of cash flows from operating activities | |||
Amount of income taxes paid (refunded) during the year | 3,589 | 3,535 | 2,866 |
Amount of interest paid during the year | 17,958 | 13,888 | 8,957 |
Amount of interest received during the year | 40,315 | 34,789 | 28,393 |
Amount of dividends received during the year | 1,584 | 1,202 | 1,153 |
TD Ameritrade [member] | |||
Adjustments to determine net cash flows from (used in) operating activities | |||
Equity in net income of an investment in TD Ameritrade (Note 12) | (1,192) | $ (743) | (449) |
Dilution gain (Note 12) | (204) | ||
Net cash acquired from (paid for) divestitures, acquisitions, and the purchase of TD Ameritrade shares [member] | |||
Activities in debt securities classified as loans | |||
Net cash acquired from (paid for) divestitures, acquisitions, and the purchase of TD Ameritrade shares(Notes 12, 13) | $ (540) | $ (2,129) |
IFRS 7 Disclosure
IFRS 7 Disclosure | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
IFRS 7 Disclosure | The shaded areas of this MD&A represent a discussion on risk management policies and procedures relating to credit, market, and liquidity risks as required under IFRS 7, Financial Instruments: Disclosures Credit Risk Credit risk is the risk of loss if a borrower or counterparty in a transaction fails to meet its agreed payment obligations. Credit risk is one of the most significant and pervasive risks in banking. Every loan, extension of credit, or transaction that involves the transfer of payments between the Bank and other parties or financial institutions exposes the Bank to some degree of credit risk. The Bank's primary objective is to be methodical in its credit risk assessment so that the Bank can understand, select, and manage its exposures to reduce significant fluctuations in earnings. The Bank's strategy is to include central oversight of credit risk in each business, and reinforce a culture of transparency, accountability, independence, and balance. WHO MANAGES CREDIT RISK The responsibility for credit risk management is enterprise-wide. To reinforce ownership of credit risk, credit risk control functions are integrated into each business, but also report to Risk Management to ensure objectivity and accountability. Each business segment's credit risk control unit is responsible for its credit decisions and must comply with established policies, exposure guidelines, credit approval limits, and policy/limit exception procedures. It must also adhere to established enterprise-wide standards of credit assessment and obtain Risk Management's approval for credit decisions beyond its discretionary authority. Risk Management is accountable for oversight of credit risk by developing policies that govern and control portfolio risks, and approval of product-specific policies, as required. The Risk Committee oversees the management of credit risk and annually approves certain significant credit risk policies. HOW TD MANAGES CREDIT RISK The Bank's Credit Risk Management Framework outlines the internal risk and control structure to manage credit risk and includes risk appetite, policies, processes, limits and governance. The Credit Risk Management Framework is maintained by Risk Management and supports alignment with the Bank's risk appetite for credit risk. Credit risk policies and credit decision-making strategies, as well as the discretionary limits of officers throughout the Bank for extending lines of credit are centrally approved by Risk Management, and the Board where applicable. Limits are established to monitor and control country, industry, product, geographic, and group exposure risks in the portfolios in accordance with enterprise-wide policies. In the Bank's Retail businesses, the Bank uses established underwriting guidelines (which include collateral and loan-to-value The Bank's Commercial Banking and Wholesale Banking businesses use credit risk models and policies to establish borrower and facility risk ratings, quantify and monitor the level of risk, and facilitate the associated risk management. Risk ratings are also used to determine the amount of credit exposure the Bank is willing to extend to a particular borrower. Management processes are used to monitor country, industry, and borrower or counterparty risk ratings, which include daily, monthly, quarterly, and annual review requirements for credit exposures. The key parameters used in the Bank's credit risk models are monitored on an ongoing basis. Unanticipated economic or political changes in a foreign country could affect cross-border payments for goods and services, loans, dividends, and trade-related the majority of the exposure in North America. The Bank measures country risk using approved risk rating models and qualitative factors that are also used to establish country exposure limits covering all aspects of credit exposure across all businesses. Country risk ratings are managed on an ongoing basis and are subject to a detailed review at least annually. As part of the Bank's credit risk strategy, the Bank sets limits on the amount of credit it is prepared to extend to specific industry sectors. The Bank monitors its concentration to any given industry to provide for a diversified loan portfolio and to reduce the risk of undue concentration. The Bank manages this risk using limits based on an internal risk rating score that combines TD's industry risk rating model and industry analysis, and regularly reviews industry risk ratings to assess whether internal ratings properly reflect the risk of the industry. The Bank assigns a maximum exposure limit or a concentration limit to each major industry segment which is a percentage of its total wholesale and commercial private sector exposure. The Bank may also set limits on the amount of credit it is prepared to extend to a particular entity or group of entities, also referred to as "entity risk". All entity risk is approved by the appropriate decision-making authority using limits based on the entity's borrower risk rating (BRR) and, for certain portfolios, the risk rating of the industry in which the entity operates. This exposure is monitored on a regular basis. The Bank may also use credit derivatives to mitigate borrower-specific exposure as part of its portfolio risk management techniques. To determine the potential loss that could be incurred under a range of adverse scenarios, the Bank subjects its credit portfolios to stress tests. Stress tests assess vulnerability of the portfolios to the effects of severe but plausible situations, such as an economic downturn or a material market disruption. The Basel Framework The objective of the Basel Framework is to improve the consistency of capital requirements internationally and make required regulatory capital more risk-sensitive. The Basel Framework sets out several options which represent increasingly more risk-sensitive approaches for calculating credit, market, and operational RWA. Credit Risk and the Basel Framework The Bank received approval from OSFI to use the Basel AIRB Approach for credit risk, effective November 1, 2007. The Bank uses the AIRB Approach for all material portfolios, except in the following areas: • TD has approved exemptions to use Standardized Approach (SA) for some credit exposures in North America. Risk Management reconfirms annually that this approach remains appropriate. • Effective the third quarter of 2016, OSFI approved the Bank to calculate the majority of the retail portfolio credit RWA in the U.S. Retail segment using the AIRB Approach. The non-retail To continue to qualify using the AIRB Approach for credit risk, the Bank must meet the ongoing conditions and requirements established by OSFI and the Basel Framework. The Bank regularly assesses its compliance with these requirements. Credit Risk Exposures Subject to the AIRB Approach Banks that adopt the AIRB Approach to credit risk must report credit risk exposures by counterparty type, each having different underlying risk characteristics. These counterparty types may differ from the presentation in the Bank's 2019 Consolidated Financial Statements. The Bank's credit risk exposures are divided into two main portfolios, retail and non-retail. Risk Parameters Under the AIRB Approach, credit risk is measured using the following risk parameters: • Probability of default (PD) – the likelihood that the borrower will not be able to meet its scheduled repayments within a one year time horizon. • Loss given default (LGD) – the amount of loss the Bank would likely incur when a borrower defaults on a loan, which is expressed as a percentage of exposure at default (EAD). • EAD – the total amount the Bank is exposed to at the time of default. By applying these risk parameters, the Bank can measure and monitor its credit risk to ensure it remains within pre-determined Retail Exposures In the retail portfolio, including individuals and small businesses, the Bank manages exposures on a pooled basis, using predictive credit scoring techniques. There are three sub-types The Bank calculates RWA for its retail exposures using the AIRB Approach. All retail PD, LGD, and EAD parameter models are based exclusively on the internal default and loss performance history for each of the three retail exposure sub-types. Account-level PD, LGD, and EAD models are built for each product portfolio and calibrated based on the observed account-level default and loss performance for the portfolio. Consistent with the AIRB Approach, the Bank defines default for exposures as delinquency of 90 days or more for the majority of retail credit portfolios. LGD estimates used in the RWA calculations reflect economic losses, such as, direct and indirect costs as well as any appropriate discount to account for time between default and ultimate recovery. EAD estimates reflect the historically observed utilization of credit limits at default. PD, LGD, and EAD models are calibrated using established statistical methods, such as logistic and linear regression techniques. Predictive attributes in the models may include account attributes, such as loan size, interest rate, and collateral, where applicable; an account's previous history and current status; an account's age on book; a customer's credit bureau attributes; and a customer's other holdings with the Bank, and macroeconomic inputs, such as unemployment rate. For secured products such as residential mortgages, property characteristics, loan-to-value All risk parameter estimates are updated on a quarterly basis based on the refreshed model inputs. Parameter estimation is fully automated based on approved formulas and is not subject to manual overrides. Exposures are then assigned to one of nine pre-defined long-run one-year The risk discriminative and predictive power of the Bank's retail credit models is assessed against the most recently available one-year Long-run long-run LGD estimates are required to reflect a downturn scenario. Downturn LGD estimates are generated by using macroeconomic inputs, such as changes in housing prices and unemployment rates expected in an appropriately severe downturn scenario. For unsecured products, downturn LGD estimates reflect the observed lower recoveries for exposures defaulted during the 2008 to 2009 recession. For products secured by residential real estate, such as mortgages and home equity lines of credit, downturn LGD reflects the potential impact of a severe housing downturn. EAD estimates similarly reflect a downturn scenario. The following table maps PD ranges to risk levels: Risk Assessment PD Segment PD Range Low Risk 1 0.00 to 0.15% Normal Risk 2 3 0.16 to 0.41 0.42 to 1.10 Medium Risk 4 5 1.11 to 2.93 2.94 to 4.74 High Risk 6 7 8 4.75 to 7.59 7.60 to 18.24 18.25 to 99.99 Default 9 100.00 Non-Retail In the non-retail non-retail non-retail. The Bank evaluates credit risk for non-retail Internal risk ratings (BRR and FRR) are key to portfolio monitoring and management, and are used to set exposure limits and loan pricing. Internal risk ratings are also used in the calculation of regulatory capital, economic capital, and allowance for credit losses. Borrower Risk Rating and PD Each borrower is assigned a BRR that reflects the PD of the borrower using proprietary models and expert judgment. In assessing borrower risk, the Bank reviews the borrower's competitive position, financial performance, economic, and industry trends, management quality, and access to funds. Under the AIRB Approach, borrowers are grouped into BRR grades that have similar PD. Use of projections for model implied risk ratings is not permitted and BRRs may not incorporate a projected reversal, stabilization of negative trends, or the acceleration of existing positive trends. Historic financial results can however be sensitized to account for events that have occurred, or are about to occur, such as additional debt incurred by a borrower since the date of the last set of financial statements. In conducting an assessment of the BRR, all relevant and material information must be taken into account and the information being used must be current. Quantitative rating models are used to rank the expected through-the-cycle To calibrate PDs for each BRR band, the Bank computes yearly transition matrices based on annual cohorts and then estimates the average annual PD for each BRR. The PD is set at the average estimation level plus an appropriate adjustment to cover statistical and model uncertainty. The calibration process for PD is a through-the-cycle 21-point Description Rating Category Standard & Poor s Moody s Investor Services Investment grade 0 to 1C AAA to AA- Aaa to Aa3 2A to 2C A+ to A- A1 to A3 3A to 3C BBB+ to BBB- Baa1 to Baa3 Non-investment 4A to 4C BB+ to BB- Ba1 to Ba3 5A to 5C B+ to B- B1 to B3 Watch and classified 6 to 8 CCC+ to CC and below Caa1 to Ca and below Impaired/default 9A to 9B Default Default Facility Risk Rating and LGD The FRR maps to LGD and takes into account facility-specific characteristics such as collateral, seniority ranking of debt, and loan structure. Different FRR models are used based on industry and obligor size. Data considered in the calibration of the LGD model includes variables such as collateral coverage, debt structure, and borrower enterprise value. Average LGD and the statistical uncertainty of LGD are estimated for each FRR grade. In some FRR models, lack of historical data requires the model to output a rank-ordering which is then mapped through expert judgment to the quantitative LGD scale. The AIRB Approach stipulates the use of downturn LGD, where the downturn period, as determined by internal and/or external experience, suggests higher than average loss rates or lower than average recovery. To reflect this, calibrated LGDs take into account both the statistical estimation uncertainty and the higher than average LGDs experienced during downturn periods. Exposure at Default The Bank calculates non-retail by a borrower defaulting in the next year, in addition to the amount that already has been drawn by the borrower. In the absence of credit mitigation effects or other details, the EAD is set at the drawn amount plus (UGD x Committed Undrawn), where UGD is a percentage between 0% and 100%. BRR up to one-year Historical UGD experience is studied for any downturn impacts, similar to the LGD downturn analysis. The Bank has not found downturn UGD to be significantly different than average UGD, therefore the UGDs are set at the average calibrated level, by BRR, plus an appropriate adjustment for statistical and model uncertainty. Credit Risk Exposures Subject to the Standardized Approach Currently SA to credit risk is used primarily for assets in the U.S. non-retail The Bank applies the following risk weights to on-balance Sovereign 0 % 1 Bank 20 % 1 Corporate 100 % 1 The risk weight may vary according to the external risk rating. Lower risk weights apply where approved credit risk mitigants exist. Non-retail off-balance Derivative Exposures Credit risk on derivative financial instruments, also known as counterparty credit risk, is the risk of a financial loss occurring as a result of the failure of a counterparty to meet its obligation to the Bank. The Bank uses the SA-CCR The Bank uses various qualitative and quantitative methods to measure and manage counterparty credit risk. These include statistical methods to measure the current and future potential risk, as well as ongoing stress testing to identify and quantify exposure to extreme events. The Bank establishes various limits, including gross notional limits, to manage business volumes and concentrations. It also regularly assesses market conditions and the valuation of underlying financial instruments. Counterparty credit risk may increase during periods of receding market liquidity for certain instruments. Capital Markets Risk Management meets regularly with Market and Credit Risk Management and Trading businesses to discuss how evolving market conditions may impact the Bank's market risk and counterparty credit risk. The Bank actively engages in risk mitigation strategies through the use of multi-product derivative master netting agreements, collateral pledging and other credit risk mitigation techniques. The Bank also executes certain derivatives through a central clearing house which reduces counterparty credit risk due to the ability to net offsetting positions amongst counterparty participants that settle within clearing houses. Derivative-related credit risks are subject to the same credit approval, limit, monitoring, and exposure guideline standards that the Bank uses for managing other transactions that create credit risk exposure. These standards include evaluating the creditworthiness of counterparties, measuring and monitoring exposures, including wrong-way There are two types of wrong-way wrong-way wrong-way wrong-way As part of the credit risk monitoring process, management meets on a periodic basis to review all exposures, including exposures resulting from derivative financial instruments to higher risk counterparties. As at October 31, 2019, after taking into account risk mitigation strategies, the Bank does not have material derivative exposure to any counterparty considered higher risk as defined by the Bank's credit policies. In addition, the Bank does not have a material credit risk valuation adjustment to any specific counterparty. Validation of the Credit Risk Rating System Credit risk rating systems and methodologies are independently validated on a regular basis to verify that they remain accurate predictors of risk. The validation process includes the following considerations: • Risk parameter estimates – PDs, LGDs, and EADs are reviewed and updated against actual loss experience to ensure estimates continue to be reasonable predictors of potential loss. • Model performance – Estimates continue to be discriminatory, stable, and predictive. • Data quality – Data used in the risk rating system is accurate, appropriate, and sufficient. • Assumptions – Key assumptions underlying the development of the model remain valid for the current portfolio and environment. Risk Management ensures that the credit risk rating system complies with the Bank's Model Risk Policy. At least annually, the Risk Committee is informed of the performance of the credit risk rating system. The Risk Committee must approve any material changes to the Bank's credit risk rating system. Credit Risk Mitigation The techniques the Bank uses to reduce or mitigate credit risk include written policies and procedures to value and manage financial and non-financial In the retail and commercial banking businesses, security for loans is primarily non-financial Non-investment The Bank also uses collateral and master netting agreements to mitigate derivative counterparty exposure. Security for derivative exposures is primarily financial and includes cash and negotiable securities issued by highly rated governments and investment grade issuers. This approach includes pre-defined In all but exceptional situations, the Bank secures collateral by taking possession and controlling it in a jurisdiction where it can legally enforce its collateral rights. In exceptional situations and when demanded by the Bank's counterparty, the Bank holds or pledges collateral with an acceptable third-party custodian. The Bank documents all such third-party Occasionally, the Bank may take guarantees to reduce the risk in credit exposures. For credit risk exposures subject to the AIRB approach, the Bank only recognizes irrevocable guarantees for Commercial Banking and Wholesale Banking credit exposures that are provided by entities with a better risk rating than that of the borrower or counterparty to the transaction. The Bank makes use of credit derivatives to mitigate credit risk. The credit, legal, and other risks associated with these transactions are controlled through well-established procedures. The Bank's policy is to enter into these transactions with investment grade financial institutions and transact on a collateralized basis. Credit risk to these counterparties is managed through the same approval, limit, and monitoring processes the Bank uses for all counterparties for which it has credit exposure. The Bank uses appraisals and automated valuation models (AVMs) to support property values when adjudicating loans collateralized by residential real property. AVMs are computer-based tools used to estimate or validate the market value of residential real property using market comparables and price trends for local market areas. The primary risk associated with the use of these tools is that the value of an individual property may vary significantly from the average for the market area. The Bank has specific risk management guidelines addressing the circumstances when they may be used, and processes to periodically validate AVMs including obtaining third-party appraisals. 1 Other Credit Risk Exposures Non-trading The Bank's non-trading non-trading Securitization Exposures Effective November 1, 2018, the Bank applies risk weights to all securitization exposures under the revised securitization framework published by the BCBS. The revised securitization framework includes a revised hierarchy to determine capital treatment, and preferential capital treatment for transactions that meet the simple, transparent, and comparable requirements. For externally rated exposures, the Bank uses an External Ratings Based Approach (SEC-ERBA). SEC-ERBA For exposures that are not externally rated and are held by an ABCP issuing conduit, the Bank uses the Internal Assessment Approach (IAA). Under the IAA, the Bank considers all relevant risk factors in assessing the credit quality of these exposures, including those published by the Moody's and S&P rating agencies. The Bank also uses loss coverage models and policies to quantify and monitor the level of risk, and facilitate its management. The Bank's IAA process includes an assessment of the extent by which the enhancement available for loss protection provides coverage of expected losses. The levels of stressed coverage the Bank requires for each internal risk rating are consistent with the rating agencies' published stressed factor requirements for equivalent external ratings by asset class. Under the IAA, exposures are multiplied by OSFI-prescribed risk weights to calculate RWA for capital purposes. For exposures that are not externally rated and are not held by an ABCP-issuing conduit, the Bank uses the Standardized Approach (SEC-SA). SEC-SA, Irrespective of the approach being used to determine the risk weights, all exposures are assigned an internal risk rating based on the Bank's assessment, which must be reviewed at least annually. The ratings scale TD uses corresponds to the long-term ratings scales used by the rating agencies. The Bank's internal rating process is subject to all of the key elements and principles of the Bank's risk governance structure, and is managed in the same way as outlined in this "Credit Risk" section. The Bank uses the results of the internal rating in all aspects of its credit risk management, including performance tracking, control mechanisms, and management reporting. Market Risk Trading Market Risk is the risk of loss in financial instruments held in trading positions due to adverse movements in market factors. These market factors include interest rates, foreign exchange rates, equity prices, commodity prices, credit spreads, and their respective volatilities. Non-Trading non-trading The Bank is exposed to market risk in its trading and investment portfolios, as well as through its non-trading non-trading The Bank complied with the Basel III market risk requirements as at October 31, 2019, using the Internal Models Approach. MARKET RISK IN TRADING ACTIVITIES The overall objective of the Bank's trading businesses is to provide wholesale banking services, including facilitation and liquidity, to clients of the Bank. The Bank must take on risk in order to provide effective service in markets where its clients trade. In particular, the Bank needs to hold inventory, act as principal to facilitate client transactions, and underwrite new issues. The Bank also trades in order to have in-depth WHO MANAGES MARKET RISK IN TRADING ACTIVITIES Primary responsibility for managing market risk in trading activities lies with Wholesale Banking, with oversight from Market Risk Control within Risk Management. The Market Risk Control Committee meets regularly to conduct a review of the market risk profile, trading results of the Bank's trading businesses as well as changes to market risk policies. The committee is chaired by the Senior Vice President, Market Risk and Model Development, and includes Wholesale Banking senior management. There were no significant reclassifications between trading and non-trading HOW TD MANAGES MARKET RISK IN TRADING ACTIVITIES Market risk plays a key part in the assessment of any trading business strategy. The Bank launches new trading initiatives or expands existing ones only if the risk has been thoroughly assessed, and is judged to be within the Bank's risk appetite and business expertise, and if the appropriate infrastructure is in place to monitor, control, and manage the risk. The Trading Market Risk Framework outlines the management of trading market risk and incorporates risk appetite, risk governance structure, risk identification, measurement, and control. The Trading Market Risk Framework is maintained by Risk Management and supports alignment with the Bank's Risk Appetite for trading market risk. Trading Limits The Bank sets trading limits that are consistent with the approved business strategy for each business and its tolerance for the associated market risk, aligned to its market risk appetite. In setting limits, the Bank takes into account market volatility, market liquidity, organizational experience, and business strategy. Limits are prescribed at the Wholesale Banking level in aggregate, as well as at more granular levels. The core market risk limits are based on the key risk drivers in the business and includes notional, credit spread, yield curve shift, price, and volatility limits. Another primary measure of trading limits is VaR, which the Bank uses to monitor and control overall risk levels and to calculate the regulatory capital required for market risk in trading activities. VaR measures the adverse impact that potential changes in market rates and prices could have on the value of a portfolio over a specified period of time. At the end of each day, risk positions are compared with risk limits, and any excesses are reported in accordance with established market risk policies and procedures. Calculating VaR The Bank computes total VaR on a daily basis by combining the General Market Risk (GMR) and Idiosyncratic Debt Specific Risk (IDSR) associated with its trading positions. GMR is determined by creating a distribution of potential changes in the market value of the current portfolio using historical simulation. The Bank values the current portfolio using the market price and rate changes of the most recent 259 trading days for equity, interest rate, foreign exchange, credit, and commodity products. GMR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. A one-day IDSR measures idiosyncratic (single-name) credit spread risk for credit exposures in the trading portfolio using Monte Carlo simulation. The IDSR model is based on the historical behaviour of five-year idiosyncratic credit spreads. Similar to GMR, IDSR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. IDSR is measured for a ten-day The following graph discloses daily one-day VaR is a valuable risk measure but it should be used in the context of its limitations, for example: • VaR uses historical data to estimate future events, which limits its forecasting abilities; • it does not provide information on losses beyond the selected confidence level; and • it assumes that all positions can be liquidated during the holding period used for VaR calculation. The Bank continuously improves its VaR methodologies and incorporates new risk measures in line with market conventions, industry best practices, and regulatory requirements. In 2019, the Bank implemented a modification to improve historical equity volatility data used in VaR calculations. To mitigate some of the shortcomings of VaR, the Bank uses additional metrics designed for risk management and capital purposes. These include Stressed VaR, Incremental Risk Charge (IRC), Stress Testing Framework, as well as limits based on the sensitivity to various market risk factors. Calculating Stressed VaR In addition to VaR, the Bank also calculates Stressed VaR, which includes Stressed GMR and Stressed IDSR. Stressed VaR is designed to measure the adverse impact that potential changes in market rates and prices could have on the value of a portfolio over a specified period of stressed market conditions. Stressed VaR is determined using similar techniques and assumptions in GMR and IDSR VaR. However, instead of using the most recent 259 trading days (one year), the Bank uses a selected year of stressed market conditions. In the fourth quarter of fiscal 2019, Stressed VaR was calculated using the one-year one-year Calculating the Incremental Risk Charge The IRC is applied to all instruments in the trading book subject to migration and default risk. Migration risk represents the risk of changes in the credit ratings of the Bank's exposures. The Bank applies a Monte Carlo simulation with a one-year The following table presents the end of year, average, high, and low usage of TD's portfolio metrics. TABLE 45: PORTFOLIO MARKET RISK MEASURES (millions of Canadian dollars) 2019 2018 As at Average High Low As at Average High Low Interest rate risk $ 8.6 $ 9.4 $ 17.2 $ 4.3 $ 14.2 $ 14.0 $ 25.7 $ 5.3 Credit spread risk 13.8 13.2 22.5 7.5 17.2 11.8 18.2 7.7 Equity risk 7.1 6.5 11.5 3.6 6.1 7.2 12.9 4.0 Foreign exchange risk 4.3 4.7 10.2 1.0 8.7 4.4 8.7 2.2 Commodity risk 2.2 2.1 4.8 1.0 3.0 2.6 6.8 1.3 Idiosyncratic debt specific risk 16.5 15.6 23.5 10.6 17.2 16.5 22.4 11.3 Diversification effect 1 (32.1 ) (30.3 ) n/m 2 n/m (41.9 ) (32.7 ) n/m n/m Total Value-at-Risk (one-day) 20.4 21.2 31.8 13.6 24.5 23.8 33.1 16.9 Stressed Value-at-Risk (one-day) 51.5 47.9 84.4 33.4 54.2 49.8 84.8 28.8 Incremental Risk Capital Charge (one-year) 230.7 225.0 279.6 173.1 237.1 205.8 269.8 156.2 1 The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification. 2 Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types. Average VaR decreased year-over-year driven by changes in exposures to interest rate risk. Average Stressed VaR decreased year-over-year from changes in government and financial bond positions. Average IRC increased year-over-year due to positions in Canadian banks and provinces. Validation of VaR Model The Bank uses a back-testing process to compare the actual and theoretical profit and losses to VaR to verify that they are consistent with the statistical results of the VaR model. The theoretical profit or loss is generated using the daily price movements on the assumption that there is no change in the composition of the portfolio. Validation of the IRC model must follow a different approach since the one-year Stress Testing The Bank's trading business is subject to an overall global stress test limit. In addition, global businesses have stress test limits, and each broad risk class has an overall stress test threshold. Stress scenarios are designed to model extreme economic events, replicate worst-case historical experiences, or introduce severe, but plausible, hypothetical changes in key market risk factors. The stress testing program includes scenarios developed using actual historical market data during periods of market disruption, in addition to hypothetical scenarios developed by Risk Management. The events the Bank has modeled include the 1987 equity market crash, the 1998 Russian debt default crisis, the aftermath of September 11, 2001, the 2007 ABCP crisis, the credit crisis of Fall 2008, and the Brexit referendum of June 2016. Stress tests are produced and reviewed regularly with the Market Risk Control Committee. MARKET RISK IN OTHER WHOLESALE BANKING ACTIVITIES The Bank is |
Nature of Operations
Nature of Operations | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Nature of Operations | NOTE 1: NATURE OF OPERATIONS CORPORATE INFORMATION The Toronto-Dominion Bank is a bank chartered under the Bank Act Bank Act BASIS OF PREPARATION The accompanying Consolidated Financial Statements and accounting principles followed by the Bank have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), including the accounting requirements of the Office of the Superintendent of Financial Institutions Canada (OSFI). The Consolidated Financial Statements are presented in Canadian dollars, unless otherwise indicated. These Consolidated Financial Statements were prepared using the accounting policies as described in Notes 2 and 4. Certain comparative amounts have been revised to conform with the presentation adopted in the current period. The preparation of the Consolidated Financial Statements requires that management make estimates, assumptions, and judgments regarding the reported amount of assets, liabilities, revenue and expenses, and disclosure of contingent assets and liabilities, as further described in Note 3. Accordingly, actual results may differ from estimated amounts as future confirming events occur. The accompanying Consolidated Financial Statements of the Bank were approved and authorized for issue by the Bank's Board of Directors, in accordance with a recommendation of the Audit Committee, on December 4, 2019. Certain disclosures are included in the shaded sections of the "Managing Risk" section of the accompanying 2019 Management's Discussion and Analysis (MD&A), as permitted by IFRS, and form an integral part of the Consolidated Financial Statements. The Consolidated Financial Statements were prepared under a historical cost basis, except for certain items carried at fair value as discussed in Note 2. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF CONSOLIDATION The Consolidated Financial Statements include the assets, liabilities, results of operations, and cash flows of the Bank and its subsidiaries including certain structured entities which it controls. The Bank controls an entity when (1) it has the power to direct the activities of the entity which have the most significant impact on the entity's risks and/or returns; (2) it is exposed to significant risks and/or returns arising from the entity; and (3) it is able to use its power to affect the risks and/or returns to which it is exposed. The Bank's Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. All intercompany transactions, balances, and unrealized gains and losses on transactions are eliminated on consolidation. Subsidiaries Subsidiaries are corporations or other legal entities controlled by the Bank, generally through directly holding more than half of the voting power of the entity. Control of subsidiaries is determined based on the power exercisable through ownership of voting rights and is generally aligned with the risks and/or returns (collectively referred to as "variable returns") absorbed from subsidiaries through those voting rights. As a result, the Bank controls and consolidates subsidiaries when it holds the majority of the voting rights of the subsidiary, unless there is evidence that another investor has control over the subsidiary. The existence and effect of potential voting rights that are currently exercisable or convertible are considered in assessing whether the Bank controls an entity. Subsidiaries are consolidated from the date the Bank obtains control and continue to be consolidated until the date when control ceases to exist. The Bank may consolidate certain subsidiaries where it owns 50% or less of the voting rights. Most of those subsidiaries are structured entities as described in the following section. Structured Entities Structured entities are entities that are created to accomplish a narrow and well-defined objective. Structured entities may take the form of a corporation, trust, partnership, or unincorporated entity. They are often created with legal arrangements that impose limits on the decision-making • The Bank has the power to direct the activities of the structured entity that have the most significant impact on the entity's risks and/or returns; • The Bank is exposed to significant variable returns arising from the entity; and • The Bank has the ability to use its power to affect the risks and/or returns to which it is exposed. Consolidation conclusions are reassessed at the end of each financial reporting period. The Bank's policy is to consider the impact on consolidation of all significant changes in circumstances, focusing on the following: • Substantive changes in ownership, such as the purchase or disposal of more than an insignificant additional interest in an entity; • Changes in contractual or governance arrangements of an entity; • Additional activities undertaken, such as providing a liquidity facility beyond the original terms or entering into a transaction not originally contemplated; or • Changes in the financing structure of an entity. Investments in Associates and Joint Ventures Entities over which the Bank has significant influence are associates and entities over which the Bank has joint control are joint ventures. Significant influence is the power to participate in the financial and operating policy decisions of an investee, but is not control or joint control over these entities. Associates and joint ventures are accounted for using the equity method of accounting. Investments in associates and joint ventures are carried on the Consolidated Balance Sheet initially at cost and increased or decreased to recognize the Bank's share of the profit or loss of the associate or joint venture, capital transactions, including the receipt of any dividends, and write-downs to reflect any impairment in the value of such entities. These increases or decreases, together with any gains and losses realized on disposition, are reported on the Consolidated Statement of Income. At each balance sheet date, the Bank assesses whether there is any objective evidence that the investment in an associate or joint venture is impaired. The Bank calculates the amount of impairment as the difference between the higher of fair value or value-in-use and its carrying value. Non-controlling Interests When the Bank does not own all of the equity of a consolidated entity, the minority shareholders' interest is presented on the Consolidated Balance Sheet as Non-controlling CASH AND DUE FROM BANKS Cash and due from banks consist of cash and amounts due from banks which are issued by investment grade financial institutions. These amounts are due on demand or have an original maturity of three months or less. REVENUE RECOGNITION Revenue is recognized at an amount that reflects the consideration the Bank expects to be entitled to in exchange for transferring services to a customer, excluding amounts collected on behalf of third parties. The Bank recognizes revenue when it transfers control of a good or a service to a customer at a point in time or over time. The determination of when performance obligations are satisfied requires the use of judgment. Refer to Note 3 for further details. The Bank identifies contracts with customers subject to IFRS 15, which create enforceable rights and obligations. The Bank determines the performance obligations based on distinct services promised to the customers in the contracts. The Bank's contracts generally have a term of one year or less, consist of a single performance obligation, and the performance obligations generally reflect services. For each contract, the Bank determines the transaction price, which includes estimating variable consideration and assessing whether the price is constrained. Variable consideration is included in the transaction price to the extent that it is highly probable that a significant reversal of the amount will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. As such, the estimate of the variable consideration is constrained until the end of the invoicing period. The uncertainty is generally resolved at the end of the reporting period and as such, no significant judgment is required when recognizing variable consideration in revenues. The Bank's receipt of payment from customers generally occurs subsequent to the satisfaction of performance obligations or a short time thereafter. As such, the Bank has not recognized any material contract assets (unbilled receivables) or contract liabilities (deferred revenues) and there is no significant financing component associated with the consideration due to the Bank. When another party is involved in the transfer of services to a customer, an assessment is made to evaluate whether the Bank is the principal such that revenues are reported on a gross basis or the agent such that revenues are reported on a net basis. The Bank is the principal when it controls the services in the contract promised to the customer before they are transferred. Control is demonstrated by the Bank being primarily responsible for fulfilling the transfer of the services to the customer, having discretion in establishing pricing of the services, or both. Interest from interest-bearing assets and liabilities not measured at fair value through profit or loss is recognized as net interest income using the effective interest rate (EIR). EIR is the rate that discounts expected future cash flows for the expected life of the financial instrument to its carrying value. The calculation takes into account the contractual interest rate, along with any fees or incremental costs that are directly attributable to the instrument and all other premiums or discounts. Investment and securities services Investment and securities services income include asset management fees, administration and commission fees, and investment banking fees. The Bank recognizes asset management and administration fees based on time elapsed, which depicts the rendering of investment management and related services over time. The fees are primarily calculated based on average daily or point in time assets under management (AUM) or assets under administration (AUA) depending on the investment mandate. Commission fees include sales, trailer and brokerage commissions. Sales and brokerage commissions are generally recognized at a point in time when the transaction is executed. Trailer commissions are recognized over time and are generally calculated based on the average daily net asset value of the fund during the period. Investment banking fees include advisory fees and underwriting fees and are generally recognized at a point in time upon successful completion of the engagement. Credit fees Credit fees include liquidity fees, restructuring fees, letter of credit fees, and loan syndication fees. Liquidity, restructuring, and letter of credit fees are recognized in income over the period in which the service is provided. Loan syndication fees are generally recognized at a point in time upon completion of the financing placement. Service charges Service charges income is earned on personal and commercial deposit accounts and consists of account fees and transaction-based service charges. Account fees relate to account maintenance activities and are recognized in income over the period in which the service is provided. Transaction-based service charges are recognized as earned at a point in time when the transaction is complete. Card services Card services income includes interchange income as well as card fees such as annual and transactional fees. Interchange income is recognized at a point in time when the transaction is authorized and funded. Card fees are recognized as earned at the transaction date with the exception of annual fees, which are recognized over a twelve-month period. IFRS 9 FINANCIAL INSTRUMENTS On November 1, 2017, the Bank adopted IFRS 9, Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Various interest rates and other indices that are deemed to be "benchmarks" (including Interbank Offered Rate (IBOR) benchmarks) have been, and continue to be, the subject of international regulatory guidance and proposals for reform. Following the announcement by the U.K. Financial Conduct Authority (FCA) on July 27, 2017 indicating that the FCA would no longer compel banks to submit rates for the calculation of London Interbank Offered Rate (LIBOR) post December 31, 2021, efforts to transition away from IBORs to alternative reference rates have been continuing in various jurisdictions. These developments, and the related uncertainty over the potential variance in the timing and manner of implementation in each jurisdiction, introduce risks that may have adverse consequences on the Bank, its clients and the financial services industry. Moreover, the replacement of the IBORs or other benchmark rates could result in market dislocation and have other adverse consequences for market participants. As a result of the effects of IBOR reform, on September 26, 2019, the IASB issued Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39 and IFRS 7 ( Interest Rate Benchmark Reform ); Classification and Measurement of Financial Assets The Bank classifies its financial assets into the following categories: • Amortized cost; • Fair value through other comprehensive income (FVOCI); • Held-for-trading; • Non-trading fair value through profit or loss (FVTPL); and • Designated at FVTPL. The Bank recognizes financial assets on a settlement date basis, except for derivatives and securities, which are recognized on a trade date basis. Debt Instruments The classification and measurement for debt instruments is based on the Bank's business models for managing its financial assets and whether the contractual cash flows represent solely payments of principal and interest (SPPI). Refer to Note 3 for judgment with respect to business models and SPPI. The Bank has determined its business models as follows: • Held-to-collect: the objective is to collect contractual cash flows; • Held-to-collect-and-sell: the objective is both to collect contractual cash flows and sell the financial assets; and • Held-for-sale and other business models: the objective is neither of the above. The Bank performs the SPPI test for financial assets held within the held-to-collect and held-to-collect-and-sell business models. If these financial assets have contractual cash flows which are inconsistent with a basic lending arrangement, they are classified as non-trading financial assets measured at FVTPL. In a basic lending arrangement, interest includes only consideration for time value of money, credit risk, other basic lending risks, and a reasonable profit margin. Debt Securities and Loans Measured at Amortized Cost Debt securities and loans held within a held-to-collect business model where their contractual cash flows pass the SPPI test are measured at amortized cost. The carrying amount of these financial assets is adjusted by an allowance for credit losses recognized and measured as described in the Impairment – Expected Credit Loss Model Debt Securities and Loans Measured at Fair Value through Other Comprehensive Income Debt securities and loans held within a held-to-collect-and-sell business model where their contractual cash flows pass the SPPI test are measured at FVOCI. Fair value changes are recognized in other comprehensive income, except for impairment gains or losses, interest income and foreign exchange gains and losses on the instrument's amortized cost, which are recognized in the Consolidated Statement of Income. The expected credit loss (ECL) allowance is recognized and measured as described in the Impairment – Expected Credit Loss Model Financial Assets Held-for-Trading This held-for-sale business model includes financial assets held within a trading portfolio, which have been originated, acquired, or incurred principally for the purpose of selling in the near term, or if they form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of short-term profit-taking. Financial assets held within this business model consist of trading securities, trading loans, as well as certain debt securities and financing-type physical commodities that are recorded as securities purchased under reverse repurchase agreements on the Consolidated Balance Sheet. Trading portfolio assets are accounted for at fair value, with changes in fair value as well as any gains or losses realized on disposal recognized in trading income (loss). Transaction costs are expensed as incurred. Dividends are recognized on the ex-dividend date and interest is recognized on an accrual basis. Both dividends and interest are included in interest income. Non-Trading Financial Assets Measured at Fair Value through Profit or Loss Non-trading financial assets measured at FVTPL include financial assets held within the held-for-sale and other business models, for example debt securities and loans managed on a fair value basis. Financial assets held within the held-to-collect or held-to-collect-and-sell business models that do not pass the SPPI test are also classified as non-trading financial assets measured at FVTPL. Changes in fair value as well as any gains or losses realized on disposal are recognized in income (loss) from non-trading financial instruments at FVTPL. Interest income from debt instruments is included in interest income on an accrual basis. Financial Assets Designated at Fair Value through Profit or Loss Debt instruments in a held-to-collect or held-to-collect-and-sell business model can be designated at initial recognition as measured at FVTPL, provided the designation can eliminate or significantly reduce an accounting mismatch that would otherwise arise from measuring these financial assets on a different basis. The FVTPL designation is available only for those financial instruments for which a reliable estimate of fair value can be obtained. Once financial assets are designated at FVTPL, the designation is irrevocable. Changes in fair value as well as any gains or losses realized on disposal are recognized in income (loss) from financial instruments designated at FVTPL. Interest income from these financial assets is included in interest income on an accrual basis. Customers Liability under Acceptances Acceptances represent a form of negotiable short-term debt issued by customers, which the Bank guarantees for a fee. Revenue is recognized on an accrual basis. The potential obligation of the Bank is reported as a liability under Acceptances on the Consolidated Balance Sheet. The Bank's recourse against the customer in the event of a call on any of these commitments is reported as an asset of the same amount. Equity Instruments Equity investments are required to be measured at FVTPL (classified as non-trading financial assets measured at FVTPL), except where the Bank has elected at initial recognition to irrevocably designate an equity investment, held for purposes other than trading, at FVOCI. If such an election is made, the fair value changes, including any associated foreign exchange gains or losses, are recognized in other comprehensive income and are not subsequently reclassified to net income, including upon disposal. Realized gains and losses are transferred directly to retained earnings upon disposal. Consequently, there is no review required for impairment. Dividends will normally be recognized in interest income unless the dividends represent a recovery of part of the cost of the investment. Gains and losses on non-trading equity investments measured at FVTPL are included in income (loss) from non-trading financial instruments at FVTPL. Classification and Measurement for Financial Liabilities The Bank classifies its financial liabilities into the following categories: • Held-for-trading; • Designated at FVTPL; and • Other liabilities. Financial Liabilities Held-for-Trading Financial liabilities are held within a trading portfolio if they have been incurred principally for the purpose of repurchasing in the near term, or form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking. Financial liabilities held-for-trading are primarily trading deposits, securitization liabilities at fair value, obligations related to securities sold short and certain obligations related to securities sold under repurchase agreements. Trading portfolio liabilities are accounted for at fair value, with changes in fair value as well as any gains or losses realized on disposal recognized in trading income (loss). Transaction costs are expensed as incurred. Interest is recognized on an accrual basis and included in interest expense. Financial Liabilities Designated at Fair Value through Profit or Loss Certain financial liabilities may be designated at FVTPL at initial recognition. To be designated at FVTPL, financial liabilities must meet one of the following criteria: (1) the designation eliminates or significantly reduces a measurement or recognition inconsistency; (2) a group of financial liabilities is managed and its performance is evaluated on a fair value basis in accordance with a documented risk management or investment strategy; or (3) the instrument contains one or more embedded derivatives unless a) the embedded derivative does not significantly modify the cash flows that otherwise would be required by the contract, or b) it is clear with little or no analysis that separation of the embedded derivative from the financial instrument is prohibited. In addition, the FVTPL designation is available only for those financial instruments for which a reliable estimate of fair value can be obtained. Once financial liabilities are designated at FVTPL, the designation is irrevocable. Financial liabilities designated at FVTPL are carried at fair value on the Consolidated Balance Sheet, with changes in fair value as well as any gains or losses realized on disposal recognized in income (loss) from financial instruments designated at FVTPL, except for the amount of change in fair value attributable to changes in the Bank's own credit risk, which is presented in other comprehensive income. Amounts recognized in other comprehensive income are not subsequently reclassified to net income upon derecognition of the financial liability; instead, they are transferred directly to retained earnings. Changes in fair value attributable to changes in the Bank's own credit risk are measured as the difference between: (i) the period-over-period change in the present value of the expected cash flows using an all-in discount curve reflecting both the interest rate benchmark curve and the Bank's own credit risk; and (ii) the period-over-period change in the present value of the same expected cash flows using a discount curve based solely on the interest rate benchmark curve. For loan commitments and financial guarantee contracts that are designated at FVTPL, the full change in fair value of the liability is recognized in income (loss) from financial instruments designated at FVTPL. Interest is included in interest expense on an accrual basis. Other Financial Liabilities Deposits Deposits, other than deposits included in a trading portfolio and deposits designated at FVTPL, are accounted for at amortized cost. Accrued interest on deposits is included in Other liabilities on the Consolidated Balance Sheet. Interest, including capitalized transaction costs, is recognized on an accrual basis using EIRM as Interest expense on the Consolidated Statement of Income. Subordinated Notes and Debentures Subordinated notes and debentures are accounted for at amortized cost. Accrued interest on subordinated notes and debentures is included in Other liabilities on the Consolidated Balance Sheet. Interest, including capitalized transaction costs, is recognized on an accrual basis using EIRM as Interest expense on the Consolidated Statement of Income. Reclassification of Financial Assets and Liabilities Financial assets and financial liabilities are not reclassified subsequent to their initial recognition, except for financial assets for which the Bank changes its business model for managing financial assets. Such reclassifications of financial assets are expected to be rare in practice. Impairment – Expected Credit Loss Model The ECL model applies to financial assets, including loans and debt securities measured at amortized cost, loans and debt securities measured at FVOCI, loan commitments, and financial guarantees that are not measured at FVTPL. The ECL model consists of three stages: Stage 1 – twelve-month ECLs for performing financial assets, Stage 2 – Lifetime ECLs for financial assets that have experienced a significant increase in credit risk since initial recognition, and Stage 3 – Lifetime ECLs for financial assets that are impaired. ECLs are the difference between all contractual cash flows that are due to the Bank in accordance with the contract and all the cash flows the Bank expects to receive, discounted at the original effective interest rate. If a significant increase in credit risk has occurred since initial recognition, impairment is measured as lifetime ECLs. Otherwise, impairment is measured as twelve-month ECLs which represent the portion of lifetime ECLs that are expected to occur based on default events that are possible within twelve months after the reporting date. If credit quality improves in a subsequent period such that the increase in credit risk since initial recognition is no longer considered significant, the loss allowance reverts back to being measured based on twelve-month ECLs. Significant Increase in Credit Risk For retail exposures, significant increase in credit risk is assessed based on changes in the twelve-month probability of default (PD) since initial recognition, using a combination of individual and collective information that incorporates borrower and account specific attributes and relevant forward-looking macroeconomic variables. For non-retail exposures, significant increase in credit risk is assessed based on changes in the internal risk rating (borrower risk ratings (BRR)) since initial recognition. The Bank defines default as delinquency of 90 days or more for most retail products and BRR 9 for non-retail exposures. Exposures are considered impaired and migrate to Stage 3 when they are 90 days or more past due for retail exposures, rated BRR 9 for non-retail exposures, or when there is objective evidence that there has been a deterioration of credit quality to the extent the Bank no longer has reasonable assurance as to the timely collection of the full amount of principal and interest. When determining whether there has been a significant increase in credit risk since initial recognition of a financial asset, the Bank considers all reasonable and supportable information that is available without undue cost or effort about past events, current conditions, and forecast of future economic conditions. Refer to Note 3 for additional details. Measurement of Expected Credit Losses ECLs are measured as the probability-weighted present value of expected cash shortfalls over the remaining expected life of the financial instrument and consider reasonable and supportable information about past events, current conditions, and forecasts of future events and economic conditions that impact the Bank's credit risk assessment. Expected life is the maximum contractual period the Bank is exposed to credit risk, including extension options for which the borrower has unilateral right to exercise. For certain financial instruments that include both a loan and an undrawn commitment, and the Bank's contractual ability to demand repayment and cancel the undrawn commitment does not limit the Bank's exposure to credit losses to the contractual notice period, ECLs are measured over the period the Bank is exposed to credit risk. For example, ECLs for credit cards are measured over the borrowers' expected behavioural life, incorporating survivorship assumptions and borrower-specific attributes. The Bank leverages its Advanced Internal Ratings-Based (AIRB) models used for regulatory capital purposes and incorporates adjustments where appropriate to calculate ECLs. Forward-Looking Information and Expert Credit Judgment Forward-looking information is considered when determining significant increase in credit risk and measuring ECLs. Forward-looking macroeconomic factors are incorporated in the risk parameters as relevant. Qualitative factors that are not already considered in the modelling are incorporated by exercising expert credit judgment in determining the final ECL. Refer to Note 3 for additional details. Modified Loans In cases where a borrower experiences financial difficulties, the Bank may grant certain concessionary modifications to the terms and conditions of a loan. Modifications may include payment deferrals, extension of amortization periods, rate reductions, principal forgiveness, debt consolidation, forbearance and other modifications intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. The Bank has policies in place to determine the appropriate remediation strategy based on the individual borrower. If the Bank determines that a modification results in expiry of cash flows, the original asset is derecognized while a new asset is recognized based on the new contractual terms. Significant increase in credit risk is assessed relative to the risk of default on the date of modification. If the Bank determines that a modification does not result in derecognition, significant increase in credit risk is assessed based on the risk of default at initial recognition of the original asset. Expected cash flows arising from the modified contractual terms are considered when calculating the ECL for the modified asset. For loans that were modified while having lifetime ECLs, the loans can revert to having twelve-month ECLs after a period of performance and improvement in the borrower's financial condition. Allowance for Loan Losses, Excluding Acquired Credit-Impaired (ACI) Loans The allowance for loan losses represents management's calculation of probability-weighted ECLs in the lending portfolios, including any off-balance sheet exposures, at the balance sheet date. The allowance for loan losses for lending portfolios reported on the Consolidated Balance Sheet, which includes credit-related allowances for residential mortgages, consumer instalment and other personal, credit card, and business and government loans, is deducted from Loans on the Consolidated Balance Sheet. The allowance for loan losses for loans measured at FVOCI is presented on the Consolidated Statement of Changes in Equity. The allowance for loan losses for off-balance sheet instruments, which relates to certain guarantees, letters of credit, and undrawn lines of credit, is recognized in Other liabilities on the Consolidated Balance Sheet. Allowances for lending portfolios reported on the balance sheet and off-balance sheet exposures are calculated using the same methodology. The allowance is increased by the provision for credit losses and decreased by write-offs net of recoveries and disposals. Each quarter, allowances are reassessed and adjusted based on any changes in management's estimate of ECLs. Loan losses on impaired loans in Stage 3 continue to be recognized by means of an allowance for loan losses until a loan is written off. A loan is written off against the related allowance for loan losses when there is no realistic prospect of recovery. Non-retail loans are generally written off when all reasonable collection efforts have been exhausted, such as when a loan is sold, when all security has been realized, or when all security has been resolved with the receiver or bankruptcy court. Non-real estate retail loans are generally written off when contractual payments are 180 days past due, or when a loan is sold. Real-estate secured retail loans are generally written off when the security is realized. The time period over which the Bank performs collection activities of the contractual amount outstanding of financial assets that are written off varies from one jurisdiction to another and generally spans between less than one year to five years. Allowance for Credit Losses on Debt Securities The allowance for credit losses on debt securities represents management's calculation of probability-weighted ECLs. Debt securities measured at amortized cost are presented net of the allowance for credit losses on the Consolidated Balance Sheet. The allowance for credit losses on debt securities measured at FVOCI are presented on the Consolidated Statement of Changes in Equity. The allowance for credit losses is increased by the provision for credit losses and decreased by write-offs net of recoveries and disposals. Each quarter, allowances are reassessed and adjusted based on any changes in management's estimate of ECLs. Acquired Loan s Acquired loans are initially measured at fair value, which considers incurred and expected future credit losses estimated at the acquisition date and also reflects adjustments based on the acquired loan's interest rate in comparison to current market rates. On acquisition, twelve-month ECLs are recognized on the acquired loans, resulting in the carrying amount for acquired loans to be lower than fair value. When loans are acquired with evidence of incurred credit loss where it is probable at the purchase date that the Bank will be unable to collect all contractually required principal and interest payments, they are generally considered to be ACI loans, with no ECLs recognized on acquisition. Acquired performing loans are subsequently accounted for at amortized cost based on their contractual cash flows and any acquisition related discount or premium, including credit-related discounts, is considered to be an adjustment to the loan yield and is recognized in interest income using EIRM over the term of the loan, or the expected life of the loan for acquired loans with revolving terms. Acquired Credit-Impaired Loans ACI loans are identified as impaired at acquis |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates, and Assumptions | 12 Months Ended |
Oct. 31, 2019 | |
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Significant Accounting Judgments, Estimates, and Assumptions | NOTE 3: SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES, AND ASSUMPTIONS The estimates used in the Bank's accounting policies are essential to understanding its results of operations and financial condition. Some of the Bank's policies require subjective, complex judgments and estimates as they relate to matters that are inherently uncertain. Changes in these judgments or estimates and changes to accounting standards and policies could have a materially adverse impact on the Bank's Consolidated Financial Statements. The Bank has established procedures to ensure that accounting policies are applied consistently and that the processes for changing methodologies, determining estimates, and adopting new accounting standards are well-controlled and occur in an appropriate and systematic manner. CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETS Business Model Assessment The Bank determines its business models based on the objective under which its portfolios of financial assets are managed. Refer to Note 2 for details on the Bank's business models. In determining its business models, the Bank considers the following: • Management's intent and strategic objectives and the operation of the stated policies in practice; • The primary risks that affect the performance of the business model and how these risks are managed; • How the performance of the portfolio is evaluated and reported to management; and • The frequency and significance of financial asset sales in prior periods, the reasons for such sales and the expected future sales activities. Sales in themselves do not determine the business model and are not considered in isolation. Instead, sales provide evidence about how cash flows are realized. A held-to-collect business model will be reassessed by the Bank to determine whether any sales are consistent with an objective of collecting contractual cash flows if the sales are more than insignificant in value or infrequent. Solely Payments of Principal and Interest Test In assessing whether contractual cash flows are SPPI, the Bank considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that they would not be consistent with a basic lending arrangement. In making the assessment, the Bank considers the primary terms as follows and assesses if the contractual cash flows of the instruments continue to meet the SPPI test: • Performance-linked features; • Terms that limit the Bank's claim to cash flows from specified assets (non-recourse terms); • Prepayment and extension terms; • Leverage features; and • Features that modify elements of the time value of money. IMPAIRMENT OF FINANCIAL ASSETS Significant Increase in Credit Risk For retail exposures, criteria for assessing significant increase in credit risk are defined at the appropriate product or portfolio level and vary based on the exposure's credit risk at origination. The criteria include relative changes in PD, absolute PD backstop, and delinquency backstop when contractual payments are more than 30 days past due. Credit risk has increased significantly since initial recognition when one of the criteria is met. For non-retail exposures, BRR is determined on an individual borrower basis using industry and sector-specific credit risk models that are based on historical data. Current and forward-looking information that is specific to the borrower, industry, and sector is considered based on expert credit judgment. Criteria for assessing significant increase in credit risk are defined at the appropriate segmentation level and vary based on the BRR of the exposure at origination. Criteria include relative changes in BRR, absolute BRR backstop, and delinquency backstop when contractual payments are more than 30 days past due. Credit risk has increased significantly since initial recognition when one of the criteria is met. Measurement of Expected Credit Loss For retail exposures, ECLs are calculated as the product of PD, loss given default (LGD), and EAD at each time step over the remaining expected life of the financial asset and discounted to the reporting date at the effective interest rate. PD estimates represent the point-in-time PD, updated quarterly based on the Bank's historical experience, current conditions, and relevant forward-looking expectations over the expected life of the exposure to determine the lifetime PD curve. LGD estimates are determined based on historical charge-off events and recovery payments, current information about attributes specific to the borrower, and direct costs. Expected cash flows from collateral, guarantees, and other credit enhancements are incorporated in LGD if integral to the contractual terms. Relevant macroeconomic variables are incorporated in determining expected LGD. EAD represents the expected balance at default across the remaining expected life of the exposure. EAD incorporates forward-looking expectations about repayments of drawn balances and expectations about future draws where applicable. For non-retail exposures, ECLs are calculated based on the present value of cash shortfalls determined as the difference between contractual cash flows and expected cash flows over the remaining expected life of the financial instrument. Lifetime PD is determined by mapping the exposure's BRR to point-in-time PD over the expected life. LGD estimates are determined by mapping the exposure's facility risk rating (FRR) to expected LGD which takes into account facility-specific characteristics such as collateral, seniority ranking of debt, and loan structure. Relevant macroeconomic variables are incorporated in determining expected PD and LGD. Expected cash flows are determined by applying the expected LGD to the contractual cash flows to calculate cash shortfalls over the expected life of the exposure. Forward-Looking Information In calculating the ECL, the Bank employs internally developed models that utilize parameters for PD, LGD, and EAD. Forward-looking macroeconomic factors including at the regional level are incorporated in the risk parameters as relevant. Additional risk factors that are industry or segment-specific are also incorporated, where relevant. Forward-looking macroeconomic forecasts are generated by TD Economics as part of the ECL process: A base economic forecast is accompanied with upside and downside estimates of realistically possible economic conditions. All economic forecasts are updated quarterly for each variable on a regional basis where applicable and incorporated as relevant into the quarterly modelling of base, upside and downside risk parameters used in the calculation of ECL scenarios and probability-weighted ECL. The macroeconomic variable estimations are statistically derived relative to the base forecast based on the historical distribution of each variable. TD Economics will apply judgment to recommend probability weights to each forecast on a quarterly basis. The proposed macroeconomic forecasts and probability weightings are subject to robust management review and challenge process by a cross-functional committee that includes representation from TD Economics, Risk, Finance, and Business. ECLs calculated under each of the three forecasts are applied against the respective probability weightings to determine the probability-weighted ECLs. Refer to Note 8 for further details on the macroeconomic variables and ECL sensitivity. Expert Credit Judgment ECLs are recognized on initial recognition of the financial assets. Allowance for credit losses represents management's best estimate of the risk of default and ECLs on the financial assets, including any off-balance sheet exposures, at the balance sheet date. Management exercises expert credit judgment in assessing if an exposure has experienced significant increase in credit risk since initial recognition and in determining the amount of ECLs at each reporting date by considering reasonable and supportable information that is not already included in the quantitative models. Management's judgment is used to determine the point within the range that is the best estimate for the qualitative component contributing to ECLs, based on an assessment of business and economic conditions, historical loss experience, loan portfolio composition, and other relevant indicators and forward-looking information that are not fully incorporated into the model calculation. Changes in these assumptions would have a direct impact on the provision for credit losses and may result in a change in the allowance for credit losses. FAIR VALUE MEASUREMENTS The fair value of financial instruments traded in active markets at the balance sheet date is based on their quoted market prices. For all other financial instruments not traded in an active market, fair value may be based on other observable current market transactions involving the same or similar instruments, without modification or repackaging, or is based on a valuation technique which maximizes the use of observable market inputs. Observable market inputs may include interest rate yield curves, foreign exchange rates, and option volatilities. Valuation techniques include comparisons with similar instruments where observable market prices exist, discounted cash flow analysis, option pricing models, and other valuation techniques commonly used by market participants. For certain complex or illiquid financial instruments, fair value is determined using valuation techniques in which current market transactions or observable market inputs are not available. Determining which valuation technique to apply requires judgment. The valuation techniques themselves also involve some level of estimation and judgment. The judgments include liquidity considerations and model inputs such as volatilities, correlations, spreads, discount rates, pre-payment rates, and prices of underlying instruments. Any imprecision in these estimates can affect the resulting fair value. Judgment is also used in recording fair value adjustments to model valuations to account for measurement uncertainty when valuing complex and less actively traded financial instruments. If the market for a complex financial instrument develops, the pricing for this instrument may become more transparent, resulting in refinement of valuation models. For example, IBOR reform may also have an impact on the fair value of products that reference or use valuation models with IBOR inputs. An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 5. DERECOGNITION Certain assets transferred may qualify for derecognition from the Bank's Consolidated Balance Sheet. To qualify for derecognition certain key determinations must be made. A decision must be made as to whether the rights to receive cash flows from the financial assets have been retained or transferred and the extent to which the risks and rewards of ownership of the financial assets have been retained or transferred. If the Bank neither transfers nor retains substantially all of the risks and rewards of ownership of the financial asset, a decision must be made as to whether the Bank has retained control of the financial asset. Upon derecognition, the Bank will record a gain or loss on sale of those assets which is calculated as the difference between the carrying amount of the asset transferred and the sum of any cash proceeds received, including any financial asset received or financial liability assumed, and any cumulative gain or loss allocated to the transferred asset that had been recognized in AOCI. In determining the fair value of any financial asset received, the Bank estimates future cash flows by relying on estimates of the amount of interest that will be collected on the securitized assets, the yield to be paid to investors, the portion of the securitized assets that will be prepaid before their scheduled maturity, ECLs, the cost of servicing the assets, and the rate at which to discount these expected future cash flows. Actual cash flows may differ significantly from those estimated by the Bank. Retained interests are classified as trading securities and are initially recognized at relative fair value on the Bank's Consolidated Balance Sheet. Subsequently, the fair value of retained interests recognized by the Bank is determined by estimating the present value of future expected cash flows. Differences between the actual cash flows and the Bank's estimate of future cash flows are recognized in trading income. These assumptions are subject to periodic review and may change due to significant changes in the economic environment. GOODWILL AND OTHER INTANGIBLES The recoverable amount of the Bank's CGUs is determined from internally developed valuation models that consider various factors and assumptions such as forecasted earnings, growth rates, price-earnings multiples, discount rates, and terminal multiples. Management is required to use judgment in estimating the recoverable amount of CGUs, and the use of different assumptions and estimates in the calculations could influence the determination of the existence of impairment and the valuation of goodwill. Management believes that the assumptions and estimates used are reasonable and supportable. Where possible, assumptions generated internally are compared to relevant market information. The carrying amounts of the Bank's CGUs are determined by management using risk based capital models to adjust net assets and liabilities by CGU. These models consider various factors including market risk, credit risk, and operational risk, including investment capital (comprised of goodwill and other intangibles). Any capital not directly attributable to the CGUs is held within the Corporate segment. The Bank's capital oversight committees provide oversight to the Bank's capital allocation methodologies. EMPLOYEE BENEFITS The projected benefit obligation and expense related to the Bank's pension and non-pension post-retirement benefit plans are determined using multiple assumptions that may significantly influence the value of these amounts. Actuarial assumptions including discount rates, compensation increases, health care cost trend rates, and mortality rates are management's best estimates and are reviewed annually with the Bank's actuaries. The Bank develops each assumption using relevant historical experience of the Bank in conjunction with market-related data and considers if the market-related data indicates there is any prolonged or significant impact on the assumptions. The discount rate used to value liabilities is determined by reference to market yields on high-quality corporate bonds with terms matching the plans' specific cash flows. The other assumptions are also long-term estimates. All assumptions are subject to a degree of uncertainty. Differences between actual experiences and the assumptions, as well as changes in the assumptions resulting from changes in future expectations, result in actuarial gains and losses which are recognized in other comprehensive income during the year and also impact expenses in future periods. INCOME TAXES The Bank is subject to taxation in numerous jurisdictions. There are many transactions and calculations in the ordinary course of business for which the ultimate tax determination is uncertain. The Bank maintains provisions for uncertain tax positions that it believes appropriately reflect the risk of tax positions under discussion, audit, dispute, or appeal with tax authorities, or which are otherwise considered to involve uncertainty. These provisions are made using the Bank's best estimate of the amount expected to be paid based on an assessment of all relevant factors, which are reviewed at the end of each reporting period. However, it is possible that at some future date, an additional liability could result from audits by the relevant taxing authorities. Deferred tax assets are recognized only when it is probable that sufficient taxable profit will be available in future periods against which deductible temporary differences may be utilized. The amount of the deferred tax asset recognized and considered realizable could, however, be reduced if projected income is not achieved due to various factors, such as unfavourable business conditions. If projected income is not expected to be achieved, the Bank would decrease its deferred tax assets to the amount that it believes can be realized. The magnitude of the decrease is significantly influenced by the Bank's forecast of future profit generation, which determines the extent to which it will be able to utilize the deferred tax assets. PROVISIONS Provisions arise when there is some uncertainty in the timing or amount of a loss in the future. Provisions are based on the Bank's best estimate of all expenditures required to settle its present obligations, considering all relevant risks and uncertainties, as well as, when material, the effect of the time value of money. Many of the Bank's provisions relate to various legal actions that the Bank is involved in during the ordinary course of business. Legal provisions require the involvement of both the Bank's management and legal counsel when assessing the probability of a loss and estimating any monetary impact. Throughout the life of a provision, the Bank's management or legal counsel may learn of additional information that may impact its assessments about the probability of loss or about the estimates of amounts involved. Changes in these assessments may lead to changes in the amount recorded for provisions. In addition, the actual costs of resolving these claims may be substantially higher or lower than the amounts recognized. The Bank reviews its legal provisions on a case-by-case basis after considering, among other factors, the progress of each case, the Bank's experience, the experience of others in similar cases, and the opinions and views of legal counsel. Certain of the Bank's provisions relate to restructuring initiatives initiated by the Bank. Restructuring provisions require management's best estimate, including forecasts of economic conditions. Throughout the life of a provision, the Bank may become aware of additional information that may impact the assessment of amounts to be incurred. Changes in these assessments may lead to changes in the amount recorded for provisions. INSURANCE The assumptions used in establishing the Bank's insurance claims and policy benefit liabilities are based on best estimates of possible outcomes. For property and casualty insurance, the ultimate cost of claims liabilities is estimated using a range of standard actuarial claims projection techniques in accordance with Canadian accepted actuarial practices. Additional qualitative judgment is used to assess the extent to which past trends may or may not apply in the future, in order to arrive at the estimated ultimate claims cost that present the most likely outcome taking account of all the uncertainties involved. For life and health insurance, actuarial liabilities consider all future policy cash flows, including premiums, claims, and expenses required to administer the policies. Critical assumptions used in the measurement of life and health insurance contract liabilities are determined by the appointed actuary. Further information on insurance risk assumptions is provided in Note 22. CONSOLIDATION OF STRUCTURED ENTITIES Management judgment is required when assessing whether the Bank should consolidate an entity. For instance, it may not be feasible to determine if the Bank controls an entity solely through an assessment of voting rights for certain structured entities. In this case, judgment is required to establish whether the Bank has decision-making power over the key relevant activities of the entity and whether the Bank has the ability to use that power to absorb significant variable returns from the entity. If it is determined that the Bank has both decision-making power and significant variable returns from the entity, judgment is also used to determine whether any such power is exercised by the Bank as principal, on its own behalf, or as agent, on behalf of another counterparty. Assessing whether the Bank has decision-making power includes understanding the purpose and design of the entity in order to determine its key economic activities. In this context, an entity's key economic activities are those which predominantly impact the economic performance of the entity. When the Bank has the current ability to direct the entity's key economic activities, it is considered to have decision-making power over the entity. The Bank also evaluates its exposure to the variable returns of a structured entity in order to determine if it absorbs a significant proportion of the variable returns the entity is designed to create. As part of this evaluation, the Bank considers the purpose and design of the entity in order to determine whether it absorbs variable returns from the structured entity through its contractual holdings, which may take the form of securities issued by the entity, derivatives with the entity, or other arrangements such as guarantees, liquidity facilities, or lending commitments. If the Bank has decision-making power over the entity and absorbs significant variable returns from the entity, it then determines if it is acting as principal or agent when exercising its decision-making power. Key factors considered include the scope of its decision-making powers; the rights of other parties involved with the entity, including any rights to remove the Bank as decision-maker or rights to participate in key decisions; whether the rights of other parties are exercisable in practice; and the variable returns absorbed by the Bank and by other parties involved with the entity. When assessing consolidation, a presumption exists that the Bank exercises decision-making power as principal if it is also exposed to significant variable returns, unless an analysis of the factors above indicates otherwise. The decisions above are made with reference to the specific facts and circumstances relevant for the structured entity and related transaction(s) under consideration. REVENUE FROM CONTRACTS WITH CUSTOMERS The Bank applies judgment to determine the timing of satisfaction of performance obligations which affects the timing of revenue recognition, by evaluating the pattern in which the Bank transfers control of services promised to the customer. A performance obligation is satisfied over time when the customer simultaneously receives and consumes the benefits as the Bank performs the service. For performance obligations satisfied over time, revenue is generally recognized using the time-elapsed method which is based on time elapsed in proportion to the period over which the service is provided, for example, personal deposit account bundle fees. The time-elapsed method is a faithful depiction of the transfer of control for these services as control is transferred evenly to the customer when the Bank provides a stand-ready service or effort is expended evenly by the Bank to provide a service over the contract period. In contracts where the Bank has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Bank's performance completed to date, the Bank recognizes revenue in the amount to which it has a right to invoice. The Bank satisfies a performance obligation at a point in time if the customer obtains control of the promised services at that date. Determining when control is transferred requires the use of judgment. For transaction-based services, the Bank determines that control is transferred to the customer at a point in time when the customer obtains substantially all of the benefits from the service rendered and the Bank has a present right to payment, which generally coincides with the moment the transaction is executed. The Bank exercises judgment in determining whether costs incurred in connection with acquiring new revenue contracts would meet the requirement to be capitalized as incremental costs to obtain or fulfil a contract with customers. IMPAIRMENT OF FINANCIAL ASSETS PRIOR TO NOVEMBER 1, 2017 UNDER IAS 39 The following is applicable to periods prior to November 1, 2017 for financial instruments accounted for under IAS 39. Available-for-Sale Securities Impairment losses were recognized on AFS securities if there was objective evidence of impairment as a result of one or more events that occurred after initial recognition and the loss event(s) resulted in a decrease in the estimated cash flows of the instrument. The Bank individually reviewed these securities at least quarterly for the presence of these conditions. For AFS equity securities, a significant or prolonged decline in fair value below cost was considered objective evidence of impairment. For AFS debt securities, a deterioration of credit quality was considered objective evidence of impairment. Other factors considered in the impairment assessment included financial position and key financial indicators of the issuer of the instrument, significant past and continued losses of the issuer, as well as breaches of contract, including default or delinquency in interest payments and loan covenant violations. Held-to-Maturity Securities Impairment losses were recognized on held-to-maturity securities if there was objective evidence of impairment as a result of one or more events that occurred after initial recognition and the loss event(s) resulted in a decrease in the estimated cash flows of the instrument. The Bank reviewed these securities at least quarterly for impairment at the counterparty-specific level. If there was no objective evidence of impairment at the counterparty-specific level then the security was grouped with other held-to-maturity securities with similar credit risk characteristics and collectively assessed for impairment, which considered losses incurred but not identified. A deterioration of credit quality was considered objective evidence of impairment. Other factors considered in the impairment assessment included the financial position and key financial indicators of the issuer, significant past and continued losses of the issuer, as well as breaches of contract, including default or delinquency in interest payments and loan covenant violations. Loans A loan, including a debt security classified as a loan, was considered impaired when there was objective evidence that there had been a deterioration of credit quality subsequent to the initial recognition of the loan to the extent the Bank no longer had reasonable assurance as to the timely collection of the full amount of principal and interest. The Bank assessed loans for objective evidence of impairment individually for loans that were individually significant, and collectively for loans that were not individually significant. The allowance for credit losses represented management's best estimate of impairment incurred in the lending portfolios, including any off-balance sheet exposures, at the balance sheet date. Management exercised judgment as to the timing of designating a loan as impaired, the amount of the allowance required, and the amount that would be recovered once the borrower defaulted. Changes in the amount that management expected to recover would have a direct impact on the provision for credit losses and may have resulted in a change in the allowance for credit losses. If there was no objective evidence of impairment for an individual loan, whether significant or not, the loan was included in a group of assets with similar credit risk characteristics and collectively assessed for impairment for losses incurred but not identified. In calculating the probable range of allowance for incurred but not identified credit losses, the Bank employed internally developed models that utilized parameters for PD, LGD, and EAD. Management's judgment was used to determine the point within the range that was the best estimate of losses, based on an assessment of business and economic conditions, historical loss experience, loan portfolio composition, and other relevant indicators that were not fully incorporated into the model calculation. Changes in these assumptions would have a direct impact on the provision for credit losses and may have resulted in a change in the incurred but not identified allowance for credit losses. |
Current and Future Changes in A
Current and Future Changes in Accounting Policies | 12 Months Ended |
Oct. 31, 2019 | |
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Current and Future Changes in Accounting Policies | NOTE 4: CURRENT AND FUTURE CHANGES IN ACCOUNTING POLICIES CURRENT CHANGES IN ACCOUNTING POLICIES The following new and amended standards have been adopted by the Bank. IBOR Reform and its Effects on Financial Reporting As a result of the effects of Interbank Offered Rates (IBOR) reform, on September 26, 2019, the IASB issued Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39, and IFRS 7, Revenue from Contracts with Customers On November 1, 2018, the Bank adopted IFRS 15, Revenue from Contracts with Customers The adoption of IFRS 15 resulted in a reduction to Shareholders' Equity of $41 million related to certain expenses not eligible for deferral under IFRS 15. The presentation of certain revenue and expense items is changed due to IFRS 15 and reclassified prospectively. These presentation changes are not significant and do not have an impact on net income. In addition to the above changes related to the adoption of IFRS 15, the Bank also changed its accounting policy on securities lending and borrowing transactions. Where securities are received or pledged as collateral, securities lending income and securities borrowing fees are recorded in Non-interest income and Non-interest expenses, respectively, on the Consolidated Statement of Income. This change has been applied retrospectively. Share-based Payment In June 2016, the IASB published amendments to IFRS 2, Share-based Payment FUTURE CHANGES IN ACCOUNTING POLICIES The following standards have been issued, but are not yet effective on the date of issuance of the Bank's Consolidated Financial Statements. The Bank is currently assessing the impact of the application of these standards on the Consolidated Financial Statements and will adopt these standards when they become effective. Leases In January 2016, the IASB issued IFRS 16, Leases Leases In adopting IFRS 16, the Bank will apply certain practical expedients as permitted by IFRS 16, including: using hindsight to determine the lease term where lease contracts contain options to extend or terminate a lease, measuring the right-of-use asset retrospectively on a selection of leases, not reassessing under IFRS 16, contracts that were previously identified as leases under the previous accounting standards (IAS 17, Leases, Determining whether an arrangement contains a lease The Bank's real estate leases, previously classified as operating leases, will be impacted the most by the adoption of IFRS 16. The Bank also leases certain equipment and other assets under similar payment terms. On November 1, 2019, the Bank estimates increases of $4.4 billion of new right-of-use assets, $5.5 billion of lease liabilities, and other balance sheet adjustments and reclassifications of $0.6 billion. The decrease of retained earnings is approximately $0.5 billion after tax. Based on the current regulatory requirements, the expected impact to Common Equity Tier 1 (CET1) capital is a decrease of 24 basis points (bps). Insurance Contracts In May 2017, the IASB issued IFRS 17, Insurance Contracts Insurance Contracts Uncertainty over Income Tax Treatments In June 2017, the IASB issued IFRIC Interpretation 23, Uncertainty over Income Tax Treatments Income Taxes Conceptual Framework for Financial Reporting In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Revised Conceptual Framework), which provides a set of concepts to assist the IASB in developing standards and to help preparers consistently apply accounting policies where specific accounting standards do not exist. The framework is not an accounting standard and does not override the requirements that exist in other IFRS standards. The Revised Conceptual Framework describes that financial information must be relevant and faithfully represented to be useful, provides revised definitions and recognition criteria for assets and liabilities, and confirms that different measurement bases are useful and permitted. The Revised Conceptual Framework is effective for annual periods beginning on or after January 1, 2020, which will be November 1, 2020 for the Bank, with early adoption permitted. The Bank is currently assessing the impact of adopting the revised framework. Business Combinations In October 2018, the IASB issued a narrow-scope amendment to IFRS 3, Business Combinations Presentation of Financial Statements and Accounting Policies, Changes in Accounting Estimates and Errors In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements Accounting Policies, Changes in Accounting Estimates and Errors, |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Oct. 31, 2019 | |
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Fair Value Measurements | NOTE 5: FAIR VALUE MEASUREMENTS Certain assets and liabilities, primarily financial instruments, are carried on the balance sheet at their fair value on a recurring basis. These financial instruments include trading loans and securities, non-trading financial assets at FVTPL, assets and liabilities designated at FVTPL, financial assets at FVOCI, derivatives, certain securities purchased under reverse repurchase agreements, certain deposits classified as trading, securitization liabilities at fair value, obligations related to securities sold short, and certain obligations related to securities sold under repurchase agreements. All other financial assets and financial liabilities are carried at amortized cost. VALUATION GOVERNANCE Valuation processes are guided by policies and procedures that are approved by senior management and subject matter experts. Senior Executive oversight over the valuation process is provided through various valuation-related committees. Further, the Bank has a number of additional controls in place, including an independent price verification process to ensure the accuracy of fair value measurements reported in the financial statements. The sources used for independent pricing comply with the standards set out in the approved valuation-related policies, which include consideration of the reliability, relevancy, and timeliness of data. METHODS AND ASSUMPTIONS The Bank calculates fair values for measurement and disclosure purposes based on the following methods of valuation and assumptions: Government and Government-Related Securities The fair value of Canadian government debt securities is based on quoted prices in active markets, where available. Where quoted prices are not available, valuation techniques such as discounted cash flow models may be used, which maximize the use of observable inputs such as government bond yield curves. The fair value of U.S. federal and state government, as well as agency debt securities, is determined by reference to recent transaction prices, broker quotes, or third-party vendor prices. Brokers or third-party vendors may use a pool-specific valuation model to value these securities. Observable market inputs to the model include to-be-announced market prices, the applicable indices, and metrics such as the coupon, maturity, and weighted-average maturity of the pool. Market inputs used in the valuation model include, but are not limited to, indexed yield curves and trading spreads. The fair value of residential mortgage-backed securities (MBS) is based on broker quotes, third-party vendor prices, or other valuation techniques, such as the use of option-adjusted spread models which include inputs such as prepayment rate assumptions related to the underlying collateral. Observable inputs include, but are not limited to, indexed yield curves and bid-ask spreads. Other inputs may include volatility assumptions derived using Monte Carlo simulations and take into account factors such as counterparty credit quality and liquidity. Other Debt Securities The fair value of corporate and other debt securities is based on broker quotes, third-party vendor prices, or other valuation techniques, such as discounted cash flow techniques. Market inputs used in the other valuation techniques or underlying third-party vendor prices or broker quotes include benchmark and government bond yield curves, credit spreads, and trade execution data. Asset-backed securities are primarily fair valued using third-party vendor prices. The third-party vendor employs a valuation model which maximizes the use of observable inputs such as benchmark yield curves and bid-ask spreads. The model also takes into account relevant data about the underlying collateral, such as weighted-average terms to maturity and prepayment rate assumptions. Equity Securities The fair value of equity securities is based on quoted prices in active markets, where available. Where quoted prices in active markets are not readily available, such as for private equity securities, or where there is a wide bid-offer spread, fair value is determined based on quoted market prices for similar securities or through valuation techniques, including discounted cash flow analysis, and multiples of earnings before taxes, depreciation and amortization, and other relevant valuation techniques. If there are trading restrictions on the equity security held, a valuation adjustment is recognized against available prices to reflect the nature of the restriction. However, restrictions that are not part of the security held and represent a separate contractual arrangement that has been entered into by the Bank and a third party do not impact the fair value of the original instrument. Retained Interests Retained interests are classified as trading securities and are initially recognized at their relative fair market value. Subsequently, the fair value of retained interests recognized by the Bank is determined by estimating the present value of future expected cash flows. Differences between the actual cash flows and the Bank's estimate of future cash flows are recognized in income. These assumptions are subject to periodic review and may change due to significant changes in the economic environment. Loans The estimated fair value of loans carried at amortized cost reflects changes in market price that have occurred since the loans were originated or purchased. For fixed-rate performing loans, estimated fair value is determined by discounting the expected future cash flows related to these loans at current market interest rates for loans with similar credit risks. For floating-rate performing loans, changes in interest rates have minimal impact on fair value since loans reprice to market frequently. On that basis, fair value is assumed to approximate carrying value. The fair value of loans is not adjusted for the value of any credit protection the Bank has purchased to mitigate credit risk. The fair value of loans carried at FVTPL, which includes trading loans and loans designated at FVTPL, is determined using observable market prices, where available. Where the Bank is a market maker for loans traded in the secondary market, fair value is determined using executed prices, or prices for comparable trades. For those loans where the Bank is not a market maker, the Bank obtains broker quotes from other reputable dealers, and corroborates this information using valuation techniques or by obtaining consensus or composite prices from pricing services. The fair value of loans carried at FVOCI is assumed to approximate amortized cost as they are generally floating rate performing loans that are short term in nature. Commodities The fair value of commodities is based on quoted prices in active markets, where available. The Bank also transacts commodity derivative contracts which can be traded on an exchange or in OTC markets. Derivative Financial Instruments The fair value of exchange-traded derivative financial instruments is based on quoted market prices. The fair value of OTC derivative financial instruments is estimated using well established valuation techniques, such as discounted cash flow techniques, the Black-Scholes model, and Monte Carlo simulation. The valuation models incorporate inputs that are observable in the market or can be derived from observable market data. Prices derived by using models are recognized net of valuation adjustments. The inputs used in the valuation models depend on the type of derivative and the nature of the underlying instrument and are specific to the instrument being valued. Inputs can include, but are not limited to, interest rate yield curves, foreign exchange rates, dividend yield projections, commodity spot and forward prices, recovery rates, volatilities, spot prices, and correlation. A credit risk valuation adjustment (CRVA) is recognized against the model value of OTC derivatives to account for the uncertainty that either counterparty in a derivative transaction may not be able to fulfil its obligations under the transaction. In determining CRVA, the Bank takes into account master netting agreements and collateral, and considers the creditworthiness of the counterparty and the Bank itself, in assessing potential future amounts owed to, or by the Bank. The fair value of a derivative is partly a function of collateralization. The Bank uses the relevant overnight index swap curve to discount the cash flows for collateralized derivatives as most collateral is posted in cash and can be funded at the overnight rate. A funding valuation adjustment (FVA) is recognized against the model value of OTC derivatives to recognize the market implied funding costs and benefits considered in the pricing and fair valuation of uncollateralized derivatives. Some of the key drivers of FVA include the market implied funding spread and the expected average exposure by counterparty. The Bank will continue to monitor industry practice on valuation adjustments and may refine the methodology as market practices evolve. Deposits The estimated fair value of term deposits is determined by discounting the contractual cash flows using interest rates currently offered for deposits with similar terms. For deposits with no defined maturities, the Bank considers fair value to equal carrying value, which is equivalent to the amount payable on the balance sheet date. For trading deposits and deposits designated at FVTPL, which is included in financial liabilities designated at FVTPL, fair value is determined using discounted cash flow valuation techniques which maximize the use of observable market inputs such as benchmark yield curves and foreign exchange rates. The Bank considers the impact of its own creditworthiness in the valuation of these deposits by reference to observable market inputs. Securitization Liabilities The fair value of securitization liabilities is based on quoted market prices or quoted market prices for similar financial instruments, where available. Where quoted prices are not available, fair value is determined using valuation techniques, which maximize the use of observable inputs, such as Canada Mortgage Bond (CMB) curves and MBS curves. Obligations Related to Securities Sold Short The fair value of these obligations is based on the fair value of the underlying securities, which can include equity or debt securities. As these obligations are fully collateralized, the method used to determine fair value would be the same as that of the relevant underlying equity or debt securities. Securities Purchased Under Reverse Repurchase Agreements and Obligations Related to Securities Sold under Repurchase Agreements Commodities and bonds purchased or sold with an agreement to sell or repurchase them at a later date at a fixed price are carried at fair value. The fair value of these agreements is based on valuation techniques such as discounted cash flow models which maximize the use of observable market inputs such as interest rate swap curves and commodity forward prices. Subordinated Notes and Debentures The fair value of subordinated notes and debentures are based on quoted market prices for similar issues or current rates offered to the Bank for debt of equivalent credit quality and remaining maturity. Portfolio Exception IFRS 13, Fair Value Measurement Fair Value of Assets and Liabilities not carried at Fair Value The fair value of assets and liabilities subsequently not carried at fair value include most loans, most deposits, certain securitization liabilities, most securities purchased under reverse repurchase agreements, most obligations relating to securities sold under repurchase agreements, and subordinated notes and debentures. For these instruments, fair values are calculated for disclosure purposes only, and the valuation techniques are disclosed above. In addition, the Bank has determined that the carrying value approximates the fair value for the following assets and liabilities as they are usually liquid floating rate financial instruments and are generally short term in nature: cash and due from banks, interest-bearing deposits with banks, securities purchased under reverse repurchase agreements, customers' liability under acceptances, amounts receivable from brokers, dealers, and clients, other assets, acceptances, obligations related to securities sold under repurchase agreements, amounts payable to brokers, dealers, and clients, and other liabilities. Carrying Value and Fair Value of Financial Instruments not carried at Fair Value The fair values in the following table exclude assets that are not financial instruments, such as land, buildings and equipment, as well as goodwill and other intangible assets, including customer relationships, which are of significant value to the Bank. Financial Assets and Liabilities not carried at Fair Value 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Carrying value Fair value Carrying value Fair value FINANCIAL ASSETS Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities $ 78,275 $ 78,374 $ 60,535 $ 59,948 Other debt securities 52,222 52,370 46,636 46,316 Total debt securities at amortized cost, net of allowance for credit losses 130,497 130,744 107,171 106,264 Total loans, net of allowance for loan losses 684,608 688,154 646,393 642,542 Total financial assets not carried at fair value $ 815,105 $ 818,898 $ 753,564 $ 748,806 FINANCIAL LIABILITIES Deposits $ 886,977 $ 892,597 $ 851,439 $ 846,148 Securitization liabilities at amortized cost 14,086 14,258 14,683 14,654 Subordinated notes and debentures 10,725 11,323 8,740 9,027 Total financial liabilities not carried at fair value $ 911,788 $ 918,178 $ 874,862 $ 869,829 1    Fair Value Hierarchy IFRS requires disclosure of a three-level hierarchy for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 Level 2 Level 3 The following table presents the levels within the fair value hierarchy for each of the assets and liabilities measured at fair value on a recurring basis as at October 31. Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Level 1 Level 2 Level 3 Total 1 Level 1 Level 2 Level 3 Total 1 FINANCIAL ASSETS AND COMMODITIES Trading loans, securities, and other 2 Government and government-related securities Canadian government debt Federal $ 395 $ 10,521 $ – $ 10,916 $ 127 $ 14,335 $ – $ 14,462 Provinces – 8,510 8 8,518 – 7,535 3 7,538 U.S. federal, state, municipal governments, and agencies debt – 19,133 – 19,133 – 19,732 – 19,732 Other OECD government guaranteed debt – 4,132 – 4,132 – 3,324 – 3,324 Mortgage-backed securities – 1,746 – 1,746 – 2,029 – 2,029 Other debt securities Canadian issuers – 5,129 3 5,132 – 5,630 1 5,631 Other issuers – 13,547 1 13,548 – 14,459 16 14,475 Equity securities Common shares 56,058 61 – 56,119 43,699 53 – 43,752 Preferred shares 57 – – 57 33 26 – 59 Trading loans – 12,482 – 12,482 – 10,990 – 10,990 Commodities 13,761 437 – 14,198 5,540 340 – 5,880 Retained interests – 19 – 19 – 25 – 25 70,271 75,717 12 146,000 49,399 78,478 20 127,897 Non-trading financial assets at fair value through profit or loss Securities 229 3,985 493 4,707 176 2,095 408 2,679 Loans – 1,791 5 1,796 – 1,317 19 1,336 229 5,776 498 6,503 176 3,412 427 4,015 Derivatives Interest rate contracts 22 14,794 – 14,816 33 12,365 – 12,398 Foreign exchange contracts 24 30,623 3 30,650 24 39,647 4 39,675 Credit contracts – 16 – 16 – 9 – 9 Equity contracts 1 1,298 589 1,888 – 3,170 453 3,623 Commodity contracts 266 1,246 12 1,524 144 1,112 35 1,291 313 47,977 604 48,894 201 56,303 492 56,996 Financial assets designated at fair value through profit or loss Securities 2 – 4,040 – 4,040 – 3,618 – 3,618 – 4,040 – 4,040 – 3,618 – 3,618 Financial assets at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal – 9,663 – 9,663 – 12,731 – 12,731 Provinces – 12,927 – 12,927 – 9,507 – 9,507 U.S. federal, state, municipal governments, and agencies debt – 40,737 – 40,737 – 45,766 – 45,766 Other OECD government guaranteed debt – 14,407 – 14,407 – 19,896 200 20,096 Mortgage-backed securities – 5,437 – 5,437 – 6,633 – 6,633 Other debt securities Asset-backed securities – 15,888 – 15,888 – 21,407 562 21,969 Non-agency collateralized mortgage obligation portfolio – 247 – 247 – 472 – 472 Corporate and other debt – 7,810 24 7,834 – 8,483 24 8,507 Equity securities Common shares 89 2 1,507 1,598 309 3 1,492 1,804 Preferred shares 198 – 44 242 235 – 135 370 Loans – 2,124 – 2,124 – 2,745 – 2,745 287 109,242 1,575 111,104 544 127,643 2,413 130,600 Securities purchased under reverse repurchase agreements – 4,843 – 4,843 – 3,920 – 3,920 FINANCIAL LIABILITIES Trading deposits – 22,793 4,092 26,885 – 111,680 3,024 114,704 Derivatives Interest rate contracts 19 14,404 83 14,506 24 9,646 63 9,733 Foreign exchange contracts 21 29,374 4 29,399 18 34,897 3 34,918 Credit contracts – 420 – 420 – 386 – 386 Equity contracts – 2,877 1,514 4,391 – 1,319 1,077 2,396 Commodity contracts 266 1,040 29 1,335 134 695 8 837 306 48,115 1,630 50,051 176 46,943 1,151 48,270 Securitization liabilities at fair value – 13,058 – 13,058 – 12,618 – 12,618 Financial liabilities designated at fair value through profit or loss – 105,110 21 105,131 – 2 14 16 Obligations related to securities sold short 2 878 28,778 – 29,656 1,142 38,336 – 39,478 Obligations related to securities sold under repurchase agreements – 2,973 – 2,973 – 3,797 – 3,797 1 Fair value is the same as carrying value. 2 Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). The Bank's policy is to record transfers of assets and liabilities between the different levels of the fair value hierarchy using the fair values as at the end of each reporting period. Assets are transferred between Level 1 and Level 2 depending on if there is sufficient frequency and volume in an active market. There were no significant transfers between Level 1 and Level 2 during the year ended October 31, 2019. During the year ended October 31, 2018, the Bank transferred $20 million in securities from Non-trading financial assets at FVTPL from Level 1 to Level 2. Movements of Level 3 instruments Significant transfers into and out of Level 3 occur mainly due to the following reasons: • Transfers from Level 3 to Level 2 occur when techniques used for valuing the instrument incorporate significant observable market inputs or broker-dealer quotes which were previously not observable. • Transfers from Level 2 to Level 3 occur when an instrument's fair value, which was previously determined using valuation techniques with significant observable market inputs, is now determined using valuation techniques with significant non-observable inputs. Due to the unobservable nature of the inputs used to value Level 3 financial instruments, there may be uncertainty about the valuation of these instruments. The fair value of Level 3 instruments may be drawn from a range of reasonably possible alternatives. In determining the appropriate levels for these unobservable inputs, parameters are chosen so that they are consistent with prevailing market evidence and management judgment. The following tables reconcile changes in fair value of all assets and liabilities measured at fair value using significant Level 3 non-observable inputs for the years ended October 31. Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (millions of Canadian dollars) Fair value as at November 1 Total realized and Movements Transfers Fair value as at October 31 Change in instruments 5 Included 1 Included 2,3 Purchases/ Sales/ 4 Into Out of FINANCIAL ASSETS Trading loans, securities, Government and government- Canadian government debt Provinces $ 3 $ – $ – $ – $ (50 ) $ 55 $ – $ 8 $ – Other debt securities Canadian issuers 1 – – 1 (2 ) 4 (1 ) 3 – Other issuers 16 1 – 2 (24 ) 20 (14 ) 1 – 20 1 – 3 (76 ) 79 (15 ) 12 – Non-trading Securities 408 97 – 317 (329 ) – – 493 20 Loans 19 4 – 5 (23 ) – – 5 1 427 101 – 322 (352 ) – – 498 21 Financial assets at fair value Government and government- Other OECD government 200 24 – – (224 ) – – – – Other debt securities Asset-backed securities 562 – – – – – (562 ) – – Corporate and other debt 24 – – – – – – 24 – Equity securities Common shares 1,492 – (3 ) 31 (13 ) – – 1,507 (4 ) Preferred shares 135 – (16 ) 1 (75 ) – (1 ) 44 (23 ) $ 2,413 $ 24 $ (19 ) $ 32 $ (312 ) $ – $ (563 ) $ 1,575 $ (27 ) FINANCIAL LIABILITIES Trading deposits 6 $ (3,024 ) $ (380 ) $ – $ (2,030 ) $ 1,342 $ – $ – $ (4,092 ) $ (243 ) Derivatives 7 Interest rate contracts (63 ) (22 ) – – 6 (4 ) – (83 ) (32 ) Foreign exchange contracts 1 – – – – (5 ) 3 (1 ) (1 ) Equity contracts (624 ) (472 ) – (127 ) 298 – – (925 ) (460 ) Commodity contracts 27 (33 ) – – (11 ) – – (17 ) (20 ) (659 ) (527 ) – (127 ) 293 (9 ) 3 (1,026 ) (513 ) Financial liabilities (14 ) 104 – (187 ) 76 – – (21 ) 65 Obligations related to securities – – – 1 – – (1 ) – – 1 Gains (losses) on financial assets and liabilities are recognized within Non-interest income on the Consolidated Statement of Income. 2 Other comprehensive income. 3 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. Refer to Note 7 for further details. 4 Includes foreign exchange. 5 Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in AOCI. 6 Issuances and repurchases of trading deposits are reported on a gross basis. 7 As at October 31, 2019, consists of derivative assets of $0.6 billion (November 1, 2018 – $0.5 billion) and derivative liabilities of $1.6 billion (November 1, 2018 – $1.2 billion), which have been netted on this table for presentation purposes only. Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities 1 (millions of Canadian dollars) Fair value as at November 1 Total realized and Movements Transfers Fair value as at October 31 Change in instruments 5 Included 2 Included 3 Purchases/ Sales/ 4 Into Out of FINANCIAL ASSETS Trading loans, securities, Government and government- Canadian government debt Provinces $ – $ – $ – $ 1 $ – $ 2 $ – $ 3 $ – Other debt securities Canadian issuers 6 – – – (4 ) 1 (2 ) 1 (1 ) Other issuers 8 (5 ) – 46 (31 ) 172 (174 ) 16 (2 ) 14 (5 ) – 47 (35 ) 175 (176 ) 20 (3 ) Non-trading Securities 305 60 – 54 (11 ) – – 408 51 Loans 15 (4 ) – 8 – – – 19 (4 ) 320 56 – 62 (11 ) – – 427 47 Financial assets at fair value Government and government- Other OECD government guaranteed debt 203 15 (18 ) – – – – 200 (18 ) Other debt securities Asset-backed securities 553 – (2 ) – 11 – – 562 (2 ) Corporate and other debt 95 12 2 – (85 ) – – 24 2 Equity securities Common shares 1,469 – (5 ) 23 5 – – 1,492 (7 ) Preferred shares 108 – 27 – – – – 135 26 $ 2,428 $ 27 $ 4 $ 23 $ (69 ) $ – $ – $ 2,413 $ 1 FINANCIAL LIABILITIES Trading deposits 6 $ (2,521 ) $ 78 $ – $ (1,729 ) $ 1,128 $ (46 ) $ 66 $ (3,024 ) $ 122 Derivatives 7 Interest rate contracts (70 ) 10 – – (3 ) – – (63 ) 6 Foreign exchange contracts 1 – – – 1 – (1 ) 1 3 Equity contracts (893 ) 131 – (121 ) 260 – (1 ) (624 ) 125 Commodity contracts 2 43 – – (18 ) – – 27 26 (960 ) 184 – (121 ) 240 – (2 ) (659 ) 160 Financial liabilities (7 ) (14 ) – (117 ) 124 – – (14 ) (11 ) Obligations related to securities – – – – 4 (4 ) – – – 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. The presentation of Financial Liabilities has also been revised to conform with the current period presentation. 2 Gains (losses) on financial assets and liabilities are recognized within Non-interest income on the Consolidated Statement of Income. 3 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. Refer to Note 7 for further details. 4 Includes foreign exchange. 5 Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in AOCI. 6 Issuances and repurchases of trading deposits are reported on a gross basis. 7 As at October 31, 2018, consists of derivative assets of $0.5 billion (November 1, 2017 – $0.9 billion) and derivative liabilities of $1.2 billion (November 1, 2017 – $1.9 billion), which have been netted on this table for presentation purposes only. VALUATION OF ASSETS AND LIABILITIES CLASSIFIED AS LEVEL 3 Significant unobservable inputs in Level 3 positions The following section discusses the significant unobservable inputs for Level 3 positions and assesses the potential effect that a change in each unobservable input may have on the fair value measurement. Price Equivalent Certain financial instruments, mainly debt and equity securities, are valued using price equivalents when market prices are not available, with fair value measured by comparison with observable pricing data from instruments with similar characteristics. For debt securities, the price equivalent is expressed in 'points', and represents a percentage of the par amount, and prices at the lower end of the range are generally a result of securities that are written down. For equity securities, the price equivalent is based on a percentage of a proxy price. There may be wide ranges depending on the liquidity of the securities. New issuances of debt and equity securities are priced at 100% of the issue price. Correlation The movements of inputs are not necessarily independent from other inputs. Such relationships, where material to the fair value of a given instrument, are captured via correlation inputs into the pricing models. The Bank includes correlation between the asset class, as well as across asset classes. For example, price correlation is the relationship between prices of equity securities in equity basket derivatives, and quanto correlation is the relationship between instruments which settle in one currency and the underlying securities which are denominated in another currency. Implied Volatility Implied volatility is the value of the volatility of the underlying instrument which, when input in an option pricing model, such as Black-Scholes, will return a theoretical value equal to the current market price of the option. Implied volatility is a forward-looking and subjective measure, and differs from historical volatility because the latter is calculated from known past returns of a security. Funding ratio The funding ratio is a significant unobservable input required to value loan commitments issued by the Bank. The funding ratio represents an estimate of the percentage of commitments that are ultimately funded by the Bank. The funding ratio is based on a number of factors such as observed historical funding percentages within the various lending channels and the future economic outlook, considering factors including, but not limited to, competitive pricing and fixed/variable mortgage rate gap. An increase/decrease in funding ratio will increase/decrease the value of the lending commitment in relationship to prevailing interest rates. Earnings Multiple, Discount Rate, and Liquidity Discount Earnings multiple, discount rate, and liquidity discount are significant inputs used when valuing certain equity securities and certain retained interests. Earnings multiples are selected based on comparable entities and a higher multiple will result in a higher fair value. Discount rates are applied to cash flow forecasts to reflect time value of money and the risks associated with the cash flows. A higher discount rate will result in a lower fair value. Liquidity discounts may be applied as a result of the difference in liquidity between the comparable entity and the equity securities being valued. Currency-Specific Swap Curve The fair value of foreign exchange contracts is determined using inputs such as foreign exchange spot rates and swap curves. Generally, swap curves are observable, but there may be certain durations or currency-specific foreign exchange spot and currency-specific swap curves that are not observable. Dividend Yield Dividend yield is a key input for valuing equity contracts and is generally expressed as a percentage of the current price of the stock. Dividend yields can be derived from the repo or forward price of the actual stock being fair valued. Spot dividend yields can also be obtained from pricing sources, if it can be demonstrated that spot yields are a good indication of future dividends. Inflation Rate Swap Curve The fair value of inflation rate swap contracts is a swap between the interest rate curve and the inflation index. The inflation rate swap spread is not observable and is determined using proxy inputs such as inflation index rates and Consumer Price Index (CPI) bond yields. Generally, swap curves are observable; however, there may be instances where certain specific swap curves are not observable. Net Asset Value The fair value of certain private funds are based on the net asset value determined by the fund managers based on valuation methodologies, as there are no observable prices for these instruments. Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities The following table presents the Bank's assets and liabilities recognized at fair value and classified as Level 3, together with the valuation techniques used to measure fair value, the significant inputs used in the valuation technique that are considered unobservable, and a range of values for those unobservable inputs. The range of values represents the highest and lowest inputs used in calculating the fair value. Valuation Techniques and Inputs Used in the Fair Value Measurement of Level 3 Assets and Liabilities As at October 31, 2019 October 31, 2018 Valuation technique Significant inputs (Level 3) Lower range Upper range Lower range Upper range Unit Government and government-related securities Market comparable Bond price equivalent 101 158 76 172 points Other debt securities Market comparable Bond price equivalent – 113 – 104 points Equity securities 1 Market comparable New issue price 100 100 n/a n/a % Discounted cash flow Discount rate 9 9 6 9 % EBITDA multiple Earnings multiple 3.5 3.5 5.0 20.5 times Market comparable Price equivalent 79 80 84 117 % Non-trading financial assets at fair value through profit or loss Market comparable New issue price 100 100 100 100 % Discounted cash flow Discount rates 8 20 8 40 % EBITDA multiple Earnings multiple 1.1 6.7 0.3 5.3 times Market comparable Liquidity Discount – – 50 50 % Price-based Net Asset Value 2 n/a n/a n/a n/a Derivatives Interest rate contracts Swaption model Currency-specific 27 325 15 346 % Discounted cash flow Inflation rate swap 1 2 1 2 % Option model Funding ratio 60 75 65 75 % Foreign exchange contracts Option model Currency-specific 4 12 7 14 % Equity contracts Option model Price correlation (19 ) 97 1 96 % Quanto correlation 10 68 (65 ) 68 % Dividend yield – 8 – 8 % Equity volatility 7 124 10 105 % Market comparable New issue price 100 100 100 100 % Commodity contracts Option model Quanto correlation (66 ) (46 ) (66 ) (46 ) % Swaption correlation 44 56 n/a n/a % Trading deposits Option model Price correlation (19 ) 97 1 96 % Quanto correlation (43 ) 68 (85 ) 68 % Dividend yield – 16 – 13 % Equity volatility 7 96 8 131 % Swaption model Currency-specific 25 325 15 346 % Financial liabilities designated at fair value through profit or loss Option model Funding ratio 2 70 2 70 % 1 As at October 31, 2019, common shares exclude the fair value of Federal Reserve stock and Federal Home Loan Bank stock of $1.5 billion (October 31, 2018 – $1.4 billion) which are redeemable by the issuer at cost which approximates fair value. These securities cannot be traded in the market, hence, these securities have not been subjected to the sensitivity analysis. 2 Net asset value information for private funds has not been disclosed due to the wide range in prices for these instruments. The following table summarizes the potential effect of using reasonably possible alternative assumptions for financial assets and financial liabilities held, that are classified in Level 3 of the fair value hierarchy as at October 31. For interest rate derivatives, the Bank performed a sensitivity analysis on the unobservable implied volatility. For equity derivatives, the sensitivity was calculated by using reas |
Offsetting Financial Assets and
Offsetting Financial Assets and Financial Liabilities | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Offsetting Financial Assets and Financial Liabilities | NOTE 6: OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES The Bank enters into netting agreements with counterparties (such as clearing houses) to manage the credit risks associated primarily with repurchase and reverse repurchase transactions, securities borrowing and lending, and OTC and exchange-traded derivatives. These netting agreements and similar arrangements generally allow the counterparties to set-off liabilities against available assets received. The right to set-off is a legal right to settle or otherwise eliminate all or a portion of an amount due by applying against that amount an amount receivable from the other party. These agreements effectively reduce the Bank's credit exposure by what it would have been if those same counterparties were liable for the gross exposure on the same underlying contracts. Netting arrangements are typically constituted by a master netting agreement which specifies the general terms of the agreement between the counterparties, including information on the basis of the netting calculation, types of collateral, and the definition of default and other termination events for transactions executed under the agreement. The master netting agreements contain the terms and conditions by which all (or as many as possible) relevant transactions between the counterparties are governed. Multiple individual transactions are subsumed under this general master netting agreement, forming a single legal contract under which the counterparties conduct their relevant mutual business. In addition to the mitigation of credit risk, placing individual transactions under a single master netting agreement that provides for netting of transactions in scope also helps to mitigate settlement risks associated with transacting in multiple jurisdictions or across multiple contracts. These arrangements include clearing agreements, global master repurchase agreements, and global master securities lending agreements. In the normal course of business, the Bank enters into numerous contracts to buy and sell goods and services from various suppliers. Some of these contracts may have netting provisions that allow for the offset of various trade payables and receivables in the event of default of one of the parties. While these are not disclosed in the following table, the gross amount of all payables and receivables to and from the Bank's vendors is disclosed in Note 16 in Accounts receivable and other items, and in Note 18 in Accounts payable, accrued expenses, and other items. The Bank also enters into regular way purchases and sales of stocks and bonds. Some of these transactions may have netting provisions that allow for the offset of broker payables and broker receivables related to these purchases and sales. While these are not disclosed in the following table, the amount of receivables are disclosed in Amounts receivable from brokers, dealers, and clients and payables are disclosed in Amounts payable to brokers, dealers, and clients. The following table provides a summary of the financial assets and liabilities which are subject to enforceable master netting agreements and similar arrangements, including amounts not otherwise set off in the Consolidated Balance Sheet, as well as financial collateral received to mitigate credit exposures for these financial assets and liabilities. The gross financial assets and liabilities are reconciled to the net amounts presented within the associated line in the Consolidated Balance Sheet, after giving effect to transactions with the same counterparties that have been offset in the Consolidated Balance Sheet. Related amounts and collateral received that are not offset on the Consolidated Balance Sheet, but are otherwise subject to the same enforceable netting agreements and similar arrangements, are then presented to arrive at a net amount. Offsetting Financial Assets and Financial Liabilities (millions of Canadian dollars) As at October 31, 2019 Amounts subject to an enforceable 1,2 Gross amounts balance sheet Gross amounts Net amount Amounts Collateral Net Amount Financial Assets Derivatives $ 55,973 $ 7,079 $ 48,894 $ 32,664 $ 8,840 $ 7,390 Securities purchased under 180,054 14,119 165,935 14,430 141,903 9,602 Total 236,027 21,198 214,829 47,094 150,743 16,992 Financial Liabilities Derivatives 57,130 7,079 50,051 32,664 17,387 – Obligations related to securities sold 139,975 14,119 125,856 14,430 110,995 431 Total $ 197,105 $ 21,198 $ 175,907 $ 47,094 $ 128,382 $ 431 October 31, 2018 Financial Assets Derivatives $ 59,661 $ 2,665 $ 56,996 $ 34,205 $ 11,678 $ 11,113 Securities purchased under 157,832 30,453 127,379 7,452 119,797 130 Total 217,493 33,118 184,375 41,657 131,475 11,243 Financial Liabilities Derivatives 50,935 2,665 48,270 34,205 12,127 1,938 Obligations related to securities sold 123,842 30,453 93,389 7,452 85,793 144 Total $ 174,777 $ 33,118 $ 141,659 $ 41,657 $ 97,920 $ 2,082 1 Excess collateral as a result of overcollateralization has not been reflected in the table. 2 Includes amounts where the contractual set-off rights are subject to uncertainty under the laws of the relevant jurisdiction. |
Securities
Securities | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Securities | NOTE 7: SECURITIES Remaining Terms to Maturities of Securities The remaining terms to contractual maturities of the securities held by the Bank are shown on the following table. Securities Maturity Schedule (millions of Canadian dollars) As at October 31 October 31 Remaining terms to maturities 1 Within Over Over Over Over With no Total Total Trading securities Government and government-related Canadian government debt Federal $ 4,159 $ 3,212 $ 1,219 $ 1,519 $ 807 $ – $ 10,916 $ 14,462 Provinces 1,979 982 1,017 1,381 3,159 – 8,518 7,538 U.S. federal, state, municipal governments, and 2,417 8,140 3,105 2,085 3,386 – 19,133 19,732 Other OECD government-guaranteed debt 1,202 794 961 868 307 – 4,132 3,324 Mortgage-backed securities Residential 474 676 453 – – – 1,603 1,946 Commercial 24 – 50 69 – – 143 83 10,255 13,804 6,805 5,922 7,659 – 44,445 47,085 Other debt securities Canadian issuers 694 1,177 1,412 1,190 659 – 5,132 5,631 Other issuers 3,010 5,926 2,909 1,273 430 – 13,548 14,475 3,704 7,103 4,321 2,463 1,089 – 18,680 20,106 Equity securities Common shares – – – – – 56,119 56,119 43,752 Preferred shares – – – – – 57 57 59 – – – – – 56,176 56,176 43,811 Retained interests – 3 8 8 – – 19 25 Total trading securities $ 13,959 $ 20,910 $ 11,134 $ 8,393 $ 8,748 $ 56,176 $ 119,320 $ 111,027 Financial assets designated at fair value through profit or loss Government and government-related Canadian government debt Federal $ 148 $ – $ – $ – $ 16 $ – $ 164 $ 45 Provinces 143 6 107 33 99 – 388 454 U.S. federal, state, municipal governments, and – 67 – – – – 67 127 Other OECD government-guaranteed debt 697 9 88 – – – 794 771 988 82 195 33 115 – 1,413 1,397 Other debt securities Canadian issuers 24 564 764 529 7 – 1,888 1,609 Other issuers 200 285 239 15 – – 739 612 224 849 1,003 544 7 – 2,627 2,221 Total financial assets designated at fair value through profit or loss $ 1,212 $ 931 $ 1,198 $ 577 $ 122 $ – $ 4,040 $ 3,618 Securities at fair value through other comprehensive income Government and government-related Canadian government debt Federal $ 4,165 $ 4,104 $ 283 $ 607 $ 504 $ – $ 9,663 $ 12,731 Provinces 1,168 2,255 2,199 7,091 214 – 12,927 9,507 U.S. federal, state, municipal governments, and agencies debt 7,798 19,533 3,188 3,002 7,216 – 40,737 45,766 Other OECD government-guaranteed debt 5,162 8,524 250 471 – – 14,407 20,096 Mortgage-backed securities 907 4,370 160 – – – 5,437 6,633 19,200 38,786 6,080 11,171 7,934 – 83,171 94,733 Other debt securities Asset-backed securities 61 4,188 4,490 2,490 4,659 – 15,888 21,969 Non-agency collateralized mortgage obligation – – – – 247 – 247 472 Corporate and other debt 1,021 4,016 895 1,879 23 – 7,834 8,507 1,082 8,204 5,385 4,369 4,929 – 23,969 30,948 Equity securities Common shares – – – – – 1,598 1,598 1,804 Preferred shares – – – – – 242 242 370 – – – – – 1,840 1,840 2,174 Total securities at fair value through other comprehensive income $ 20,282 $ 46,990 $ 11,465 $ 15,540 $ 12,863 $ 1,840 $ 108,980 $ 127,855 1 Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract. Securities Maturity Schedule (millions of Canadian dollars) As at October 31 October 31 Remaining terms to maturities 1 Within Over Over Over Over With no Total Total Debt securities at amortized cost, net of allowance Government and government-related securities Canadian government debt Federal $ 992 $ 515 $ 872 $ 435 $ 1,957 $ – $ 4,771 $ 4,922 Provinces – 40 766 1,243 222 – 2,271 782 U.S. federal, state, municipal governments, and 1,365 3,744 9,286 12,173 16,646 – 43,214 29,148 Other OECD government guaranteed debt 7,161 10,138 9,512 1,208 – – 28,019 25,683 9,518 14,437 20,436 15,059 18,825 – 78,275 60,535 Other debt securities Asset-backed securities 11 5,053 8,950 4,049 10,700 – 28,763 23,709 Non-agency collateralized mortgage obligation – – – – 16,236 – 16,236 15,867 Canadian issuers – – – 99 – – 99 – Other issuers 1,649 2,454 2,601 418 2 – 7,124 7,060 1,660 7,507 11,551 4,566 26,938 – 52,222 46,636 Total debt securities at amortized cost, net of 11,178 21,944 31,987 19,625 45,763 – 130,497 107,171 Total securities $ 46,631 $ 90,775 $ 55,784 $ 44,135 $ 67,496 $ 58,016 $ 362,837 $ 349,671 1 Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract. Unrealized Securities Gains (Losses) The following table summarizes the unrealized gains and losses as at October 31. Unrealized Securities Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Cost/ 1 Gross Gross (losses ) Fair value Cost/ 1 Gross unrealized gains Gross unrealized (losses ) Fair value Securities at Fair Value Through Other Government and government-related Canadian government debt Federal $ 9,603 $ 62 $ (2 ) $ 9,663 $ 12,740 $ 38 $ (47 ) $ 12,731 Provinces 12,890 77 (40 ) 12,927 9,443 75 (11 ) 9,507 U.S. federal, state, municipal governments, and 40,703 86 (52 ) 40,737 45,857 265 (356 ) 45,766 Other OECD government guaranteed debt 14,394 21 (8 ) 14,407 20,034 65 (3 ) 20,096 Mortgage-backed securities 5,407 31 (1 ) 5,437 6,575 59 (1 ) 6,633 82,997 277 (103 ) 83,171 94,649 502 (418 ) 94,733 Other debt securities Asset-backed securities 15,890 29 (31 ) 15,888 21,901 87 (19 ) 21,969 Non-agency collateralized mortgage obligation 247 – – 247 471 1 – 472 Corporate and other debt 7,832 27 (25 ) 7,834 8,534 31 (58 ) 8,507 23,969 56 (56 ) 23,969 30,906 119 (77 ) 30,948 Total debt securities 106,966 333 (159 ) 107,140 125,555 621 (495 ) 125,681 Equity securities Common shares 1,594 31 (27 ) 1,598 1,725 118 (39 ) 1,804 Preferred shares 302 4 (64 ) 242 376 20 (26 ) 370 1,896 35 (91 ) 1,840 2,101 138 (65 ) 2,174 Total securities at fair value through other $ 108,862 $ 368 $ (250 ) $ 108,980 $ 127,656 $ 759 $ (560 ) $ 127,855 1 Includes the foreign exchange translation of amortized cost balances at the period-end spot rate. Equity Securities Designated at Fair Value Through Other Comprehensive Income The Bank designated certain equity securities shown in the following table as equity securities at FVOCI. The designation was made because the investments are held for purposes other than trading. Equity Securities Designated at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at For the year ended October 31, 2019 October 31, 2018 October 31, 2019 October 31, 2018 Fair value Dividend income recognized Common shares $ 1,598 $ 1,804 $ 64 $ 71 Preferred shares 242 370 15 16 Total $ 1,840 $ 2,174 $ 79 $ 87 The Bank disposed of certain equity securities in line with the Bank's investment strategy with a fair value of $323 million during the year ended October 31, 2019 (October 31, 2018 – $22 million). The Bank realized a cumulative gain (loss) of $68 million during the year ended October 31, 2019 (October 31, 2018 – $2 million), on disposal of these equity securities and recognized dividend income of $3 million during the year ended October 31, 2019 (October 31, 2018 – nil). Net Securities Gains (Losses) (millions of Canadian dollars) For the year ended October 31 2019 October 31 Debt securities at amortized cost Net realized gains (losses) $ 49 $ 76 Debt securities at fair value through other comprehensive income Net realized gains (losses) 29 35 Total $ 78 $ 111 Credit Quality of Debt Securities The Bank evaluates non-retail credit risk on an individual borrower basis, using both a BRR and FRR, as detailed in the shaded area of the "Managing Risk" section of the 2019 MD&A. This system is used to assess all non-retail exposures, including debt securities. The following table provides the gross carrying amounts of debt securities measured at amortized cost and debt securities at FVOCI by internal risk ratings for credit risk management purposes, presenting separately those debt securities that are subject to Stage 1, Stage 2, and Stage 3 allowances. Debt Securities by Risk Ratings (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Debt securities Investment grade $ 235,475 $ – $ n/a $ 235,475 $ 230,488 $ – $ n/a $ 230,488 Non-Investment 2,109 54 n/a 2,163 2,140 54 n/a 2,194 Watch and classified n/a – n/a – n/a 11 n/a 11 Default n/a n/a – – n/a n/a 234 234 Total debt securities 237,584 54 – 237,638 232,628 65 234 232,927 Allowance for credit losses on debt securities at amortized cost 1 – – 1 1 4 70 75 Debt securities, net of allowance $ 237,583 $ 54 $ – $ 237,637 $ 232,627 $ 61 $ 164 $ 232,852 As at October 31, 2019, the allowance for credit losses on debt securities was $4 million (October 31, 2018 – $80 million), comprised of $1 million (October 31, 2018 – $75 million) for debt securities at amortized cost (DSAC) and $3 million (October 31, 2018 – $5 million) for debt securities at FVOCI. For the year ended October 31, 2019, the Bank reported a provision (recovery) for credit losses of $1 million (October 31, 2018 – provision (recovery) of credit losses of $(2) million) on DSAC. For the year ended October 31, 2019, the Bank reported a provision (recovery) of credit losses of $(2) million (October 31, 2018 – provision (recovery) for credit losses of $10 million) on debt securities at FVOCI. The difference between probability-weighted ECL and base ECL on debt securities at FVOCI and at amortized cost as at both October 31, 2019 and October 31, 2018, was insignificant. Refer to Note 3 for further details. |
Loans, Impaired Loans, and Allo
Loans, Impaired Loans, and Allowance For Credit Losses | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Loans, Impaired Loans, and Allowance For Credit Losses | NOTE 8: LOANS, IMPAIRED LOANS, AND ALLOWANCE FOR CREDIT LOSSES Credit Quality of Loans In the retail portfolio, including individuals and small businesses, the Bank manages exposures on a pooled basis, using predictive credit scoring techniques. For non-retail exposures, each borrower is assigned a BRR that reflects the PD of the borrower using proprietary industry and sector-specific risk models and expert judgment. Refer to the shaded areas of the "Managing Risk" section of the 2019 MD&A for further details, as well as the mapping of PD ranges to risk levels for retail exposures and the Bank's 21-point BRR scale to risk levels and external ratings for non-retail exposures. The following tables provide the gross carrying amounts of loans and credit risk exposures on loan commitments and financial guarantee contracts by internal risk ratings for credit risk management purposes, presenting separately those that are subject to Stage 1, Stage 2, and Stage 3 allowances. Loans by Risk Ratings 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages 2,3,4 Low Risk $ 181,748 $ 77 $ n/a $ 181,825 $ 168,690 $ 32 $ n/a $ 168,722 Normal Risk 43,988 248 n/a 44,236 47,821 176 n/a 47,997 Medium Risk 5,817 433 n/a 6,250 5,106 267 n/a 5,373 High Risk 964 1,454 366 2,784 892 1,264 317 2,473 Default n/a n/a 545 545 n/a n/a 626 626 Total 232,517 2,212 911 235,640 222,509 1,739 943 225,191 Allowance for loan losses 28 26 56 110 24 34 52 110 Loans, net of allowance 232,489 2,186 855 235,530 222,485 1,705 891 225,081 Consumer instalment and other personal 5 Low Risk 92,601 953 n/a 93,554 87,906 983 n/a 88,889 Normal Risk 46,878 973 n/a 47,851 48,008 1,190 n/a 49,198 Medium Risk 27,576 879 n/a 28,455 23,008 1,063 n/a 24,071 High Risk 6,971 2,435 618 10,024 6,158 2,386 817 9,361 Default n/a n/a 450 450 n/a n/a 560 560 Total 174,026 5,240 1,068 180,334 165,080 5,622 1,377 172,079 Allowance for loan losses 690 384 175 1,249 574 349 180 1,103 Loans, net of allowance 173,336 4,856 893 179,085 164,506 5,273 1,197 170,976 Credit card Low Risk 7,188 48 n/a 7,236 7,234 11 n/a 7,245 Normal Risk 10,807 82 n/a 10,889 9,780 66 n/a 9,846 Medium Risk 11,218 275 n/a 11,493 11,347 246 n/a 11,593 High Risk 4,798 1,670 355 6,823 4,435 1,445 333 6,213 Default n/a n/a 123 123 n/a n/a 121 121 Total 34,011 2,075 478 36,564 32,796 1,768 454 35,018 Allowance for loan losses 732 521 322 1,575 379 283 341 1,003 Loans, net of allowance 33,279 1,554 156 34,989 32,417 1,485 113 34,015 Business and government 2,3,4,6 Investment grade or Low/Normal Risk 120,940 153 n/a 121,093 118,414 57 n/a 118,471 Non-Investment grade or Medium Risk 119,256 5,298 n/a 124,554 108,678 5,272 n/a 113,950 Watch and classified or High Risk 951 4,649 158 5,758 666 3,746 97 4,509 Default n/a n/a 730 730 n/a n/a 736 736 Total 241,147 10,100 888 252,135 227,758 9,075 833 237,666 Allowance for loan losses 672 648 193 1,513 651 551 131 1,333 Loans, net of allowance 240,475 9,452 695 250,622 227,107 8,524 702 236,333 Total loans 6,7 681,701 19,627 3,345 704,673 648,143 18,204 3,607 669,954 Total Allowance for loan losses 7 2,122 1,579 746 4,447 1,628 1,217 704 3,549 Total loans, net of allowance 6,7 $ 679,579 $ 18,048 $ 2,599 $ 700,226 $ 646,515 $ 16,987 $ 2,903 $ 666,405 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 As at October 31, 2019, impaired loans with a balance of $127 million (October 31, 2018 – $124 million) did not have a related allowance for loan losses. An allowance was not required for these loans as the balance relates to loans where the realizable value of the collateral exceeded the loan amount. 3 As at October 31, 2019, excludes trading loans and non-trading loans at FVTPL with a fair value of $12 billion (October 31, 2018 – $11 billion) and $2 billion (October 31, 2018 – $1 billion), respectively. 4 As at October 31, 2019, includes insured mortgages of $88 billion (October 31, 2018 – $95 billion). 5 As at October 31, 2019, includes Canadian government-insured real estate personal loans of $13 billion (October 31, 2018 – $14 billion). 6 As at October 31, 2019, includes loans that are measured at FVOCI of $2 billion (October 31, 2018 – $3 billion) and customers' liability under acceptances of $13 billion (October 31, 2018 – $17 billion). 7 As at October 31, 2019, Stage 3 includes ACI loans of $313 million (October 31, 2018 – $453 million) and a related allowance for loan losses of $12 million (October 31, 2018 – $18 million), which have been included in the "Default" risk rating category as they were impaired at acquisition. Loans by Risk Ratings – Off-Balance Sheet Credit Instruments 1,2 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Exposures 3 Low Risk $ 227,757 $ 732 $ n/a $ 228,489 $ 236,456 $ 1,007 $ n/a $ 237,463 Normal Risk 67,245 570 n/a 67,815 50,116 654 n/a 50,770 Medium Risk 13,204 277 n/a 13,481 12,005 349 n/a 12,354 High Risk 1,869 854 – 2,723 1,423 986 – 2,409 Default n/a n/a – – n/a n/a – – Non-Retail Exposures 4 Investment grade 179,650 – n/a 179,650 166,769 – n/a 166,769 Non-Investment grade 64,553 3,397 n/a 67,950 61,763 1,957 n/a 63,720 Watch and classified 2 2,126 – 2,128 – 2,004 – 2,004 Default n/a n/a 108 108 n/a n/a 96 96 Total off-balance sheet credit instruments 554,280 7,956 108 562,344 528,532 6,957 96 535,585 Allowance for off-balance sheet credit instruments 293 277 15 585 550 477 2 1,029 Total off-balance sheet credit instruments, net of allowance $ 553,987 $ 7,679 $ 93 $ 561,759 $ 527,982 $ 6,480 $ 94 $ 534,556 1 Certain comparative amounts have been recast to conform with the presentation adopted in the current period. 2 Exclude mortgage commitments. 3 As at October 31, 2019, includes $311 billion (October 31, 2018 – $302 billion) of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time. 4 As at October 31, 2019, includes $41 billion (October 31, 2018 – $37 billion) of the undrawn component of uncommitted credit and liquidity facilities. The following table presents information related to the Bank's impaired loans as at October 31. Impaired Loans 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Unpaid principal balance 2 Carrying value Related allowance for credit losses Average gross impaired loans Unpaid principal balance 2 Carrying value Related allowance for credit losses Average gross impaired loans Residential mortgages $ 788 $ 724 $ 53 $ 698 $ 776 $ 709 $ 47 $ 726 Consumer instalment and other personal 1,159 1,037 173 1,160 1,465 1,331 178 1,325 Credit card 478 478 322 465 454 454 341 422 Business and government 870 793 186 906 726 660 120 580 Total $ 3,295 $ 3,032 $ 734 $ 3,229 $ 3,421 $ 3,154 $ 686 $ 3,053 1 Balances exclude ACI loans. 2 Represents contractual amount of principal owed. The changes to the Bank's allowance for loan losses, as at and for the year ended October 31 are shown in the following tables. Allowance for Loan Losses 1 (millions of Canadian dollars) For the years ended October 31 2019 2018 Stage 1 Stage 2 Stage 3 2 Total Stage 1 Stage 2 Stage 3 2 Total Residential Mortgages Balance at beginning of period $ 24 $ 34 $ 52 $ 110 $ 24 $ 26 $ 57 $ 107 Provision for credit losses Transfer to Stage 1 3 35 (33 ) (2 ) – 24 (23 ) (1 ) – Transfer to Stage 2 (5 ) 13 (8 ) – (4 ) 8 (4 ) – Transfer to Stage 3 (2 ) (8 ) 10 – – (9 ) 9 – Net remeasurement due to transfers 4 (16 ) 6 – (10 ) (14 ) 6 – (8 ) New originations or purchases 5 14 n/a n/a 14 14 n/a n/a 14 Net repayments 6 – (1 ) – (1 ) (1 ) (1 ) (5 ) (7 ) Derecognition of financial assets (excluding disposals and write-offs) 7 (4 ) (5 ) (17 ) (26 ) (3 ) (2 ) (4 ) (9 ) Changes to risk, parameters, and models 8 (18 ) 20 49 51 (16 ) 29 24 37 Disposals – – – – – – – – Write-offs – – (31 ) (31 ) – – (31 ) (31 ) Recoveries – – 1 1 – – 3 3 Foreign exchange and other adjustments – – 2 2 – – 4 4 Balance at end of period $ 28 $ 26 $ 56 $ 110 $ 24 $ 34 $ 52 $ 110 Consumer Instalment and Other Personal Balance, including off-balance sheet instruments, at beginning of period $ 599 $ 392 $ 180 $ 1,171 $ 529 $ 355 $ 171 $ 1,055 Provision for credit losses Transfer to Stage 1 3 352 (333 ) (19 ) – 303 (285 ) (18 ) – Transfer to Stage 2 (121 ) 164 (43 ) – (114 ) 152 (38 ) – Transfer to Stage 3 (15 ) (164 ) 179 – (21 ) (172 ) 193 – Net remeasurement due to transfers 4 (149 ) 160 11 22 (125 ) 139 11 25 New originations or purchases 5 326 n/a n/a 326 322 n/a n/a 322 Net repayments 6 (88 ) (30 ) (12 ) (130 ) (49 ) (24 ) (15 ) (88 ) Derecognition of financial assets (excluding disposals and write-offs) 7 (81 ) (71 ) (49 ) (201 ) (126 ) (97 ) (45 ) (268 ) Changes to risk, parameters, and models 8 (105 ) 298 893 1,086 (127 ) 321 744 938 Disposals – – – – – – – – Write-offs – – (1,220 ) (1,220 ) – – (1,077 ) (1,077 ) Recoveries – – 254 254 – – 253 253 Foreign exchange and other adjustments (1 ) 1 1 1 7 3 1 11 Balance, including off-balance sheet instruments, at end of period 717 417 175 1,309 599 392 180 1,171 Less: Allowance for off-balance sheet instruments 9 27 33 – 60 25 43 – 68 Balance at end of period $ 690 $ 384 $ 175 $ 1,249 $ 574 $ 349 $ 180 $ 1,103 Credit Card 10 Balance, including off-balance sheet instruments, at beginning of period $ 819 $ 580 $ 341 $ 1,740 $ 763 $ 521 $ 321 $ 1,605 Provision for credit losses Transfer to Stage 1 3 705 (623 ) (82 ) – 590 (521 ) (69 ) – Transfer to Stage 2 (224 ) 288 (64 ) – (192 ) 259 (67 ) – Transfer to Stage 3 (30 ) (563 ) 593 – (38 ) (475 ) 513 – Net remeasurement due to transfers 4 (240 ) 314 41 115 (209 ) 249 63 103 New originations or purchases 5 144 n/a n/a 144 171 n/a n/a 171 Net repayments 6 92 3 (22 ) 73 125 (51 ) 39 113 Derecognition of financial assets (excluding disposals and write-offs) 7 (96 ) (107 ) (439 ) (642 ) (102 ) (106 ) (371 ) (579 ) Changes to risk, parameters, and models 8 (236 ) 781 1,356 1,901 (276 ) 705 1,168 1,597 Disposals – – – – (21 ) (12 ) (8 ) (41 ) Write-offs – – (1,699 ) (1,699 ) – – (1,515 ) (1,515 ) Recoveries – – 297 297 – – 260 260 Foreign exchange and other adjustments – – – – 8 11 7 26 Balance, including off-balance sheet instruments, at end of period 934 673 322 1,929 819 580 341 1,740 Less: Allowance for off-balance sheet instruments 9 202 152 – 354 440 297 – 737 Balance at end of period $ 732 $ 521 $ 322 $ 1,575 $ 379 $ 283 $ 341 $ 1,003 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 Includes allowance for loan losses related to ACI loans. 3 Transfers represent stage transfer movements prior to ECL remeasurement. 4 Represents the remeasurement between twelve-month and lifetime ECLs due to stage transfers, excluding the change to risk, parameters, and models. 5 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 6 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 7 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 8 Represents the change in the allowance related to changes in risk including changes to macroeconomic factors, level of risk, associated parameters, and models. 9 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Consolidated Balance Sheet. 10 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 for further details. Allowance for Loan Losses 1,2 (millions of Canadian dollars) For the years ended October 31 2019 2018 Stage 1 Stage 2 Stage 3 3 Total Stage 1 Stage 2 Stage 3 3 Total Business and Government Balance, including off-balance sheet instruments, as beginning of period $ 736 $ 688 $ 133 $ 1,557 $ 706 $ 627 $ 192 $ 1,525 Provision for credit losses Transfer to Stage 1 4 214 (210 ) (4 ) – 133 (129 ) (4 ) – Transfer to Stage 2 (127 ) 138 (11 ) – (106 ) 114 (8 ) – Transfer to Stage 3 (18 ) (136 ) 154 – (6 ) (56 ) 62 – Net remeasurement due to transfers 4 (89 ) 115 2 28 (38 ) 68 5 35 New originations or purchases 4 451 n/a n/a 451 467 n/a n/a 467 Net repayments 4 (9 ) (35 ) (42 ) (86 ) (4 ) (26 ) (27 ) (57 ) Derecognition of financial assets (excluding disposals and write-offs) 4 (340 ) (382 ) (85 ) (807 ) (338 ) (365 ) (57 ) (760 ) Changes to risk, parameters, and models 4 (83 ) 564 241 722 (89 ) 447 68 426 Disposals – (3 ) – (3 ) – – (5 ) (5 ) Write-offs – – (228 ) (228 ) – – (155 ) (155 ) Recoveries – – 57 57 – – 73 73 Foreign exchange and other adjustments 1 1 (9 ) (7 ) 11 8 (11 ) 8 Balance, including off-balance sheet instruments, at end of period 736 740 208 1,684 736 688 133 1,557 Less: Allowance for off-balance sheet instruments 5 64 92 15 171 85 137 2 224 Balance at end of period 672 648 193 1,513 651 551 131 1,333 Total Allowance for Loan Losses at end of period $ 2,122 $ 1,579 $ 746 $ 4,447 $ 1,628 $ 1,217 $ 704 $ 3,549 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 Includes the allowance for loan losses related to customers' liability under acceptances. 3 Includes allowance for loan losses related to ACI loans. 4 For explanations regarding this line item, refer to the "Allowance for Loan Losses" table on the previous page in this Note. 5 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Consolidated Balance Sheet. The allowance for credit losses on all remaining financial assets is not significant. FORWARD-LOOKING INFORMATION Relevant macroeconomic factors are incorporated in the risk parameters as appropriate. Additional macroeconomic factors that are industry-specific or segment-specific are also incorporated where relevant. The key macroeconomic variables that are incorporated in determining ECLs include regional unemployment rates for all retail exposures and regional housing price index for residential mortgages and home equity lines of credit. For business and government loans, the key macroeconomic variables include gross domestic product, unemployment rates, interest rates, and credit spreads. Refer to Note 2 for a discussion on how forward-looking information is considered in determining whether there has been a significant increase in credit risk and in the measurement of ECLs. Forward-looking macroeconomic forecasts are generated by TD Economics as part of the ECL process: A base economic forecast is accompanied with upside and downside estimates of realistically possible economic conditions. All economic forecasts are updated quarterly for each variable on a regional basis where applicable and incorporated as relevant into the quarterly modelling of base, upside and downside risk parameters used in the calculation of ECL scenarios and probability-weighted ECL. The macroeconomic variable estimations are statistically derived relative to the base forecast based on the historical distribution of each variable. Select macroeconomic variables are projected over the forecast period, and they could have a material impact in determining ECLs. As the forecast period increases, information about the future becomes less readily available and projections are anchored on assumptions around structural relationships between economic parameters that are inherently much less certain. The following table represents the average values of the macroeconomic variables over the next twelve months and the remaining 4-year forecast period for the base, upside, and downside forecasts. Macroeconomic Variables As at October 31, 2019 Base Forecasts Upside Downside Next 12 1 Remaining 4-year period 1 Next 12 months 1 Remaining 4-year period 1 Next 12 months 1 Remaining 4-year period 1 Unemployment rate Canada 5.8 % 5.8 % 5.7 % 5.2 % 6.8 % 8.0 % United States 3.8 4.1 3.6 3.5 4.9 6.1 Real gross domestic product (GDP) 2 Canada 1.6 1.8 1.8 2.2 0.6 0.3 United States 1.9 1.8 2.0 2.1 0.7 0.2 Home prices 2 Canada (average home price) 3 7.1 2.7 8.9 5.9 2.7 (3.5 ) United States (CoreLogic HPI) 4 3.6 3.6 4.4 5.0 2.4 1.7 Central bank policy interest rate Canada 1.31 1.53 1.75 2.16 0.75 0.63 United States 1.75 2.20 2.00 2.86 1.06 1.00 U.S. 10-year treasury yield 1.76 2.50 2.25 3.44 1.32 1.79 U.S. 10-year BBB spread 1.80 1.80 1.73 1.59 1.96 2.19 Exchange rate (U.S. dollar/Canadian dollar) $ 0.76 $ 0.77 $ 0.78 $ 0.83 $ 0.74 $ 0.69 October 31, 2018 Unemployment rate Canada 6.0 % 6.0 % 5.8 % 5.5 % 6.7 % 7.6 % United States 3.7 3.9 3.6 3.4 4.3 6.1 Real gross domestic product (GDP) 2 Canada 2.3 1.7 2.6 2.2 1.6 1.0 United States 2.9 1.8 3.1 2.1 2.6 1.0 Home prices 2 Canada (average home price) 3 3.4 3.4 4.5 5.0 0.9 0.2 United States (CoreLogic HPI) 4 5.1 4.0 5.4 4.8 4.1 2.4 Central bank policy interest rate Canada 1.88 2.47 2.00 3.00 1.69 1.75 United States 2.88 2.97 3.31 3.75 2.38 2.22 U.S. 10-year treasury yield 3.20 3.13 4.46 4.43 2.71 2.31 U.S. 10-year BBB spread 1.80 1.80 1.71 1.55 1.87 2.06 Exchange rate (U.S. dollar/Canadian dollar) $ 0.79 $ 0.80 $ 0.80 $ 0.86 $ 0.77 $ 0.75 1 The numbers represent average values for the quoted periods. 2 The numbers represent annual % change. 3 The average home price is the average transacted sale price of homes sold via the Multiple Listing Service (MLS); data is collected by the Canadian Real Estate Association (CREA). 4 The CoreLogic home price index (HPI) is a repeat-sales index which tracks increases and decreases in the same home's sales price over time. SENSITIVITY OF ALLOWANCE FOR CREDIT LOSSES The allowance for credit losses is sensitive to the inputs used in internally developed models, macroeconomic variables in the forward-looking forecasts and respective probability weightings in determining the probability-weighted ECL, and other factors considered when applying expert credit judgment. Changes in these inputs, assumptions, models, and judgments would have an impact on the assessment for significant increase in credit risk and the measurement of ECLs. The following table presents the base ECL scenario compared to the probability-weighted ECL derived from using three ECL scenarios for performing loans and off-balance sheet instruments. The difference reflects the impact of deriving multiple scenarios around the base ECL and resultant change in ECL due to non-linearity and sensitivity to using macroeconomic forecasts. Change from Base to Probability-Weighted ECL 1 (millions of Canadian dollars, except as noted) As at October 31, 2019 October 31, 2018 Probability-weighted ECL $ 4,271 $ 3,872 Base ECL 4,104 3,772 Difference – in amount $ 167 $ 100 Difference – in percentage 3.9 % 2.6 % 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. The allowance for credit losses for performing loans and off-balance sheet instruments consists of an aggregate amount of Stage 1 and Stage 2 probability-weighted ECL which are twelve-month ECLs and lifetime ECLs, respectively. Transfers from Stage 1 to Stage 2 ACLs result from a significant increase in credit risk since initial recognition of the loan. The following table presents the estimated impact of staging on ACL for performing loans and off-balance sheet instruments if they were all calculated using twelve-month Incremental Lifetime ECL Impact 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Aggregate Stage 1 and 2 probability-weighted ECL $ 4,271 $ 3,872 All performing loans and off-balance sheet instruments using 12-month ECL 3,672 3,438 Incremental lifetime ECL impact $ 599 $ 434 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. FORECLOSED ASSETS Foreclosed assets are repossessed non-financial assets where the Bank gains title, ownership, or possession of individual properties, such as real estate properties, which are managed for sale in an orderly manner with the proceeds used to reduce or repay any outstanding debt. The Bank does not generally occupy foreclosed properties for its business use. The Bank predominantly relies on third-party appraisals to determine the carrying value of foreclosed assets. Foreclosed assets held-for-sale were $121 million as at October 31, 2019 (October 31, 2018 – $81 million), and were recorded in Other assets on the Consolidated Balance Sheet. LOANS PAST DUE BUT NOT IMPAIRED A loan is classified as past due when a borrower has failed to make a payment by the contractual due date. The following table summarizes loans that are contractually past due but not impaired as at October 31. Loans Past Due but not Impaired 1,2 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 1-30 days 31-60 days 61-89 days Total 1-30 days 31-60 days 61-89 days Total Residential mortgages $ 1,709 $ 404 $ 111 $ 2,224 $ 1,471 $ 358 $ 101 $ 1,930 Consumer instalment and other personal 6,038 845 266 7,149 5,988 811 241 7,040 Credit card 1,401 351 229 1,981 1,403 340 213 1,956 Business and government 1,096 858 60 2,014 1,314 444 28 1,786 Total $ 10,244 $ 2,458 $ 666 $ 13,368 $ 10,176 $ 1,953 $ 583 $ 12,712 1 Includes loans that are measured at FVOCI. 2 Balances exclude ACI loans. MODIFIED FINANCIAL ASSETS The amortized cost of financial assets with lifetime allowance that were modified during the year ended October 31, 2019 was $407 million (October 31, 2018 – $408 million) before modification, with insignificant modification gain or loss. The gross carrying amount of modified financial assets for which the loss allowance changed from lifetime to twelve-month ECLs during the year ended October 31, 2019 was $243 million (October 31, 2018 – nil). COLLATERAL As at October 31, 2019, the collateral held against total gross impaired loans represents 77% (October 31, 2018 – 81%) of total gross impaired loans. The fair value of non-financial collateral is determined at the origination date of the loan. A revaluation of non-financial collateral is performed if there has been a significant change in the terms and conditions of the loan and/or the loan is considered impaired. Management considers the nature of the collateral, seniority ranking of the debt, and loan structure in assessing the value of collateral. These estimated cash flows are reviewed at least annually, or more frequently when new information indicates a change in the timing or amount expected to be received. |
Transfers Of Financial Assets
Transfers Of Financial Assets | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Transfers Of Financial Assets | NOTE 9: TRANSFERS OF FINANCIAL ASSETS LOAN SECURITIZATIONS The Bank securitizes loans through structured entity or non-structured entity third parties. Most loan securitizations do not qualify for derecognition since in most circumstances, the Bank continues to be exposed to substantially all of the prepayment, interest rate, and/or credit risk associated with the securitized financial assets and has not transferred substantially all of the risk and rewards of ownership of the securitized assets. Where loans do not qualify for derecognition, they are not derecognized from the balance sheet, retained interests are not recognized, and a securitization liability is recognized for the cash proceeds received. Certain transaction costs incurred are also capitalized and amortized using EIRM. The Bank securitizes insured residential mortgages under the National Housing Act Mortgage-Backed Securities (NHA MBS) program sponsored by the Canada Mortgage and Housing Corporation (CMHC). The MBS that are created through the NHA MBS program are sold to the Canada Housing Trust (CHT) as part of the CMB program, sold to third-party investors, or are held by the Bank. The CHT issues CMB to third-party investors and uses resulting proceeds to purchase NHA MBS from the Bank and other mortgage issuers in the Canadian market. Assets purchased by the CHT are comingled in a single trust from which CMB are issued. The Bank continues to be exposed to substantially all of the risks of the underlying mortgages, through the retention of a seller swap which transfers principal and interest payment risk on the NHA MBS back to the Bank in return for coupon paid on the CMB issuance and as such, the sales do not qualify for derecognition. The Bank securitizes U.S. originated residential mortgages with U.S. government agencies which qualify for derecognition from the Bank's Consolidated Balance Sheet. As part of the securitization, the Bank retains the right to service the transferred mortgage loans. The MBS that are created through the securitization are typically sold to third-party investors. The Bank also securitizes personal loans and business and government loans to entities which may be structured entities. These securitizations may give rise to derecognition of the financial assets depending on the individual arrangement of each transaction. In addition, the Bank transfers credit card receivables, consumer instalment and other personal loans to structured entities that the Bank consolidates. Refer to Note 10 for further details. The following table summarizes the securitized asset types that did not qualify for derecognition, along with their associated securitization liabilities as at October 31. Financial Assets Not Qualifying for Derecognition Treatment as Part of the Bank s Securitization Programs (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Fair value Carrying amount Fair value Carrying amount Nature of transaction Securitization of residential mortgage loans $ 23,705 $ 23,689 $ 23,124 $ 23,334 Other financial assets transferred related to securitization 1 3,525 3,524 4,230 4,235 Total 27,230 27,213 27,354 27,569 Associated liabilities 2 $ 27,316 $ 27,144 $ 27,272 $ 27,301 1 Includes asset-backed securities, asset-backed commercial paper (ABCP), cash, repurchase agreements, and Government of Canada securities used to fulfil funding requirements of the Bank's securitization structures after the initial securitization of mortgage loans. 2 Includes securitization liabilities carried at amortized cost of $14 billion as at October 31, 2019 (October 31, 2018 – $15 billion), and securitization liabilities carried at fair value of $13 billion as at October 31, 2019 (October 31, 2018 – $13 billion). Other Financial Assets Not Qualifying for Derecognition The Bank enters into certain transactions where it transfers previously recognized commodities and financial assets, such as, debt and equity securities, but retains substantially all of the risks and rewards of those assets. These transferred assets are not derecognized and the transfers are accounted for as financing transactions. The most common transactions of this nature are repurchase agreements and securities lending agreements, in which the Bank retains substantially all of the associated credit, price, interest rate, and foreign exchange risks and rewards associated with the assets. The following table summarizes the carrying amount of financial assets and the associated transactions that did not qualify for derecognition, as well as their associated financial liabilities as at October 31. Other Financial Assets Not Qualifying for Derecognition (millions of Canadian dollars) As at October 31 2019 October 31 2018 Carrying amount of assets Nature of transaction Repurchase agreements 1,2 $ 16,990 $ 24,333 Securities lending agreements 38,338 27,124 Total 55,328 51,457 Carrying amount of associated liabilities 2 $ 17,428 $ 24,701 1 Includes $1.3 billion, as at October 31, 2019, of assets related to repurchase agreements or swaps that are collateralized by physical precious metals (October 31, 2018 – $2.0 billion). 2 Associated liabilities are all related to repurchase agreements. TRANSFERS OF FINANCIAL ASSETS QUALIFYING FOR DERECOGNITION Transferred financial assets that are derecognized in their entirety where the Bank has a continuing involvement Continuing involvement may arise if the Bank retains any contractual rights or obligations subsequent to the transfer of financial assets. Certain business and government loans securitized by the Bank are derecognized from the Bank's Consolidated Balance Sheet. In instances where the Bank fully derecognizes business and government loans, the Bank may be exposed to the risks of transferred loans through a retained interest. As at October 31, 2019, the fair value of retained interests was $19 million (October 31, 2018 – $25 million). There are no ECLs on the retained interests of the securitized business and government loans as the underlying mortgages are all government insured. A gain or loss on sale of the loans is recognized immediately in other income after considering the effect of hedge accounting on the assets sold, if applicable. The amount of the gain or loss recognized depends on the previous carrying values of the loans involved in the transfer, allocated between the assets sold and the retained interests based on their relative fair values at the date of transfer. For the year ended October 31, 2019, the trading income recognized on the retained interest was $1 million (October 31, 2018 – nil). Certain portfolios of U.S. residential mortgages originated by the Bank are sold and derecognized from the Bank's Consolidated Balance Sheet. In certain instances, the Bank has a continuing involvement to service those loans. As at October 31, 2019, the carrying value of these servicing rights was $52 million (October 31, 2018 – $39 million) and the fair value was $51 million (October 31, 2018 – $57 million). A gain or loss on sale of the loans is recognized immediately in other income. The gain (loss) on sale of the loans for the year ended October 31, 2019, was $14 million (October 31, 2018 – $18 million). |
Structured Entities
Structured Entities | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Structured Entities | NOTE 10: STRUCTURED ENTITIES The Bank uses structured entities for a variety of purposes including: (1) to facilitate the transfer of specified risks to clients; (2) as financing vehicles for itself or for clients; or (3) to segregate assets on behalf of investors. The Bank is typically restricted from accessing the assets of the structured entity under the relevant arrangements. The Bank is involved with structured entities that it sponsors, as well as entities sponsored by third parties. Factors assessed when determining if the Bank is the sponsor of a structured entity include whether the Bank is the predominant user of the entity; whether the entity's branding or marketing identity is linked with the Bank; and whether the Bank provides an implicit or explicit guarantee of the entity's performance to investors or other third parties. The Bank is not considered to be the sponsor of a structured entity if it only provides arm's-length services to the entity, for example, by acting as administrator, distributor, custodian, or loan servicer. Sponsorship of a structured entity may indicate that the Bank had power over the entity at inception; however, this is not sufficient to determine if the Bank consolidates the entity. Regardless of whether or not the Bank sponsors an entity, consolidation is determined on a case-by-case basis. SPONSORED STRUCTURED ENTITIES The following section outlines the Bank's involvement with key sponsored structured entities. Securitizations The Bank securitizes its own assets and facilitates the securitization of client assets through structured entities, such as conduits, which issue ABCP or other securitization entities which issue longer-dated term securities. Securitizations are an important source of liquidity for the Bank, allowing it to diversify its funding sources and to optimize its balance sheet management approach. The Bank has no rights to the assets as they are owned by the securitization entity. The Bank sponsors both single-seller and multi-seller securitization conduits. Depending on the specifics of the entity, the variable returns absorbed through ABCP may be significantly mitigated by variable returns retained by the sellers. The Bank provides liquidity facilities to certain single-seller and multi-seller conduits for the benefit of ABCP investors which are structured as loan facilities between the Bank, as the sole liquidity lender, and the Bank-sponsored trusts. If a trust experiences difficulty issuing ABCP due to illiquidity in the commercial market, the trust may draw on the loan facility, and use the proceeds to pay maturing ABCP. The liquidity facilities can only be drawn if preconditions are met ensuring that the Bank does not provide credit enhancement through the loan facilities to the conduit. The Bank's exposure to the variable returns of these conduits from its provision of liquidity facilities and any related commitments is mitigated by the sellers' continued exposure to variable returns, as described below. The Bank provides administration and securities distribution services to its sponsored securitization conduits, which may result in it holding an investment in the ABCP issued by these entities. In some cases, the Bank may also provide credit enhancements or may transact derivatives with securitization conduits. The Bank earns fees from the conduits which are recognized when earned. The Bank sells assets to single-seller conduits which it controls and consolidates. Control results from the Bank's power over the entity's key economic decisions, predominantly, the mix of assets sold into the conduit and exposure to the variable returns of the transferred assets, usually through a derivative or the provision of credit mitigation in the form of cash reserves, over-collateralization, or guarantees over the performance of the entity's portfolio of assets. Multi-seller conduits provide customers with alternate sources of financing through the securitization of their assets. These conduits are similar to single-seller conduits except that assets are received from more than one seller and comingled into a single portfolio of assets. The Bank is typically deemed to have power over the entity's key economic decisions, namely, the selection of sellers and related assets sold as well as other decisions related to the management of risk in the vehicle. Sellers of assets in multi-seller conduits typically continue to be exposed to the variable returns of their portion of transferred assets, through derivatives or the provision of credit mitigation. The Bank's exposure to the variable returns of multi-seller Investment Funds and Other Asset Management Entities As part of its asset management business, the Bank creates investment funds and trusts (including mutual funds), enabling it to provide its clients with a broad range of diversified exposure to different risk profiles, in accordance with the client's risk appetite. Such entities may be actively managed or may be passively directed, for example, through the tracking of a specified index, depending on the entity's investment strategy. Financing for these entities is obtained through the issuance of securities to investors, typically in the form of fund units. Based on each entity's specific strategy and risk profile, the proceeds from this issuance are used by the entity to purchase a portfolio of assets. An entity's portfolio may contain investments in securities, derivatives, or other assets, including cash. At the inception of a new investment fund or trust, the Bank will typically invest an amount of seed capital in the entity, allowing it to establish a performance history in the market. Over time, the Bank sells its seed capital holdings to third-party investors, as the entity's AUM increases. As a result, the Bank's holding of seed capital investment in its own sponsored investment funds and trusts is typically not significant to the Consolidated Financial Statements. Aside from any seed capital investments, the Bank's interest in these entities is generally limited to fees earned for the provision of asset management services. The Bank does not typically provide guarantees over the performance of these funds. The Bank is typically considered to have power over the key economic decisions of sponsored asset management entities; however, it does not consolidate an entity unless it is also exposed to significant variable returns of the entity. This determination is made on a case-by-case basis, in accordance with the Bank's consolidation policy. Financing Vehicles The Bank may use structured entities to provide a cost-effective means of financing its operations, including raising capital or obtaining funding. These structured entities include: (1) TD Capital Trust III (Trust III) and TD Capital Trust IV (Trust IV) (together the "CaTS Entities"), and (2) TD Covered Bond (Legislative) Guarantor Limited Partnership (the "Covered Bond Entity"). On December 31, 2018, Trust III, a subsidiary of the Bank, redeemed all of the outstanding TD Capital Trust III Securities – Series 2008 (TD CaTS III) at a price of $1 billion plus the unpaid distribution payable on the redemption date. Trust III was consolidated by the Bank and the TD CaTS III were included in Non-controlling interests in subsidiaries on the Bank's Consolidated Balance Sheet. On June 30, 2019, Trust IV redeemed all of the outstanding $550 million TD Capital Trust IV Notes – Series 1. Refer to Note 20 for additional details. The CaTS Entities issued innovative capital securities which count as Tier 1 Capital of the Bank, but, under Basel III, are considered non-qualifying capital instruments and are subject to the Basel III phase-out rules. The proceeds from these issuances were invested in assets purchased from the Bank which generate income for distribution to investors. The Bank is considered to have decision-making power over the key economic activities of the CaTS Entities; however, it does not consolidate an entity unless it is also exposed to significant variable returns of the entity. The Bank was exposed to the risks and returns from Trust III as it held the residual risks through retaining all the voting securities of the entity. The Bank was considered to be exposed to significant variable returns of Trust III's portfolio of assets and therefore consolidated the entity. Trust IV holds assets which are only exposed to the Bank's own credit risk. As a result, the Bank does not absorb significant variable returns of the entity as it is ultimately exposed only to its own credit risk, and therefore does not consolidate the entity. Refer to Note 20 for further details. The Bank issues, or has issued, debt under its covered bond program where the principal and interest payments of the notes are guaranteed by the Covered Bond Entity. The Bank sold a portfolio of assets to the Covered Bond Entity and provided a loan to the Covered Bond Entity to facilitate the purchase. The Bank is restricted from accessing the Covered Bond Entity's assets under the relevant agreement. Investors in the Bank's covered bonds may have recourse to the Bank should the assets of the Covered Bond Entity be insufficient to satisfy the covered bond liabilities. The Bank consolidates the Covered Bond Entity as it has power over the key economic activities and retains all the variable returns in this entity. THIRD-PARTY SPONSORED STRUCTURED ENTITIES In addition to structured entities sponsored by the Bank, the Bank is also involved with structured entities sponsored by third parties. Key involvement with third-party Third-party Sponsored Securitization Programs The Bank participates in the securitization program of government-sponsored structured entities, including the CMHC, a Crown corporation of the Government of Canada, and similar U.S. government-sponsored entities. The CMHC guarantees CMB issued through the CHT. The Bank is exposed to the variable returns in the CHT, through its retention of seller swaps resulting from its participation in the CHT program. The Bank does not have power over the CHT as its key economic activities are controlled by the Government of Canada. The Bank's exposure to the CHT is included in the balance of residential mortgage loans as noted in Note 9, and is not disclosed in the table accompanying this Note. The Bank participates in the securitization programs sponsored by U.S. government agencies. The Bank is not exposed to significant variable returns from these agencies and does not have power over the key economic activities of the agencies, which are controlled by the U.S. government. Investment Holdings and Derivatives The Bank may hold interests in third-party structured entities, predominantly in the form of direct investments in securities or partnership interests issued by those structured entities, or through derivatives transacted with counterparties which are structured entities. Investments in, and derivatives with, structured entities are recognized on the Bank's Consolidated Balance Sheet. The Bank does not typically consolidate third-party structured entities where its involvement is limited to investment holdings and/or derivatives as the Bank would not generally have power over the key economic decisions of these entities. Financing Transactions In the normal course of business, the Bank may enter into financing transactions with third-party structured entities including commercial loans, reverse repurchase agreements, prime brokerage margin lending, and similar collateralized lending transactions. While such transactions expose the Bank to the structured entities' counterparty credit risk, this exposure is mitigated by the collateral related to these transactions. The Bank typically has neither power nor significant variable returns due to financing transactions with structured entities and would not generally consolidate such entities. Financing transactions with third-party sponsored structured entities are included on the Bank's Consolidated Financial Statements and have not been included in the table accompanying this Note. Arm s-length Servicing Relationships In addition to the involvement outlined above, the Bank may also provide services to structured entities on an arm's-length basis, for example as sub-advisor to an investment fund or asset servicer. Similarly, the Bank's asset management services provided to institutional investors may include transactions with structured entities. As a consequence of providing these services, the Bank may be exposed to variable returns from these structured entities, for example, through the receipt of fees or short-term exposure to the structured entity's securities. Any such exposure is typically mitigated by collateral or some other contractual arrangement with the structured entity or its sponsor. The Bank generally has neither power nor significant variable returns from the provision of arm's-length services to a structured entity and, consequently does not consolidate such entities. Fees and other exposures through servicing relationships are included on the Bank's Consolidated Financial Statements and have not been included in the table accompanying this Note. INVOLVEMENT WITH CONSOLIDATED STRUCTURED ENTITIES Securitizations The Bank securitizes consumer instalment, and other personal loans through securitization entities, predominantly single-seller conduits. These conduits are consolidated by the Bank based on the factors described above. Aside from the exposure resulting from its involvement as seller and sponsor of consolidated securitization conduits described above, including the liquidity facilities provided, the Bank has no contractual or non-contractual arrangements to provide financial support to consolidated securitization conduits. The Bank's interests in securitization conduits generally rank senior to interests held by other parties, in accordance with the Bank's investment and risk policies. As a result, the Bank has no significant obligations to absorb losses before other holders of securitization issuances. Other Structured Consolidated Structured Entities Depending on the specific facts and circumstances of the Bank's involvement with structured entities, the Bank may consolidate asset management entities, financing vehicles, or third-party sponsored structured entities, based on the factors described above. Aside from its exposure resulting from its involvement as sponsor or investor in the structured entities as previously discussed, the Bank does not typically have other contractual or non-contractual arrangements to provide financial support to these consolidated structured entities. INVOLVEMENT WITH UNCONSOLIDATED STRUCTURED ENTITIES The following table presents information related to the Bank's unconsolidated structured entities. Unconsolidated structured entities include both TD and third-party sponsored entities. Securitizations include holdings in TD-sponsored multi-seller conduits, as well as third-party sponsored mortgage and asset-backed securitizations, including government-sponsored agency securities such as CMBs, and U.S. government agency issuances. Investment Funds and Trusts include holdings in third-party funds and trusts, as well as holdings in TD-sponsored asset management funds and trusts and commitments to certain U.S. municipal funds. Amounts in Other are predominantly related to investments in community-based U.S. tax-advantage entities described in Note 12. These holdings do not result in the consolidation of these entities as TD does not have power over these entities. Carrying Amount and Maximum Exposure to Unconsolidated Structured Entities 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Securitizations Investment funds and trusts Other Total Securitizations Investment funds and trusts Other Total FINANCIAL ASSETS Trading loans, securities, and other $ 8,450 $ 1,096 $ – $ 9,546 $ 9,460 $ 719 $ 11 $ 10,190 Non-trading financial assets at fair value through profit or loss 3,649 488 – 4,137 1,810 367 – 2,177 Derivatives 2 – 64 6 70 – 826 – 826 Financial assets designated at fair value through profit or loss – 4 – 4 – 3 – 3 Financial assets at fair value through other comprehensive income 34,451 1,550 9 36,010 47,575 1,262 – 48,837 Debt securities at amortized cost, net of allowance for credit losses 85,456 – – 85,456 68,736 – – 68,736 Loans 1,314 5 – 1,319 2,438 – – 2,438 Other 6 – 3,027 3,033 6 – 2,897 2,903 Total assets 133,326 3,207 3,042 139,575 130,025 3,177 2,908 136,110 FINANCIAL LIABILITIES Derivatives 2 – 395 – 395 – 59 – 59 Obligations related to securities sold short 3,164 503 – 3,667 2,937 629 – 3,566 Total liabilities 3,164 898 – 4,062 2,937 688 – 3,625 Off-balance sheet exposure 3 17,233 4,234 1,222 22,689 16,172 3,450 1,164 20,786 Maximum exposure to loss from involvement with unconsolidated structured entities $ 147,395 $ 6,543 $ 4,264 $ 158,202 $ 143,260 $ 5,939 $ 4,072 $ 153,271 Size of sponsored unconsolidated structured entities 4 $ 10,068 $ 37,638 $ 1,200 $ 48,906 $ 10,216 $ 35,897 $ 1,750 $ 47,863 1 Certain comparative amounts have been restated to conform with the presentation adopted in the current period. 2 Derivatives primarily subject to vanilla interest rate or foreign exchange risk are not included in these amounts as those derivatives are designed to align the structured entity's cash flows with risks absorbed by investors and are not predominantly designed to expose the Bank to variable returns created by the entity. 3 For the purposes of this disclosure, off-balance sheet exposure represents the notional value of liquidity facilities, guarantees, or other off-balance sheet commitments without considering the effect of collateral or other credit enhancements. 4 The size of sponsored unconsolidated structured entities is provided based on the most appropriate measure of size for the type of entity: (1) The par value of notes issued by securitization conduits and similar liability issuers; (2) the total AUM of investment funds and trusts; and (3) the total fair value of partnership or equity shares in issue for partnerships and similar equity issuers. Sponsored Unconsolidated Structured Entities in which the Bank has no Significant Investment at the End of the Period Sponsored unconsolidated structured entities in which the Bank has no significant investment at the end of the period are predominantly investment funds and trusts created for the asset management business. The Bank would not typically hold investments, with the exception of seed capital, in these structured entities. However, the Bank continues to earn fees from asset management services provided to these entities, some of which could be based on the performance of the fund. Fees payable are generally senior in the entity's priority of payment and would also be backed by collateral, limiting the Bank's exposure to loss from these entities. The Bank earned non-interest income of $2.0 billion (October 31, 2018 – $1.9 billion) from its involvement with these asset management entities for the year ended October 31, 2019, of which $1.8 billion (October 31, 2018 – $1.8 billion) was received directly from these entities. The total AUM in these entities as at October 31, 2019 was $233.9 billion (October 31, 2018 – $196.1 billion). Any assets transferred by the Bank during the period are co-mingled with assets obtained from third parties in the market. Except as previously disclosed, the Bank has no contractual or non-contractual arrangements to provide financial support to unconsolidated structured entities. |
Derivatives
Derivatives | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Derivatives | NOTE 11: DERIVATIVES DERIVATIVE PRODUCT TYPES AND RISK EXPOSURES The majority of the Bank's derivative contracts are OTC transactions that are bilaterally negotiated between the Bank and the counterparty to the contract. The remainder are exchange-traded contracts transacted through organized and regulated exchanges and consist primarily of certain options and futures. The Bank's derivative transactions relate to trading and non-trading activities. The purpose of derivatives held for non-trading activities is primarily for managing interest rate, foreign exchange, and equity risk related to the Bank's funding, lending, investment activities, and other asset/liability management activities. The Bank's risk management strategy for these risks is discussed in shaded sections of the "Managing Risk" section of the MD&A. The Bank also enters into derivative transactions to economically hedge certain exposures that do not otherwise qualify for hedge accounting, or where hedge accounting is not considered feasible. Where hedge accounting is applied, only a specific or a combination of risk components are hedged, including benchmark interest rate, foreign exchange rate, and equity price components. All these risk components are observable in the relevant market environment and the change in the fair value or the variability in cash flows attributable to these risk components can be reliably measured for hedged items. Where the derivatives are in hedge relationships, the main sources of ineffectiveness can be attributed to differences between hedging instruments and hedged items: • Differences in fixed rates, when contractual coupons of the fixed rate hedged items are designated; • Differences in the discounting factors, when hedging derivatives are collateralized and discounted using Overnight Indexed Swaps (OIS) curves, which are not applied to the fixed rate hedged items; • CRVA on the hedging derivatives; and • Mismatch in critical terms such as tenor and timing of cash flows between hedging instruments and hedged items. To mitigate a portion of the ineffectiveness, the Bank designates the benchmark risk component of contractual cash flows of hedged items and executes hedging derivatives with high-quality counterparties. The majority of the Bank's hedging derivatives are collateralized. Interest Rate Derivatives Interest rate swaps are OTC contracts in which two counterparties agree to exchange cash flows over a period of time based on rates applied to a specified notional amount. A typical interest rate swap would require one counterparty to pay a fixed market interest rate in exchange for a variable market interest rate determined from time to time, with both calculated on a specified notional amount. No exchange of principal amount takes place. Certain interest rate swaps are transacted and settled through a clearing house which acts as a central counterparty. Forward rate agreements are OTC contracts that effectively fix a future interest rate for a period of time. A typical forward rate agreement provides that at a pre-determined future date, a cash settlement will be made between the counterparties based upon the difference between a contracted rate and a market rate to be determined in the future, calculated on a specified notional amount. No exchange of principal amount takes place. Interest rate options are contracts in which one party (the purchaser of an option) acquires from another party (the writer of an option), in exchange for a premium, the right, but not the obligation, either to buy or sell, on a specified future date or series of future dates or within a specified time, a specified financial instrument at a contracted price. The underlying financial instrument will have a market price which varies in response to changes in interest rates. In managing the Bank's interest rate exposure, the Bank acts as both a writer and purchaser of these options. Options are transacted both OTC and through exchanges. Interest rate futures are standardized contracts transacted on an exchange. They are based upon an agreement to buy or sell a specified quantity of a financial instrument on a specified future date, at a contracted price. These contracts differ from forward rate agreements in that they are in standard amounts with standard settlement dates and are transacted on an exchange. The Bank uses interest rate swaps to hedge its exposure to benchmark interest rate risk by modifying the repricing or maturity characteristics of existing and/or forecasted assets and liabilities, including funding and investment activities. These swaps are designated in either fair value hedge against fixed rate asset/liability or cash flow hedge against floating rate asset/liability. For fair value hedges, the Bank assesses and measures the hedge effectiveness based on the change in the fair value or cash flows of the derivative hedging instrument relative to the change in the fair value or cash flows of the hedged item attributable to benchmark interest rate risk. For cash flow hedges, the Bank uses the hypothetical derivative having terms that identically match the critical terms of the hedged item as the proxy for measuring the change in fair value or cash flows of the hedged item. Foreign Exchange Derivatives Foreign exchange forwards are OTC contracts in which one counterparty contracts with another to exchange a specified amount of one currency for a specified amount of a second currency, at a future date or range of dates. Swap contracts comprise foreign exchange swaps and cross-currency interest rate swaps. Foreign exchange swaps are transactions in which a foreign currency is simultaneously purchased in the spot market and sold in the forward market, or vice-versa. Cross-currency interest rate swaps are transactions in which counterparties exchange principal and interest cash flows in different currencies over a period of time. These contracts are used to manage currency and/or interest rate exposures. Foreign exchange futures contracts are similar to foreign exchange forward contracts but differ in that they are in standard currency amounts with standard settlement dates and are transacted on an exchange. Where hedge accounting is applied, the Bank assesses and measures the hedge effectiveness based on the change in the fair value of the hedging instrument relative to translation gains and losses of net investment in foreign operations or the change in cash flows of the foreign currency denominated asset/liability attributable to foreign exchange risk, using the hypothetical derivative method. The Bank uses non-derivative instruments such as foreign currency deposit liabilities and derivative instruments such as cross-currency swaps and foreign exchange forwards to hedge its foreign currency exposure. These hedging instruments are designated in either net investment hedges or cash flow hedges. Credit Derivatives The Bank uses credit derivatives such as credit default swaps (CDS) and total return swaps in managing risks of the Bank's corporate loan portfolio and other cash instruments. Credit risk is the risk of loss if a borrower or counterparty in a transaction fails to meet its agreed payment obligations. The Bank uses credit derivatives to mitigate industry concentration and borrower-specific exposure as part of the Bank's portfolio risk management techniques. The credit, legal, and other risks associated with these transactions are controlled through well established procedures. The Bank's policy is to enter into these transactions with investment grade financial institutions. Credit risk to these counterparties is managed through the same approval, limit, and monitoring processes that is used for all counterparties to which the Bank has credit exposure. Credit derivatives are OTC contracts designed to transfer the credit risk in an underlying financial instrument (usually termed as a reference asset) from one counterparty to another. The most common credit derivatives are CDS (referred to as option contracts) and total return swaps (referred to as swap contracts). In option contracts, an option purchaser acquires credit protection on a reference asset or group of assets from an option writer in exchange for a premium. The option purchaser may pay the agreed premium at inception or over a period of time. The credit protection compensates the option purchaser for deterioration in value of the reference asset or group of assets upon the occurrence of certain credit events such as bankruptcy, or changes in specified credit rating or credit index. Settlement may be cash based or physical, requiring the delivery of the reference asset to the option writer. In swap contracts, one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a reference asset or group of assets, including any returns such as interest earned on these assets in exchange for amounts that are based on prevailing market funding rates. These cash settlements are made regardless of whether there is a credit event. Other Derivatives The Bank also transacts in equity and commodity derivatives in both the exchange and OTC markets. Equity swaps are OTC contracts in which one counterparty agrees to pay, or receive from the other, cash amounts based on changes in the value of a stock index, a basket of stocks or a single stock. These contracts sometimes include a payment in respect of dividends. Equity options give the purchaser of the option, for a premium, the right, but not the obligation, to buy from or sell to the writer of an option, an underlying stock index, basket of stocks or single stock at a contracted price. Options are transacted both OTC and through exchanges. Equity index futures are standardized contracts transacted on an exchange. They are based on an agreement to pay or receive a cash amount based on the difference between the contracted price level of an underlying stock index and its corresponding market price level at a specified future date. There is no actual delivery of stocks that comprise the underlying index. These contracts are in standard amounts with standard settlement dates. Commodity contracts include commodity forwards, futures, swaps, and options, such as precious metals and energy-related products in both OTC and exchange markets. Where hedge accounting is applied, the Bank uses equity forwards and/or total return swaps to hedge its exposure to equity price risk. These derivatives are designated as cash flow hedges. The Bank assesses and measures the hedge effectiveness based on the change in the fair value of the hedging instrument relative to the change in the cash flows of the hedged item attributable to movement in equity price, using the hypothetical derivative method. Fair Value of Derivatives (millions of Canadian dollars) October 31, 2019 October 31, 2018 Fair value as Fair value as Positive Negative Positive Negative Derivatives held or issued for trading purposes Interest rate contracts Forward rate agreements $ 24 $ 149 $ 37 $ 39 Swaps 11,244 11,952 9,931 7,229 Options written – 1,099 – 566 Options purchased 1,168 – 516 – Total interest rate contracts 12,436 13,200 10,484 7,834 Foreign exchange contracts Forward contracts 713 1,540 17,638 15,943 Swaps 12,734 12,613 – – Cross-currency interest rate swaps 14,721 12,913 18,489 15,692 Options written – 302 – 543 Options purchased 289 – 486 – Total foreign exchange contracts 28,457 27,368 36,613 32,178 Credit derivative contracts Credit default swaps – protection purchased – 241 – 230 Credit default swaps – protection sold 16 – 9 1 Total credit derivative contracts 16 241 9 231 Other contracts Equity contracts 748 2,942 2,537 1,362 Commodity contracts 1,524 1,335 1,291 837 Total other contracts 2,272 4,277 3,828 2,199 Fair value – trading 43,181 45,086 50,934 42,442 Derivatives held or issued for non-trading purposes Interest rate contracts Forward rate agreements – 2 2 – Swaps 2,365 1,303 1,893 1,898 Options written – 1 – 1 Options purchased 15 – 19 – Total interest rate contracts 2,380 1,306 1,914 1,899 Foreign exchange contracts Forward contracts 660 90 333 327 Swaps 2 22 – – Cross-currency interest rate swaps 1,531 1,919 2,729 2,413 Total foreign exchange contracts 2,193 2,031 3,062 2,740 Credit derivative contracts Credit default swaps – protection purchased – 179 – 155 Total credit derivative contracts – 179 – 155 Other contracts Equity contracts 1,140 1,449 1,086 1,034 Total other contracts 1,140 1,449 1,086 1,034 Fair value – non-trading 5,713 4,965 6,062 5,828 Total fair value $ 48,894 $ 50,051 $ 56,996 $ 48,270 The following table distinguishes derivatives held or issued for non-trading purposes between those that have been designated in qualifying hedge accounting relationships and those which have not been designated in qualifying hedge accounting relationships as at October 31. Fair Value of Non-Trading Derivatives 1 (millions of Canadian dollars) As at October 31, 2019 Derivative Assets Derivative Liabilities Derivatives in qualifying hedging relationships Derivatives not in qualifying Derivatives in qualifying hedging relationships Derivatives not in qualifying Fair Cash Net Total Fair Cash Net Total Derivatives held or issued for non-trading purposes Interest rate contracts $ 882 $ 804 $ – $ 694 $ 2,380 $ 786 $ (46 ) $ – $ 566 $ 1,306 Foreign exchange contracts – 2,175 2 16 2,193 – 1,910 58 63 2,031 Credit derivative contracts – – – – – – – – 179 179 Other contracts – 531 – 609 1,140 – – – 1,449 1,449 Fair value – non-trading $ 882 $ 3,510 $ 2 $ 1,319 $ 5,713 $ 786 $ 1,864 $ 58 $ 2,257 $ 4,965 October 31, 2018 Derivatives held or issued for non-trading purposes Interest rate contracts $ 1,050 $ (62 ) $ 4 $ 922 $ 1,914 $ 858 $ 187 $ – $ 854 $ 1,899 Foreign exchange contracts – 2,948 4 110 3,062 – 2,399 314 27 2,740 Credit derivative contracts – – – – – – – – 155 155 Other contracts – 594 – 492 1,086 – – – 1,034 1,034 Fair value – non-trading $ 1,050 $ 3,480 $ 8 $ 1,524 $ 6,062 $ 858 $ 2,586 $ 314 $ 2,070 $ 5,828 1 Certain derivatives assets qualify to be offset with certain derivative liabilities on the Consolidated Balance Sheet. Refer to Note 6 for further details. Fair Value Hedges The following table presents the effects of fair value hedges on the Consolidated Balance Sheet and the Consolidated Statement of Income. Fair Value Hedges (millions of Canadian dollars) For the years ended or as at October 31 2019 Change in value of hedged items for Change in fair Hedge Carrying Accumulated 1 Accumulated Assets Interest rate risk Debt securities at amortized cost $ 2,144 $ (2,160 ) $ (16 ) $ 46,888 $ 1,502 $ – Financial assets at fair value through other comprehensive income 3,286 (3,299 ) (13 ) 78,688 580 (119 ) Loans 1,440 (1,458 ) (18 ) 59,270 741 (6 ) Total assets 6,870 (6,917 ) (47 ) 184,846 2,823 (125 ) Liabilities Interest rate risk Deposits (4,566 ) 4,584 18 125,602 2,214 (11 ) Securitization liabilities at amortized cost (149 ) 151 2 5,481 82 – Subordinated notes and debentures (189 ) 190 1 5,071 (28 ) (135 ) Total liabilities (4,904 ) 4,925 21 136,154 2,268 (146 ) Total $ 1,966 $ (1,992 ) $ (26 ) 2018 Assets Interest rate risk Debt securities at amortized cost $ (501 ) $ 507 $ 6 $ 30,032 $ (618 ) $ – Financial assets at fair value through other comprehensive income (1,874 ) 1,869 (5 ) 86,804 (2,699 ) (172 ) Loans (792 ) 792 – 45,157 (726 ) (8 ) Total assets (3,167 ) 3,168 1 161,993 (4,043 ) (180 ) Liabilities Interest rate risk Deposits 2,182 (2,179 ) 3 93,150 (2,301 ) (4 ) Securitization liabilities at amortized cost 71 (73 ) (2 ) 4,960 (52 ) – Subordinated notes and debentures 112 (112 ) – 4,027 (230 ) (143 ) Total liabilities 2,365 (2,364 ) 1 102,137 (2,583 ) (147 ) Total $ (802 ) $ 804 $ 2 2017 Total $ (933 ) $ 914 $ (19 ) 1 The Bank has portfolios of fixed rate financial assets and liabilities whereby the notional amount changes frequently due to originations, issuances, maturities and prepayments. The interest rate risk hedges on these portfolios are rebalanced dynamically. Cash Flow Hedges and Net Investment Hedges The following table presents the effects of cash flow hedges and net investment hedges on the Bank's Consolidated Statement of Income and the Consolidated Statement of Comprehensive Income. Cash Flow and Net Investment Hedges (millions of Canadian dollars) For the years ended October 31 2019 Change in value Change in fair Hedge Hedging 1 Amount reclassified 1 Net change 1 Cash flow hedges 2 Interest rate risk 3 $ (5,087 ) $ 5,089 $ 2 $ 5,041 $ (218 ) $ 5,259 Foreign exchange risk 4,5,6 251 (250 ) 1 (466 ) (572 ) 106 Equity price risk (122 ) 122 – 122 117 5 Total cash flow hedges $ (4,958 ) $ 4,961 $ 3 $ 4,697 $ (673 ) $ 5,370 Net investment hedges $ (180 ) $ 180 $ – $ 180 $ – $ 180 2018 Cash flow hedges 2 Interest rate risk 3 $ 2,585 $ (2,587 ) $ (2 ) $ (2,528 ) $ 335 $ (2,863 ) Foreign exchange risk 4,5,6 (449 ) 449 – 362 306 56 Equity price risk (66 ) 66 – 66 97 (31 ) Total cash flow hedges $ 2,070 $ (2,072 ) $ (2 ) $ (2,100 ) $ 738 $ (2,838 ) Net investment hedges $ 392 $ (392 ) $ – $ (392 ) $ – $ (392 ) 2017 Total cash flow hedges 2 $ (2 ) $ (2,229 ) $ 1,077 Net investment hedges – 890 (8 ) 1 Effects on other comprehensive income are presented on a pre-tax basis. 2 During the years ended October 31, 2019, October 31, 2018, and October 31, 2017, there were no instances where forecasted hedged transactions failed to occur. 3 Hedged items include forecasted interest cash flows on loans , 4 For non-derivative instruments designated as hedging foreign exchange risk, fair value change is measured as the gains and losses due to spot foreign exchange movements. 5 Cross-currency swaps may be used to hedge foreign exchange risk or a combination of interest rate risk and foreign exchange risk in a single hedging relationship. These hedges are disclosed in the above risk category (foreign exchange risk). 6 Hedged items include principal and interest cash flows on foreign denominated securities, loans, deposits, other liabilities, and subordinated notes and debentures. Reconciliation of Accumulated Other Comprehensive Income (Loss) 1 (millions of Canadian dollars) For the years ended October 31 2019 Accumulated other Net changes in other Accumulated other Accumulated other Accumulated other de-designated hedges Cash flow hedges Interest rate risk $ (3,656 ) $ 5,259 $ 1,603 $ 1,226 $ 377 Foreign exchange risk 247 106 353 353 – Equity price risk 20 5 25 25 – Total cash flow hedges $ (3,389 ) $ 5,370 $ 1,981 $ 1,604 $ 377 Net investment hedges Foreign translation risk $ (5,689 ) $ 180 $ (5,509 ) $ (5,509 ) $ – 2018 Cash flow hedges Interest rate risk $ (793 ) $ (2,863 ) $ (3,656 ) $ (2,245 ) $ (1,411 ) Foreign exchange risk 191 56 247 247 – Equity price risk 51 (31 ) 20 20 – Total cash flow hedges $ (551 ) $ (2,838 ) $ (3,389 ) $ (1,978 ) $ (1,411 ) Net investment hedges Foreign translation risk $ (5,297 ) $ (392 ) $ (5,689 ) $ (5,689 ) $ – 1 Presented on a pre-tax basis and excludes the Bank's equity in the AOCI of an investment in TD Ameritrade. NOTIONAL AMOUNTS The notional amounts are not recorded as assets or liabilities as they represent the face amount of the contract to which a rate or price is applied to determine the amount of cash flows to be exchanged. Notional amounts do not represent the potential gain or loss associated with the market risk nor are they indicative of the credit risk associated with derivative financial instruments. The following table discloses the notional amount of over-the-counter and exchange-traded derivatives. Over-the-Counter and Exchange-Traded Derivatives (millions of Canadian dollars) As at October 31 2019 October 31 Trading Over-the-Counter 1 Clearing house 2 Non clearing house Exchange- Total Non- trading 3 Total Total Notional Interest rate contracts Futures $ – $ – $ 884,565 $ 884,565 $ – $ 884,565 $ 575,825 Forward rate agreements 1,817,528 28,532 – 1,846,060 867 1,846,927 970,904 Swaps 9,380,140 390,123 – 9,770,263 1,642,583 11,412,846 9,442,704 Options written – 109,532 136,264 245,796 472 246,268 200,948 Options purchased – 122,159 187,260 309,419 5,374 314,793 227,775 Total interest rate contracts 11,197,668 650,346 1,208,089 13,056,103 1,649,296 14,705,399 11,418,156 Foreign exchange contracts Futures – – 16 16 – 16 24 Forward contracts – 169,992 – 169,992 20,473 190,465 1,825,682 Swaps – 1,747,596 – 1,747,596 1,955 1,749,551 6 Cross-currency interest rate swaps – 757,780 – 757,780 100,921 858,701 785,946 Options written – 27,639 15 27,654 – 27,654 34,090 Options purchased – 27,293 2 27,295 – 27,295 32,655 Total foreign exchange contracts – 2,730,300 33 2,730,333 123,349 2,853,682 2,678,403 Credit derivative contracts Credit default swaps – protection purchased 9,222 249 – 9,471 3,199 12,670 12,612 Credit default swaps – protection sold 956 156 – 1,112 – 1,112 1,122 Total credit derivative contracts 10,178 405 – 10,583 3,199 13,782 13,734 Other contracts Equity contracts – 92,327 66,590 158,917 29,454 188,371 145,327 Commodity contracts 100 46,885 49,702 96,687 – 96,687 73,193 Total other contracts 100 139,212 116,292 255,604 29,454 285,058 218,520 Total $ 11,207,946 $ 3,520,263 $ 1,324,414 $ 16,052,623 $ 1,805,298 $ 17,857,921 $ 14,328,813 1 Collateral held under a Credit Support Annex to help reduce counterparty credit risk is in the form of high-quality and liquid assets such as cash and high-quality government securities. Acceptable collateral is governed by the Collateralized Trading Policy. 2 Derivatives executed through a central clearing house reduces settlement risk due to the ability to net settle offsetting positions for capital purposes and therefore receive preferential capital treatment compared to those settled with non-central clearing house counterparties. 3 As at October 31, 2019, includes $1,454 billion of OTC derivatives that are transacted with clearing houses (October 31, 2018 – $1,244 billion) and $352 billion of OTC derivatives that are transacted with non-clearing houses (October 31, 2018 – $337 billion). There were no exchange-traded derivatives both as at October 31, 2019 and October 31, 2018. The following table distinguishes the notional amount of derivatives held or issued for non-trading purposes between those that have been designated in qualifying hedge accounting relationships and those which have not been designated in qualifying hedge accounting relationships. Notional of Non-Trading Derivatives (millions of Canadian dollars) As at October 31, 2019 Derivatives in qualifying hedging relationships Derivatives not in Derivatives held or issued for hedging (non-trading) purposes Fair value Cash flow 1 Net Investment 1 Total Interest rate contracts $ 337,374 $ 234,134 $ – $ 1,077,788 $ 1,649,296 Foreign exchange contracts – 117,532 1,292 4,525 123,349 Credit derivative contracts – – – 3,199 3,199 Other contracts – 2,079 – 27,375 29,454 Total notional non-trading $ 337,374 $ 353,745 $ 1,292 $ 1,112,887 $ 1,805,298 October 31, 2018 Interest rate contracts $ 282,718 $ 214,969 $ 1,646 $ 922,323 $ 1,421,656 Foreign exchange contracts – 113,183 1,249 11,674 126,106 Credit derivative contracts – – – 2,745 2,745 Other contracts – 2,058 – 28,372 30,430 Total notional non-trading $ 282,718 $ 330,210 $ 2,895 $ 965,114 $ 1,580,937 1 Certain cross-currency swaps are executed using multiple derivatives, including interest rate swaps. These derivatives are used to hedge foreign exchange rate risk in cash flow hedges and net investment hedges. The following table discloses the notional principal amount of over-the-counter derivatives and exchange-traded derivatives based on their contractual terms to maturity. Derivatives by Remaining Term-to-Maturity (millions of Canadian dollars) As at October 31 2019 October 31 2018 Notional Principal Within 1 year Over 1 year to 5 years Over Total Total Interest rate contracts Futures $ 672,570 $ 211,995 $ – $ 884,565 $ 575,825 Forward rate agreements 1,793,862 53,065 – 1,846,927 970,904 Swaps 4,455,050 5,042,224 1,915,572 11,412,846 9,442,704 Options written 183,359 50,575 12,334 246,268 200,948 Options purchased 230,502 72,996 11,295 314,793 227,775 Total interest rate contracts 7,335,343 5,430,855 1,939,201 14,705,399 11,418,156 Foreign exchange contracts Futures 16 – – 16 24 Forward contracts 177,645 12,719 101 190,465 1,825,682 Swaps 1,714,371 32,812 2,368 1,749,551 6 Cross-currency interest rate swaps 260,392 442,131 156,178 858,701 785,946 Options written 23,596 3,788 270 27,654 34,090 Options purchased 23,195 3,823 277 27,295 32,655 Total foreign exchange contracts 2,199,215 495,273 159,194 2,853,682 2,678,403 Credit derivative contracts Credit default swaps – protection purchased 2,066 4,316 6,288 12,670 12,612 Credit default swaps – protection sold 133 704 275 1,112 1,122 Total credit derivative contracts 2,199 5,020 6,563 13,782 13,734 Other contracts Equity contracts 146,954 41,404 13 188,371 145,327 Commodity contracts 79,394 16,460 833 96,687 73,193 Total other contracts 226,348 57,864 846 285,058 218,520 Total $ 9,763,105 $ 5,989,012 $ 2,105,804 $ 17,857,921 $ 14,328,813 Interest Rate Benchmark Reform The replacement of existing IBORs with alternative nearly risk-free rates (RFRs) is at different stages, and is progressing at different speeds, globally. Uncertainty exists related to timing and methods of transition for financial instruments affected by these changes, and also on whether some existing benchmarks will continue to be supported. The Bank's hedging relationships have significant exposure to US LIBOR, EURIBOR and GBP LIBOR benchmark rates. Under IBOR reform, these benchmark rates may be subject to discontinuance, changes in methodology, or become illiquid when the adoption of RFRs as established benchmark rates increase. As a result of these developments, significant judgment is required in determining whether certain hedging relationships that hedge the variability of cash flows and interest rate or foreign exchange risk due to changes in IBORs continue to qualify for hedge accounting. As a result of the effects of IBOR reform, on September 26, 2019, the IASB issued Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39 and IFRS 7 ( Interest Rate Benchmark Reform ) Impacted hedging relationships will continue to be monitored for each significant benchmark rate subject to potential RFR transition. As the new RFRs are likely to differ from the prior benchmark rates, new or revised hedging strategies may be required to better align derivative hedging instruments with hedged items. However, given the market uncertainty, the assessment of the impact on the Bank's hedging strategies and its mitigation plans is in the early stages. The following table discloses the notional amount and average price of derivative instruments designated in qualifying hedge accounting relationships. Hedging Instruments by Remaining Term-to-Maturity (millions of Canadian dollars, except as noted) As at October 31 October 31 2019 2018 Notional Within 1 year Over 1 year to 5 years Over 5 Total Total Interest rate risk Interest rate swaps 1 Notional – pay fixed $ 43,299 $ 118,366 $ 40,213 $ 201,878 $ 181,544 Average fixed interest rate % 1.72 1.85 2.21 Notional – received fixed 32,511 162,263 54,005 248,779 212,013 Average fixed interest rate % 1.92 2.19 1.69 Total notional – interest rate risk 75,810 280,629 94,218 450,657 393,557 Foreign exchange risk 2 Forward contracts Notional – USD/CAD 784 279 – 1,063 1,610 Average FX forward rate 1.31 1.32 – Notional – EUR/CAD 3,001 12,434 1,574 17,009 17,283 Average FX forward rate 1.52 1.62 1.75 Notional – other 1,292 – – 1,292 1,249 Cross-currency swaps 3,4 Notional – USD/CAD 12,149 35,023 2,283 49,455 49,487 Average FX rate 1.26 1.30 1.32 Notional – EUR/CAD 5,509 14,660 3,305 23,474 17,049 Average FX rate 1.48 1.50 1.48 Notional – GBP/CAD 341 4,692 – 5,033 3,954 Average FX rate 1.74 1.70 – Notional – other currency pairs 5 8,718 12,423 327 21,468 23,799 Total notional – foreign exchange risk 31,794 79,511 7,489 118,794 114,431 Equity Price Risk Notional – equity forward contracts 2,092 – – 2,092 2,058 Total notional $ 109,696 $ 360,140 $ 101,707 $ 571,543 $ 510,046 1 The notional amount of interest rate swaps indexed to US LIBOR, EURIBOR, or GBP LIBOR, with a maturity date beyond December 31, 2021, is $173.5 billion as at October 31, 2019. These instruments are being monitored for the impact of IBOR reform. 2 Foreign currency denominated deposit liabilities are also used to hedge foreign exchange risk. As at October 31, 2019, the carrying value of these non-derivative hedging instruments was $23.9 billion (October 31, 2018 – $15.3 billion) designated under net investment hedges. 3 Cross-currency swaps may be used to hedge foreign exchange risk or a combination of interest rate risk and foreign exchange risk in a single hedge relationship. Both these types of hedges are disclosed under the Foreign exchange risk as the risk category. 4 Certain cross-currency swaps are executed using multiple derivatives, including interest rate swaps. The notional amount of these interest rate swaps, excluded from the above, is $120.9 billion as at October 31, 2019 (October 31, 2018 – $105.8 billion). As at October 31, 2019, the notional amount of cross-currency swaps and interest rate swaps indexed to US LIBOR, EURIBOR, or GBP LIBOR, with a maturity date beyond December 31, 2021, are $39.5 billion and $26.8 billion, respectively, and are being monitored for the impact of IBOR reform. 5 Includes derivatives executed to manage non-trading foreign currency exposures, when more than one currency is involved prior to hedging to the Canadian dollar, when the functional currency of the entity is not the Canadian dollar, or when the currency pair is not a significant exposure for the Bank. DERIVATIVE-RELATED RISKS Market Risk Derivatives, in the absence of any compensating upfront cash payments, generally have no market value at inception. They obtain value, positive or negative, as relevant interest rates, foreign exchange rates, equity, commodity or credit prices or indices change, such that the previously contracted terms of the derivative transactions have become more or less favourable than what can be negotiated under current market conditions for contracts with the same terms and the same remaining period to expiry. The potential for derivatives to increase or decrease in value as a result of the foregoing factors is generally referred to as market risk. This market risk is managed by senior officers responsible for the Bank's trading and non-trading businesses and is monitored independently by the Bank's Risk Management group. Credit Risk Credit risk on derivatives, also known as counterparty credit risk, is the risk of a financial loss occurring as a result of the failure of a counterparty to meet its obligation to the Bank. The Capital Markets Risk Management group is responsible for implementing and ensuring compliance with credit policies established by the Bank for the management of derivative credit exposures. Derivative-related credit risks are subject to the same credit approval, limit and monitoring standards that are used for managing other transactions that create credit exposure. This includes evaluating the creditworthiness of counterparties, and managing the size, diversification and maturity structure of the portfolios. The Bank actively engages in risk mitigation strategies through the use of multi-product derivative master netting agreements, collateral and other risk mitigation techniques. Master netting agreements reduce risk to the Bank by allowing the Bank to close out and net transactions with counterparties subject to such agreements upon the occurrence of certain events. The effect of these master netting agreements is reflected in the following table. Also shown in this table, is the current replacement cost, which is the positive fair value of all outstanding derivatives. The credit equivalent amount is the sum of the current replacement cost and the potential future exposure, which is calculated by applying factors supplied by OSFI to the notional principal amount of the derivatives. The risk-weighted Credit Exposure of Derivatives 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Current Credit Risk- Current Credit Risk- Interest rate contracts Forward rate agreements $ 31 $ 536 $ 449 $ 21 $ 56 $ 15 Swaps 3,210 9,635 1,809 11,630 15,557 4,193 Options purchased 133 459 102 508 776 299 Total interest rate contracts 3,374 10,630 2,360 12,159 16,389 4,507 Foreign exchange contracts Forward contracts 434 2,555 375 17,605 35,543 4,247 Swa |
Investment in Associates and Jo
Investment in Associates and Joint Ventures | 12 Months Ended |
Oct. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Investment in Associates and Joint Ventures | NOTE 12: INVESTMENT IN ASSOCIATES AND JOINT VENTURES INVESTMENT IN TD AMERITRADE HOLDING CORPORATION The Bank has significant influence over TD Ameritrade Holding Corporation (TD Ameritrade) and accounts for its investment in TD Ameritrade using the equity method. The Bank's equity share in TD Ameritrade's earnings, excluding dividends, is reported on a one-month lag basis. The Bank takes into account changes in the subsequent period that would significantly affect the results. As at October 31, 2019, the Bank's reported investment in TD Ameritrade was 43.19% (October 31, 2018 – 41.61%) of the outstanding shares of TD Ameritrade with a fair value of $12 billion (US$9 billion) (October 31, 2018 – $16 billion (US$12 billion)) based on the closing price of US$38.38 (October 31, 2018 – US$51.72) on the New York Stock Exchange. During the year ended October 31, 2019, TD Ameritrade repurchased 21.5 million shares (for the year ended October 31, 2018 – 5.5 million shares). Pursuant to the Stockholders Agreement in relation to the Bank's equity investment in TD Ameritrade, if stock repurchases by TD Ameritrade cause the Bank's ownership percentage to exceed 45%, the Bank is required to use reasonable efforts to sell or dispose of such excess stock, subject to the Bank's commercial judgment as to the optimal timing, amount, and method of sales with a view to maximizing proceeds from such sales. However, in the event that stock repurchases by TD Ameritrade cause the Bank's ownership percentage to exceed 45%, the Bank has no absolute obligation to reduce its ownership percentage to 45%. In addition, stock repurchases by TD Ameritrade cannot result in the Bank's ownership percentage exceeding 47%. In connection with TD Ameritrade's acquisition of Scottrade Financial Services, Inc. (Scottrade) on September 18, 2017, TD Ameritrade issued 38.8 million shares, of which the Bank purchased 11.1 million pursuant to its pre-emptive rights. The Bank purchased the shares at a price of US$36.12. As a result of the share issuance, the Bank's common stock ownership percentage in TD Ameritrade decreased and the Bank realized a dilution gain of $204 million recorded in Other Income on the Consolidated Statement of Income. Refer to Note 13 for a discussion on the acquisition of Scottrade Bank . Pursuant to the Stockholders Agreement in relation to the Bank's equity investment in TD Ameritrade, the Bank has the right to designate five of twelve members of TD Ameritrade's Board of Directors. The Bank's designated directors currently include the Bank's Group President and Chief Executive Officer and four independent directors of TD or TD's U.S. subsidiaries. TD Ameritrade has no significant contingent liabilities to which the Bank is exposed. During the years ended October 31, 2019, and October 31, 2018, TD Ameritrade did not experience any significant restrictions to transfer funds in the form of cash dividends, or repayment of loans or advances. The condensed financial statements of TD Ameritrade, based on its consolidated financial statements, are included in the following tables. Condensed Consolidated Balance Sheets 1 (millions of Canadian dollars) As at September 30 September 30 Assets Receivables from brokers, dealers, and clearing organizations $ 3,212 $ 1,809 Receivables from clients, net 27,156 29,773 Other assets, net 27,303 17,811 Total assets $ 57,671 $ 49,393 Liabilities Payable to brokers, dealers, and clearing organizations $ 4,357 $ 3,923 Payable to clients 35,650 30,126 Other liabilities 6,205 4,809 Total liabilities 46,212 38,858 Stockholders equity 2 11,459 10,535 Total liabilities and stockholders equity $ 57,671 $ 49,393 1 Customers' securities are reported on a settlement date basis whereas the Bank reports customers' securities on a trade date basis. 2 The difference between the carrying value of the Bank's investment in TD Ameritrade and the Bank's share of TD Ameritrade's stockholders' equity is comprised of goodwill, other intangibles, and the cumulative translation adjustment. Condensed Consolidated Statements of Income (millions of Canadian dollars, except as noted) For the years ended September 30 2019 2018 2017 Revenues Net interest revenue $ 2,036 $ 1,635 $ 903 Fee-based and other revenue 5,947 5,365 3,923 Total revenues 7,983 7,000 4,826 Operating expenses Employee compensation and benefits 1,756 1,992 1,260 Other 2,245 2,434 1,639 Total operating expenses 4,001 4,426 2,899 Other expense (income) 94 142 95 Pre-tax income 3,888 2,432 1,832 Provision for income taxes 957 535 686 Net income 1,2 $ 2,931 $ 1,897 $ 1,146 Earnings per share – basic (Canadian dollars) $ 5.27 $ 3.34 $ 2.17 Earnings per share – diluted (Canadian dollars) 5.26 3.32 2.16 1 The Bank's equity share of net income of TD Ameritrade is based on the published consolidated financial statements of TD Ameritrade after converting into Canadian dollars and is subject to adjustments relating to the amortization of certain intangibles. 2 The Bank's equity share in TD Ameritrade earnings for the year ended October 31, 2018 includes a net favourable adjustment of $41 million (US$32 million) primarily representing the Bank's share of TD Ameritrade's remeasurement of its deferred income tax balances as a result of the reduction in the U.S. federal corporate income tax rate. INVESTMENT IN IMMATERIAL ASSOCIATES OR JOINT VENTURES Except for TD Ameritrade as disclosed above, no associate or joint venture was individually material to the Bank as of October 31, 2019, or October 31, 2018. The carrying amount of the Bank's investment in individually immaterial associates and joint ventures during the period was $3.2 billion (October 31, 2018 – $3.0 billion). Individually immaterial 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. The Bank recorded an impairment loss during the year ended October 31, 2018 of $89 million representing the immediate impact of lower future tax deductions on Low Income Housing Tax Credit (LIHTC) investments as a result of the reduction in the U.S. federal corporate tax rate, which was recorded in Other income (loss) on the Consolidated Statement of Income. This impairment loss does not include losses taken upon tax credit-related investments including LIHTC on a normal course basis. Refer to Note 25 for further details on the reduction of the U.S. federal corporate tax rate. |
Significant Acquisitions and Di
Significant Acquisitions and Disposals | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Significant Acquisitions and Disposals | Agreement for Air Canada Credit Card Loyalty Program On January 10, 2019, the Bank's long-term loyalty program agreement (the "Loyalty Agreement") with Air Canada became effective in conjunction with Air Canada completing its acquisition of Aimia Canada Inc., which operates the Aeroplan loyalty business (the "Transaction"). Under the terms of the Loyalty Agreement, the Bank will become the primary credit card issuer for Air Canada's new loyalty program when it launches in 2020 through to 2030. TD Aeroplan cardholders will become members of Air Canada's new loyalty program and their miles will be transitioned when Air Canada's new loyalty program launches in 2020. In connection with the Transaction, the Bank paid $622 million plus applicable sales tax to Air Canada, of which $547 million ($446 million after sales and income taxes) was recognized in Non-interest expenses – Other on the Consolidated Statement of Income, and $75 million was recognized as an intangible asset which will be amortized over the Loyalty Agreement term. In addition, the Bank prepaid $308 million plus applicable sales tax for the future purchase of loyalty points over a ten-year period. Acquisition of Greystone Managed Investments Inc. On November 1, 2018, the Bank acquired 100% of the outstanding equity of Greystone Capital Management Inc., the parent company of Greystone Managed Investments Inc. ("Greystone") for consideration of $821 million, of which $479 million was paid in cash and $342 million was paid in the Bank's common shares. The value of 4.7 million common shares issued as consideration was based on the volume weighted-average market price of the Bank's common shares over the 10 trading day period immediately preceding the fifth business day prior to the acquisition date and was recorded based on market price at close. Common shares of $167 million issued to employee shareholders in respect of the purchase price are being held in escrow for two years post-acquisition, subject to their continued employment, and are being recorded as a compensation expense over the two-year escrow period. The acquisition was accounted for as a business combination under the purchase method. As at November 1, 2018, the acquisition contributed $165 million of assets and $46 million of liabilities. The excess of accounting consideration over the fair value of the identifiable net assets has been allocated to customer relationship intangibles of $140 million, deferred tax liability of $37 million, and goodwill of $432 million. Goodwill is not deductible for tax purposes. The results of the acquisition have been consolidated from the acquisition date and reported in the Canadian Retail segment. For the year ended October 31, 2019, the contribution of Greystone to the Bank's revenue and net income was not significant. Acquisition of Scottrade Bank On September 18, 2017, the Bank acquired 100% of the outstanding equity of Scottrade Bank, a federal savings bank wholly-owned by Scottrade, for cash consideration of approximately $1.6 billion (US$1.4 billion). Scottrade Bank merged with TD Bank, N.A. In connection with the acquisition, TD agreed to accept sweep deposits from Scottrade clients, expanding the Bank's existing sweep deposit activities. The acquisition is consistent with the Bank's U.S. strategy. The acquisition was accounted for as a business combination under the purchase method. Goodwill of $34 million reflects the excess of the consideration paid over the fair value of the identifiable net assets. Goodwill is deductible for tax purposes. The results of the acquisition have been consolidated with the Bank's results and are reported in the U.S. Retail segment. For the year ended October 31, 2017, the contribution of Scottrade Bank to the Bank's revenue and net income was not significant nor would it have been significant if the acquisition had occurred as of November 1, 2016. The following table presents the estimated fair values of the assets and liabilities acquired as of the date of acquisition. Fair Value of Identifiable Net Assets Acquired (millions of Canadian dollars) Amount Assets acquired Cash and due from banks $ 750 Securities 14,474 Loans 5,284 Other assets 149 20,657 Less: Liabilities assumed Deposits 18,992 Other liabilities 57 Fair value of identifiable net assets acquired 1,608 Goodwill 34 Total purchase consideration $ 1,642 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Oct. 31, 2019 | |
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Goodwill and Other Intangibles | NOTE 14: GOODWILL AND OTHER INTANGIBLES The recoverable amount of the Bank's CGUs is determined from internally developed valuation models that consider various factors and assumptions such as forecasted earnings, growth rates, price-earnings multiples, discount rates and terminal multiples. Management is required to use judgment in estimating the recoverable amount of CGUs, and the use of different assumptions and estimates in the calculations could influence the determination of the existence of impairment and the valuation of goodwill. Management believes that the assumptions and estimates used are reasonable and supportable. Where possible, assumptions generated internally are compared to relevant market information. The carrying amounts of the Bank's CGUs are determined by management using risk based capital models to adjust net assets and liabilities by CGU. These models consider various factors including market risk, credit risk, and operational risk, including investment capital (comprised of goodwill and other intangibles). Any capital not directly attributable to the CGUs is held within the Corporate segment. As at the date of the last impairment test, the amount of capital was approximately $14.6 billion and primarily related to treasury assets and excess capital managed within the Corporate segment. The Bank's capital oversight committees provide oversight to the Bank's capital allocation methodologies. Key Assumptions The recoverable amount of each CGU or group of CGUs has been determined based on its estimated value-in-use. In assessing value-in-use, estimated future cash flows based on the Bank's internal forecast are discounted using an appropriate pre-tax discount rate. The following were the key assumptions applied in the goodwill impairment testing: Discount Rate The pre-tax discount rates used reflect current market assessments of the risks specific to each group of CGUs and are dependent on the risk profile and capital requirements of each group of CGUs. Terminal Value The earnings included in the goodwill impairment testing for each operating segment were based on the Bank's internal forecast, which projects expected cash flows over the next five years. Beyond the Bank's internal forecast, cash flows were assumed to grow at a steady terminal growth rate. Terminal growth rates were based on the expected long-term growth of gross domestic product and inflation and ranged from 2.0% to 4.0% (2018 – 2.0% to 4.0%). The pre-tax terminal multiples for the period after the Bank's internal forecast were consistent with observable multiples of comparable financial institutions and ranged from 9 times to 13 times (2018 – 9 times to 14 times). In considering the sensitivity of the key assumptions discussed above, management determined that a reasonable change in any of the above would not result in the recoverable amount of any of the groups of CGUs to be less than their carrying amount. Goodwill by Segment (millions of Canadian dollars) Canadian U.S. Retail 1 Wholesale Total Carrying amount of goodwill as at November 1, 2017 $ 2,303 $ 13,693 $ 160 $ 16,156 Additions 82 – – 82 Foreign currency translation adjustments and other 18 280 – 298 Carrying amount of goodwill as at October 31, 2018 $ 2,403 $ 13,973 $ 160 $ 16,536 Additions 432 – – 432 Foreign currency translation adjustments and other 1 7 – 8 Carrying amount of goodwill as at October 31, 2019 2 $ 2,836 $ 13,980 $ 160 $ 16,976 Pre-tax 2018 9.7–10.7 % 10.1–11.8 % 12.2 % 2019 9.7–11.0 9.6–11.8 12.7 1 Goodwill predominantly relates to U.S. personal and commercial banking. 2 Accumulated impairment as at October 31, 2019 was nil (October 31, 2018 – nil). OTHER INTANGIBLES The following table presents details of other intangibles as at October 31. Other Intangibles (millions of Canadian dollars) Core deposit Credit card Internally Other Other Total Cost As at November 1, 2017 $ 2,523 $ 756 $ 2,549 $ 308 $ 565 $ 6,701 Additions – – 567 87 14 668 Disposals – – (82 ) (2 ) – (84 ) Fully amortized intangibles – – (275 ) (89 ) – (364 ) Foreign currency translation adjustments and other 52 3 1 (4 ) 7 59 As at October 31, 2018 $ 2,575 $ 759 $ 2,760 $ 300 $ 586 $ 6,980 Additions – 83 541 63 163 850 Disposals – – (40 ) – – (40 ) Fully amortized intangibles – – (322 ) (79 ) – (401 ) Foreign currency translation adjustments and other 1 – (12 ) 11 (6 ) (6 ) As at October 31, 2019 $ 2,576 $ 842 $ 2,927 $ 295 $ 743 $ 7,383 Amortization and impairment As at November 1, 2017 $ 2,260 $ 442 $ 888 $ 180 $ 313 $ 4,083 Disposals – – (11 ) (2 ) – (13 ) Impairment losses – – – 5 – 5 Amortization charge for the year 96 98 423 78 44 739 Fully amortized intangibles – – (275 ) (89 ) – (364 ) Foreign currency translation adjustments and other 48 2 6 12 3 71 As at October 31, 2018 $ 2,404 $ 542 $ 1,031 $ 184 $ 360 $ 4,521 Disposals – – (14 ) – – (14 ) Impairment losses – – 4 – 1 5 Amortization charge for the year 76 86 474 82 58 776 Fully amortized intangibles – – (322 ) (79 ) – (401 ) Foreign currency translation adjustments and other 1 – (6 ) 4 (6 ) (7 ) As at October 31, 2019 $ 2,481 $ 628 $ 1,167 $ 191 $ 413 $ 4,880 Net Book Value: As at October 31, 2018 $ 171 $ 217 $ 1,729 $ 116 $ 226 $ 2,459 As at October 31, 2019 95 214 1,760 104 330 2,503 |
Land, Buildings, Equipment, and
Land, Buildings, Equipment, and Other Depreciable Assets | 12 Months Ended |
Oct. 31, 2019 | |
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Land, Buildings, Equipment, and Other Depreciable Assets | NOTE 15: LAND, BUILDINGS, EQUIPMENT, AND OTHER DEPRECIABLE ASSETS The following table presents details of the Bank's land, buildings, equipment, and other depreciable assets as at October 31. Land, Buildings, Equipment, and Other Depreciable Assets (millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Total Cost As at November 1, 2017 $ 969 $ 3,315 $ 853 $ 1,285 $ 1,884 $ 8,306 Additions 2 164 141 134 160 601 Disposals (5 ) (37 ) (13 ) (44 ) (33 ) (132 ) Fully depreciated assets – (90 ) (143 ) (69 ) (57 ) (359 ) Foreign currency translation adjustments and other 5 26 (9 ) 9 39 70 As at October 31, 2018 $ 971 $ 3,378 $ 829 $ 1,315 $ 1,993 $ 8,486 Additions 30 194 259 147 227 857 Acquisitions through business combinations – – – 1 2 3 Disposals (2 ) (29 ) (119 ) (35 ) (48 ) (233 ) Fully depreciated assets – (45 ) (156 ) (63 ) (53 ) (317 ) Foreign currency translation adjustments and other (12 ) (10 ) – (14 ) 18 (18 ) As at October 31, 2019 $ 987 $ 3,488 $ 813 $ 1,351 $ 2,139 $ 8,778 Accumulated depreciation and impairment/losses As at November 1, 2017 $ – $ 1,151 $ 433 $ 552 $ 857 $ 2,993 Depreciation charge for the year – 120 170 128 158 576 Disposals – (14 ) (13 ) (22 ) (32 ) (81 ) Fully depreciated assets – (90 ) (143 ) (69 ) (57 ) (359 ) Foreign currency translation adjustments and other – 6 2 16 9 33 As at October 31, 2018 $ – $ 1,173 $ 449 $ 605 $ 935 $ 3,162 Depreciation charge for the year – 120 168 138 179 605 Disposals – (19 ) (85 ) (31 ) (38 ) (173 ) Fully depreciated assets – (45 ) (156 ) (63 ) (53 ) (317 ) Foreign currency translation adjustments and other – (11 ) 1 (1 ) (1 ) (12 ) As at October 31, 2019 $ – $ 1,218 $ 377 $ 648 $ 1,022 $ 3,265 Net Book Value: As at October 31, 2018 $ 971 $ 2,205 $ 380 $ 710 $ 1,058 $ 5,324 As at October 31, 2019 987 2,270 436 703 1,117 5,513 |
Other Assets
Other Assets | 12 Months Ended |
Oct. 31, 2019 | |
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Other Assets | NOTE 16: OTHER ASSETS Other Assets (millions of Canadian dollars) As at October 31 October 31 Accounts receivable and other items $ 9,069 $ 8,938 Accrued interest 2,479 2,343 Current income tax receivable 2,468 1,614 Defined benefit asset 13 113 Insurance-related assets, excluding investments 1,761 1,638 Prepaid expenses 1,297 950 Total $ 17,087 $ 15,596 |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2019 | |
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Deposits | NOTE 17: DEPOSITS Demand deposits are those for which the Bank does not have the right to require notice prior to withdrawal. These deposits are in general chequing accounts. Notice deposits are those for which the Bank can legally require notice prior to withdrawal. These deposits are in general savings accounts. Term deposits are those payable on a fixed date of maturity purchased by customers to earn interest over a fixed period. The terms are from one day to ten years. The deposits are generally term deposits, guaranteed investment certificates, senior debt, and similar instruments. The aggregate amount of term deposits in denominations of $100,000 or more as at October 31, 2019 was $309 billion (October 31, 2018 – $293 billion). Certain deposit liabilities are classified as Trading deposits on the Consolidated Balance Sheet and accounted for at fair value with the change in fair value recognized on the Consolidated Statement of Income. Certain deposits have been designated at FVTPL on the Consolidated Balance Sheet to reduce an accounting mismatch from related economic hedges. These deposits are accounted for at fair value with the change in fair value recognized on the Consolidated Statement of Income, except for the amount of change in fair value attributable to changes in the Bank's own credit risk, which is recognized on the Consolidated Statement of Comprehensive Income. For deposits designated at FVTPL, the estimated amount that the Bank would be contractually required to pay at maturity, which is based on notional amounts, was $328 million less than its fair value as at October 31, 2019. Deposits (millions of Canadian dollars) As at By Type By Country October 31 October 31 Demand Notice Term 1 Canada United States International Total Total Personal $ 14,105 $ 431,319 $ 58,006 $ 234,278 $ 269,128 $ 24 $ 503,430 $ 477,644 Banks 2 7,969 385 8,397 11,919 95 4,737 16,751 16,712 Business and government 3,4 81,913 139,625 145,258 267,193 96,357 3,246 366,796 357,083 Trading 2 – – 26,885 16,817 2,120 7,948 26,885 114,704 Designatedat fair value through profit or loss 2,5 – – 105,100 44,288 52,890 7,922 105,100 – Total $ 103,987 $ 571,329 $ 343,646 $ 574,495 $ 420,590 $ 23,877 $ 1,018,962 $ 966,143 Non-interest-bearing deposits included above In domestic offices $ 43,887 $ 42,402 In foreign offices 53,381 54,488 Interest-bearing deposits included above In domestic offices 530,608 505,295 In foreign offices 391,076 362,890 U.S. federal funds deposited 2 10 1,068 Total 3,6 $ 1,018,962 $ 966,143 1 Includes $16,589 million (October 31, 2018 – $53 million) of senior debt which is subject to the bank recapitalization "bail-in" regime. This regime provides certain statutory powers to the Canada Deposit Insurance Corporation, including the ability to convert specified eligible shares and liabilities into common shares in the event that the Bank becomes non-viable. 2 Includes deposits and advances with the Federal Home Loan Bank. 3 As at October 31, 2019, includes $40 billion relating to covered bondholders (October 31, 2018 – $36 billion) and $1 billion (October 31, 2018 – $2 billion) due to Trust IV. 4 Trust IV redeemed all of the outstanding TD Capital Trust IV Notes – Series 1 on June 30, 2019. 5 Financial liabilities designated at FVTPL consist of deposits designated at FVTPL and $31 million (October 31, 2018 – $16 million) of loan commitments and financial guarantees designated at FVTPL. 6 As at October 31, 2019, includes deposits of $580 billion (October 31, 2018 – $548 billion) denominated in U.S. dollars and $52 billion (October 31, 2018 – $55 billion) denominated in other foreign currencies. Term Deposits by Remaining Term-to-Maturity (millions of Canadian dollars) As at October 31 October 31 Within Over Over Over Over Over Total Total Personal $ 38,941 $ 9,374 $ 6,168 $ 1,863 $ 1,639 $ 21 $ 58,006 $ 53,064 Banks 8,387 – – 3 – 7 8,397 8,784 Business and government 57,346 34,130 14,190 15,939 16,059 7,594 145,258 150,618 Trading 18,819 2,430 2,073 851 1,090 1,622 26,885 114,704 Designated at fair value through profit or loss 104,744 356 – – – – 105,100 – Total $ 228,237 $ 46,290 $ 22,431 $ 18,656 $ 18,788 $ 9,244 $ 343,646 $ 327,170 Term Deposits due within a Year (millions of Canadian dollars) As at October 31 October 31 Within Over 3 months to Over 6 Total Total Personal $ 14,208 $ 9,459 $ 15,274 $ 38,941 $ 32,928 Banks 8,230 150 7 8,387 8,773 Business and government 28,625 7,569 21,152 57,346 66,492 Trading 8,862 4,166 5,791 18,819 109,256 Designated at fair value through profit or loss 47,543 15,798 41,403 104,744 – Total $ 107,468 $ 37,142 $ 83,627 $ 228,237 $ 217,449 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Oct. 31, 2019 | |
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Other Liabilities | NOTE 18: OTHER LIABILITIES Other Liabilities 1 (millions of Canadian dollars) As at October 31 October 31 Accounts payable, accrued expenses, and other items $ 5,229 $ 4,958 Accrued interest 1,393 1,283 Accrued salaries and employee benefits 3,245 3,344 Cheques and other items in transit 1,042 454 Current income tax payable 169 84 Deferred tax liabilities 193 175 Defined benefit liability 2,781 1,747 Liabilities related to structured entities 5,857 5,627 Provisions 1,095 1,502 Total $ 21,004 $ 19,174 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. |
Subordinated Notes And Debentur
Subordinated Notes And Debentures | 12 Months Ended |
Oct. 31, 2019 | |
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Subordinated Notes And Debentures | NOTE 19: SUBORDINATED NOTES AND DEBENTURES Subordinated notes and debentures are direct unsecured obligations of the Bank or its subsidiaries and are subordinated in right of payment to the claims of depositors and certain other creditors. Redemptions, cancellations, exchanges, and modifications of subordinated debentures qualifying as regulatory capital are subject to the consent and approval of OSFI. Subordinated Notes and Debentures (millions of Canadian dollars, except as noted) As at Maturity date Interest Reset Earliest par date October 31 October 31 May 26, 2025 9.150 n/a – $ 198 $ 198 June 24, 2025 2 2.692 1 1.210 1 June 24, 2020 1,496 1,474 September 30, 2025 2 2.982 1 1.830 1 September 30, 2020 996 982 September 14, 2028 2 3.589 1 1.060 1 September 14, 2023 1,738 1,711 July 25, 2029 2 3.224 1 1.250 1 July 25, 2024 1,509 1,427 March 4, 2031 2 4.859 1 3.490 1 March 4, 2026 1,206 1,124 September 15, 2031 2 3.625 3 2.205 3 September 15, 2026 1,842 1,824 January 26, 2032 2 3.060 1 1.330 1 January 26, 2027 4 1,740 – Total $ 10,725 $ 8,740 1 Interest rate is for the period to but excluding the earliest par redemption date, and thereafter, it will be reset at a rate of 3-month Bankers' Acceptance rate plus the reset spread noted. 2 Non-viability contingent capital (NVCC). The subordinated notes and debentures qualify as regulatory capital under OSFI's Capital Adequacy Requirements (CAR) guideline. If a NVCC conversion were to occur in accordance with the NVCC Provisions, the maximum number of common shares that could be issued based on the formula for conversion set out in the respective prospectus supplements, assuming there is no declared and unpaid interest on the respective subordinated notes, would be 450 million for the 2.692% subordinated debentures due June 24, 2025, 300 million for the 2.982% subordinated debentures due September 30, 2025, 525 million for the 3.589% subordinated debentures due September 14, 2028, 450 million for the 3.224% subordinated debentures due July 25, 2029, 375 million for the 4.859% subordinated debentures due March 4, 2031, 450 million for the 3.625% subordinated debentures due September 15, 2031 (assuming a Canadian to U.S. dollar exchange rate of 1.00), and 525 million for the 3.060% subordinated debentures due January 26, 2032. 3 Interest rate is for the period to but excluding the earliest par redemption date, and thereafter, it will be reset at a rate of 5-year Mid-Swap Rate plus the reset spread noted. 4 On June 25, 2019, the Bank issued $1.75 billion of NVCC medium-term notes constituting subordinated indebtedness of the Bank (the "Notes"). The Notes will bear interest at a fixed rate of 3.060% per annum (paid semi-annually) until January 26, 2027, and at the three-month Bankers' Acceptance rate plus 1.33% thereafter (paid quarterly) until maturity on January 26, 2032. With the prior approval of OSFI, the Bank may, at its option, redeem the Notes on or after January 26, 2027, in whole or in part, at par plus accrued and unpaid interest. Not more than 60 nor less than 30 days' notice is required to be given to the Notes' holders for such redemptions. The total change in subordinated notes and debentures for the year ended October 31, 2019 primarily relates to the issuance and redemption of subordinated debentures, foreign exchange translation, and the basis adjustment for fair value hedges. REPAYMENT SCHEDULE The aggregate remaining maturities of the Bank's subordinated notes and debentures are as follows: Maturities (millions of Canadian dollars) As at October 31 October 31 Within 1 year $ – $ – Over 1 year to 3 years – – Over 3 years to 4 years – – Over 4 years to 5 years – – Over 5 years 10,725 8,740 Total $ 10,725 $ 8,740 |
Summary of Capital Trust Securi
Summary of Capital Trust Securities | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of Capital Trust Securities | NOTE 20: CAPITAL TRUST SECURITIES The Bank issued innovative capital securities through two structured entities: Trust III and Trust IV. TD CAPITAL TRUST III SECURITIES – SERIES 2008 On September 17, 2008, Trust III, a closed-end trust, issued TD CaTS III. The proceeds from the issuance were invested in trust assets purchased from the Bank. On December 31, 2018, Trust III redeemed all of the outstanding TD CaTS III at a price of $1 billion plus the unpaid distribution payable on the redemption date. TD CaTS III were reported on the Consolidated Balance Sheet as Non-controlling interests in subsidiaries. TD CAPITAL TRUST IV NOTES – SERIES 1 TO 3 On January 26, 2009, Trust IV issued TD Capital Trust IV Notes – Series 1 due June 30, 2108 (TD CaTS IV – 1) and TD Capital Trust IV Notes – Series 2 due June 30, 2108 (TD CaTS IV – 2) and on September 15, 2009, issued TD Capital Trust IV Notes – Series 3 due June 30, 2108 (TD CaTS IV – 3, and collectively TD CaTS IV Notes). The proceeds from the issuances were invested in bank deposit notes. On June 30, 2019, Trust IV redeemed all of the outstanding TD CaTS IV – 1. Each TD CaTS IV – 2 may be automatically exchanged into non-cumulative Class A First Preferred Shares, Series A10 of the Bank and each TD CaTS IV – 3 may be automatically exchanged into non-cumulative Class A First Preferred Shares, Series A11 of the Bank, in each case, without the consent of the holders, on the occurrence of certain events. On each interest payment date in respect of which certain events have occurred, holders of TD CaTS IV Notes will be required to invest interest paid on such TD CaTS IV Notes in a new series of non-cumulative Class A First Preferred Shares of the Bank. The Bank does not consolidate Trust IV because it does not absorb significant returns of Trust IV as it is ultimately exposed only to its own credit risk. Therefore, TD CaTS IV Notes are not reported on the Bank's Consolidated Balance Sheet but the deposit notes issued to Trust IV are reported in Deposits on the Consolidated Balance Sheet. Refer to Notes 10 and 17 for further details. TD announced on February 7, 2011, that, based on OSFI's February 4, 2011 Advisory which outlined OSFI's expectations regarding the use of redemption rights triggered by regulatory event clauses in non-qualifying capital instruments, it expects to exercise a regulatory event redemption right only in 2022 in respect of the TD Capital Trust IV Notes – Series 2 outstanding at that time. Capital Trust Securities (millions of Canadian dollars, except as noted) As at Redemption Thousands Distribution/Interest Annual At the option October 31 October 31 Included in Non-controlling interests in subsidiaries on the Consolidated Balance Sheet TD Capital Trust III Securities – Series 2008 1,000 June 30, Dec. 31 7.243 % 1 Dec. 31, 2013 2 $ – $ 993 TD CaTS IV Notes issued by Trust IV TD Capital Trust IV Notes – Series 1 550 June 30, Dec. 31 9.523 % 3 June 30, 2014 4 – 550 TD Capital Trust IV Notes – Series 2 450 June 30, Dec. 31 10.000 % 5 June 30, 2014 6 450 450 TD Capital Trust IV Notes – Series 3 750 June 30, Dec. 31 6.631 % 7 Dec. 31, 2014 6 750 750 1,750 $ 1,200 $ 1,750 1 From and including September 17, 2008, to but excluding December 31, 2018, and thereafter at a rate of one half of the sum of 6-month Bankers' Acceptance rate plus 4.30%. 2 On December 31, 2018, Trust III, a subsidiary of the Bank, redeemed all of the outstanding TD CaTS III at a price of $1 billion plus the unpaid distribution payable on the redemption date. 3 From and including January 26, 2009, to but excluding June 30, 2019. Starting on June 30, 2019, and on every fifth anniversary thereafter, the interest rate will reset to equal the then 5-year Government of Canada yield plus 10.125%. 4 On June 30, 2019, Trust IV redeemed all of the outstanding $550 million TD CaTS IV – 1 at a redemption price of 100% of the principal amount plus any accrued and unpaid interest payable on the date of redemption. 5 From and including January 26, 2009, to but excluding June 30, 2039. Starting on June 30, 2039, and on every fifth anniversary thereafter, the interest rate will reset to equal the then 5-year 6 On or after the redemption date, Trust IV may, with regulatory approval, redeem the TD CaTS IV – 2 or TD CaTS IV – 3, respectively, in whole or in part, without the consent of the holders. Due to the phase-out of non-qualifying instruments under OSFI's CAR guideline, the Bank expects to exercise a regulatory event redemption right in 2022 in respect of the TD CaTS IV – 2 outstanding at that time. 7 From and including September 15, 2009, to but excluding June 30, 2021. Starting on June 30, 2021, and on every fifth anniversary thereafter, the interest rate will reset to equal the then 5-year |
Equity
Equity | 12 Months Ended |
Oct. 31, 2019 | |
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Equity | NOTE 21: EQUITY COMMON SHARES The Bank is authorized by its shareholders to issue an unlimited number of common shares, without par value, for unlimited consideration. The common shares are not redeemable or convertible. Dividends are typically declared by the Board of Directors of the Bank on a quarterly basis and the amount may vary from quarter to quarter. PREFERRED SHARES The Bank is authorized by its shareholders to issue, in one or more series, an unlimited number of Class A First Preferred Shares, without nominal or par value. Non-cumulative preferential dividends are payable quarterly, as and when declared by the Board of Directors of the Bank. All preferred shares include NVCC Provisions, necessary for the preferred shares to qualify as regulatory capital under OSFI's CAR guideline. NVCC Provisions require the conversion of the preferred shares into a variable number of common shares of the Bank if OSFI determines that the Bank is, or is about to become, non-viable and that after conversion of all non-common capital instruments, the viability of the Bank is expected to be restored, or if the Bank has accepted or agreed to accept a capital injection or equivalent support from a federal or provincial government without which the Bank would have been determined by OSFI to be non-viable. The following table summarizes the shares issued and outstanding and treasury shares held as at October 31. Common and Preferred Shares Issued and Outstanding and Treasury Shares Held (millions of shares and millions of Canadian dollars) October 31, 2019 October 31, 2018 Number Amount Number Amount Common Shares Balance as at beginning of year 1,830.4 $ 21,221 1,842.5 $ 20,931 Proceeds from shares issued on exercise of stock options 2.3 124 2.9 152 Shares issued as a result of dividend reinvestment plan 4.8 357 5.0 366 Shares issued in connection with acquisitions 1 5.0 366 – – Purchase of shares for cancellation and other (30.0 ) (355 ) (20.0 ) (228 ) Balance as at end of year – common shares 1,812.5 $ 21,713 1,830.4 $ 21,221 Preferred Shares – Class A 2 Series 1 20.0 $ 500 20.0 $ 500 Series 3 20.0 500 20.0 500 Series 5 20.0 500 20.0 500 Series 7 14.0 350 14.0 350 Series 9 8.0 200 8.0 200 Series 11 6.0 150 6.0 150 Series 12 28.0 700 28.0 700 Series 14 40.0 1,000 40.0 1,000 Series 16 14.0 350 14.0 350 Series 18 14.0 350 14.0 350 Series 20 16.0 400 16.0 400 Series 22 14.0 350 – – Series 24 18.0 450 – – Balance as at end of year – preferred shares 232.0 $ 5,800 200.0 $ 5,000 Treasury shares – common 3 Balance as at beginning of year 2.1 $ (144 ) 2.9 $ (176 ) Purchase of shares 132.3 (9,782 ) 110.6 (8,295 ) Sale of shares (133.8 ) 9,885 (111.4 ) 8,327 Balance as at end of year – treasury shares – common 0.6 $ (41 ) 2.1 $ (144 ) Treasury shares – preferred 3 Balance as at beginning of year 0.3 $ (7 ) 0.3 $ (7 ) Purchase of shares 7.0 (151 ) 5.2 (129 ) Sale of shares (7.0 ) 152 (5.2 ) 129 Balance as at end of year – treasury shares – preferred 0.3 $ (6 ) 0.3 $ (7 ) 1 Includes 4.7 million shares issued for $342 million that form part of the consideration paid for Greystone, as well as 0.3 million shares issued for $24 million as share-based compensation to replace share-based payment awards of Greystone. Refer to Note 13 for a discussion on the acquisition of Greystone. 2 All series of preferred shares – Class A include NVCC Provisions and qualify as regulatory capital under OSFI's CAR guideline. If a NVCC conversion were to occur in accordance with the NVCC Provisions, the maximum number of common shares that could be issued based on the formula for conversion set out in the respective terms and conditions applicable to each Series of shares, assuming there are no declared and unpaid dividends on the respective Series of shares at the time of conversion, as applicable, would be 100 million for Series 1, 100 million for Series 3, 100 million for Series 5, 70 million for Series 7, 40 million for Series 9, 30 million for Series 11, 140 million for Series 12, 200 million for Series 14, 70 million for Series 16, 70 million for Series 18, 80 million for Series 20, 70 million for Series 22, and 90 million for Series 24. 3 When the Bank purchases its own shares as part of its trading business, they are classified as treasury shares and the cost of these shares is recorded as a reduction in equity. Preferred Shares Terms and Conditions Issue date Annual 1 Reset 1 Next redemption/ 1 Convertible 1 NVCC Fixed Rate Preferred Shares Series 11 July 21, 2015 4.9 n/a October 31, 2020 2 n/a NVCC Rate Reset Preferred Shares 3 Series 1 4 June 4, 2014 3.662 2.24 October 31, 2024 Series 2 Series 3 5 July 31, 2014 3.681 2.27 July 31, 2024 Series 4 Series 5 December 16, 2014 3.75 2.25 January 31, 2020 Series 6 Series 7 March 10, 2015 3.6 2.79 July 31, 2020 Series 8 Series 9 April 24, 2015 3.7 2.87 October 31, 2020 Series 10 Series 12 January 14, 2016 5.5 4.66 April 30, 2021 Series 13 Series 14 September 8, 2016 4.85 4.12 October 31, 2021 Series 15 Series 16 July 14, 2017 4.50 3.01 October 31, 2022 Series 17 Series 18 March 14, 2018 4.70 2.70 April 30, 2023 Series 19 Series 20 September 13, 2018 4.75 2.59 October 31, 2023 Series 21 Series 22 January 28, 2019 5.20 3.27 April 30, 2024 Series 23 Series 24 June 4, 2019 5.10 3.56 July 31, 2024 Series 25 1 Non-cumulative preferred dividends for each Series are payable quarterly, as and when declared by the Board of Directors. The dividend rate of the Rate Reset Preferred Shares will reset on the next redemption/conversion date and every 5 years thereafter to equal the then 5-year Government of Canada bond yield plus the reset spread noted. Rate Reset Preferred Shares are convertible to the corresponding Series of Floating Rate Preferred Shares, and vice versa. If converted into a Series of Floating Rate Preferred Shares, the dividend rate for the quarterly period will be equal to the then 90-day Government of Canada Treasury bill yield plus the reset spread noted. 2 Subject to regulatory consent, redeemable on or after October 31, 2020, at a redemption price of $26, and thereafter, at a declining redemption price. 3 Subject to regulatory consent, redeemable on the redemption date noted and every 5 years thereafter, at $25 per share. Convertible on the conversion date noted and every 5 years thereafter if not redeemed. If converted, the holders have the option to convert back to the original Series of preferred shares every 5 years. 4 On October 16, 2019, the Bank announced that none of its 20 million Non-Cumulative 5-Year Rate Reset Preferred Shares NVCC, Series 1 (the "Series 1 Shares") would be converted on October 31, 2019, into Non-Cumulative Floating Rate Preferred Shares NVCC, Series 2. As previously announced on October 1, 2019, the dividend rate for the Series 1 Shares for the 5-year period from and including October 31, 2019, to but excluding October 31, 2024, will be 3.662%. 5 On July 18, 2019, the Bank announced that none of its 20 million Non-Cumulative 5-Year Rate Reset Preferred Shares NVCC, Series 3 (the "Series 3 Shares") would be converted on July 31, 2019, into Non-Cumulative Floating Rate Preferred Shares NVCC, Series 4. As previously announced on July 2, 2019, the dividend rate for the Series 3 Shares for the 5-year period from and including July 31, 2019, but excluding July 31, 2024, will be 3.681%. NORMAL COURSE ISSUER BID On October 24, 2019, the Bank announced that, subject to the approval of OSFI and the Toronto Stock Exchange (TSX), it intends to terminate its current normal course issuer bid (Current NCIB) and launch a new normal course issuer bid (New NCIB) to repurchase for cancellation up to 30 million of its common shares. The Current NCIB to repurchase up to 20 million common shares commenced on June 18, 2019 and is scheduled to terminate on June 17, 2020 unless terminated earlier in accordance with its terms. The Bank has repurchased all 20 million of its common shares under the Current NCIB, at an average price of $75.35 per share for a total amount of $1.5 billion. During the year ended October 31, 2019, the Bank repurchased an aggregate of 30 million common shares under the Current NCIB and a prior NCIB, at an average price of $74.48 per share, for a total amount of $2.2 billion. During the year ended October 31, 2018, the Bank repurchased 20 million common shares under its then current NCIB at an average price of $75.07 per share for a total amount of $1.5 billion. DIVIDEND REINVESTMENT PLAN The Bank offers a dividend reinvestment plan for its common shareholders. Participation in the plan is optional and under the terms of the plan, cash dividends on common shares are used to purchase additional common shares. At the option of the Bank, the common shares may be issued from the Bank's treasury at an average market price based on the last five trading days before the date of the dividend payment, with a discount of between 0% to 5% at the Bank's discretion, or from the open market at market price. During the year, 4.8 million common shares at a discount of 0% were issued from the Bank's treasury (2018 – 5.0 million common shares at a discount of 0%) under the dividend reinvestment plan. DIVIDEND RESTRICTIONS The Bank is prohibited by the Bank Act Bank Act The Bank is also restricted from paying dividends in the event that Trust IV fails to pay interest in full to holders of its trust securities, TD CaTS IV Notes. In addition, the ability to pay dividends on common shares without the approval of the holders of the outstanding preferred shares is restricted unless all dividends on the preferred shares have been declared and paid or set apart for payment. Currently, these limitations do not restrict the payment of dividends on common shares or preferred shares. NON-CONTROLLING INTERESTS IN SUBSIDIARIES The following are included in non-controlling interests in subsidiaries of the Bank. (millions of Canadian dollars) As at October 31 October 31 TD Capital Trust III Securities – Series 2008 1 $ – $ 993 Total $ – $ 993 1 On December 31, 2018, Trust III, a subsidiary of the Bank, redeemed all of the outstanding TD CaTS III at a price of $1 billion plus the unpaid distribution payable on the redemption date. |
Insurance
Insurance | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Insurance | NOTE 22: INSURANCE INSURANCE REVENUE AND EXPENSES Insurance revenue and expenses are presented on the Consolidated Statement of Income under insurance revenue and insurance claims and related expenses, respectively, net of impact of reinsurance. This includes the results of property and casualty insurance, life and health insurance, as well as reinsurance assumed and ceded in Canada and internationally. Insurance Revenue and Insurance Claims and Related Expenses (millions of Canadian dollars) For the years ended October 31 2019 2018 2017 Insurance Revenue Earned Premiums Gross $ 4,632 $ 4,398 $ 4,132 Reinsurance ceded 915 915 915 Net earned premiums 3,717 3,483 3,217 Fee income and other revenue 1 565 562 543 Insurance Revenue 4,282 4,045 3,760 Insurance Claims and Related Expenses Gross 2,987 2,676 2,381 Reinsurance ceded 200 232 135 Insurance Claims and Related Expenses $ 2,787 $ 2,444 $ 2,246 1 Ceding commissions received and paid are included within fee income and other revenue. Ceding commissions paid and netted against fee income in 2019 were $123 million (2018 – $130 million; 2017 – $127 million). RECONCILIATION OF CHANGES IN INSURANCE LIABILITIES Insurance-related liabilities are comprised of provision for unpaid claims (section (a) below), unearned premiums (section (b) below) and other liabilities (section (c) below). (a) Movement in Provision for Unpaid Claims The following table presents movements in the property and casualty insurance provision for unpaid claims during the year. Movement in Provision for Unpaid Claims (millions of Canadian dollars) October 31, 2019 October 31, 2018 Gross Reinsurance/ recoverable Net Gross Reinsurance/ Other Net Balance as at beginning of year $ 4,812 $ 160 $ 4,652 $ 4,965 $ 192 $ 4,773 Claims costs for current accident year 2,727 – 2,727 2,673 42 2,631 Prior accident years claims development (favourable) unfavourable (410 ) (2 ) (408 ) (460 ) (6 ) (454 ) Increase (decrease) due to changes in assumptions: Discount rate 95 1 94 (78 ) – (78 ) Provision for adverse deviation (7 ) (1 ) (6 ) (19 ) (1 ) (18 ) Claims and related expenses 2,405 (2 ) 2,407 2,116 35 2,081 Claims paid during the year for: Current accident year (1,239 ) – (1,239 ) (1,238 ) (15 ) (1,223 ) Prior accident years (1,147 ) (26 ) (1,121 ) (1,023 ) (44 ) (979 ) (2,386 ) (26 ) (2,360 ) (2,261 ) (59 ) (2,202 ) Increase (decrease) in reinsurance/other recoverables 9 9 – (8 ) (8 ) – Balance as at end of year $ 4,840 $ 141 $ 4,699 $ 4,812 $ 160 $ 4,652 (b) Movement in Unearned Premiums The following table presents movements in the property and casualty insurance unearned premiums during the year. Movement in Provision for Unearned Premiums (millions of Canadian dollars) October 31, 2019 October 31, 2018 Gross Reinsurance Net Gross Reinsurance Net Balance as at beginning of year $ 1,674 $ 19 $ 1,655 $ 1,581 $ – $ 1,581 Written premiums 3,528 105 3,423 3,185 114 3,071 Earned premiums (3,333 ) (107 ) (3,226 ) (3,092 ) (95 ) (2,997 ) Balance as at end of year $ 1,869 $ 17 $ 1,852 $ 1,674 $ 19 $ 1,655 (c) Other Movements in Insurance Liabilities Other insurance liabilities, which include actuarial liabilities on life and health insurance and other contractual liabilities related to insurance contracts, were $211 million as at October 31, 2019 (October 31, 2018 – $212 million). PROPERTY AND CASUALTY CLAIMS DEVELOPMENT The following table shows the estimates of cumulative claims incurred, including IBNR, with subsequent developments during the periods and together with cumulative payments to date. The original reserve estimates are evaluated monthly for redundancy or deficiency. The evaluation is based on actual payments in full or partial settlement of claims and current estimates of claims liabilities for claims still open or claims still unreported. Incurred Claims by Accident Year (millions of Canadian dollars) Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Net ultimate claims cost at end of accident year $ 3,998 $ 1,724 $ 1,830 $ 2,245 $ 2,465 $ 2,409 $ 2,438 $ 2,425 $ 2,631 $ 2,727 $ Revised estimates One year later 4,119 1,728 1,930 2,227 2,334 2,367 2,421 2,307 2,615 – Two years later 4,368 1,823 1,922 2,191 2,280 2,310 2,334 2,258 – – Three years later 4,584 1,779 1,885 2,158 2,225 2,234 2,264 – – – Four years later 4,560 1,768 1,860 2,097 2,147 2,162 – – – – Five years later 4,603 1,739 1,818 2,047 2,084 – – – – – Six years later 4,537 1,702 1,793 2,004 – – – – – – Seven years later 4,488 1,696 1,761 – – – – – – – Eight years later 4,473 1,675 – – – – – – – – Nine years later 4,431 – – – – – – – – – Current estimates of cumulative claims 4,431 1,675 1,761 2,004 2,084 2,162 2,264 2,258 2,615 2,727 Cumulative payments to date (4,290 ) (1,633 ) (1,680 ) (1,882 ) (1,867 ) (1,794 ) (1,708 ) (1,569 ) (1,710 ) (1,239 ) Net undiscounted provision for unpaid claims 141 42 81 122 217 368 556 689 905 1,488 4,609 Effect of discounting (318 ) Provision for adverse deviation 408 Net provision for unpaid claims $ 4,699 SENSITIVITY TO INSURANCE RISK A variety of assumptions are made related to the future level of claims, policyholder behaviour, expenses and sales levels when products are designed and priced, as well as when actuarial liabilities are determined. Such assumptions require a significant amount of professional judgment. The insurance claims provision is sensitive to certain assumptions. It has not been possible to quantify the sensitivity of certain assumptions such as legislative changes or uncertainty in the estimation process. Actual experience may differ from the assumptions made by the Bank. For property and casualty insurance, the main assumption underlying the claims liability estimates is that past claims development experience can be used to project future claims development and hence ultimate claims costs. As such, these methods extrapolate the development of paid and incurred losses, average costs per claim, and claim numbers based on the observed development of earlier years and expected loss ratios. Claims liabilities estimates are based on various quantitative and qualitative factors including the discount rate, the margin for adverse deviation, reinsurance, trends in claims severity and frequency, and other external drivers. Qualitative and other unforeseen factors could negatively impact the Bank's ability to accurately assess the risk of the insurance policies that the Bank underwrites. In addition, there may be significant lags between the occurrence of an insured event and the time it is actually reported to the Bank and additional lags between the time of reporting and final settlements of claims. The following table outlines the sensitivity of the Bank's property and casualty insurance claims liabilities to reasonably possible movements in the discount rate, the margin for adverse deviation, and the frequency and severity of claims, with all other assumptions held constant. Movements in the assumptions may be non-linear. Sensitivity of Critical Assumptions – Property and Casualty Insurance Contract Liabilities (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Impact on net Impact on Impact on net before Impact on Impact of a 1% change in key assumptions Discount rate Increase in assumption $ 122 $ 89 $ 121 $ 88 Decrease in assumption (131 ) (96 ) (129 ) (95 ) Margin for adverse deviation Increase in assumption (45 ) (33 ) (45 ) (33 ) Decrease in assumption 45 33 45 33 Impact of a 5% change in key assumptions Frequency of claims Increase in assumption $ (52 ) $ (38 ) $ (41 ) $ (30 ) Decrease in assumption 52 38 41 30 Severity of claims Increase in assumption (220 ) (161 ) (210 ) (153 ) Decrease in assumption 220 161 210 153 For life and health insurance, the processes used to determine critical assumptions are as follows: • Mortality, morbidity, and lapse assumptions are based on industry and historical company data. • Expense assumptions are based on an annually updated expense study that is used to determine expected expenses for future years. • Asset reinvestment rates are based on projected earned rates, and liabilities are calculated using the Canadian Asset Liability Method (CALM). A sensitivity analysis for possible movements in the life and health insurance business assumptions was performed and the impact is not significant to the Bank's Consolidated Financial Statements. CONCENTRATION OF INSURANCE RISK Concentration risk is the risk resulting from large exposures to similar risks that are positively correlated. Risk associated with automobile, residential and other products may vary in relation to the geographical area of the risk insured. Exposure to concentrations of insurance risk, by type of risk, is mitigated by ceding these risks through reinsurance contracts, as well as careful selection and implementation of underwriting strategies, which is in turn largely achieved through diversification by line of business and geographical areas. For automobile insurance, legislation is in place at a provincial level and this creates differences in the benefits provided among the provinces. As at October 31, 2019, for the property and casualty insurance business, 66.0% of net written premiums were derived from automobile policies (October 31, 2018 – 66.2%) followed by residential with 33.5% (October 31, 2018 – 33.3%). The distribution by provinces show that business is mostly concentrated in Ontario with 53.9% of net written premiums (October 31, 2018 – 55.0%). The Western provinces represented 31.2% (October 31, 2018 – 30.4%), followed by the Atlantic provinces with 8.8% (October 31, 2018 – 8.5%), and Québec at 6.1% (October 31, 2018 – 6.0%). Concentration risk is not a major concern for the life and health insurance business as it does not have a material level of regional specific characteristics like those exhibited in the property and casualty insurance business. Reinsurance is used to limit the liability on a single claim. Concentration risk is further limited by diversification across uncorrelated risks. This limits the impact of a regional pandemic and other concentration risks. To improve understanding of exposure to this risk, a pandemic scenario is tested annually. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Share-Based Compensation | NOTE 23: SHARE-BASED COMPENSATION STOCK OPTION PLAN The Bank maintains a stock option program for certain key employees. Options on common shares are periodically granted to eligible employees of the Bank under the plan for terms of ten years and vest over a four-year period. These options provide holders with the right to purchase common shares of the Bank at a fixed price equal to the closing market price of the shares on the day prior to the date the options were issued. Under this plan, 16 million common shares have been reserved for future issuance (October 31, 2018 – 18 million). The outstanding options expire on various dates to December 12, 2028. The following table summarizes the Bank's stock option activity and related information, adjusted to reflect the impact of the stock dividend on a retrospective basis, for the years ended October 31. Stock Option Activity (millions of shares and Canadian dollars) 2019 2018 2017 Number Weighted- Number Weighted- Number Weighted- Number outstanding, beginning of year 13.1 $ 53.12 14.3 $ 48.17 15.4 $ 44.18 Granted 2.2 69.39 1.9 72.64 2.0 65.75 Exercised (2.3 ) 44.07 (3.0 ) 41.21 (3.0 ) 38.59 Forfeited/cancelled (0.2 ) 66.59 (0.1 ) 60.46 (0.1 ) 54.58 Number outstanding, end of year 12.8 $ 57.35 13.1 $ 53.12 14.3 $ 48.17 Exercisable, end of year 4.7 $ 44.77 4.7 $ 40.61 5.4 $ 38.00 The weighted-average share price for the options exercised in 2019 was $74.15 (2018 – $74.99; 2017 – $67.79). The following table summarizes information relating to stock options outstanding and exercisable as at October 31, 2019. Range of Exercise Prices (millions of shares and Canadian dollars) Options outstanding Options exercisable Number of shares Weighted- Weighted- Number Weighted- $32.99 – $36.64 1.2 1.7 36.58 1.2 36.58 $40.54 – $47.59 2.1 3.5 44.22 2.1 44.22 $52.46 – $53.15 3.7 5.6 52.88 1.4 52.46 $65.75 – $69.39 4.0 8.1 67.67 – – $72.64 1.8 8.0 72.64 – – For the year ended October 31, 2019, the Bank recognized compensation expense for stock option awards of $11.1 million (October 31, 2018 – $11.5 million; October 31, 2017 – $14.8 million). For the year ended October 31, 2019, 2.2 million (October 31, 2018 – 1.9 million; October 31, 2017 – 2.0 million) options were granted by the Bank at a weighted-average fair value of $5.64 per option (2018 – $6.28 per option; 2017 – $5.81 per option). The following table summarizes the assumptions used for estimating the fair value of options for the twelve months ended October 31. Assumptions Used for Estimating the Fair Value of Options (in Canadian dollars, except as noted) 2019 2018 2017 Risk-free interest rate 2.03 % 1.71 % 1.24 % Expected option life 6.3 years 6.3 years 6.3 years Expected volatility 1 12.64 % 13.91 % 14.92 % Expected dividend yield 3.48 % 3.50 % 3.47 % Exercise price/share price $ 69.39 $ 72.64 $ 65.75 1 Expected volatility is calculated based on the average daily volatility measured over a historical period corresponding to the expected option life. OTHER SHARE-BASED COMPENSATION PLANS The Bank operates restricted share unit and performance share unit plans which are offered to certain employees of the Bank. Under these plans, participants are awarded share units equivalent to the Bank's common shares that generally vest over three years. During the vesting period, dividend equivalents accrue to the participants in the form of additional share units. At the maturity date, the participant receives cash representing the value of the share units. The final number of performance share units will typically vary from 80% to 120% of the number of units outstanding at maturity (consisting of initial units awarded plus additional units in lieu of dividends) based on the Bank's total shareholder return relative to the average of a peer group of large financial institutions. The number of such share units outstanding under these plans as at October 31, 2019 was 22 million (2018 – 23 million). The Bank also offers deferred share unit plans to eligible employees and non-employee directors. Under these plans, a portion of the participant's annual incentive award may be deferred, or in the case of non-employee directors, a portion of their annual compensation may be delivered as share units equivalent to the Bank's common shares. The deferred share units are not redeemable by the participant until termination of employment or directorship. Once these conditions are met, the deferred share units must be redeemed for cash no later than the end of the next calendar year. Dividend equivalents accrue to the participants in the form of additional units. As at October 31, 2019, 6.6 million deferred share units were outstanding (October 31, 2018 – 6.6 million). Compensation expense for these plans is recorded in the year the incentive award is earned by the plan participant. Changes in the value of these plans are recorded, net of the effects of related hedges, on the Consolidated Statement of Income. For the year ended October 31, 2019, the Bank recognized compensation expense, net of the effects of hedges, for these plans of $546 million (2018 – $509 million; 2017 – $490 million). The compensation expense recognized before the effects of hedges was $662 million (2018 – $607 million; 2017 – $917 million). The carrying amount of the liability relating to these plans, based on the closing share price, was $2.0 billion at October 31, 2019 (October 31, 2018 – $2.1 billion), and is reported in Other liabilities on the Consolidated Balance Sheet. EMPLOYEE OWNERSHIP PLAN The Bank also operates a share purchase plan available to Canadian employees. Employees can contribute any amount of their eligible earnings (net of source deductions), subject to an annual cap of 10% of salary to the Employee Ownership Plan. For participating employees below the level of Vice President, the Bank matches 100% of the first $250 of employee contributions each year and the remainder of employee contributions at 50% to an overall maximum of 3.5% of the employee's eligible earnings or $2,250, whichever comes first. The Bank's contributions vest once an employee has completed two years of continuous service with the Bank. For the year ended October 31, 2019, the Bank's contributions totalled $74 million (2018 – $72 million; 2017 – $70 million) and were expensed as salaries and employee benefits. As at October 31, 2019, an aggregate of 20 million common shares were held under the Employee Ownership Plan (October 31, 2018 – 20 million). The shares in the Employee Ownership Plan are purchased in the open market and are considered outstanding for computing the Bank's basic and diluted earnings per share. Dividends earned on the Bank's common shares held by the Employee Ownership Plan are used to purchase additional common shares for the Employee Ownership Plan in the open market. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Employee Benefits | NOTE 24: EMPLOYEE BENEFITS DEFINED BENEFIT PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS The Bank's principal pension plans, consisting of The Pension Fund Society of The Toronto-Dominion Bank (the "Society") and the TD Pension Plan (Canada) (TDPP), are defined benefit plans for Canadian Bank employees. The Society was closed to new members on January 30, 2009, and the TDPP commenced on March 1, 2009. Benefits under the principal pension plans are determined based upon the period of plan participation and the average salary of the member in the best consecutive five years in the last ten years of combined plan membership. Effective December 31, 2018, the defined benefit portion of the TDPP was closed to new employees hired after that date. All new permanent employees hired in Canada on or after January 1, 2019 are eligible to join the defined contribution portion of the TDPP after one year of service. Funding for the Bank's principal pension plans is provided by contributions from the Bank and members of the plans. In accordance with legislation, the Bank contributes amounts, as determined on an actuarial basis, to the plans and has the ultimate responsibility for ensuring that the liabilities of the plans are adequately funded over time. The Bank's contributions to the principal pension plans during 2019 were $352 million (2018 – $355 million). The 2019 and 2018 contributions were made in accordance with the actuarial valuation reports for funding purposes as at October 31, 2018 and October 31, 2017, respectively, for both of the principal pension plans. For both of the principal pension plans, a valuation for funding purposes is being prepared as of October 31, 2019. The Bank also provides certain post-retirement benefits, which are generally unfunded. Post-retirement benefit plans, where offered, generally include health care and dental benefits or an annual discount amount to be used to reduce the cost of coverage. Employees must meet certain age and service requirements to be eligible for post-retirement benefits and are generally required to pay a portion of the cost of the benefits. Effective June 1, 2017, the Bank's principal non-pension post-retirement benefit plan was closed to new employees hired on or after that date. INVESTMENT STRATEGY AND ASSET ALLOCATION The primary objective of each of the Society and the TDPP is to achieve a rate of return that meets or exceeds the change in value of the plan's respective liabilities over rolling five-year periods. The investments of the Society and the TDPP are managed with the primary objective of providing reasonable rates of return, consistent with available market opportunities, consideration of plan liabilities, prudent portfolio management, and levels of risk commensurate with the return expectations and asset mix policy as set out by the risk budget of 6% and 14% surplus volatility, respectively. The investment policies for the principal pension plans generally do not apply to the Pension Enhancement Account (PEA) assets, which are invested at the members' discretion in certain mutual and pooled funds. The asset allocations by asset category for the principal pension plans are as follows: Plan Asset Allocation (millions of Canadian dollars except as noted) Society 1 TDPP 1 Target range % of total Fair value Target range % of total Fair value As at October 31, 2019 Quoted Unquoted Quoted Unquoted Debt 40-70 % 55 % $ – $ 3,374 25-50 % 34 % $ – $ 634 Equity 24-42 32 1,002 976 30-70 54 504 503 Alternative investments 2 6-35 13 – 760 5-35 12 – 229 Other 3 n/a n/a – (276 ) n/a n/a – 111 Total 100 % $ 1,002 $ 4,834 100 % $ 504 $ 1,477 As at October 31, 2018 Debt 40-70 % 55 % $ – $ 2,885 25-50 % 34 % $ – $ 497 Equity 24-42 34 897 869 30-65 58 396 470 Alternative investments 2 6-35 11 – 551 3-25 8 – 122 Other 3 n/a n/a – (107 ) n/a n/a – 63 Total 100 % $ 897 $ 4,198 100 % $ 396 $ 1,152 As at October 31, 2017 Debt 40-70 % 57 % $ – $ 2,903 25-56 % 36 % $ – $ 484 Equity 24-42 35 1,248 511 30-65 59 324 478 Alternative investments 2 0-35 8 42 376 0-20 5 – 68 Other 3 n/a n/a – 46 n/a n/a – 56 Total 100 % $ 1,290 $ 3,836 100 % $ 324 $ 1,086 1 The principal pension plans invest in investment vehicles which may hold shares or debt issued by the Bank. 2 The principal pension plans' alternative investments primarily include 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, PEA assets, and interest and dividends receivable. Public debt instruments of both the Society and the TDPP must meet or exceed a credit rating of BBB- at the time of purchase. There are no limitations on the maximum amount allocated to each credit rating above BBB+ for the total public debt portfolio. With respect to the Society's public debt portfolio, up to 15% of the total fund can be invested in a bond mandate subject to the following constraints: • Debt instruments rated BBB+ to BBB- must not exceed 25% of the mandate in total; • Asset-backed securities must have a minimum credit rating of AAA and not exceed 25% of the mandate in total; • Debt instruments of non-government entities must not exceed 80% in total; • Debt instruments of foreign government entities must not exceed 20% in total; • Debt instruments of either a single non-government or single foreign government entity must not exceed 10%; and • Debt instruments issued by the Government of Canada, provinces of Canada, or municipalities must in total not exceed 100%, 75%, or 10%, respectively. Also with respect to the Society's public debt portfolio, up to a further 10% of the total fund can be invested in a bond mandate subject to the following constraints: • Debt instruments rated BBB+ to BBB- must not exceed 50% of the mandate in total; • Asset-backed securities must have a minimum credit rating of AAA and not exceed 25% of the mandate in total; and • Limitation of 10% for any one issuer. The remainder of the Society's public debt portfolio is not permitted to invest in the debt instruments of foreign or non-government entities. With respect to the TDPP's public debt portfolio, up to 15% of the total fund can be invested in a passively managed bond mandate that is based on an index entirely comprised of investment-grade debt instruments issued by the Government of Canada, provinces of Canada, Canadian municipalities, and Canadian non-government entities. The remainder of the TDPP's public debt portfolio is not permitted to invest in the debt instruments of foreign or non-government entities. The equity portfolios of both the Society and the TDPP are broadly diversified primarily across small to large capitalization quality companies and income trusts with no individual holding exceeding 10% of the equity portfolio or 10% of the outstanding securities of any one company or income trust at any time. Foreign equities are permitted to be included to further diversify the portfolio. A maximum of 10% of a total fund may be invested in emerging market equities. For both the Society and the TDPP, derivatives can be utilized, provided they are not used to create financial leverage, but rather for risk management purposes. Both the Society and the TDPP are also permitted to invest in other alternative investments, such as private equity, infrastructure equity, and real estate. RISK MANAGEMENT PRACTICES The principal pension plans' investments include financial instruments which are exposed to various risks. These risks include market risk (including foreign currency, interest rate, inflation, price, credit spread risks), credit risk, and liquidity risk. Key material risks faced by all plans are a decline in interest rates or credit spreads, which could increase the defined benefit obligation by more than the change in the value of plan assets, or from longevity risk (that is, lower mortality rates). Asset-liability matching strategies are focused on obtaining an appropriate balance between earning an adequate return and having changes in liability values being hedged by changes in asset values. The principal pension plans manage these financial risks in accordance with the Pension Benefits Standards Act, 1985 • Monitoring credit exposure of issuers; • Monitoring adherence to asset allocation guidelines; • Monitoring asset class performance against benchmarks; and • Monitoring the return on the plans' assets relative to the plans' liabilities. The Bank's principal pension plans are overseen by a single retirement governance structure established by the Human Resources Committee of the Bank's Board of Directors. The governance structure utilizes retirement governance committees who have responsibility to oversee plan operations and investments, acting in a fiduciary capacity. Strategic, material plan changes require the approval of the Bank's Board of Directors. OTHER PENSION AND RETIREMENT PLANS CT Pension Plan As a result of the acquisition of CT Financial Services Inc. (CT), the Bank sponsors a defined benefit pension plan. The defined benefit plan was closed to new members after May 31, 1987. However, plan members were permitted to continue in the plan for future service. Funding for the plan is provided by contributions from the Bank and members of the plan. TD Bank, N.A. Retirement Plans TD Bank, N.A. and its subsidiaries maintain a defined contribution 401(k) plan covering all employees. The contributions to the plan for the year ended October 31, 2019 were $146 million (October 31, 2018 – $134 million; October 31, 2017 – $124 million). Annual expense is equal to the Bank's contributions to the plan. TD Bank, N.A. also has frozen defined benefit retirement plans covering certain legacy TD Banknorth and TD Auto Finance (legacy Chrysler Financial) employees. TD Bank, N.A. also has closed post-retirement benefit plans, which include limited medical coverage and life insurance benefits, covering certain groups of employees from legacy organizations. Supplemental Employee Retirement Plans Supplemental employee retirement plans for eligible employees are not funded by the Bank. Government Pension Plans The Bank also makes contributions to government pension plans, including the Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contribution Act. The contributions to government pension plans for the year ended October 31, 2019 were $324 million (October 31, 2018 – $293 million; October 31, 2017 – $277 million). The following table presents the financial position of the Bank's principal pension plans, the principal non-pension post-retirement benefit plan, and the Bank's significant other pension and retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes. Employee Benefit Plans Obligations, Assets and Funded Status (millions of Canadian dollars, except as noted) Principal pension plans Principal non-pension post-retirement 1 Other pension and 2 2019 2018 2017 2019 2018 2017 2019 2018 2017 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 6,539 $ 7,082 $ 6,805 $ 535 $ 558 $ 568 $ 2,569 $ 2,750 $ 2,863 Obligations included due to The Retirement Benefit Plan merger 3 – 6 – – – – – – – Service cost – benefits earned 326 407 439 14 15 16 9 10 11 Interest cost on projected benefit obligation 240 217 196 20 18 17 106 96 95 Remeasurement (gain) loss – financial 1,565 (969 ) (148 ) 92 (42 ) – 430 (190 ) (27 ) Remeasurement (gain) loss – demographic – – 25 (26 ) – (42 ) 2 (8 ) 13 Remeasurement (gain) loss – experience 83 22 (15 ) – 2 15 6 14 1 Members' contributions 107 104 80 – – – – – – Benefits paid (303 ) (330 ) (291 ) (15 ) (16 ) (16 ) (143 ) (137 ) (138 ) Change in foreign currency exchange rate – – – – – – (1 ) 31 (68 ) Past service cost (credit) 4 1 – (9 ) – – – (30 ) 3 – Projected benefit obligation as at October 31 8,558 6,539 7,082 620 535 558 2,948 2,569 2,750 Change in plan assets Plan assets at fair value at beginning of year 6,643 6,536 5,823 – – – 1,733 1,855 1,895 Assets included due to The Retirement Benefit Plan merger 3 – 10 – – – – – – – Interest income on plan assets 253 209 174 – – – 73 66 64 Remeasurement gain (loss) – return on plan assets less interest income 773 (231 ) 195 – – – 205 (109 ) 59 Members' contributions 107 104 80 – – – – – – Employer's contributions 352 355 565 15 16 16 96 37 37 Benefits paid (303 ) (330 ) (291 ) (15 ) (16 ) (16 ) (143 ) (137 ) (138 ) Change in foreign currency exchange rate – – – – – – (1 ) 27 (58 ) Defined benefit administrative expenses (8 ) (10 ) (10 ) – – – (4 ) (6 ) (4 ) Plan assets at fair value as at October 31 7,817 6,643 6,536 – – – 1,959 1,733 1,855 Excess (deficit) of plan assets at fair value over projected benefit obligation (741 ) 104 (546 ) (620 ) (535 ) (558 ) (989 ) (836 ) (895 ) Effect of asset limitation and minimum funding requirement – – – – – – (13 ) (13 ) – Net defined benefit asset (liability) (741 ) 104 (546 ) (620 ) (535 ) (558 ) (1,002 ) (849 ) (895 ) Annual expense Net employee benefits expense includes the following: Service cost – benefits earned 326 407 439 14 15 16 9 10 11 Net interest cost (income) on net defined benefit liability (asset) (13 ) 8 22 20 18 17 33 30 31 Past service cost (credit) 4 1 – (9 ) – – – (30 ) 3 – Defined benefit administrative expenses 10 10 10 – – – 6 4 4 Total expense $ 324 $ 425 $ 462 $ 34 $ 33 $ 33 $ 18 $ 47 $ 46 Actuarial assumptions used to determine the projected benefit obligation as at October 31 Weighted-average discount rate for projected benefit obligation 3.08 % 4.10 % 3.60 % 3.07 % 4.10 % 3.60 % 3.12 % 4.37 % 3.74 % Weighted-average rate of compensation increase 2.57 2.54 2.54 3.00 3.00 3.00 1.00 1.03 1.14 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 non-pension post-retirement benefit plan is 4.18%. The rate is assumed to decrease gradually to 2.42% by the year 2040 and remain at that level thereafter. 2 Includes CT defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. The TD Banknorth defined benefit pension plan was frozen as of December 31, 2008, and no service credits can be earned after that date. Certain TD Auto Finance defined benefit pension plans were frozen as of April 1, 2012, and no service credits can be earned after March 31, 2012. 3 During 2018, The Retirement Benefit Plan of The Toronto-Dominion Bank (the "RBP") was deemed to be merged with the Society and previously undisclosed obligations and assets of the RBP are now included in fiscal 2018. 4 Includes a gain of $33 million related to the TD Auto Finance post-retirement benefit plan that was amended during fiscal 2019. During the year ended October 31, 2020, the Bank expects to contribute $342 million to its principal pension plans, $18 million to its principal non-pension post-retirement benefit plan, and $39 million to its other pension and retirement plans. Future contribution amounts may change upon the Bank's review of its contribution levels during the year. Assumptions related to future mortality which have been used to determine the defined benefit obligation and net benefit cost are as follows: Assumed Life Expectancy at Age 65 (number of years) Principal pension Principal non-pension post-retirement Other pension and As at October 31 2019 2018 2017 2019 2018 2017 2019 2018 2017 Male aged 65 at measurement date 23.4 23.3 23.2 23.4 23.3 23.2 22.1 22.1 21.8 Female aged 65 at measurement date 24.1 24.1 24.0 24.1 24.1 24.0 23.7 23.7 23.4 Male aged 40 at measurement date 24.5 24.5 24.5 24.5 24.5 24.5 22.9 23.0 22.9 Female aged 40 at measurement date 25.3 25.2 25.2 25.3 25.2 25.2 24.8 24.8 25.1 The weighted-average duration of the defined benefit obligation for the Bank's principal pension plans, principal non-pension post-retirement benefit plan, and other pension and retirement plans at the end of the reporting period are 16 years (2018 – 15 years, 2017 – 15 years), 18 years (2018 – 17 years, 2017 – 18 years), and 13 years (2018 – 12 years, 2017 – 13 years), respectively. The following table provides the sensitivity of the projected benefit obligation for the Bank's principal pension plans, the principal non-pension post-retirement benefit plan, and the Bank's significant other pension and retirement plans to actuarial assumptions considered significant by the Bank. These include discount rate, life expectancy, rates of compensation increase, and health care cost initial trend rates, as applicable. For each sensitivity test, the impact of a reasonably possible change in a single factor is shown with other assumptions left unchanged. Sensitivity of Significant Actuarial Assumptions (millions of Canadian dollars, except as noted) As at October 31, 2019 Obligation Increase (Decrease) Principal Principal non-pension Other Impact of an absolute change in significant actuarial assumptions Discount rate 1% decrease in assumption $ 1,520 $ 116 $ 409 1% increase in assumption (1,163) (90 ) (333) Rates of compensation increase 1% decrease in assumption (313) – 1 – 1 1% increase in assumption 305 – 1 – 1 Life expectancy 1 year decrease in assumption (179) (21 ) (94) 1 year increase in assumption 177 21 93 Health care cost initial trend rate 1% decrease in assumption n/a (89 ) n/a 1% increase in assumption n/a 113 n/a 1 An absolute change in this assumption is immaterial. 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 October 31 Other assets Principal pension plans $ – $ 104 $ – Other pension and retirement plans 6 3 7 Other employee benefit plans 1 7 6 6 Total other assets 13 113 13 Other liabilities Principal pension plans 741 – 546 Principal non-pension post-retirement benefit plan 620 535 558 Other pension and retirement plans 1,008 852 902 Other employee benefit plans 1 412 360 457 Total other liabilities 2,781 1,747 2,463 Net amount recognized $ (2,768 ) $ (1,634 ) $ (2,450 ) 1 Consists of other defined benefit pension and other post-employment benefit plans operated by the Bank and its subsidiaries that are not considered material for disclosure purposes. The Bank recognized the following amounts in the Consolidated Statement of Other Comprehensive Income. Amounts Recognized in the Consolidated Statement of Other Comprehensive Income 1 (millions of Canadian dollars) For the years ended October 31 2019 October 31 2018 October 31 2017 Actuarial gains (losses) recognized in Other Comprehensive Income Principal pension plans $ (873 ) $ 720 $ 333 Principal non-pension post-retirement benefit plan (66 ) 40 27 Other pension and retirement plans (231 ) 60 72 Other employee benefit plans 2 (75 ) 45 22 Total actuarial gains (losses) recognized in Other Comprehensive Income $ (1,245 ) $ 865 $ 454 1 Amounts are presented on pre-tax basis. 2 Consists of other defined benefit pension and other post-employment benefit plans operated by the Bank and its subsidiaries that are not considered material for disclosure purposes. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2019 | |
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Income Taxes | NOTE 25: INCOME TAXES The provision for (recovery of) income taxes is comprised of the following: Provision for (Recovery of) Income Taxes (millions of Canadian dollars) For the years ended October 31 2019 2018 2017 Provision for income taxes – Consolidated Statement of Income Current income taxes Provision for (recovery of) income taxes for the current period $ 2,675 $ 2,873 $ 2,073 Adjustments in respect of prior years and other 93 (76 ) 5 Total current income taxes 2,768 2,797 2,078 Deferred income taxes Provision for (recovery of) deferred income taxes related to the origination and reversal of temporary differences 54 76 215 Effect of changes in tax rates 10 302 13 Adjustments in respect of prior years and other (97 ) 7 (53 ) Total deferred income taxes (33 ) 385 175 Total provision for income taxes – Consolidated Statement of Income 2,735 3,182 2,253 Provision for (recovery of) income taxes – Statement of Other Comprehensive Income Current income taxes 37 (48 ) 261 Deferred income taxes 1,070 (701 ) (755 ) 1,107 (749 ) (494 ) Income taxes – other non-income related items including business combinations and other adjustments Current income taxes (7 ) (3 ) 29 Deferred income taxes (6 ) (2 ) – (13 ) (5 ) 29 Total provision for (recovery of) income taxes 3,829 2,428 1,788 Current income taxes Federal 1,256 1,491 1,115 Provincial 891 1,055 797 Foreign 651 200 456 2,798 2,746 2,368 Deferred income taxes Federal 127 (244 ) (233 ) Provincial 87 (160 ) (156 ) Foreign 817 86 (191 ) 1,031 (318 ) (580 ) Total provision for (recovery of) income taxes $ 3,829 $ 2,428 $ 1,788 On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act The reduction of the U.S. federal corporate tax rate enacted by the U.S. Tax Act resulted in an adjustment during 2018 to the Bank's U.S. deferred tax assets and liabilities to the lower base rate of 21%. The impact for the year ended October 31, 2018 was a reduction in the value of the Bank's net deferred tax assets resulting in a $366 million income tax expense recorded in the Provision for (recovery of) income taxes on the Consolidated Statement of Income, a $22 million deferred income tax benefit recorded in OCI and a $12 million deferred income tax expense recorded in retained earnings. The impact of the U.S. Tax Act on the Bank's statutory and effective tax rate is outlined in the following table as part of the Rate differentials on international operations. The Bank's statutory and effective tax rate is outlined in the following table. Reconciliation to Statutory Income Tax Rate (millions of Canadian dollars, except as noted) 2019 2018 2017 Income taxes at Canadian statutory income tax rate $ 3,502 26.5 % $ 3,648 26.5 % $ 3,262 26.5 % Increase (decrease) resulting from: Dividends received (104 ) (0.8 ) (142 ) (1.0 ) (498 ) (4.0) Rate differentials on international operations (728 ) (5.5 ) (343 ) (2.5 ) (515 ) (4.2) Other – net 65 0.5 19 0.1 4 – Provision for income taxes and effective income tax rate $ 2,735 20.7 % $ 3,182 23.1 % $ 2,253 18.3 % The Canada Revenue Agency (CRA), Revenu Québec Agency (RQA) and Alberta Tax and Revenue Administration (ATRA) are denying certain dividend deductions claimed by the Bank. During fiscal 2019, the CRA reassessed the Bank for $255 million of additional income tax and interest in respect of its 2014 taxation year, and the RQA reassessed the Bank for $6 million of additional income tax and interest in respect of its 2013 taxation year. To date, the CRA, RQA, and ATRA have reassessed the Bank for approximately $814 million of income tax and interest for the years 2011 to 2014. The Bank expects the CRA, RQA, and ATRA to reassess subsequent years on the same basis. The Bank is of the view that its tax filing positions were appropriate and intends to challenge all reassessments. Deferred tax assets and liabilities comprise of the following: Deferred Tax Assets and Liabilities (millions of Canadian dollars) As at October 31 October 31 Deferred tax assets Allowance for credit losses $ 965 $ 845 Securities – 920 Trading loans 50 54 Employee benefits 844 739 Pensions 344 59 Losses available for carry forward 95 94 Tax credits 228 326 Other 88 92 Total deferred tax assets 2,614 3,129 Deferred tax liabilities Securities 527 – Land, buildings, equipment, and other depreciable assets 242 223 Deferred (income) expense 91 12 Intangibles 40 163 Goodwill 108 94 Total deferred tax liabilities 1,008 492 Net deferred tax assets 1,606 2,637 Reflected on the Consolidated Balance Sheet as follows: Deferred tax assets 1,799 2,812 Deferred tax liabilities 1 193 175 Net deferred tax assets $ 1,606 $ 2,637 1 Included in Other liabilities on the Consolidated Balance Sheet. The amount of temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognized on the Consolidated Balance Sheet was $461 million as at October 31, 2019 (October 31, 2018 – $806 million), of which $3 million (October 31, 2018 – $2 million) is scheduled to expire within five years. Certain taxable temporary differences associated with the Bank's investments in subsidiaries, branches and associates, and interests in joint ventures did not result in the recognition of deferred tax liabilities as at October 31, 2019. The total amount of these temporary differences was $71 billion as at October 31, 2019 (October 31, 2018 – $61 billion). The movement in the net deferred tax asset for the years ended October 31 was as follows: Deferred Income Tax Expense (Recovery) (millions of Canadian dollars) 2019 2018 Consolidated Other Business Total Consolidated Other Business Total Deferred income tax expense (recovery) Allowance for credit losses $ (120 ) $ – $ – $ (120 ) $ 79 $ – $ – $ 79 Trading loans 4 – – 4 36 – – 36 Employee benefits (87 ) (18 ) – (105 ) 61 14 – 75 Pensions 19 (303 ) – (284 ) (20 ) 230 – 210 Losses available for carry forward (1 ) – – (1 ) 37 – – 37 Tax credits 98 – – 98 (304 ) – – (304 ) Other deferred tax assets 7 – (4 ) 3 54 – (2 ) 52 Securities 56 1,391 – 1,447 240 (945 ) – (705 ) Land, buildings, equipment, 19 – – 19 216 – – 216 Deferred (income) expense 79 – – 79 95 – – 95 Intangibles (123 ) – – (123 ) (81 ) – – (81 ) Goodwill 16 – (2 ) 14 (28 ) – – (28 ) Total deferred income tax expense (recovery) $ (33 ) $ 1,070 $ (6 ) $ 1,031 $ 385 $ (701 ) $ (2 ) $ (318 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2019 | |
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Earnings Per Share | NOTE 26: EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is calculated using the same method as basic earnings per share except that certain adjustments are made to net income attributable to common shareholders and the weighted-average number of shares outstanding for the effects of all dilutive potential common shares that are assumed to be issued by the Bank. The following table presents the Bank's basic and diluted earnings per share for the years ended October 31. Basic and Diluted Earnings Per Share (millions of Canadian dollars, except as noted) For the years ended October 31 2019 2018 2017 Basic earnings per share Net income attributable to common shareholders $ 11,416 $ 11,048 $ 10,203 Weighted-average number of common shares outstanding (millions) 1,824.2 1,835.4 1,850.6 Basic earnings per share $ 6.26 $ 6.02 $ 5.51 Diluted earnings per share Net income attributable to common shareholders $ 11,416 $ 11,048 $ 10,203 Net income available to common shareholders including impact of dilutive securities 11,416 11,048 10,203 Weighted-average number of common shares outstanding (millions) 1,824.2 1,835.4 1,850.6 Effect of dilutive securities Stock options potentially exercisable (millions) 1 3.1 4.1 4.2 Weighted-average number of common shares outstanding – diluted (millions) 1,827.3 1,839.5 1,854.8 Diluted earnings per share 1 $ 6.25 $ 6.01 $ 5.50 1 For the years ended October 31, 2019, October 31, 2018, and October 31, 2017, no outstanding options were excluded from the computation of diluted earnings per share. |
Provisions, Contingent Liabilit
Provisions, Contingent Liabilities, Commitments, Guarantees, Pledged Assets, and Collateral | 12 Months Ended |
Oct. 31, 2019 | |
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Provisions, Contingent Liabilities, Commitments, Guarantees, Pledged Assets, and Collateral | NOTE 27: PROVISIONS, CONTINGENT LIABILITIES, COMMITMENTS, GUARANTEES, PLEDGED ASSETS, AND COLLATERAL PROVISIONS The following table summarizes the Bank's provisions. Provisions (millions of Canadian dollars) Restructuring 1 Litigation and Total Balance as at November 1, 2018 $ 121 $ 352 $ 473 Additions 184 222 406 Amounts used (53 ) (219 ) (272 ) Release of unused amounts (9 ) (78 ) (87 ) Foreign currency translation adjustments and other (2 ) (8 ) (10 ) Balance as at October 31, 2019, before allowance for credit losses for off-balance sheet instruments $ 241 $ 269 510 Add: allowance for credit losses for off-balance sheet instruments 2 585 Balance as at October 31, 2019 $ 1,095 1 Includes provisions for onerous lease contracts. 2 Refer to Note 8 for further details. LITIGATION In the ordinary course of business, the Bank and its subsidiaries are involved in various legal and regulatory actions. The Bank establishes legal provisions when it becomes probable that the Bank will incur a loss and the amount can be reliably estimated. The Bank also estimates the aggregate range of reasonably possible losses (RPL) in its legal and regulatory actions (that is, those which are neither probable nor remote), in excess of provisions. As at October 31, 2019, the Bank's RPL is from zero to approximately $606 million. The Bank's provisions and RPL represent the Bank's best estimates based upon currently available information for actions for which estimates can be made, but there are a number of factors that could cause the Bank's provisions and/or RPL to be significantly different from its actual or reasonably possible losses. For example, the Bank's estimates involve significant judgment due to the varying stages of the proceedings, the existence of multiple defendants in many proceedings whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the proceedings, some of which are beyond the Bank's control and/or involve novel legal theories and interpretations, the attendant uncertainty of the various potential outcomes of such proceedings, and the fact that the underlying matters will change from time to time. In addition, some actions seek very large or indeterminate damages. In management's opinion, based on its current knowledge and after consultation with counsel, the ultimate disposition of these actions, individually or in the aggregate, will not have a material adverse effect on the consolidated financial condition or the consolidated cash flows of the Bank. However, because of the factors listed above, as well as other uncertainties inherent in litigation and regulatory matters, there is a possibility that the ultimate resolution of legal or regulatory actions may be material to the Bank's consolidated results of operations for any particular reporting period. Stanford Litigation The Official Stanford Investors Committee (OSIC), a court-approved committee representing investors, received permission to intervene in the lawsuit and has brought similar claims against all the bank defendants. The court denied in part and granted in part the Bank's motion to dismiss the lawsuit on April 21, 2015. The court also entered a class certification scheduling order requiring the parties to conduct discovery and submit briefing regarding class certification. The class certification motion was fully submitted on October 26, 2015. The class plaintiffs filed an amended complaint asserting certain additional state law claims against the Bank on June 23, 2015. The Bank's motion to dismiss the newly amended complaint in its entirety was fully submitted on August 18, 2015. On April 22, 2016, the Bank filed a motion to reconsider the court's April 2015 dismissal decision with respect to certain claims by OSIC under the Texas Uniform Fraudulent Transfer Act based on an intervening change in the law announced by the Texas Supreme Court on April 1, 2016. On July 28, 2016, the court issued a decision denying defendants' motions to dismiss the class plaintiffs' complaint and to reconsider with respect to OSIC's complaint. The Bank filed its answer to the class plaintiffs' complaint on August 26, 2016. OSIC filed an amended intervenor complaint against the Bank on November 4, 2016 and the Bank filed its answer to this amended complaint on December 19, 2016. On November 7, 2017, the Court issued a decision denying the class certification motion. The court found that the plaintiffs failed to show that common issues of fact would predominate given the varying sales presentations they allegedly received. On November 21, 2017, the class plaintiffs filed a Rule 23(f) petition seeking permission to appeal the District Court's denial of class certification to the United States Court of Appeals for the Fifth Circuit. The Bank filed an opposition to the class plaintiffs' petition on December 4, 2017. The Fifth Circuit denied the class plaintiffs' petition on April 20, 2018. On February 28, 2019, the Bank, along with the other bank defendants, filed a motion for judgment on the pleadings in OSIC's case seeking dismissal of three claims (aiding and abetting fraud, aiding and abetting conversion, and aiding and abetting breach of fiduciary duty). The motion was fully briefed as of April 4, 2019. On May 3, 2019, two groups of plaintiffs comprising more than 950 investors in certificates of deposit issued by SIBL filed motions to intervene in OSIC's case against the Bank and the other bank defendants. On September 18, 2019, the Court denied the motions to intervene. On October 14, 2019, one group of plaintiffs (comprising 147 investors) filed a notice of appeal to the Fifth Circuit. On September 10, 2019, OSIC filed a motion for leave to amend its complaint against the Bank and the other bank defendants to insert additional fact allegations. The motion was fully briefed as of October 15, 2019. On November 1, 2019, a second group of plaintiffs (comprising 1,286 investors) filed a petition in Texas state court against the Bank and other bank defendants alleging claims similar to those alleged in the Rotstain v. Trustmark National Bank, et al. action. Discovery against the bank defendants is ongoing, and the Court has set a ready-for-trial date of January 11, 2021. The Bank is also a defendant in two cases filed in the Ontario Superior Court of Justice: (1) Wide & Dickson v. The Toronto-Dominion Bank, an action filed by the Joint Liquidators of SIBL appointed by the Eastern Caribbean Supreme Court, and (2) Dynasty Furniture Manufacturing Ltd., et al. v. The Toronto-Dominion Bank, an action filed by five investors in certificates of deposits sold by Stanford. The suits assert that the Bank acted negligently and provided knowing assistance to SIBL's fraud. The court denied the Bank's motion for summary judgment in the Joint Liquidators case to dismiss the action based on the applicable statute of limitations on November 9, 2015, and designated the limitations issues to be addressed as part of a future trial on the merits. The two cases filed in the Ontario Superior Court of Justice are being managed jointly. A trial date has been scheduled for January 11, 2021. Overdraft Litigation These actions were consolidated for pretrial proceedings as MDL 2613 in the United States District Court for the District of South Carolina: In re TD Bank, N.A. Debit Card Overdraft Fee Litigation On January 5, 2017, TD Bank, N.A. was named as a defendant in a twelfth class action complaint (Dorsey) challenging an overdraft practice that was already the subject of the consolidated amended class action complaint. The Dorsey action was consolidated into MDL 2613, and dismissed by the Court. The Dorsey plaintiff appealed the dismissal to the United States Court of Appeals for the Fourth Circuit. On December 5, 2017, TD Bank, N.A. was named as a defendant in a thirteenth class action complaint (Lawrence) challenging the Bank's overdraft practices. The Lawrence action, which was also transferred to MDL 2613, concerns the Bank's treatment of certain transactions as "recurring" for overdraft purposes. The Bank moved to dismiss the claims. On February 22, 2018, the Court issued an order certifying a class as to certain claims in the consolidated amended class action complaint and denying certification as to others. The Fourth Circuit denied the Bank's 23(f) petition seeking permission to appeal certain portions of the district court's order. On February 1, 2019, the parties filed a Joint Notice of Settlement of all claims consolidated in MDL 2613 on a class-wide basis. In response to the Notice of Settlement, on February 4, 2019, the Court issued an order suspending all deadlines. On June 26, 2019, the Court issued an order preliminarily approving settlement of all claims consolidated in MDL 2613 on a class-wide basis and directing notice to settlement class members. A final approval hearing is scheduled for January 8, 2020. The Fourth Circuit suspended appeal proceedings in Dorsey pending the district court's review of the proposed settlement. In addition, the district court dismissed the Bank's motion to dismiss the Lawrence complaint without prejudice to refile pending its review of the settlement. Credit Card Fees The five actions that remain include claims of civil conspiracy, breach of the Competition Act, interference with economic relations, and unjust enrichment. Plaintiffs seek general and punitive damages. In the lead case proceeding in British Columbia, the decision to partially certify the action as a class proceeding was released on March 27, 2014. The certification decision was appealed by both plaintiff class representatives and defendants. The appeal hearing took place in December 2014 and the decision was released on August 19, 2015. While both the plaintiffs and defendants succeeded in part on their respective appeals, the class period for the plaintiffs' key claims was shortened significantly. At a hearing in October 2016, the plaintiffs sought to amend their claims to reinstate the extended class period. The plaintiffs' motion to amend their claims to reinstate the extended class period was denied by the motions judge and subsequently by the B.C. Court of Appeal. The plaintiffs have sought and were refused leave to appeal to the Supreme Court of Canada. The trial of the British Columbia action is currently scheduled to proceed in October 2020. In Québec, the motion for authorization proceeded on November 6-7, 2017 and the matter was authorized on similar grounds and for a similar period as in British Columbia. The plaintiffs appealed this decision. On July 25, 2019, the Quebec Court of Appeal granted the plaintiff's appeal, thereby reinstating the extended class period for the Quebec proceeding. Consumer Class Actions COMMITMENTS Credit-related Arrangements In the normal course of business, the Bank enters into various commitments and contingent liability contracts. The primary purpose of these contracts is to make funds available for the financing needs of customers. The Bank's policy for requiring collateral security with respect to these contracts and the types of collateral security held is generally the same as for loans made by the Bank. Financial and performance standby letters of credit represent irrevocable assurances that the Bank will make payments in the event that a customer cannot meet its obligations to third parties and they carry the same credit risk, recourse, and collateral security requirements as loans extended to customers. Performance standby letters of credit are considered non-financial guarantees as payment does not depend on the occurrence of a credit event and is generally related to a non-financial trigger event. Refer to the Guarantees section in this Note for further details. Documentary and commercial letters of credit are instruments issued on behalf of a customer authorizing a third party to draw drafts on the Bank up to a certain amount subject to specific terms and conditions. The Bank is at risk for any drafts drawn that are not ultimately settled by the customer, and the amounts are collateralized by the assets to which they relate. Commitments to extend credit represent unutilized portions of authorizations to extend credit in the form of loans and customers' liability under acceptances. A discussion on the types of liquidity facilities the Bank provides to its securitization conduits is included in Note 10. The values of credit instruments reported as follows represent the maximum amount of additional credit that the Bank could be obligated to extend should contracts be fully utilized. Credit Instruments (millions of Canadian dollars) As at October 31 October 31 Financial and performance standby letters of credit $ 26,887 $ 26,431 Documentary and commercial letters of credit 107 197 Commitments to extend credit 1 Original term-to-maturity of one year or less 56,676 50,028 Original term-to-maturity of more than one year 150,170 134,148 Total $ 233,840 $ 210,804 1 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time. In addition, as at October 31, 2019, the Bank is committed to fund $374 million (October 31, 2018 – $205 million) of private equity investments. Long-term Commitments or Leases The Bank has obligations under long-term non-cancellable leases for premises and equipment. Future minimum operating lease commitments including rental payments, related taxes and estimated operating expenses for premises and equipment, where the annual payment is in excess of $100 thousand, is estimated at $988 million for 2020, $936 million for 2021, $884 million for 2022, $790 million for 2023, $658 million for 2024, $3,365 million for 2025, and thereafter. Future minimum finance lease commitments where the annual payment is in excess of $100 thousand, is estimated at $21 million for 2020, $22 million for 2021, $20 million for 2022, $15 million for 2023, $4 million for 2024, $1 million for 2025, and thereafter. The premises and equipment net rental expense, included under Non-interest expenses in the Consolidated Statement of Income, was $1.2 billion for the year ended October 31, 2019 (October 31, 2018 – $1.1 billion; October 31, 2017 – $1.1 billion). PLEDGED ASSETS AND COLLATERAL In the ordinary course of business, securities and other assets are pledged against liabilities or contingent liabilities, including repurchase agreements, securitization liabilities, covered bonds, obligations related to securities sold short, and securities borrowing transactions. Assets are also deposited for the purposes of participation in clearing and payment systems and depositories or to have access to the facilities of central banks in foreign jurisdictions, or as security for contract settlements with derivative exchanges or other derivative counterparties. Details of assets pledged against liabilities and collateral assets held or repledged are shown in the following table: Sources and Uses of Pledged Assets and Collateral (millions of Canadian dollars) As at October 31 October 31 Sources of pledged assets and collateral Bank assets Cash and due from banks $ 820 $ 1,219 Interest-bearing deposits with banks 4,918 3,301 Loans 87,415 83,637 Securities 85,237 83,370 Other assets 850 1,278 179,240 172,805 Third-party assets 1 Collateral received and available for sale or repledging 274,765 243,168 Less: Collateral not repledged (61,260 ) (57,845 ) 213,505 185,323 392,745 358,128 Uses of pledged assets and collateral 2 Derivatives 11,468 8,083 Obligations related to securities sold under repurchase agreements 120,352 105,665 Securities borrowing and lending 107,587 85,544 Obligations related to securities sold short 27,575 39,007 Securitization 32,024 32,067 Covered bond 41,937 38,033 Clearing systems, payment systems, and depositories 8,338 7,540 Foreign governments and central banks 1,167 1,390 Other 42,297 40,799 Total $ 392,745 $ 358,128 1 Includes collateral received from reverse repurchase agreements, securities borrowing, margin loans, and other client activity. 2 Includes $45.6 billion of on-balance sheet assets that the Bank has pledged and that the counterparty can subsequently repledge as at October 31, 2019 (October 31, 2018 – $43.9 billion). ASSETS SOLD WITH RECOURSE In connection with its securitization activities, the Bank typically makes customary representations and warranties about the underlying assets which may result in an obligation to repurchase the assets. These representations and warranties attest that the Bank, as the seller, has executed the sale of assets in good faith, and in compliance with relevant laws and contractual requirements. In the event that they do not meet these criteria, the loans may be required to be repurchased by the Bank. GUARANTEES In addition to financial and performance standby letters of credit, the following types of transactions represent the principal guarantees that the Bank has entered into. Credit Enhancements The Bank guarantees payments to counterparties in the event that third-party credit enhancements supporting asset pools are insufficient. Indemnification Agreements In the normal course of operations, the Bank provides indemnification agreements to various counterparties in transactions such as service agreements, leasing transactions, and agreements relating to acquisitions and dispositions. Under these agreements, the Bank is required to compensate counterparties for costs incurred as a result of various contingencies such as changes in laws and regulations and litigation claims. The nature of certain indemnification agreements prevent the Bank from making a reasonable estimate of the maximum potential amount that the Bank would be required to pay such counterparties. The Bank also indemnifies directors, officers, and other persons, to the extent permitted by law, against certain claims that may be made against them as a result of their services to the Bank or, at the Bank's request, to another entity. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Related Party Transactions | NOTE 28: RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability to directly or indirectly control the other party or exercise significant influence over the other party in making financial or operational decisions. The Bank's related parties include key management personnel, their close family members and their related entities, subsidiaries, associates, joint ventures, and post-employment benefit plans for the Bank's employees. TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL, THEIR CLOSE FAMILY MEMBERS, AND THEIR RELATED ENTITIES Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Bank, directly or indirectly. The Bank considers certain of its officers and directors to be key management personnel. The Bank makes loans to its key management personnel, their close family members, and their related entities on market terms and conditions with the exception of banking products and services for key management personnel, which are subject to approved policy guidelines that govern all employees. As at October 31, 2019, $121 million (October 31, 2018 – $149 million) of related party loans were outstanding from key management personnel, their close family members, and their related entities. COMPENSATION The remuneration of key management personnel was as follows: Compensation (millions of Canadian dollars) For the years ended October 31 2019 2018 2017 Short-term employee benefits $ 33 $ 34 $ 33 Post-employment benefits 2 3 3 Share-based payments 35 37 32 Total $ 70 $ 74 $ 68 In addition, the Bank offers deferred share and other plans to non-employee directors, executives, and certain other key employees. Refer to Note 23 for further details. In the ordinary course of business, the Bank also provides various banking services to associated and other related corporations on terms similar to those offered to non-related parties. TRANSACTIONS WITH SUBSIDIARIES, TD AMERITRADE, AND SYMCOR INC. Transactions between the Bank and its subsidiaries meet the definition of related party transactions. If these transactions are eliminated on consolidation, they are not disclosed as related party transactions. Transactions between the Bank, TD Ameritrade, and Symcor Inc. (Symcor) also qualify as related party transactions. There were no significant transactions between the Bank, TD Ameritrade, and Symcor during the year ended October 31, 2019, other than as described in the following sections and in Note 12. Other Transactions with TD Ameritrade and Symcor i) AMERITRADE HOLDING CORPORATION A description of significant transactions of the Bank and its affiliates with TD Ameritrade is set forth below. Insured Deposit Account Agreement The Bank is party to an insured deposit account (IDA) agreement with TD Ameritrade, pursuant to which the Bank makes available to clients of TD Ameritrade, FDIC-insured money market deposit accounts as either designated sweep vehicles or as non-sweep deposit accounts. TD Ameritrade provides marketing and support services with respect to the IDA. The Bank paid fees of $2.2 billion during the year ended October 31, 2019 (October 31, 2018 – $1.9 billion; October 31, 2017 – $1.5 billion) to TD Ameritrade related to deposit accounts. The amount paid by the Bank is based on the average insured deposit balance of $140 billion for the year ended October 31, 2019 (October 31, 2018 – $140 billion; October 31, 2017 – $124 billion) with a portion of the amount tied to the actual yield earned by the Bank on the investments, less the actual interest paid to clients of TD Ameritrade, and the balance tied to an agreed rate of return. The Bank earns a servicing fee of 25 bps on the aggregate average daily balance in the sweep accounts (subject to adjustment based on a specified formula). As at October 31, 2019, amounts receivable from TD Ameritrade were $41 million (October 31, 2018 – $137 million). As at October 31, 2019, amounts payable to TD Ameritrade were $168 million (October 31, 2018 – $174 million). The Bank and other financial institutions provided TD Ameritrade with unsecured revolving loan facilities. The total commitment provided by the Bank was $291 million, which was undrawn as at October 31, 2019 (October 31, 2018 – $338 million undrawn). ii) TRANSACTIONS WITH SYMCOR The Bank has one-third ownership in Symcor, a Canadian provider of business process outsourcing services offering a diverse portfolio of integrated solutions in item processing, statement processing and production, and cash management services. The Bank accounts for Symcor's results using the equity method of accounting. During the year ended October 31, 2019, the Bank paid $81 million (October 31, 2018 – $86 million; October 31, 2017 – $93 million) for these services. As at October 31, 2019, the amount payable to Symcor was $12 million (October 31, 2018 – $14 million). The Bank and two other shareholder banks have also provided a $100 million unsecured loan facility to Symcor which was undrawn as at October 31, 2019, and October 31, 2018. |
Segmented Information
Segmented Information | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Segmented Information | NOTE 29: SEGMENTED INFORMATION For management reporting purposes, the Bank reports its results under three key business segments: Canadian Retail, which includes the results of the Canadian personal and commercial banking businesses, Canadian credit cards, TD Auto Finance Canada, and Canadian wealth and insurance businesses; U.S. Retail, which includes the results of the U.S. personal and business banking operations, U.S. credit cards, TD Auto Finance U.S., U.S. wealth business, and the Bank's investment in TD Ameritrade; and Wholesale Banking. The Bank's other activities are grouped into the Corporate segment. Canadian Retail is comprised of Canadian personal and commercial banking, which provides financial products and services to personal, small business, and commercial customers, TD Auto Finance Canada, the Canadian credit card business, the Canadian wealth business, which provides investment products and services to institutional and retail investors, and the insurance business. U.S. Retail is comprised of the personal and business banking operations in the U.S. operating under the brand TD Bank, America's Most Convenient Bank ® The results of each business segment reflect revenue, expenses, and assets generated by the businesses in that segment. Due to the complexity of the Bank, its management reporting model uses various estimates, assumptions, allocations, and risk-based methodologies for funds transfer pricing, inter-segment revenue, income tax rates, capital, indirect expenses and cost transfers to measure business segment results. The basis of allocation and methodologies are reviewed periodically to align with management's evaluation of the Bank's business segments. Transfer pricing of funds is generally applied at market rates. Inter-segment revenue is negotiated between each business segment and approximates the fair value of the services provided. Income tax provision or recovery is generally applied to each segment based on a statutory tax rate and may be adjusted for items and activities unique to each segment. Amortization of intangibles acquired as a result of business combinations is included in the Corporate segment. Accordingly, net income for business segments is presented before amortization of these intangibles. Non-interest income is earned by the Bank primarily through investment and securities services, credit fees, trading income, service charges, card services, and insurance revenues. Revenues from investment and securities services are earned predominantly in the Canadian Retail segment with the remainder earned in Wholesale Banking and U.S. Retail. Revenues from credit fees are primarily earned in the Wholesale Banking and Canadian Retail segments. Trading income is earned within Wholesale Banking. Both service charges and card services revenue are mainly earned in the U.S. Retail and Canadian Retail segments. Insurance revenue is earned in the Canadian Retail segment. Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB), which means that the value of non-taxable or tax-exempt income, including dividends, is adjusted to its equivalent before-tax value. Using TEB allows the Bank to measure income from all securities and loans consistently and makes for a more meaningful comparison of net interest income with similar institutions. The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment. The Bank purchases CDS to hedge the credit risk in Wholesale Banking's corporate lending portfolio. These CDS do not qualify for hedge accounting treatment and are measured at fair value with changes in fair value recognized in current period's earnings. The related loans are accounted for at amortized cost. Management believes that this asymmetry in the accounting treatment between CDS and loans would result in periodic profit and loss volatility which is not indicative of the economics of the corporate loan portfolio or the underlying business performance in Wholesale Banking. As a result, these CDS are accounted for on an accrual basis in Wholesale Banking and the gains and losses on these CDS, in excess of the accrued cost, are reported in the Corporate segment. The Bank changed its trading strategy with respect to certain trading debt securities and reclassified these securities from trading to the AFS category under IAS 39 (classified as FVOCI under IFRS 9) effective August 1, 2008. These debt securities are economically hedged, primarily with CDS and interest rate swap contracts which are recorded on a fair value basis with changes in fair value recorded in the period's earnings. As a result, the derivatives were accounted for on an accrual basis in Wholesale Banking and the gains and losses related to the derivatives in excess of the accrued amounts were reported in the Corporate segment. Adjusted results of the Bank in prior periods exclude the gains and losses of the derivatives in excess of the accrued amount. Effective February 1, 2017, the total gains and losses as a result of changes in fair value of these derivatives are recorded in Wholesale Banking. Upon adoption of IFRS 9, the current period provision for credit losses related to performing (Stage 1 and Stage 2) and impaired (Stage 3) financial assets, loan commitments, and financial guarantees are recorded within the respective segment. Under IAS 39, and prior to November 1, 2017, the provision for credit losses related to the collectively assessed allowance for incurred but not identified credit losses that related to Canadian Retail and Wholesale Banking segments was recorded in the Corporate segment. The following table summarizes the segment results for the years ended October 31. Results by Business Segment 1,2 (millions of Canadian dollars) For the years ended October 31 2019 Canadian U.S. Retail Wholesale 3,4 Corporate 3,4 Total Net interest income (loss) $ 12,349 $ 8,951 $ 911 $ 1,720 $ 23,931 Non-interest income (loss) 11,877 2,840 2,320 97 17,134 Total revenue 24,226 11,791 3,231 1,817 41,065 Provision for (recovery of) credit losses 1,306 1,082 44 597 3,029 Insurance claims and related expenses 2,787 – – – 2,787 Non-interest expenses 10,735 6,411 2,393 2,481 22,020 Income (loss) before income taxes 9,398 4,298 794 (1,261 ) 13,229 Provision for (recovery of) income taxes 2,535 471 186 (457 ) 2,735 Equity in net income of an investment in TD Ameritrade – 1,154 – 38 1,192 Net income (loss) $ 6,863 $ 4,981 $ 608 $ (766 ) $ 11,686 Total assets as at October 31 $ 452,163 $ 436,086 $ 458,420 $ 68,621 $ 1,415,290 2018 Net interest income (loss) $ 11,576 $ 8,176 $ 1,150 $ 1,337 $ 22,239 Non-interest income (loss) 11,137 2,768 2,367 381 16,653 Total revenue 22,713 10,944 3,517 1,718 38,892 Provision for (recovery of) credit losses 998 917 3 562 2,480 Insurance claims and related expenses 2,444 – – – 2,444 Non-interest expenses 9,473 6,100 2,125 2,497 20,195 Income (loss) before income taxes 9,798 3,927 1,389 (1,341 ) 13,773 Provision for (recovery of) income taxes 2,615 432 335 (200 ) 3,182 Equity in net income of an investment in TD Ameritrade – 693 – 50 743 Net income (loss) $ 7,183 $ 4,188 $ 1,054 $ (1,091 ) $ 11,334 Total assets as at October 31 $ 433,960 $ 417,292 $ 425,909 $ 57,742 $ 1,334,903 2017 Net interest income (loss) $ 10,611 $ 7,486 $ 1,804 $ 946 $ 20,847 Non-interest income (loss) 10,451 2,735 1,520 649 15,355 Total revenue 21,062 10,221 3,324 1,595 36,202 Provision for (recovery of) credit losses 986 792 (28 ) 466 2,216 Insurance claims and related expenses 2,246 – – – 2,246 Non-interest expenses 8,934 5,878 1,982 2,625 19,419 Income (loss) before income taxes 8,896 3,551 1,370 (1,496 ) 12,321 Provision for (recovery of) income taxes 2,371 671 331 (1,120 ) 2,253 Equity in net income of an investment in TD Ameritrade – 442 – 7 449 Net income (loss) $ 6,525 $ 3,322 $ 1,039 $ (369 ) $ 10,517 Total assets as at October 31 $ 404,444 $ 403,937 $ 406,138 $ 64,476 $ 1,278,995 1 Certain comparative amounts have been recast to conform with the presentation adopted in the current period. 2 The retailer program partners' share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners' net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements. 3 Net interest income within Wholesale Banking is calculated on a TEB. The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment. 4 Effective February 1, 2017, the total gains and losses as a result of changes in fair value of the CDS and interest rate swap contracts hedging the reclassified financial assets at FVOCI (AFS securities under IAS 39) portfolio are recorded in Wholesale Banking. Previously, these derivatives were accounted for on an accrual basis in Wholesale Banking and the gains and losses related to the derivatives, in excess of the accrued costs were reported in Corporate segment. RESULTS BY GEOGRAPHY For reporting of geographic results, segments are grouped into Canada, United States, and Other international. Transactions are primarily recorded in the location responsible for recording the revenue or assets. This location frequently corresponds with the location of the legal entity through which the business is conducted and the location of the customer. (millions of Canadian dollars) For the years ended October 31 As at October 31 2019 2019 Total revenue 1 Income before Net income Total assets Canada $ 23,599 $ 7,237 $ 5,208 $ 769,314 United States 15,557 4,827 4,180 524,397 Other international 1,909 1,165 2,298 121,579 Total $ 41,065 $ 13,229 $ 11,686 $ 1,415,290 2018 2018 Canada $ 23,332 $ 8,886 $ 6,523 $ 713,677 United States 13,751 3,768 2,993 514,263 Other international 1,809 1,119 1,818 106,963 Total $ 38,892 $ 13,773 $ 11,334 $ 1,334,903 2017 2017 Canada $ 20,911 $ 7,250 $ 5,660 $ 648,924 United States 13,371 3,677 3,075 515,478 Other international 1,920 1,394 1,782 114,593 Total $ 36,202 $ 12,321 $ 10,517 $ 1,278,995 1 Certain comparative amounts have been recast to conform with the presentation adopted in the current period. |
Interest Income and Expense
Interest Income and Expense | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Interest Income and Expense | NOTE 30: INTEREST INCOME AND EXPENSE The following table presents interest income and interest expense by basis of accounting measurement. Please refer to Note 2 for the type of instruments measured at amortized cost and FVOCI. Interest Income and Expense 1 (millions of Canadian dollars) For the years ended October 31, 2019 October 31, 2018 Interest income Interest expense Interest income Interest expense Measured at amortized cost $ 31,663 $ 11,294 $ 27,693 $ 9,286 Measured at FVOCI 3,165 – 2,946 – 34,828 11,294 30,639 9,286 Not measured at amortized cost or FVOCI 2 7,171 6,774 5,783 4,897 Total $ 41,999 $ 18,068 $ 36,422 $ 14,183 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 Includes interest income, interest expense, and dividend income for financial instruments that are measured or designated at FVTPL and equities designated at FVOCI. |
Credit Risk
Credit Risk | 12 Months Ended |
Oct. 31, 2019 | |
Disclosure of credit risk exposure [abstract] | |
Credit Risk | NOTE 31: CREDIT RISK Concentration of credit risk exists where a number of borrowers or counterparties are engaged in similar activities, are located in the same geographic area or have comparable economic characteristics. Their ability to meet contractual obligations may be similarly affected by changing economic, political or other conditions. The Bank's portfolio could be sensitive to changing conditions in particular geographic regions. Concentration of Credit Risk (millions of Canadian dollars, As at except as noted) Loans and customers liability 1,2 Credit Instruments 3,4 Derivative financial 5,6 October 31 October 31 October 31 October 31 October 31 October 31 Canada 67 % 67 % 38 % 40 % 25 % 24 % United States 32 32 58 57 31 31 United Kingdom – – 1 1 17 15 Europe – other – – 2 1 20 24 Other international 1 1 1 1 7 6 Total 100 % 100 % 100 % 100 % 100 % 100 % $ 700,226 $ 666,405 $ 233,840 $ 210,804 $ 46,829 $ $55,615 1 Of the total loans and customers' liability under acceptances, the only industry segment which equalled or exceeded 5% of the total concentration as at October 31, 2019 was real estate 10% (October 31, 2018 – 9%). 2 Includes loans that are measured at FVOCI. 3 As at October 31, 2019, the Bank had commitments and contingent liability contracts in the amount of $234 billion (October 31, 2018 – $211 billion). Included are commitments to extend credit totalling $207 billion (October 31, 2018 – $184 billion), of which the credit risk is dispersed as detailed in the table above. 4 Of the commitments to extend credit, industry segments which equalled or exceeded 5% of the total concentration were as follows as at October 31, 2019: financial institutions 22% (October 31, 2018 – 19%); pipelines, oil and gas 9% (October 31, 2018 – 10%); automotive 9% (October 31, 2018 – 9%); power and utilities 8% (October 31, 2018 – 9%); sundry manufacturing and wholesale 7% (October 31, 2018 – 7%); professional and other services 6% (October 31, 2018 – 6%); non-residential real estate development 6% (October 31, 2018 – 5%); telecommunications, cable, and media 6% (October 31, 2018 – 7%). 5 As at October 31, 2019, the current replacement cost of derivative financial instruments amounted to $47 billion (October 31, 2018 – $56 billion). Based on the location of the ultimate counterparty, the credit risk was allocated as detailed in the table above. The table excludes the fair value of exchange traded derivatives. 6 The largest concentration by counterparty type was with financial institutions (including non-banking financial institutions), which accounted for 69% of the total as at October 31, 2019 (October 31, 2018 – 68%). The second largest concentration was with governments, which accounted for 22% of the total as at October 31, 2019 (October 31, 2018 – 26%). No other industry segment exceeded 5% of the total. The following table presents the maximum exposure to credit risk of financial instruments, before taking account of any collateral held or other credit enhancements. Gross Maximum Credit Risk Exposure 1 (millions of Canadian dollars) As at October 31 October 31 Cash and due from banks $ 4,863 $ 4,735 Interest-bearing deposits with banks 25,583 30,720 Securities 2 Financial assets designated at fair value through profit or loss Government and government-insured securities 1,413 1,397 Other debt securities 2,627 2,221 Trading Government and government-insured securities 44,445 47,085 Other debt securities 18,680 20,106 Retained interest 19 25 Non-trading securities at fair value through profit or loss Government and government-insured securities 319 – Other debt securities 4,081 2,340 Securities at fair value through other comprehensive income Government and government-insured securities 83,171 94,733 Other debt securities 23,969 30,948 Debt securities at amortized cost Government and government-insured securities 78,275 60,535 Other debt securities 52,222 46,636 Securities purchased under reverse purchase agreements 165,935 127,379 Derivatives 3 48,894 56,996 Loans Residential mortgages 235,530 225,081 Consumer instalment and other personal 179,085 170,976 Credit card 34,989 34,015 Business and government 235,004 216,321 Trading loans 12,482 10,990 Non-trading loans at fair value through profit or loss 1,796 1,336 Loans at fair value through other comprehensive income 2,124 2,745 Customers' liability under acceptances 13,494 17,267 Amounts receivable from brokers, dealers, and clients 20,575 26,940 Other assets 5,913 5,886 Total assets 1,295,488 1,237,413 Credit instruments 4 233,840 210,804 Unconditionally cancellable commitments to extend credit relating to personal lines of credit and credit card lines 311,138 301,752 Total credit exposure $ 1,840,466 $ 1,749,969 1 Certain comparative amounts have been recast to conform with the presentation adopted in the current period. 2 Excludes equity securities. 3 The carrying amount of the derivative assets represents the maximum credit risk exposure related to derivative contracts. 4 The balance represents the maximum amount of additional funds that the Bank could be obligated to extend should the contracts be fully utilized. The actual maximum exposure may differ from the amount reported above. Refer to Note 27 for further details. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Regulatory Capital | NOTE 32: REGULATORY CAPITAL The Bank manages its capital under guidelines established by OSFI. The regulatory capital guidelines measure capital in relation to credit, trading market, and operational risks. The Bank has various capital policies, procedures, and controls which it utilizes to achieve its goals and objectives. The Bank's capital management objectives are: • To be an appropriately capitalized financial institution as determined by: – the Bank's Risk Appetite Statement; – capital requirements defined by relevant regulatory authorities; and – the Bank's internal assessment of capital requirements consistent with the Bank's risk profile and risk tolerance levels. • To have the most economically achievable weighted-average cost of capital, consistent with preserving the appropriate mix of capital elements to meet targeted capitalization levels. • To ensure ready access to sources of appropriate capital, at reasonable cost, in order to: – insulate the Bank from unexpected events; and – support and facilitate business growth and/or acquisitions consistent with the Bank's strategy and risk appetite. • To support strong external debt ratings, in order to manage the Bank's overall cost of funds and to maintain accessibility to required funding. These objectives are applied in a manner consistent with the Bank's overall objective of providing a satisfactory return on shareholders' equity. Basel III Capital Framework Capital requirements of the Basel Committee on Banking Supervision (BCBS) are commonly referred to as Basel III. Under Basel III, Total Capital consists of three components, namely Common Equity Tier 1, Additional Tier 1, and Tier 2 Capital. Risk sensitive regulatory capital ratios are calculated by dividing CET1, Tier 1, and Total Capital by their respective risk-weighted assets (RWA), inclusive of any minimum requirements outlined under the regulatory floor. In 2015, Basel III also implemented a non-risk sensitive leverage ratio to act as a supplementary measure to the risk-sensitive capital requirements. The objective of the leverage ratio is to constrain the build-up of excess leverage in the banking sector. The leverage ratio is calculated by dividing Tier 1 Capital by leverage exposure which is primarily comprised of on-balance sheet assets with adjustments made to derivative and securities financing transaction exposures, and credit equivalent amounts of off-balance sheet exposures. Capital Position and Capital Ratios The Basel framework allows qualifying banks to determine capital levels consistent with the way they measure, manage, and mitigate risks. It specifies methodologies for the measurement of credit, trading market, and operational risks. The Bank uses the advanced approaches for the majority of its portfolios. In the U.S. Retail segment, the Bank calculates the majority of the retail portfolio's, and certain other portfolio's, credit RWA using the AIRB approach. The remaining assets in the U.S. Retail segment continue to use the standardized approach for credit risk. For accounting purposes, IFRS is followed for consolidation of subsidiaries and joint ventures. For regulatory capital purposes, insurance subsidiaries are deconsolidated and reported as a deduction from capital. Insurance subsidiaries are subject to their own capital adequacy reporting, such as OSFI's Life Insurance Capital Adequacy Test. Currently, for regulatory capital purposes, all the entities of the Bank are either consolidated or deducted from capital and there are no entities from which surplus capital is recognized. Some of the Bank's subsidiaries are individually regulated by either OSFI or other regulators. Many of these entities have minimum capital requirements which they must maintain and which may limit the Bank's ability to extract capital or funds for other uses. During the year ended October 31, 2019, the Bank complied with the OSFI Basel III guidelines related to capital ratios and the leverage ratio. Effective January 1, 2016, OSFI's target CET1, Tier 1, and Total Capital ratios for Canadian banks designated as domestic systemically important banks (D-SIBs) includes a 1% common equity capital surcharge bringing the targets to 8%, 9.5%, and 11.5%, respectively. In addition, on June 25, 2018, OSFI provided greater transparency related to previously undisclosed Pillar 2 CET1 capital buffers through the introduction of the public Domestic Stability Buffer (DSB) which is held by D-SIBs against Pillar 2 risks. The current buffer is set at 2% of total risk-weighted assets (RWA) and must be met with CET1 Capital, effectively raising the CET1 target to 10%. OSFI has provided IFRS transitional provisions for the leverage ratio, which allows for the exclusion of assets securitized and sold through CMHC-sponsored programs prior to March 31, 2010, from the calculation. The following table summarizes the Bank's regulatory capital position as at October 31. Regulatory Capital Position (millions of Canadian dollars, except as noted) As at October 31 October 31 Capital Common Equity Tier 1 Capital $ 55,042 $ 52,389 Tier 1 Capital 61,683 59,735 Total Capital 74,122 70,434 Risk-weighted assets used in the calculation of capital ratios 1 Common Equity Tier 1 Capital $ 455,977 $ 435,632 Tier 1 Capital 455,977 435,780 Total Capital 455,977 435,927 Capital and leverage ratios Common Equity Tier 1 Capital ratio 1 12.1 % 12.0 % Tier 1 Capital ratio 1 13.5 13.7 Total Capital ratio 1 16.3 16.2 Leverage ratio 4.0 4.2 1 In accordance with the final CAR guideline, the Credit Valuation Adjustment (CVA) capital charge has been phased in until the first quarter of 2019. Each capital ratio has its own RWA measure due to the OSFI prescribed scalar for inclusion of the CVA. For fiscal 2019, the scalars for inclusion of CVA for CET1, Tier 1, and Total Capital RWA are all 100%. For fiscal 2018, the scalars were 80%, 83%, and 86%, respectively. |
Risk Management
Risk Management | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Risk Management | NOTE 33: RISK MANAGEMENT The risk management policies and procedures of the Bank are provided in the MD&A. The shaded sections of the "Managing Risk" section of the MD&A relating to credit, market, liquidity, and insurance risks are an integral part of the 2019 Consolidated Financial Statements. |
Information on Subsidiaries
Information on Subsidiaries | 12 Months Ended |
Oct. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Information on Subsidiaries | NOTE 34: INFORMATION ON SUBSIDIARIES The following is a list of the directly or indirectly held significant subsidiaries. SIGNIFICANT SUBSIDIARIES 1 (millions of Canadian dollars) As at October 31, 2019 North America Address of Head or Principal Office 2 Description Carrying value of shares 3 Greystone Capital Management Inc. Regina, Saskatchewan Holding Company $ 714 Greystone Managed Investments Inc. Regina, Saskatchewan Securities Dealer GMI Serving Inc. Regina, Saskatchewan Mortgage Servicing Entity Meloche Monnex Inc. Montreal, Québec Holding Company 1,595 Security National Insurance Company Montreal, Québec Insurance Company Primmum Insurance Company Toronto, Ontario Insurance Company TD Direct Insurance Inc. Toronto, Ontario Insurance Company TD General Insurance Company Toronto, Ontario Insurance Company TD Home and Auto Insurance Company Toronto, Ontario Insurance Company TD Asset Management Inc. Toronto, Ontario Investment Counselling and Portfolio Management 365 TD Waterhouse Private Investment Counsel Inc. Toronto, Ontario Investment Counselling and Portfolio Management TD Auto Finance (Canada) Inc. Toronto, Ontario Automotive Finance Entity 2,619 TD Auto Finance Services Inc. Toronto, Ontario Automotive Finance Entity 1,370 TD Group US Holdings LLC Wilmington, Delaware Holding Company 67,117 Toronto Dominion Holdings (U.S.A.), Inc. New York, New York Holding Company TD Prime Services LLC New York, New York Securities Dealer TD Securities (USA) LLC New York, New York Securities Dealer Toronto Dominion (Texas) LLC New York, New York Financial Services Entity Toronto Dominion (New York) LLC New York, New York Financial Services Entity Toronto Dominion Capital (U.S.A.), Inc. New York, New York Small Business Investment Company Toronto Dominion Investments, Inc. New York, New York Merchant Banking and Investments TD Bank US Holding Company Cherry Hill, New Jersey Holding Company Epoch Investment Partners, Inc. New York, New York Investment Counselling and Portfolio Management TDAM USA Inc. New York, New York Investment Counselling and Portfolio Management TD Bank USA, National Association Cherry Hill, New Jersey U.S. National Bank TD Bank, National Association Cherry Hill, New Jersey U.S. National Bank TD Auto Finance LLC Farmington Hills, Michigan Automotive Finance Entity TD Equipment Finance, Inc. Cherry Hill, New Jersey Financial Services Entity TD Private Client Wealth LLC New York, New York Broker-dealer and Registered Investment Advisor TD Wealth Management Services Inc. Cherry Hill, New Jersey Insurance Agency TD Luxembourg International Holdings Luxembourg, Luxembourg Holding Company TD Ameritrade Holding Corporation 4 Omaha, Nebraska Securities Dealer TD Investment Services Inc. Toronto, Ontario Mutual Fund Dealer 52 TD Life Insurance Company Toronto, Ontario Insurance Company 85 TD Mortgage Corporation Toronto, Ontario Deposit-Taking Entity 9,775 TD Pacific Mortgage Corporation Vancouver, British Columbia Deposit-Taking Entity The Canada Trust Company Toronto, Ontario Trust, Loans, and Deposit-Taking Entity TD Securities Inc. Toronto, Ontario Investment Dealer and Broker 2,231 TD Vermillion Holdings Limited Toronto, Ontario Holding Company 26,880 TD Financial International Ltd. Hamilton, Bermuda Holding Company TD Reinsurance (Barbados) Inc. St. James, Barbados Reinsurance Company TD Waterhouse Canada Inc. Toronto, Ontario Investment Dealer 2,442 International TD Bank N.V. Amsterdam, The Netherlands Dutch Bank 632 TD Ireland Unlimited Company Dublin, Ireland Holding Company 894 TD Global Finance Unlimited Company Dublin, Ireland Securities Dealer TD Securities (Japan) Co. Ltd. Tokyo, Japan Securities Dealer 12 Toronto Dominion Australia Limited Sydney, Australia Securities Dealer 97 Toronto Dominion Investments B.V. London, England Holding Company 1,114 TD Bank Europe Limited London, England UK Bank Toronto Dominion Holdings (U.K.) Limited London, England Holding Company TD Securities Limited London, England Securities Dealer Toronto Dominion (South East Asia) Limited Singapore, Singapore Financial Institution 931 1 Unless otherwise noted, The Toronto-Dominion Bank, either directly or through its subsidiaries, owns 100% of the entity and/or 100% of any issued and outstanding voting securities and non-voting securities of the entities listed. 2 Each subsidiary is incorporated or organized in the country in which its head or principal office is located, with the exception of Toronto Dominion Investments B.V., a company incorporated in The Netherlands, but with its principal office in the United Kingdom. 3 Carrying amounts are prepared for purposes of meeting the disclosure requirements of Section 308 (3)(a)(ii) of the Bank Act 4 As at October 31, 2019, the Bank's reported investment in TD Ameritrade Holding Corporation was 43.19% (October 31, 2018 – 41.61%) of the outstanding shares of TD Ameritrade Holding Corporation. TD Luxembourg International Holdings and its ownership of TD Ameritrade Holding Corporation is included given the significance of the Bank's investment in TD Ameritrade Holding Corporation. SUBSIDIARIES WITH RESTRICTIONS TO TRANSFER FUNDS Certain of the Bank's subsidiaries have regulatory requirements to fulfil, in accordance with applicable law, in order to transfer funds, including paying dividends to, repaying loans to, or redeeming subordinated debentures issued to, the Bank. These customary requirements include, but are not limited to: • Local regulatory capital and/or surplus adequacy requirements; • Basel requirements under Pillar 1 and Pillar 2; • Local regulatory approval requirements; and • Local corporate and/or securities laws. As at October 31, 2019, the net assets of subsidiaries subject to regulatory or CAR was $86.3 billion (October 31, 2018 – $79.8 billion), before intercompany eliminations. In addition to regulatory requirements outlined above, the Bank may be subject to significant restrictions on its ability to use the assets or settle the liabilities of members of its group. Key contractual restrictions may arise from the provision of collateral to third parties in the normal course of business, for example through secured financing transactions; assets securitized which are not subsequently available for transfer by the Bank; and assets transferred into other consolidated and unconsolidated structured entities. The impact of these restrictions has been disclosed in Notes 9 and 27. Aside from non-controlling interests disclosed in Note 21, there were no significant restrictions on the ability of the Bank to access or use the assets or settle the liabilities of subsidiaries within the group as a result of protective rights of non-controlling interests. |
Significant and subsequent even
Significant and subsequent events, and pending transactions | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Significant and subsequent events, and pending transactions | NOTE 35: SIGNIFICANT AND SUBSEQUENT EVENTS, AND PENDING TRANSACTIONS Bank Supports Acquisition of TD Ameritrade Holding Corporation by The Charles Schwab Corporation On November 25, 2019, the Bank announced its support for the acquisition of TD Ameritrade, of which the Bank is a major shareholder, by The Charles Schwab Corporation (Schwab), through a definitive agreement announced by those companies. Under the terms of the transaction, all TD Ameritrade shareholders, including the Bank, would exchange each TD Ameritrade share they own for 1.0837 shares of Schwab. As a result, the Bank will exchange its approximate 43% ownership in TD Ameritrade for an approximate 13.4% stake in Schwab, consisting of up to 9.9% voting common shares and the remainder in non-voting common shares, convertible upon transfer to a third party. TD expects to record a revaluation gain at closing. The transaction is subject to certain closing conditions, including majority approval by the shareholders of each of TD Ameritrade and Schwab, and majority approval of TD Ameritrade's shareholders other than TD and certain other shareholders of TD Ameritrade that have entered into voting agreements. In addition, the transaction is subject to receipt of regulatory approvals. The transaction is expected to close in the second half of calendar 2020, subject to all applicable closing conditions having been satisfied. If the transaction closes, it is expected to have minimal capital impact on the Bank, and the Bank expects to account for its investment in Schwab using the equity method of accounting. The Bank and Schwab have entered into a new Stockholders' Agreement that will become effective upon closing, under which the Bank will have two seats on Schwab's Board of Directors, subject to the Bank meeting certain conditions. Under the agreement, the Bank will be subject to customary standstill and lockup restrictions. The Bank and Schwab have also entered into a revised and extended long-term IDA agreement that will become effective upon closing and extends to 2031. Starting on July 1, 2021, IDA deposits, which were $142 billion (US$108 billion) as at October 31, 2019, can be reduced at Schwab's option by up to US$10 billion a year, with a floor of US$50 billion. The servicing fee under the revised IDA agreement will be set at 15 bps upon closing. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2019 | |
Statement [LineItems] | |
Basis Of Consolidation | BASIS OF CONSOLIDATION The Consolidated Financial Statements include the assets, liabilities, results of operations, and cash flows of the Bank and its subsidiaries including certain structured entities which it controls. The Bank controls an entity when (1) it has the power to direct the activities of the entity which have the most significant impact on the entity's risks and/or returns; (2) it is exposed to significant risks and/or returns arising from the entity; and (3) it is able to use its power to affect the risks and/or returns to which it is exposed. The Bank's Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. All intercompany transactions, balances, and unrealized gains and losses on transactions are eliminated on consolidation. Subsidiaries Subsidiaries are corporations or other legal entities controlled by the Bank, generally through directly holding more than half of the voting power of the entity. Control of subsidiaries is determined based on the power exercisable through ownership of voting rights and is generally aligned with the risks and/or returns (collectively referred to as "variable returns") absorbed from subsidiaries through those voting rights. As a result, the Bank controls and consolidates subsidiaries when it holds the majority of the voting rights of the subsidiary, unless there is evidence that another investor has control over the subsidiary. The existence and effect of potential voting rights that are currently exercisable or convertible are considered in assessing whether the Bank controls an entity. Subsidiaries are consolidated from the date the Bank obtains control and continue to be consolidated until the date when control ceases to exist. The Bank may consolidate certain subsidiaries where it owns 50% or less of the voting rights. Most of those subsidiaries are structured entities as described in the following section. Structured Entities Structured entities are entities that are created to accomplish a narrow and well-defined objective. Structured entities may take the form of a corporation, trust, partnership, or unincorporated entity. They are often created with legal arrangements that impose limits on the decision-making • The Bank has the power to direct the activities of the structured entity that have the most significant impact on the entity's risks and/or returns; • The Bank is exposed to significant variable returns arising from the entity; and • The Bank has the ability to use its power to affect the risks and/or returns to which it is exposed. Consolidation conclusions are reassessed at the end of each financial reporting period. The Bank's policy is to consider the impact on consolidation of all significant changes in circumstances, focusing on the following: • Substantive changes in ownership, such as the purchase or disposal of more than an insignificant additional interest in an entity; • Changes in contractual or governance arrangements of an entity; • Additional activities undertaken, such as providing a liquidity facility beyond the original terms or entering into a transaction not originally contemplated; or • Changes in the financing structure of an entity. Investments in Associates and Joint Ventures Entities over which the Bank has significant influence are associates and entities over which the Bank has joint control are joint ventures. Significant influence is the power to participate in the financial and operating policy decisions of an investee, but is not control or joint control over these entities. Associates and joint ventures are accounted for using the equity method of accounting. Investments in associates and joint ventures are carried on the Consolidated Balance Sheet initially at cost and increased or decreased to recognize the Bank's share of the profit or loss of the associate or joint venture, capital transactions, including the receipt of any dividends, and write-downs to reflect any impairment in the value of such entities. These increases or decreases, together with any gains and losses realized on disposition, are reported on the Consolidated Statement of Income. At each balance sheet date, the Bank assesses whether there is any objective evidence that the investment in an associate or joint venture is impaired. The Bank calculates the amount of impairment as the difference between the higher of fair value or value-in-use and its carrying value. Non-controlling Interests When the Bank does not own all of the equity of a consolidated entity, the minority shareholders' interest is presented on the Consolidated Balance Sheet as Non-controlling |
Cash And Due From Banks | CASH AND DUE FROM BANKS Cash and due from banks consist of cash and amounts due from banks which are issued by investment grade financial institutions. These amounts are due on demand or have an original maturity of three months or less. |
Revenue Recognition | REVENUE RECOGNITION Revenue is recognized at an amount that reflects the consideration the Bank expects to be entitled to in exchange for transferring services to a customer, excluding amounts collected on behalf of third parties. The Bank recognizes revenue when it transfers control of a good or a service to a customer at a point in time or over time. The determination of when performance obligations are satisfied requires the use of judgment. Refer to Note 3 for further details. The Bank identifies contracts with customers subject to IFRS 15, which create enforceable rights and obligations. The Bank determines the performance obligations based on distinct services promised to the customers in the contracts. The Bank's contracts generally have a term of one year or less, consist of a single performance obligation, and the performance obligations generally reflect services. For each contract, the Bank determines the transaction price, which includes estimating variable consideration and assessing whether the price is constrained. Variable consideration is included in the transaction price to the extent that it is highly probable that a significant reversal of the amount will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. As such, the estimate of the variable consideration is constrained until the end of the invoicing period. The uncertainty is generally resolved at the end of the reporting period and as such, no significant judgment is required when recognizing variable consideration in revenues. The Bank's receipt of payment from customers generally occurs subsequent to the satisfaction of performance obligations or a short time thereafter. As such, the Bank has not recognized any material contract assets (unbilled receivables) or contract liabilities (deferred revenues) and there is no significant financing component associated with the consideration due to the Bank. When another party is involved in the transfer of services to a customer, an assessment is made to evaluate whether the Bank is the principal such that revenues are reported on a gross basis or the agent such that revenues are reported on a net basis. The Bank is the principal when it controls the services in the contract promised to the customer before they are transferred. Control is demonstrated by the Bank being primarily responsible for fulfilling the transfer of the services to the customer, having discretion in establishing pricing of the services, or both. Interest from interest-bearing assets and liabilities not measured at fair value through profit or loss is recognized as net interest income using the effective interest rate (EIR). EIR is the rate that discounts expected future cash flows for the expected life of the financial instrument to its carrying value. The calculation takes into account the contractual interest rate, along with any fees or incremental costs that are directly attributable to the instrument and all other premiums or discounts. Investment and securities services Investment and securities services income include asset management fees, administration and commission fees, and investment banking fees. The Bank recognizes asset management and administration fees based on time elapsed, which depicts the rendering of investment management and related services over time. The fees are primarily calculated based on average daily or point in time assets under management (AUM) or assets under administration (AUA) depending on the investment mandate. Commission fees include sales, trailer and brokerage commissions. Sales and brokerage commissions are generally recognized at a point in time when the transaction is executed. Trailer commissions are recognized over time and are generally calculated based on the average daily net asset value of the fund during the period. Investment banking fees include advisory fees and underwriting fees and are generally recognized at a point in time upon successful completion of the engagement. Credit fees Credit fees include liquidity fees, restructuring fees, letter of credit fees, and loan syndication fees. Liquidity, restructuring, and letter of credit fees are recognized in income over the period in which the service is provided. Loan syndication fees are generally recognized at a point in time upon completion of the financing placement. Service charges Service charges income is earned on personal and commercial deposit accounts and consists of account fees and transaction-based service charges. Account fees relate to account maintenance activities and are recognized in income over the period in which the service is provided. Transaction-based service charges are recognized as earned at a point in time when the transaction is complete. Card services Card services income includes interchange income as well as card fees such as annual and transactional fees. Interchange income is recognized at a point in time when the transaction is authorized and funded. Card fees are recognized as earned at the transaction date with the exception of annual fees, which are recognized over a twelve-month period. |
Share Capital | SHARE CAPITAL The Bank classifies financial instruments that it issues as either financial liabilities, equity instruments, or compound instruments. Issued instruments that are mandatorily redeemable or convertible into a variable number of the Bank's common shares at the holder's option are classified as liabilities on the Consolidated Balance Sheet. Dividend or interest payments on these instruments are recognized in Interest expense on the Consolidated Statement of Income. Issued instruments are classified as equity when there is no contractual obligation to transfer cash or other financial assets. Further, issued instruments that are not mandatorily redeemable or that are not convertible into a variable number of the Bank's common shares at the holder's option, are classified as equity and presented in share capital. Incremental costs directly attributable to the issue of equity instruments are included in equity as a deduction from the proceeds, net of tax. Dividend payments on these instruments are recognized as a reduction in equity. Compound instruments are comprised of both liability and equity components in accordance with the substance of the contractual arrangement. At inception, the fair value of the liability component is initially measured with any residual amount assigned to the equity component. Transaction costs are allocated proportionately to the liability and equity components. Common or preferred shares held by the Bank are classified as treasury shares in equity, and the cost of these shares is recorded as a reduction in equity. Upon the sale of treasury shares, the difference between the sale proceeds and the cost of the shares is recorded in or against contributed surplus. |
Guarantess | GUARANTEES The Bank issues guarantee contracts that require payments to be made to guaranteed parties based on: (1) changes in the underlying economic characteristics relating to an asset or liability of the guaranteed party; (2) failure of another party to perform under an obligating agreement; or (3) failure of another third party to pay its indebtedness when due. Guarantees are initially measured and recorded at their fair value. The fair value of a guarantee liability at initial recognition is normally equal to the present value of the guarantee fees received over the life of contract. The Bank's release from risk is recognized over the term of the guarantee using a systematic and rational amortization method. If a guarantee meets the definition of a derivative, it is carried at fair value on the Consolidated Balance Sheet and reported as a derivative asset or derivative liability at fair value. Guarantees that are considered derivatives are a type of credit derivative contracts which are over-the-counter (OTC) contracts designed to transfer the credit risk in an underlying financial instrument from one counterparty to another. |
Derivatives | DERIVATIVES Derivatives are instruments that derive their value from changes in underlying interest rates, foreign exchange rates, credit spreads, commodity prices, equities, or other financial or non-financial measures. Such instruments include interest rate, foreign exchange, equity, commodity, and credit derivative contracts. The Bank uses these instruments for trading and non-trading purposes. Derivatives are carried at their fair value on the Consolidated Balance Sheet. Derivatives Held-for-Trading Purposes The Bank enters into trading derivative contracts to meet the needs of its customers, to provide liquidity and market-making related activities, and in certain cases, to manage risks related to its trading portfolios. The realized and unrealized gains or losses on trading derivatives are recognized in trading income (loss). Derivatives Held for Non-trading Purposes Non-trading derivatives are primarily used to manage interest rate, foreign exchange, and other market risks of the Bank's traditional banking activities. When derivatives are held for non-trading purposes and when the transactions meet the hedge accounting requirements of IAS 39, they are presented as non-trading derivatives and receive hedge accounting treatment, as appropriate. Certain derivative instruments that are held for economic hedging purposes, and do not meet the hedge accounting requirements of IAS 39, are also presented as non-trading derivatives with the change in fair value of these derivatives recognized in non-interest income. Hedging Relationships Hedge Accounting At the inception of a hedging relationship, the Bank documents the relationship between the hedging instrument and the hedged item, its risk management objective, and its strategy for undertaking the hedge. The Bank also requires a documented assessment, both at hedge inception and on an ongoing basis, of whether or not the derivatives that are used in hedging relationships are highly effective in offsetting the changes attributable to the hedged risks in the fair values or cash flows of the hedged items. In order to be considered effective, the hedging instrument and the hedged item must be highly and inversely correlated such that the changes in the fair value of the hedging instrument will substantially offset the effects of the hedged exposure to the Bank throughout the term of the hedging relationship. If a hedging relationship becomes ineffective, it no longer qualifies for hedge accounting and any subsequent change in the fair value of the hedging instrument is recognized in Non-interest income on the Consolidated Statement of Income. Changes in fair value relating to the derivative component excluded from the assessment of hedge effectiveness, is recognized in Non-interest income on the Consolidated Statement of Income. When derivatives are designated as hedges, the Bank classifies them either as: (1) hedges of the changes in fair value of recognized assets or liabilities or firm commitments (fair value hedges); (2) hedges of the variability in highly probable future cash flows attributable to a recognized asset or liability, or a forecasted transaction (cash flow hedges); or (3) hedges of net investments in a foreign operation (net investment hedges). Interest Rate Benchmark Reform A hedging relationship is affected by interest rate benchmark reform if it gives rise to uncertainties about (a) the interest rate benchmark (contractually or non-contractually specified) designated as a hedged risk; and/or (b) the timing or the amount of interest rate benchmark-based cash flows of the hedged item or of the hedging instrument. For such hedging relationships, the following temporary exceptions apply during the period of uncertainty: • when assessing whether a forecast transaction is highly probable or expected to occur, it is assumed that the interest rate benchmark on which the hedged cash flows (contractually or noncontractually specified) are based is not altered as a result of interest rate benchmark reform; • when assessing whether a hedge is expected to be highly effective, it is assumed that the interest rate benchmark on which the hedged cash flows and/or the hedged risk (contractually or noncontractually specified) are based, or the interest rate benchmark on which the cash flows of the hedging instrument are based, is not altered as a result of interest rate benchmark reform; • a hedge is not required to be discontinued if the actual results of the hedge are outside of a range of 80–125 per cent as a result of interest rate benchmark reform; • for a hedge of a non-contractually specified benchmark portion of interest rate risk, the requirement that the risk component is separately identifiable need only be met at the inception of the hedging relationship. Fair Value Hedges The Bank's fair value hedges principally consist of interest rate swaps that are used to protect against changes in the fair value of fixed-rate long-term financial instruments due to movements in market interest rates. Changes in the fair value of derivatives that are designated and qualify as fair value hedging instruments are recognized in Non-interest income on the Consolidated Statement of Income, along with changes in the fair value of the assets, liabilities, or group thereof that are attributable to the hedged risk. Any change in fair value relating to the ineffective portion of the hedging relationship is recognized immediately in non-interest income. The cumulative adjustment to the carrying amount of the hedged item (the basis adjustment) is amortized to the Consolidated Statement of Income in Net interest income based on a recalculated EIR over the remaining expected life of the hedged item, with amortization beginning no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the hedged risk. Where the hedged item has been derecognized, the basis adjustment is immediately released to Net interest income or Non-interest income, as applicable, on the Consolidated Statement of Income. Cash Flow Hedges The Bank is exposed to variability in future cash flows attributable to interest rate, foreign exchange rate, and equity price risks. The amounts and timing of future cash flows are projected for each hedged exposure on the basis of their contractual terms and other relevant factors, including estimates of prepayments and defaults. The effective portion of the change in the fair value of the derivative that is designated and qualifies as a cash flow hedge is initially recognized in other comprehensive income. The change in fair value of the derivative relating to the ineffective portion is recognized immediately in non-interest income. Amounts in accumulated other comprehensive income (AOCI) attributable to interest rate, foreign exchange rate, and equity price components, as applicable, are reclassified to Net interest income or Non-interest income on the Consolidated Statement of Income in the period in which the hedged item affects income, and are reported in the same income statement line as the hedged item. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in AOCI at that time remains in AOCI until the forecasted transaction impacts the Consolidated Statement of Income. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in AOCI is immediately reclassified to Net interest income or Non-interest income, as applicable, on the Consolidated Statement of Income. Net Investment Hedges Hedges of net investments in foreign operations are accounted for similar to cash flow hedges. The change in fair value on the hedging instrument relating to the effective portion is recognized in other comprehensive income. The change in fair value of the hedging instrument relating to the ineffective portion is recognized immediately in non-interest income. Gains and losses in AOCI are reclassified to the Consolidated Statement of Income upon the disposal or partial disposal of the investment in the foreign operation. The Bank designates derivatives and non-derivatives (such as foreign currency deposit liabilities) as hedging instruments in net investment hedges. Embedded Derivatives Derivatives may be embedded in certain instruments, including financial liabilities (the host instrument). Embedded derivatives are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host instrument, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined contract is not held-for-trading or designated at FVTPL. These embedded derivatives, which are bifurcated from the host contract, are recognized on the Consolidated Balance Sheet as Derivatives and measured at fair value with subsequent changes recognized in Non-interest income on the Consolidated Statement of Income. |
Translation And Presentation Of Foreign Currencies | TRANSLATION AND PRESENTATION OF FOREIGN CURRENCIES The Bank's Consolidated Financial Statements are presented in Canadian dollars. Items included in the financial statements of each of the Bank's entities are measured using their functional currency, which is the currency of the primary economic environment in which they operate. Monetary assets and liabilities denominated in a currency that differs from an entity's functional currency are translated into the functional currency of the entity at exchange rates prevailing at the balance sheet date. Non-monetary assets and liabilities are translated at historical exchange rates. Income and expenses are translated into an entity's functional currency at average exchange rates for the period. Translation gains and losses are included in non-interest income except for equity investments designated at FVOCI where unrealized translation gains and losses are recorded in other comprehensive income. Foreign operations are those with a functional currency other than Canadian dollars. For the purpose of translation into the Bank's presentation currency, all assets and liabilities are first measured in the functional currency of the foreign operation and subsequently, translated at exchange rates prevailing at the balance sheet date. Income and expenses are translated at average exchange rates for the period. Unrealized translation gains and losses relating to these foreign operations, net of gains or losses arising from net investment hedges and applicable income taxes, are included in other comprehensive income. Translation gains and losses in AOCI are recognized on the Consolidated Statement of Income upon the disposal or partial disposal of the foreign operation. The investment balance of foreign entities accounted for by the equity method, including TD Ameritrade, is translated into Canadian dollars using exchange rates prevailing at the balance sheet date with exchange gains or losses recognized in other comprehensive income. |
Offsetting Of Financial Instruments | OFFSETTING OF FINANCIAL INSTRUMENTS Financial assets and liabilities are offset, with the net amount presented on the Consolidated Balance Sheet, only if the Bank currently has a legally enforceable right to set off the recognized amounts, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. In all other situations, assets and liabilities are presented on a gross basis. |
Determination Of Fair Value | DETERMINATION OF FAIR VALUE The fair value of a financial instrument on initial recognition is normally the transaction price, such as the fair value of the consideration given or received. The best evidence of fair value is quoted prices in active markets. When financial assets and liabilities have offsetting market risks or credit risks, the Bank applies the portfolio exception, as described in Note 5, and uses mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies the most representative price within the bid-ask spread to the net open position, as appropriate. When there is no active market for the instrument, the fair value may be based on other observable current market transactions involving the same or similar instrument, without modification or repackaging, or is based on a valuation technique which maximizes the use of observable market inputs. The Bank recognizes various types of valuation adjustments to account for factors that market participants would use in determining fair value which are not included in valuation techniques due to system limitations or measurement uncertainty. Valuation adjustments reflect the Bank's assessment of factors that market participants would use in pricing the asset or liability. These include, but are not limited to, the unobservability of inputs used in the pricing model, or assumptions about risk, such as creditworthiness of each counterparty and risk premiums that market participants would require given the inherent risk in the pricing model. If there is a difference between the initial transaction price and the value based on a valuation technique, the difference is referred to as inception profit or loss. Inception profit or loss is recognized upon initial recognition of the instrument only if the fair value is based on observable inputs. When an instrument is measured using a valuation technique that utilizes significant non-observable inputs, it is initially valued at the transaction price, which is considered the best estimate of fair value. Subsequent to initial recognition, any difference between the transaction price and the value determined by the valuation technique at initial recognition is recognized as non-observable inputs become observable. If the fair value of a financial asset measured at fair value becomes negative, it is recognized as a financial liability until either its fair value becomes positive, at which time it is recognized as a financial asset, or until it is extinguished. |
Derecognition Of Financial Instruments | DERECOGNITION OF FINANCIAL INSTRUMENTS Financial Assets The Bank derecognizes a financial asset when the contractual rights to that asset have expired. Derecognition may also be appropriate where the contractual right to receive future cash flows from the asset have been transferred, or where the Bank retains the rights to future cash flows from the asset, but assumes an obligation to pay those cash flows to a third party subject to certain criteria. When the Bank transfers a financial asset, it is necessary to assess the extent to which the Bank has retained the risks and rewards of ownership of the transferred asset. If substantially all the risks and rewards of ownership of the financial asset have been retained, the Bank continues to recognize the financial asset and also recognizes a financial liability for the consideration received. Certain transaction costs incurred are also capitalized and amortized using EIRM. If substantially all the risks and rewards of ownership of the financial asset have been transferred, the Bank will derecognize the financial asset and recognize separately as assets or liabilities any rights and obligations created or retained in the transfer. The Bank determines whether substantially all the risks and rewards have been transferred by quantitatively comparing the variability in cash flows before and after the transfer. If the variability in cash flows does not change significantly as a result of the transfer, the Bank has retained substantially all of the risks and rewards of ownership. If the Bank neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset, the Bank derecognizes the financial asset where it has relinquished control of the financial asset. The Bank is considered to have relinquished control of the financial asset where the transferee has the practical ability to sell the transferred financial asset. Where the Bank has retained control of the financial asset, it continues to recognize the financial asset to the extent of its continuing involvement in the financial asset. Under these circumstances, the Bank usually retains the rights to future cash flows relating to the asset through a residual interest and is exposed to some degree of risk associated with the financial asset. The derecognition criteria are also applied to the transfer of part of an asset, rather than the asset as a whole, or to a group of similar financial assets in their entirety, when applicable. If transferring a part of an asset, it must be a specifically identified cash flow, a fully proportionate share of the asset, or a fully proportionate share of a specifically identified cash flow. Securitization Securitization is the process by which financial assets are transformed into securities. The Bank securitizes financial assets by transferring those financial assets to a third party and as part of the securitization, certain financial assets may be retained and may consist of an interest-only strip and, in some cases, a cash reserve account (collectively referred to as "retained interests"). If the transfer qualifies for derecognition, a gain or loss is recognized immediately in other income after the effects of hedges on the assets sold, if applicable. The amount of the gain or loss is calculated as the difference between the carrying amount of the asset transferred and the sum of any cash proceeds received, including any financial asset received or financial liability assumed, and any cumulative gain or loss allocated to the transferred asset that had been recognized AOCI. To determine the value of the retained interest initially recorded, the previous carrying value of the transferred asset is allocated between the amount derecognized from the balance sheet and the retained interest recorded, in proportion to their relative fair values on the date of transfer. Subsequent to initial recognition, as market prices are generally not available for retained interests, fair value is determined by estimating the present value of future expected cash flows using management's best estimates of key assumptions that market participants would use in determining fair value. Refer to Note 3 for assumptions used by management in determining the fair value of retained interests. Retained interest is classified as trading securities with subsequent changes in fair value recorded in trading income. Where the Bank retains the servicing rights, the benefits of servicing are assessed against market expectations. When the benefits of servicing are more than adequate, a servicing asset is recognized. Similarly, when the benefits of servicing are less than adequate, a servicing liability is recognized. Servicing assets and servicing liabilities are initially recognized at fair value and subsequently carried at amortized cost. Financial Liabilities The Bank derecognizes a financial liability when the obligation under the liability is discharged, cancelled, or expires. If an existing financial liability is replaced by another financial liability from the same lender on substantially different terms or where the terms of the existing liability are substantially modified, the original liability is derecognized and a new liability is recognized with the difference in the respective carrying amounts recognized on the Consolidated Statement of Income. Securities Purchased Under Reverse Repurchase Agreements, Securities Sold Under Repurchase Agreements, and Securities Borrowing and Lending Securities purchased under reverse repurchase agreements involve the purchase of securities by the Bank under agreements to resell the securities at a future date. These agreements are treated as collateralized lending transactions whereby the Bank takes possession of the purchased securities, but does not acquire the risks and rewards of ownership. The Bank monitors the market value of the purchased securities relative to the amounts due under the reverse repurchase agreements, and when necessary, requires transfer of additional collateral. In the event of counterparty default, the agreements provide the Bank with the right to liquidate the collateral held and offset the proceeds against the amount owing from the counterparty. Obligations related to securities sold under repurchase agreements involve the sale of securities by the Bank to counterparties under agreements to repurchase the securities at a future date. These agreements do not result in the risks and rewards of ownership being relinquished and are treated as collateralized borrowing transactions. The Bank monitors the market value of the securities sold relative to the amounts due under the repurchase agreements, and when necessary, transfers additional collateral and may require counterparties to return collateral pledged. Certain transactions that do not meet derecognition criteria are also included in obligations related to securities sold under repurchase agreements. Refer to Note 9 for further details. Securities purchased under reverse repurchase agreements and obligations related to securities sold under repurchase agreements are initially recorded on the Consolidated Balance Sheet at the respective prices at which the securities were originally acquired or sold, plus accrued interest. Subsequently, the agreements are measured at amortized cost on the Consolidated Balance Sheet, plus accrued interest. Interest earned on reverse repurchase agreements and interest incurred on repurchase agreements is determined using EIRM and is included in Interest income and Interest expense, respectively, on the Consolidated Statement of Income. In security lending transactions, the Bank lends securities to a counterparty and receives collateral in the form of cash or securities. If cash collateral is received, the Bank records the cash along with an obligation to return the cash as an obligation related to Securities sold under repurchase agreements on the Consolidated Balance Sheet. Where securities are received as collateral, the Bank does not record the collateral on the Consolidated Balance Sheet. In securities borrowing transactions, the Bank borrows securities from a counterparty and pledges either cash or securities as collateral. If cash is pledged as collateral, the Bank records the transaction as securities purchased under reverse repurchase agreements on the Consolidated Balance Sheet. Securities pledged as collateral remain on the Bank's Consolidated Balance Sheet. Where securities are pledged or received as collateral, security borrowing fees and security lending income are recorded in Non-interest income on the Consolidated Statement of Income over the term of the transaction. Where cash is pledged or received as collateral, interest received or incurred is included in Interest income and Interest expense, respectively, on the Consolidated Statement of Income. Physical commodities purchased or sold with an agreement to sell or repurchase the physical commodities at a later date at a fixed price, are also included in securities purchased under reverse repurchase agreements and obligations related to securities sold under repurchase agreements, respectively, if the derecognition criteria are not met. These instruments are measured at fair value. |
Goodwill | GOODWILL Goodwill represents the excess purchase price paid over the net fair value of identifiable assets and liabilities acquired in a business combination. Goodwill is carried at its initial cost less accumulated impairment losses. Goodwill is allocated to a cash-generating unit (CGU) or a group of CGUs that is expected to benefit from the synergies of the business combination, regardless of whether any assets acquired and liabilities assumed are assigned to the CGU or group of CGUs. A CGU is the smallest identifiable group of assets that generates cash flows largely independent of the cash inflows from other assets or groups of assets. Each CGU or group of CGUs, to which goodwill is allocated, represents the lowest level within the Bank at which the goodwill is monitored for internal management purposes and is not larger than an operating segment. Goodwill is assessed for impairment at least annually and when an event or change in circumstances indicates that the carrying amount may be impaired. When impairment indicators are present, the recoverable amount of the CGU or group of CGUs, which is the higher of its estimated fair value less costs of disposal and its value-in-use, is determined. If the carrying amount of the CGU or group of CGUs is higher than its recoverable amount, an impairment loss exists. The impairment loss is recognized on the Consolidated Statement of Income and cannot be reversed in future periods. |
Intangible Assets | INTANGIBLE ASSETS Intangible assets represent identifiable non-monetary assets and are acquired either separately or through a business combination, or internally generated software. The Bank's intangible assets consist primarily of core deposit intangibles, credit card related intangibles, and software intangibles. Intangible assets are initially recognized at fair value and are amortized over their estimated useful lives (3 to 20 years) proportionate to their expected economic benefits, except for software which is amortized over its estimated useful life (3 to 7 years) on a straight-line basis. The Bank assesses its intangible assets for impairment on a quarterly basis. When impairment indicators are present, the recoverable amount of the asset, which is the higher of its estimated fair value less costs of disposal and its value-in-use, is determined. If the carrying amount of the asset is higher than its recoverable amount, the asset is written down to its recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Bank estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognized on the Consolidated Statement of Income in the period in which the impairment is identified. Impairment losses recognized previously are assessed and reversed if the circumstances leading to the impairment are no longer present. Reversal of any impairment loss will not exceed the carrying amount of the intangible asset that would have been determined had no impairment loss been recognized for the asset in prior periods. |
Land, Buildings, Equipments, And Other Depriciable Assets | LAND, BUILDINGS, EQUIPMENT, AND OTHER DEPRECIABLE ASSETS Land is recognized at cost. Buildings, computer equipment, furniture and fixtures, other equipment, and leasehold improvements are recognized at cost less accumulated depreciation and provisions for impairment, if any. Gains and losses on disposal are included in Non-interest income on the Consolidated Statement of Income. Assets leased under a finance lease are capitalized as assets and depreciated on a straight-line basis over the lesser of the lease term and the estimated useful life of the asset. The Bank records the obligation associated with the retirement of a long-lived asset at fair value in the period in which it is incurred and can be reasonably estimated, and records a corresponding increase to the carrying amount of the asset. The asset is depreciated on a straight-line basis over its remaining useful life while the liability is accreted to reflect the passage of time until the eventual settlement of the obligation. Depreciation is recognized on a straight-line basis over the useful lives of the assets estimated by asset category, as follows: Asset Useful Life Buildings 15 to 40 years Computer equipment 2 to 8 years Furniture and fixtures 3 to 15 years Other equipment 5 to 15 years Leasehold improvements Lesser of the remaining lease term and the remaining useful life of the asset The Bank assesses its depreciable assets for impairment on a quarterly basis. When impairment indicators are present, the recoverable amount of the asset, which is the higher of its estimated fair value less costs to sell and its value-in-use, is determined. If the carrying value of the asset is higher than its recoverable amount, the asset is written down to its recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, the Bank estimates the recoverable amount of the CGU to which the asset belongs. An impairment loss is recognized on the Consolidated Statement of Income in the period in which the impairment is identified. Impairment losses previously recognized are assessed and reversed if the circumstances leading to their impairment are no longer present. Reversal of any impairment loss will not exceed the carrying amount of the depreciable asset that would have been determined had no impairment loss been recognized for the asset in prior periods. |
Non-Current Assets Held For Sale | NON-CURRENT ASSETS HELD-FOR-SALE Individual non-current assets or disposal groups are classified as held-for-sale if they are available for immediate sale in their present condition subject only to terms that are usual and customary for sales of such assets or disposal groups, and their sale must be highly probable to occur within one year. For a sale to be highly probable, management must be committed to a sales plan and initiate an active program to market the sale of the non-current assets or disposal groups. Non-current assets or disposal groups classified as held-for-sale are measured at the lower of their carrying amount and fair value less costs to sell on the Consolidated Balance Sheet. Subsequent to its initial classification as held-for-sale, a non-current asset or disposal group is no longer depreciated or amortized, and any subsequent write-downs in fair value less costs to sell or such increases not in excess of cumulative write-downs, are recognized in Other income on the Consolidated Statement of Income. |
Share-Based Compensation | SHARE-BASED COMPENSATION The Bank grants share options to certain employees as compensation for services provided to the Bank. The Bank uses a binomial tree-based valuation option pricing model to estimate fair value for all share option compensation awards. The cost of the share options is based on the fair value estimated at the grant date and is recognized as compensation expense and contributed surplus over the service period required for employees to become fully entitled to the awards. This period is generally equal to the vesting period in addition to a period prior to the grant date. For the Bank's share options, this period is generally equal to five years. When options are exercised, the amount initially recognized in the contributed surplus balance is reduced, with a corresponding increase in common shares. The Bank has various other share-based compensation plans where certain employees are awarded share units equivalent to the Bank's common shares as compensation for services provided to the Bank. The obligation related to share units is included in other liabilities. Compensation expense is recognized based on the fair value of the share units at the grant date adjusted for changes in fair value between the grant date and the vesting date, net of hedging activities, over the service period required for employees to become fully entitled to the awards. This period is generally equal to the vesting period, in addition to a period prior to the grant date. For the Bank's share units, this period is generally equal to four years. |
Employee Benefits | EMPLOYEE BENEFITS Defined Benefit Plans Actuarial valuations are prepared at least every three years to determine the present value of the projected benefit obligation related to the Bank's principal pension and non-pension post-retirement benefit plans. In periods between actuarial valuations, an extrapolation is performed based on the most recent valuation completed. All actuarial gains and losses are recognized immediately in other comprehensive income, with cumulative gains and losses reclassified to retained earnings. Pension and non-pension post-retirement benefit expenses are determined based upon separate actuarial valuations using the projected benefit method pro-rated on service and management's best estimates of discount rate, compensation increases, health care cost trend rate, and mortality rates, which are reviewed annually with the Bank's actuaries. The discount rate used to value liabilities is determined by reference to market yields on high-quality corporate bonds with terms matching the plans' specific cash flows . The fair value of plan assets and the present value of the projected benefit obligation are measured as at October 31. The net defined benefit asset or liability represents the difference between the cumulative actuarial gains and losses, expenses, and recognized contributions and is reported in other assets or other liabilities. Net defined benefit assets recognized by the Bank are subject to a ceiling which limits the asset recognized on the Consolidated Balance Sheet to the amount that is recoverable through refunds of contributions or future contribution holidays. In addition, where a regulatory funding deficit exists related to a defined benefit plan, the Bank is required to record a liability equal to the present value of all future cash payments required to eliminate that deficit. Defined Contribution Plans For defined contribution plans, annual pension expense is equal to the Bank's contributions to those plans. |
Insurance | INSURANCE Premiums for short-duration insurance contracts are deferred as unearned premiums and reported in non-interest income on a straight-line basis over the contractual term of the underlying policies, usually twelve months. Such premiums are recognized net of amounts ceded for reinsurance and apply primarily to property and casualty contracts. Unearned premiums are reported in insurance-related liabilities, gross of premiums ceded to reinsurers which are recognized in other assets. Premiums from life and health insurance policies are recognized as income when earned in insurance revenue. For property and casualty insurance, insurance claims and policy benefit liabilities represent current claims and estimates for future claims related to insurable events occurring at or before the Consolidated Balance Sheet date. These are determined by the appointed actuary in accordance with accepted actuarial practices and are reported as other liabilities. Expected claims and policy benefit liabilities are determined on a case-by-case basis and consider such variables as past loss experience, current claims trends and changes in the prevailing social, economic, and legal environment. These liabilities are continually reviewed, and as experience develops and new information becomes known, the liabilities are adjusted as necessary. In addition to reported claims information, the liabilities recognized by the Bank include a provision to account for the future development of insurance claims, including insurance claims incurred but not reported by policyholders (IBNR). IBNR liabilities are evaluated based on historical development trends and actuarial methodologies for groups of claims with similar attributes. For life and health insurance, actuarial liabilities represent the present values of future policy cash flows as determined using standard actuarial valuation practices. Actuarial liabilities are reported in insurance-related liabilities with changes reported in insurance claims and related expenses. |
Provisions | PROVISIONS Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result of a past event, the amount of which can be reliably estimated, and it is probable that an outflow of resources will be required to settle the obligation. Provisions are measured based on management's best estimate of the consideration required to settle the obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. If the effect of the time value of money is material, provisions are measured at the present value of the expenditure expected to be required to settle the obligation, using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the obligation. |
Income Taxes | INCOME TAXES Income tax is comprised of current and deferred tax. Income tax is recognized on the Consolidated Statement of Income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case the related taxes are also recognized in other comprehensive income or directly in equity, respectively. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities on the Consolidated Balance Sheet and the amounts attributed to such assets and liabilities for tax purposes. Deferred tax assets and liabilities are determined based on the tax rates that are expected to apply when the assets or liabilities are reported for tax purposes. Deferred tax assets are recognized only when it is probable that sufficient taxable profit will be available in future periods against which deductible temporary differences may be utilized. Deferred tax liabilities are not recognized on temporary differences arising on investments in subsidiaries, branches, and associates, and interests in joint ventures if the Bank controls the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Bank records a provision for uncertain tax positions if it is probable that the Bank will have to make a payment to tax authorities upon their examination of a tax position. This provision is measured at the Bank's best estimate of the amount expected to be paid. Provisions are reversed to income in provision for (recovery of) income taxes in the period in which management determines they are no longer required or as determined by statute. |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The fair value of financial instruments traded in active markets at the balance sheet date is based on their quoted market prices. For all other financial instruments not traded in an active market, fair value may be based on other observable current market transactions involving the same or similar instruments, without modification or repackaging, or is based on a valuation technique which maximizes the use of observable market inputs. Observable market inputs may include interest rate yield curves, foreign exchange rates, and option volatilities. Valuation techniques include comparisons with similar instruments where observable market prices exist, discounted cash flow analysis, option pricing models, and other valuation techniques commonly used by market participants. For certain complex or illiquid financial instruments, fair value is determined using valuation techniques in which current market transactions or observable market inputs are not available. Determining which valuation technique to apply requires judgment. The valuation techniques themselves also involve some level of estimation and judgment. The judgments include liquidity considerations and model inputs such as volatilities, correlations, spreads, discount rates, pre-payment rates, and prices of underlying instruments. Any imprecision in these estimates can affect the resulting fair value. Judgment is also used in recording fair value adjustments to model valuations to account for measurement uncertainty when valuing complex and less actively traded financial instruments. If the market for a complex financial instrument develops, the pricing for this instrument may become more transparent, resulting in refinement of valuation models. For example, IBOR reform may also have an impact on the fair value of products that reference or use valuation models with IBOR inputs. An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 5. |
Derecognition | DERECOGNITION Certain assets transferred may qualify for derecognition from the Bank's Consolidated Balance Sheet. To qualify for derecognition certain key determinations must be made. A decision must be made as to whether the rights to receive cash flows from the financial assets have been retained or transferred and the extent to which the risks and rewards of ownership of the financial assets have been retained or transferred. If the Bank neither transfers nor retains substantially all of the risks and rewards of ownership of the financial asset, a decision must be made as to whether the Bank has retained control of the financial asset. Upon derecognition, the Bank will record a gain or loss on sale of those assets which is calculated as the difference between the carrying amount of the asset transferred and the sum of any cash proceeds received, including any financial asset received or financial liability assumed, and any cumulative gain or loss allocated to the transferred asset that had been recognized in AOCI. In determining the fair value of any financial asset received, the Bank estimates future cash flows by relying on estimates of the amount of interest that will be collected on the securitized assets, the yield to be paid to investors, the portion of the securitized assets that will be prepaid before their scheduled maturity, ECLs, the cost of servicing the assets, and the rate at which to discount these expected future cash flows. Actual cash flows may differ significantly from those estimated by the Bank. Retained interests are classified as trading securities and are initially recognized at relative fair value on the Bank's Consolidated Balance Sheet. Subsequently, the fair value of retained interests recognized by the Bank is determined by estimating the present value of future expected cash flows. Differences between the actual cash flows and the Bank's estimate of future cash flows are recognized in trading income. These assumptions are subject to periodic review and may change due to significant changes in the economic environment. |
Goodwill And Other Intangibles | GOODWILL AND OTHER INTANGIBLES The recoverable amount of the Bank's CGUs is determined from internally developed valuation models that consider various factors and assumptions such as forecasted earnings, growth rates, price-earnings multiples, discount rates, and terminal multiples. Management is required to use judgment in estimating the recoverable amount of CGUs, and the use of different assumptions and estimates in the calculations could influence the determination of the existence of impairment and the valuation of goodwill. Management believes that the assumptions and estimates used are reasonable and supportable. Where possible, assumptions generated internally are compared to relevant market information. The carrying amounts of the Bank's CGUs are determined by management using risk based capital models to adjust net assets and liabilities by CGU. These models consider various factors including market risk, credit risk, and operational risk, including investment capital (comprised of goodwill and other intangibles). Any capital not directly attributable to the CGUs is held within the Corporate segment. The Bank's capital oversight committees provide oversight to the Bank's capital allocation methodologies. |
Consolidation Of Structured Entities | CONSOLIDATION OF STRUCTURED ENTITIES Management judgment is required when assessing whether the Bank should consolidate an entity. For instance, it may not be feasible to determine if the Bank controls an entity solely through an assessment of voting rights for certain structured entities. In this case, judgment is required to establish whether the Bank has decision-making power over the key relevant activities of the entity and whether the Bank has the ability to use that power to absorb significant variable returns from the entity. If it is determined that the Bank has both decision-making power and significant variable returns from the entity, judgment is also used to determine whether any such power is exercised by the Bank as principal, on its own behalf, or as agent, on behalf of another counterparty. Assessing whether the Bank has decision-making power includes understanding the purpose and design of the entity in order to determine its key economic activities. In this context, an entity's key economic activities are those which predominantly impact the economic performance of the entity. When the Bank has the current ability to direct the entity's key economic activities, it is considered to have decision-making power over the entity. The Bank also evaluates its exposure to the variable returns of a structured entity in order to determine if it absorbs a significant proportion of the variable returns the entity is designed to create. As part of this evaluation, the Bank considers the purpose and design of the entity in order to determine whether it absorbs variable returns from the structured entity through its contractual holdings, which may take the form of securities issued by the entity, derivatives with the entity, or other arrangements such as guarantees, liquidity facilities, or lending commitments. If the Bank has decision-making power over the entity and absorbs significant variable returns from the entity, it then determines if it is acting as principal or agent when exercising its decision-making power. Key factors considered include the scope of its decision-making powers; the rights of other parties involved with the entity, including any rights to remove the Bank as decision-maker or rights to participate in key decisions; whether the rights of other parties are exercisable in practice; and the variable returns absorbed by the Bank and by other parties involved with the entity. When assessing consolidation, a presumption exists that the Bank exercises decision-making power as principal if it is also exposed to significant variable returns, unless an analysis of the factors above indicates otherwise. The decisions above are made with reference to the specific facts and circumstances relevant for the structured entity and related transaction(s) under consideration. REVENUE FROM CONTRACTS WITH CUSTOMERS The Bank applies judgment to determine the timing of satisfaction of performance obligations which affects the timing of revenue recognition, by evaluating the pattern in which the Bank transfers control of services promised to the customer. A performance obligation is satisfied over time when the customer simultaneously receives and consumes the benefits as the Bank performs the service. For performance obligations satisfied over time, revenue is generally recognized using the time-elapsed method which is based on time elapsed in proportion to the period over which the service is provided, for example, personal deposit account bundle fees. The time-elapsed method is a faithful depiction of the transfer of control for these services as control is transferred evenly to the customer when the Bank provides a stand-ready service or effort is expended evenly by the Bank to provide a service over the contract period. In contracts where the Bank has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the Bank's performance completed to date, the Bank recognizes revenue in the amount to which it has a right to invoice. The Bank satisfies a performance obligation at a point in time if the customer obtains control of the promised services at that date. Determining when control is transferred requires the use of judgment. For transaction-based services, the Bank determines that control is transferred to the customer at a point in time when the customer obtains substantially all of the benefits from the service rendered and the Bank has a present right to payment, which generally coincides with the moment the transaction is executed. The Bank exercises judgment in determining whether costs incurred in connection with acquiring new revenue contracts would meet the requirement to be capitalized as incremental costs to obtain or fulfil a contract with customers. |
Current Changes in Accounting Policies | CURRENT CHANGES IN ACCOUNTING POLICIES The following new and amended standards have been adopted by the Bank. IBOR Reform and its Effects on Financial Reporting As a result of the effects of Interbank Offered Rates (IBOR) reform, on September 26, 2019, the IASB issued Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39, and IFRS 7, Revenue from Contracts with Customers On November 1, 2018, the Bank adopted IFRS 15, Revenue from Contracts with Customers The adoption of IFRS 15 resulted in a reduction to Shareholders' Equity of $41 million related to certain expenses not eligible for deferral under IFRS 15. The presentation of certain revenue and expense items is changed due to IFRS 15 and reclassified prospectively. These presentation changes are not significant and do not have an impact on net income. In addition to the above changes related to the adoption of IFRS 15, the Bank also changed its accounting policy on securities lending and borrowing transactions. Where securities are received or pledged as collateral, securities lending income and securities borrowing fees are recorded in Non-interest income and Non-interest expenses, respectively, on the Consolidated Statement of Income. This change has been applied retrospectively. Share-based Payment In June 2016, the IASB published amendments to IFRS 2, Share-based Payment |
IFRS9 [member] | |
Statement [LineItems] | |
Financial Instruments Other Than Derivatives | IFRS 9 FINANCIAL INSTRUMENTS On November 1, 2017, the Bank adopted IFRS 9, Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Various interest rates and other indices that are deemed to be "benchmarks" (including Interbank Offered Rate (IBOR) benchmarks) have been, and continue to be, the subject of international regulatory guidance and proposals for reform. Following the announcement by the U.K. Financial Conduct Authority (FCA) on July 27, 2017 indicating that the FCA would no longer compel banks to submit rates for the calculation of London Interbank Offered Rate (LIBOR) post December 31, 2021, efforts to transition away from IBORs to alternative reference rates have been continuing in various jurisdictions. These developments, and the related uncertainty over the potential variance in the timing and manner of implementation in each jurisdiction, introduce risks that may have adverse consequences on the Bank, its clients and the financial services industry. Moreover, the replacement of the IBORs or other benchmark rates could result in market dislocation and have other adverse consequences for market participants. As a result of the effects of IBOR reform, on September 26, 2019, the IASB issued Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39 and IFRS 7 ( Interest Rate Benchmark Reform ); Classification and Measurement of Financial Assets The Bank classifies its financial assets into the following categories: • Amortized cost; • Fair value through other comprehensive income (FVOCI); • Held-for-trading; • Non-trading fair value through profit or loss (FVTPL); and • Designated at FVTPL. The Bank recognizes financial assets on a settlement date basis, except for derivatives and securities, which are recognized on a trade date basis. Debt Instruments The classification and measurement for debt instruments is based on the Bank's business models for managing its financial assets and whether the contractual cash flows represent solely payments of principal and interest (SPPI). Refer to Note 3 for judgment with respect to business models and SPPI. The Bank has determined its business models as follows: • Held-to-collect: the objective is to collect contractual cash flows; • Held-to-collect-and-sell: the objective is both to collect contractual cash flows and sell the financial assets; and • Held-for-sale and other business models: the objective is neither of the above. The Bank performs the SPPI test for financial assets held within the held-to-collect and held-to-collect-and-sell business models. If these financial assets have contractual cash flows which are inconsistent with a basic lending arrangement, they are classified as non-trading financial assets measured at FVTPL. In a basic lending arrangement, interest includes only consideration for time value of money, credit risk, other basic lending risks, and a reasonable profit margin. Debt Securities and Loans Measured at Amortized Cost Debt securities and loans held within a held-to-collect business model where their contractual cash flows pass the SPPI test are measured at amortized cost. The carrying amount of these financial assets is adjusted by an allowance for credit losses recognized and measured as described in the Impairment – Expected Credit Loss Model Debt Securities and Loans Measured at Fair Value through Other Comprehensive Income Debt securities and loans held within a held-to-collect-and-sell business model where their contractual cash flows pass the SPPI test are measured at FVOCI. Fair value changes are recognized in other comprehensive income, except for impairment gains or losses, interest income and foreign exchange gains and losses on the instrument's amortized cost, which are recognized in the Consolidated Statement of Income. The expected credit loss (ECL) allowance is recognized and measured as described in the Impairment – Expected Credit Loss Model Financial Assets Held-for-Trading This held-for-sale business model includes financial assets held within a trading portfolio, which have been originated, acquired, or incurred principally for the purpose of selling in the near term, or if they form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of short-term profit-taking. Financial assets held within this business model consist of trading securities, trading loans, as well as certain debt securities and financing-type physical commodities that are recorded as securities purchased under reverse repurchase agreements on the Consolidated Balance Sheet. Trading portfolio assets are accounted for at fair value, with changes in fair value as well as any gains or losses realized on disposal recognized in trading income (loss). Transaction costs are expensed as incurred. Dividends are recognized on the ex-dividend date and interest is recognized on an accrual basis. Both dividends and interest are included in interest income. Non-Trading Financial Assets Measured at Fair Value through Profit or Loss Non-trading financial assets measured at FVTPL include financial assets held within the held-for-sale and other business models, for example debt securities and loans managed on a fair value basis. Financial assets held within the held-to-collect or held-to-collect-and-sell business models that do not pass the SPPI test are also classified as non-trading financial assets measured at FVTPL. Changes in fair value as well as any gains or losses realized on disposal are recognized in income (loss) from non-trading financial instruments at FVTPL. Interest income from debt instruments is included in interest income on an accrual basis. Financial Assets Designated at Fair Value through Profit or Loss Debt instruments in a held-to-collect or held-to-collect-and-sell business model can be designated at initial recognition as measured at FVTPL, provided the designation can eliminate or significantly reduce an accounting mismatch that would otherwise arise from measuring these financial assets on a different basis. The FVTPL designation is available only for those financial instruments for which a reliable estimate of fair value can be obtained. Once financial assets are designated at FVTPL, the designation is irrevocable. Changes in fair value as well as any gains or losses realized on disposal are recognized in income (loss) from financial instruments designated at FVTPL. Interest income from these financial assets is included in interest income on an accrual basis. Customers Liability under Acceptances Acceptances represent a form of negotiable short-term debt issued by customers, which the Bank guarantees for a fee. Revenue is recognized on an accrual basis. The potential obligation of the Bank is reported as a liability under Acceptances on the Consolidated Balance Sheet. The Bank's recourse against the customer in the event of a call on any of these commitments is reported as an asset of the same amount. Equity Instruments Equity investments are required to be measured at FVTPL (classified as non-trading financial assets measured at FVTPL), except where the Bank has elected at initial recognition to irrevocably designate an equity investment, held for purposes other than trading, at FVOCI. If such an election is made, the fair value changes, including any associated foreign exchange gains or losses, are recognized in other comprehensive income and are not subsequently reclassified to net income, including upon disposal. Realized gains and losses are transferred directly to retained earnings upon disposal. Consequently, there is no review required for impairment. Dividends will normally be recognized in interest income unless the dividends represent a recovery of part of the cost of the investment. Gains and losses on non-trading equity investments measured at FVTPL are included in income (loss) from non-trading financial instruments at FVTPL. Classification and Measurement for Financial Liabilities The Bank classifies its financial liabilities into the following categories: • Held-for-trading; • Designated at FVTPL; and • Other liabilities. Financial Liabilities Held-for-Trading Financial liabilities are held within a trading portfolio if they have been incurred principally for the purpose of repurchasing in the near term, or form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking. Financial liabilities held-for-trading are primarily trading deposits, securitization liabilities at fair value, obligations related to securities sold short and certain obligations related to securities sold under repurchase agreements. Trading portfolio liabilities are accounted for at fair value, with changes in fair value as well as any gains or losses realized on disposal recognized in trading income (loss). Transaction costs are expensed as incurred. Interest is recognized on an accrual basis and included in interest expense. Financial Liabilities Designated at Fair Value through Profit or Loss Certain financial liabilities may be designated at FVTPL at initial recognition. To be designated at FVTPL, financial liabilities must meet one of the following criteria: (1) the designation eliminates or significantly reduces a measurement or recognition inconsistency; (2) a group of financial liabilities is managed and its performance is evaluated on a fair value basis in accordance with a documented risk management or investment strategy; or (3) the instrument contains one or more embedded derivatives unless a) the embedded derivative does not significantly modify the cash flows that otherwise would be required by the contract, or b) it is clear with little or no analysis that separation of the embedded derivative from the financial instrument is prohibited. In addition, the FVTPL designation is available only for those financial instruments for which a reliable estimate of fair value can be obtained. Once financial liabilities are designated at FVTPL, the designation is irrevocable. Financial liabilities designated at FVTPL are carried at fair value on the Consolidated Balance Sheet, with changes in fair value as well as any gains or losses realized on disposal recognized in income (loss) from financial instruments designated at FVTPL, except for the amount of change in fair value attributable to changes in the Bank's own credit risk, which is presented in other comprehensive income. Amounts recognized in other comprehensive income are not subsequently reclassified to net income upon derecognition of the financial liability; instead, they are transferred directly to retained earnings. Changes in fair value attributable to changes in the Bank's own credit risk are measured as the difference between: (i) the period-over-period change in the present value of the expected cash flows using an all-in discount curve reflecting both the interest rate benchmark curve and the Bank's own credit risk; and (ii) the period-over-period change in the present value of the same expected cash flows using a discount curve based solely on the interest rate benchmark curve. For loan commitments and financial guarantee contracts that are designated at FVTPL, the full change in fair value of the liability is recognized in income (loss) from financial instruments designated at FVTPL. Interest is included in interest expense on an accrual basis. Other Financial Liabilities Deposits Deposits, other than deposits included in a trading portfolio and deposits designated at FVTPL, are accounted for at amortized cost. Accrued interest on deposits is included in Other liabilities on the Consolidated Balance Sheet. Interest, including capitalized transaction costs, is recognized on an accrual basis using EIRM as Interest expense on the Consolidated Statement of Income. Subordinated Notes and Debentures Subordinated notes and debentures are accounted for at amortized cost. Accrued interest on subordinated notes and debentures is included in Other liabilities on the Consolidated Balance Sheet. Interest, including capitalized transaction costs, is recognized on an accrual basis using EIRM as Interest expense on the Consolidated Statement of Income. Reclassification of Financial Assets and Liabilities Financial assets and financial liabilities are not reclassified subsequent to their initial recognition, except for financial assets for which the Bank changes its business model for managing financial assets. Such reclassifications of financial assets are expected to be rare in practice. Impairment – Expected Credit Loss Model The ECL model applies to financial assets, including loans and debt securities measured at amortized cost, loans and debt securities measured at FVOCI, loan commitments, and financial guarantees that are not measured at FVTPL. The ECL model consists of three stages: Stage 1 – twelve-month ECLs for performing financial assets, Stage 2 – Lifetime ECLs for financial assets that have experienced a significant increase in credit risk since initial recognition, and Stage 3 – Lifetime ECLs for financial assets that are impaired. ECLs are the difference between all contractual cash flows that are due to the Bank in accordance with the contract and all the cash flows the Bank expects to receive, discounted at the original effective interest rate. If a significant increase in credit risk has occurred since initial recognition, impairment is measured as lifetime ECLs. Otherwise, impairment is measured as twelve-month ECLs which represent the portion of lifetime ECLs that are expected to occur based on default events that are possible within twelve months after the reporting date. If credit quality improves in a subsequent period such that the increase in credit risk since initial recognition is no longer considered significant, the loss allowance reverts back to being measured based on twelve-month ECLs. Significant Increase in Credit Risk For retail exposures, significant increase in credit risk is assessed based on changes in the twelve-month probability of default (PD) since initial recognition, using a combination of individual and collective information that incorporates borrower and account specific attributes and relevant forward-looking macroeconomic variables. For non-retail exposures, significant increase in credit risk is assessed based on changes in the internal risk rating (borrower risk ratings (BRR)) since initial recognition. The Bank defines default as delinquency of 90 days or more for most retail products and BRR 9 for non-retail exposures. Exposures are considered impaired and migrate to Stage 3 when they are 90 days or more past due for retail exposures, rated BRR 9 for non-retail exposures, or when there is objective evidence that there has been a deterioration of credit quality to the extent the Bank no longer has reasonable assurance as to the timely collection of the full amount of principal and interest. When determining whether there has been a significant increase in credit risk since initial recognition of a financial asset, the Bank considers all reasonable and supportable information that is available without undue cost or effort about past events, current conditions, and forecast of future economic conditions. Refer to Note 3 for additional details. Measurement of Expected Credit Losses ECLs are measured as the probability-weighted present value of expected cash shortfalls over the remaining expected life of the financial instrument and consider reasonable and supportable information about past events, current conditions, and forecasts of future events and economic conditions that impact the Bank's credit risk assessment. Expected life is the maximum contractual period the Bank is exposed to credit risk, including extension options for which the borrower has unilateral right to exercise. For certain financial instruments that include both a loan and an undrawn commitment, and the Bank's contractual ability to demand repayment and cancel the undrawn commitment does not limit the Bank's exposure to credit losses to the contractual notice period, ECLs are measured over the period the Bank is exposed to credit risk. For example, ECLs for credit cards are measured over the borrowers' expected behavioural life, incorporating survivorship assumptions and borrower-specific attributes. The Bank leverages its Advanced Internal Ratings-Based (AIRB) models used for regulatory capital purposes and incorporates adjustments where appropriate to calculate ECLs. Forward-Looking Information and Expert Credit Judgment Forward-looking information is considered when determining significant increase in credit risk and measuring ECLs. Forward-looking macroeconomic factors are incorporated in the risk parameters as relevant. Qualitative factors that are not already considered in the modelling are incorporated by exercising expert credit judgment in determining the final ECL. Refer to Note 3 for additional details. Modified Loans In cases where a borrower experiences financial difficulties, the Bank may grant certain concessionary modifications to the terms and conditions of a loan. Modifications may include payment deferrals, extension of amortization periods, rate reductions, principal forgiveness, debt consolidation, forbearance and other modifications intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. The Bank has policies in place to determine the appropriate remediation strategy based on the individual borrower. If the Bank determines that a modification results in expiry of cash flows, the original asset is derecognized while a new asset is recognized based on the new contractual terms. Significant increase in credit risk is assessed relative to the risk of default on the date of modification. If the Bank determines that a modification does not result in derecognition, significant increase in credit risk is assessed based on the risk of default at initial recognition of the original asset. Expected cash flows arising from the modified contractual terms are considered when calculating the ECL for the modified asset. For loans that were modified while having lifetime ECLs, the loans can revert to having twelve-month ECLs after a period of performance and improvement in the borrower's financial condition. Allowance for Loan Losses, Excluding Acquired Credit-Impaired (ACI) Loans The allowance for loan losses represents management's calculation of probability-weighted ECLs in the lending portfolios, including any off-balance sheet exposures, at the balance sheet date. The allowance for loan losses for lending portfolios reported on the Consolidated Balance Sheet, which includes credit-related allowances for residential mortgages, consumer instalment and other personal, credit card, and business and government loans, is deducted from Loans on the Consolidated Balance Sheet. The allowance for loan losses for loans measured at FVOCI is presented on the Consolidated Statement of Changes in Equity. The allowance for loan losses for off-balance sheet instruments, which relates to certain guarantees, letters of credit, and undrawn lines of credit, is recognized in Other liabilities on the Consolidated Balance Sheet. Allowances for lending portfolios reported on the balance sheet and off-balance sheet exposures are calculated using the same methodology. The allowance is increased by the provision for credit losses and decreased by write-offs net of recoveries and disposals. Each quarter, allowances are reassessed and adjusted based on any changes in management's estimate of ECLs. Loan losses on impaired loans in Stage 3 continue to be recognized by means of an allowance for loan losses until a loan is written off. A loan is written off against the related allowance for loan losses when there is no realistic prospect of recovery. Non-retail loans are generally written off when all reasonable collection efforts have been exhausted, such as when a loan is sold, when all security has been realized, or when all security has been resolved with the receiver or bankruptcy court. Non-real estate retail loans are generally written off when contractual payments are 180 days past due, or when a loan is sold. Real-estate secured retail loans are generally written off when the security is realized. The time period over which the Bank performs collection activities of the contractual amount outstanding of financial assets that are written off varies from one jurisdiction to another and generally spans between less than one year to five years. Allowance for Credit Losses on Debt Securities The allowance for credit losses on debt securities represents management's calculation of probability-weighted ECLs. Debt securities measured at amortized cost are presented net of the allowance for credit losses on the Consolidated Balance Sheet. The allowance for credit losses on debt securities measured at FVOCI are presented on the Consolidated Statement of Changes in Equity. The allowance for credit losses is increased by the provision for credit losses and decreased by write-offs net of recoveries and disposals. Each quarter, allowances are reassessed and adjusted based on any changes in management's estimate of ECLs. Acquired Loan s Acquired loans are initially measured at fair value, which considers incurred and expected future credit losses estimated at the acquisition date and also reflects adjustments based on the acquired loan's interest rate in comparison to current market rates. On acquisition, twelve-month ECLs are recognized on the acquired loans, resulting in the carrying amount for acquired loans to be lower than fair value. When loans are acquired with evidence of incurred credit loss where it is probable at the purchase date that the Bank will be unable to collect all contractually required principal and interest payments, they are generally considered to be ACI loans, with no ECLs recognized on acquisition. Acquired performing loans are subsequently accounted for at amortized cost based on their contractual cash flows and any acquisition related discount or premium, including credit-related discounts, is considered to be an adjustment to the loan yield and is recognized in interest income using EIRM over the term of the loan, or the expected life of the loan for acquired loans with revolving terms. Acquired Credit-Impaired Loans ACI loans are identified as impaired at acquisition based on specific risk characteristics of the loans, including past due status, performance history, and recent borrower credit scores. ACI loans are accounted for based on the present value of expected cash flows as opposed to their contractual cash flows. The Bank determines the fair value of these loans at the acquisition date by discounting expected cash flows at a discount rate that reflects factors a market participant would use when determining fair value including management assumptions relating to default rates, loss severities, the amount and timing of prepayments, and other factors that are reflective of current market conditions. With respect to certain individually significant ACI loans, accounting is applied individually at the loan level. The remaining ACI loans are aggregated provided they are acquired in the same fiscal quarter and have common risk characteristics. Aggregated loans are accounted for as a single asset with aggregated cash flows and a single composite interest rate. Subsequent to acquisition, the Bank regularly reassesses and updates its cash flow estimates for changes to assumptions relating to default rates, loss severities, the amount and timing of prepayments, and other factors that are reflective of current market conditions. Probable decreases in expected cash flows trigger the recognition of additional impairment, which is measured based on the present value of the revised expected cash flows discounted at the loan's effective interest rate as compared to the carrying value of the loan. The ECL in excess of the initial credit-related discount is recorded through the provision for credit losses. Interest income on ACI loans is calculated by multiplying the credit-adjusted effective interest rate to the amortized cost of ACI loans. |
Classification And Measurement Of Financial Assets | CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETS Business Model Assessment The Bank determines its business models based on the objective under which its portfolios of financial assets are managed. Refer to Note 2 for details on the Bank's business models. In determining its business models, the Bank considers the following: • Management's intent and strategic objectives and the operation of the stated policies in practice; • The primary risks that affect the performance of the business model and how these risks are managed; • How the performance of the portfolio is evaluated and reported to management; and • The frequency and significance of financial asset sales in prior periods, the reasons for such sales and the expected future sales activities. Sales in themselves do not determine the business model and are not considered in isolation. Instead, sales provide evidence about how cash flows are realized. A held-to-collect business model will be reassessed by the Bank to determine whether any sales are consistent with an objective of collecting contractual cash flows if the sales are more than insignificant in value or infrequent. Solely Payments of Principal and Interest Test In assessing whether contractual cash flows are SPPI, the Bank considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that they would not be consistent with a basic lending arrangement. In making the assessment, the Bank considers the primary terms as follows and assesses if the contractual cash flows of the instruments continue to meet the SPPI test: • Performance-linked features; • Terms that limit the Bank's claim to cash flows from specified assets (non-recourse terms); • Prepayment and extension terms; • Leverage features; and • Features that modify elements of the time value of money. |
Impairment Of Financial Assets | IMPAIRMENT OF FINANCIAL ASSETS Significant Increase in Credit Risk For retail exposures, criteria for assessing significant increase in credit risk are defined at the appropriate product or portfolio level and vary based on the exposure's credit risk at origination. The criteria include relative changes in PD, absolute PD backstop, and delinquency backstop when contractual payments are more than 30 days past due. Credit risk has increased significantly since initial recognition when one of the criteria is met. For non-retail exposures, BRR is determined on an individual borrower basis using industry and sector-specific credit risk models that are based on historical data. Current and forward-looking information that is specific to the borrower, industry, and sector is considered based on expert credit judgment. Criteria for assessing significant increase in credit risk are defined at the appropriate segmentation level and vary based on the BRR of the exposure at origination. Criteria include relative changes in BRR, absolute BRR backstop, and delinquency backstop when contractual payments are more than 30 days past due. Credit risk has increased significantly since initial recognition when one of the criteria is met. Measurement of Expected Credit Loss For retail exposures, ECLs are calculated as the product of PD, loss given default (LGD), and EAD at each time step over the remaining expected life of the financial asset and discounted to the reporting date at the effective interest rate. PD estimates represent the point-in-time PD, updated quarterly based on the Bank's historical experience, current conditions, and relevant forward-looking expectations over the expected life of the exposure to determine the lifetime PD curve. LGD estimates are determined based on historical charge-off events and recovery payments, current information about attributes specific to the borrower, and direct costs. Expected cash flows from collateral, guarantees, and other credit enhancements are incorporated in LGD if integral to the contractual terms. Relevant macroeconomic variables are incorporated in determining expected LGD. EAD represents the expected balance at default across the remaining expected life of the exposure. EAD incorporates forward-looking expectations about repayments of drawn balances and expectations about future draws where applicable. For non-retail exposures, ECLs are calculated based on the present value of cash shortfalls determined as the difference between contractual cash flows and expected cash flows over the remaining expected life of the financial instrument. Lifetime PD is determined by mapping the exposure's BRR to point-in-time PD over the expected life. LGD estimates are determined by mapping the exposure's facility risk rating (FRR) to expected LGD which takes into account facility-specific characteristics such as collateral, seniority ranking of debt, and loan structure. Relevant macroeconomic variables are incorporated in determining expected PD and LGD. Expected cash flows are determined by applying the expected LGD to the contractual cash flows to calculate cash shortfalls over the expected life of the exposure. Forward-Looking Information In calculating the ECL, the Bank employs internally developed models that utilize parameters for PD, LGD, and EAD. Forward-looking macroeconomic factors including at the regional level are incorporated in the risk parameters as relevant. Additional risk factors that are industry or segment-specific are also incorporated, where relevant. Forward-looking macroeconomic forecasts are generated by TD Economics as part of the ECL process: A base economic forecast is accompanied with upside and downside estimates of realistically possible economic conditions. All economic forecasts are updated quarterly for each variable on a regional basis where applicable and incorporated as relevant into the quarterly modelling of base, upside and downside risk parameters used in the calculation of ECL scenarios and probability-weighted ECL. The macroeconomic variable estimations are statistically derived relative to the base forecast based on the historical distribution of each variable. TD Economics will apply judgment to recommend probability weights to each forecast on a quarterly basis. The proposed macroeconomic forecasts and probability weightings are subject to robust management review and challenge process by a cross-functional committee that includes representation from TD Economics, Risk, Finance, and Business. ECLs calculated under each of the three forecasts are applied against the respective probability weightings to determine the probability-weighted ECLs. Refer to Note 8 for further details on the macroeconomic variables and ECL sensitivity. Expert Credit Judgment ECLs are recognized on initial recognition of the financial assets. Allowance for credit losses represents management's best estimate of the risk of default and ECLs on the financial assets, including any off-balance sheet exposures, at the balance sheet date. Management exercises expert credit judgment in assessing if an exposure has experienced significant increase in credit risk since initial recognition and in determining the amount of ECLs at each reporting date by considering reasonable and supportable information that is not already included in the quantitative models. Management's judgment is used to determine the point within the range that is the best estimate for the qualitative component contributing to ECLs, based on an assessment of business and economic conditions, historical loss experience, loan portfolio composition, and other relevant indicators and forward-looking information that are not fully incorporated into the model calculation. Changes in these assumptions would have a direct impact on the provision for credit losses and may result in a change in the allowance for credit losses. |
IAS 39 [member] | |
Statement [LineItems] | |
Financial Instruments Other Than Derivatives | FINANCIAL INSTRUMENTS OTHER THAN DERIVATIVES PRIOR TO NOVEMBER 1, 2017 UNDER IAS 39 The following is applicable to periods prior to November 1, 2017 for financial instruments accounted for under IAS 39, to the extent not already discussed earlier in this Note. Classification and Measurement of Financial Assets and Financial Liabilities Available-for-Sale (AFS) Securities Financial assets not classified as trading, designated at FVTPL, held-to-maturity or loans, were classified as AFS and included equity securities and debt securities. AFS securities were recognized on a trade date basis and were generally carried at fair value on the Consolidated Balance Sheet with changes in fair value recognized in other comprehensive income. Gains and losses realized on disposal of financial assets classified as AFS were calculated on a weighted-average cost basis and were recognized in net securities gains (losses) in non-interest income. Dividends were recognized on the ex-dividend date and interest income was recognized on an accrual basis using EIRM. Both dividends and interest were included in Interest income on the Consolidated Statement of Income. Impairment losses were recognized if there was objective evidence of impairment as a result of one or more events that occurred (a 'loss event') and the loss event(s) resulted in a decrease in the estimated future cash flows of the instrument. A significant or prolonged decline in fair value below cost was considered objective evidence of impairment for AFS equity securities. A deterioration in credit quality was considered objective evidence of impairment for AFS debt securities. Qualitative factors were also considered when assessing impairment for AFS securities. When impairment was identified, the cumulative net loss previously recognized in other comprehensive income, less any impairment loss previously recognized on the Consolidated Statement of Income, was removed from other comprehensive income and recognized in Net securities gains (losses) in Non-interest income on the Consolidated Statement of Income. If the fair value of a previously impaired equity security subsequently increased, the impairment loss was not reversed through the Consolidated Statement of Income. Subsequent increases in fair value were recognized in other comprehensive income. If the fair value of a previously impaired debt security subsequently increased and the increase could be objectively related to an event occurring after the impairment was recognized on the Consolidated Statement of Income, then the impairment loss was reversed through the Consolidated Statement of Income. An increase in fair value in excess of impairment recognized previously on the Consolidated Statement of Income was recognized in other comprehensive income. Held-to-Maturity Securities Debt securities with fixed or determinable payments and fixed maturity dates, that did not meet the definition of loans and receivables, and that the Bank intended and had the ability to hold to maturity were classified as held-to-maturity and were carried at amortized cost, net of impairment losses. Securities classified as held-to-maturity were assessed for objective evidence of impairment at the counterparty-specific level. If there was no objective evidence of impairment at the counterparty-specific level then the security was grouped with other held-to-maturity securities with similar credit risk characteristics and was collectively assessed for impairment, which considered losses incurred but not identified. Interest income was recognized using EIRM and was included in Interest income on the Consolidated Statement of Income. Financial Assets and Liabilities Designated at Fair Value through Profit or Loss Certain financial assets and financial liabilities that did not meet the definition of trading could be designated at FVTPL on initial recognition. To be designated at FVTPL, financial assets and financial liabilities had to meet one of the following criteria: (1) the designation eliminated or significantly reduced a measurement or recognition inconsistency (also referred to as "an accounting mismatch"); (2) a group of financial assets, financial liabilities, or both, was managed and its performance was evaluated on a fair value basis in accordance with a documented risk management or investment strategy; or (3) the instrument contained one or more embedded derivatives unless a) the embedded derivative did not significantly modify the cash flows that otherwise would be required by the contract, or b) it was clear with little or no analysis that separation of the embedded derivative from the financial instrument was prohibited. In addition, the FVTPL designation was available only for those financial instruments for which a reliable estimate of fair value could be obtained. Once financial assets and financial liabilities were designated at FVTPL, the designation was irrevocable. Financial assets and financial liabilities designated at FVTPL were carried at fair value on the Consolidated Balance Sheet, with changes in fair value as well as any gains or losses realized on disposal recognized in income (loss) from financial instruments designated at fair value at profit or loss. Interest was recognized on an accrual basis and was included in interest income or interest expense. Embedded Derivatives Derivatives that were embedded in financial assets and liabilities were separated from their host instruments and treated as separate derivatives when their characteristics and risks were not closely related to those of the host instrument, a separate instrument with the same terms as the embedded derivative met the definition of a derivative, and the combined contract was not held-for-trading or designated at fair value through profit or loss. These embedded derivatives, which were bifurcated from the host contract, were recognized on the Consolidated Balance Sheet as Derivatives and measured at fair value with subsequent changes recognized in Non-interest income on the Consolidated Statement of Income. Impairment – Allowance for Credit Losses Loan Impairment, Excluding Acquired Credit-Impaired Loans A loan, including a debt security classified as a loan, was considered impaired when there was objective evidence that there had been a deterioration of credit quality subsequent to the initial recognition of the loan to the extent the Bank no longer had reasonable assurance as to the timely collection of the full amount of principal and interest. Indicators of impairment could include, but were not limited to, one or more of the following: • Significant financial difficulty of the issuer or obligor; • A breach of contract, such as a default or delinquency in interest or principal payments; • Increased probability that the borrower would enter bankruptcy or other financial reorganization; or • The disappearance of an active market for that financial asset. A loan was reclassified back to performing status when it had been determined that there was reasonable assurance of full and timely repayment of interest and principal in accordance with the original or revised contractual conditions of the loan and all criteria for the impaired classification had been remedied. For gross impaired debt securities classified as loans, subsequent to any recorded impairment, interest income continued to be recognized using EIRM which was used to discount the future cash flows for the purpose of measuring the credit loss. Renegotiated Loans In cases where a borrower experienced financial difficulties the Bank may have granted certain concessionary modifications to the terms and conditions of a loan. Modifications may have included payment deferrals, extension of amortization periods, rate reductions, principal forgiveness, debt consolidation, forbearance and other modifications intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. The Bank had policies in place to determine the appropriate remediation strategy based on the individual borrower. Once modified, additional impairment was recorded where the Bank identified a decrease in the modified loan's estimated realizable value as a result of the modification. Modified loans were assessed for impairment, consistent with the Bank's policies for impairment. Allowance for Credit Losses, Excluding Acquired Credit-Impaired Loans The allowance for credit losses represented management's best estimate of impairment incurred in the lending portfolios, including any off-balance sheet exposures, at the balance sheet date. The allowance for loan losses, which included credit-related allowances for residential mortgages, consumer instalment and other personal, credit card, business and government loans, and debt securities classified as loans, was deducted from Loans on the Consolidated Balance Sheet. The allowance for credit losses for off-balance sheet instruments, which related to certain guarantees, letters of credit, and undrawn lines of credit, was recognized in Other liabilities on the Consolidated Balance Sheet. Allowances for lending portfolios reported on the balance sheet and off-balance sheet exposures were calculated using the same methodology. The allowance was increased by the provision for credit losses and decreased by write-offs net of recoveries and disposals. The Bank maintained both counterparty-specific and collectively assessed allowances. Each quarter, allowances were reassessed and adjusted based on any changes in management's estimate of the future cash flows estimated to be recovered. Credit losses on impaired loans were recognized by means of an allowance for credit losses until a loan was written off. A loan was written off against the related allowance for credit losses when there was no realistic prospect of recovery. Non-retail loans were generally written off when all reasonable collection efforts had been exhausted, such as when a loan was sold, when all security had been realized, or when all security had been resolved with the receiver or bankruptcy court. Non-real estate secured retail loans were generally written off when contractual payments were 180 days past due, or when a loan was sold. Real-estate secured retail loans were generally written off when the security was realized. Counterparty-Specific Allowance Individually significant loans, such as the Bank's medium-sized business and government loans and debt securities classified as loans, were assessed for impairment at the counterparty-specific level. The impairment assessment was based on the counterparty's credit ratings, overall financial condition, and where applicable, the realizable value of the collateral. Collateral was reviewed at least annually and when conditions arose indicating an earlier review was necessary. An allowance, if applicable, was measured as the difference between the carrying amount of the loan and the estimated recoverable amount. The estimated recoverable amount was the present value of the estimated future cash flows, discounted using the loan's original EIR. Collectively Assessed Allowance for Individually Insignificant Impaired Loans Individually insignificant impaired loans, such as the Bank's personal and small business loans and credit cards, were collectively assessed for impairment. Allowances were calculated using a formula that incorporated recent loss experience, historical default rates which were delinquency levels in interest or principal payments that indicated impairment, other applicable observable data, and the type of collateral pledged. Collectively Assessed Allowance for Incurred but Not Identified Credit Losses If there was no objective evidence of impairment for an individual loan, whether significant or not, the loan was included in a group of assets with similar credit risk characteristics and collectively assessed for impairment for losses incurred but not identified. This allowance was referred to as the allowance for incurred but not identified credit losses. The level of the allowance for each group depended upon an assessment of business and economic conditions, historical loss experience, loan portfolio composition, and other relevant indicators. Historical loss experience was adjusted based on observable data to reflect the effects of conditions which existed at the time. The allowance for incurred but not identified credit losses was calculated using credit risk models that considered probability of default (loss frequency), loss given credit default (loss severity), and exposure at default (EAD). For purposes of measuring the collectively assessed allowance for incurred but not identified credit losses, default was defined as delinquency levels in interest or principal payments that would indicate impairment. Acquired Loan s Acquired loans were initially measured at fair value which considered incurred and expected future credit losses estimated at the acquisition date and also reflected adjustments based on the acquired loan's interest rate in comparison to market rates. As a result, no allowance for credit losses was recorded on the date of acquisition. When loans were acquired with evidence of incurred credit loss where it was probable at the purchase date that the Bank would be unable to collect all contractually required principal and interest payments, they were generally considered to be ACI loans. Acquired performing loans were subsequently accounted for at amortized cost based on their contractual cash flows and any acquisition-related discount or premium was considered to be an adjustment to the loan yield and recognized in interest income using EIRM over the term of the loan, or the expected life of the loan for acquired loans with revolving terms. Credit-related discounts relating to incurred losses for acquired loans were not accreted. Acquired loans were subject to impairment assessments under the Bank's credit loss framework similar to the Bank's originated loan portfolio. Acquired Credit-Impaired Loans ACI loans were identified as impaired at acquisition based on specific risk characteristics of the loans, including past due status, performance history and recent borrower credit scores. ACI loans were accounted for based on the present value of expected cash flows as opposed to their contractual cash flows. The Bank determined the fair value of these loans at the acquisition date by discounting expected cash flows at a discount rate that reflected factors a market participant would use when determining fair value including management assumptions relating to default rates, loss severities, the amount and timing of prepayments, and other factors that were reflective of market conditions. With respect to certain individually significant ACI loans, accounting was applied individually at the loan level. The remaining ACI loans were aggregated provided that they were acquired in the same fiscal quarter and had common risk characteristics. Aggregated loans were accounted for as a single asset with aggregated cash flows and a single composite interest rate. Subsequent to acquisition, the Bank regularly reassessed and updated its cash flow estimates for changes to assumptions relating to default rates, loss severities, the amount and timing of prepayments, and other factors that were reflective of market conditions. Probable decreases in expected cash flows triggered the recognition of additional impairment, which was measured based on the present value of the revised expected cash flows discounted at the loan's EIR as compared to the carrying value of the loan. Impairment was recorded through the provision for credit losses. Probable and significant increases in expected cash flows would first reverse any previously taken impairment with any remaining increase recognized in income immediately as interest income. In addition, for fixed-rate ACI loans the timing of expected cash flows may have increased or decreased which may have resulted in adjustments through interest income to the carrying value in order to maintain the inception yield of the ACI loan. If the timing and/or amounts of expected cash flows on ACI loans were determined not to be reasonably estimable, no interest was recognized. |
Impairment Of Financial Assets | IMPAIRMENT OF FINANCIAL ASSETS PRIOR TO NOVEMBER 1, 2017 UNDER IAS 39 The following is applicable to periods prior to November 1, 2017 for financial instruments accounted for under IAS 39. Available-for-Sale Securities Impairment losses were recognized on AFS securities if there was objective evidence of impairment as a result of one or more events that occurred after initial recognition and the loss event(s) resulted in a decrease in the estimated cash flows of the instrument. The Bank individually reviewed these securities at least quarterly for the presence of these conditions. For AFS equity securities, a significant or prolonged decline in fair value below cost was considered objective evidence of impairment. For AFS debt securities, a deterioration of credit quality was considered objective evidence of impairment. Other factors considered in the impairment assessment included financial position and key financial indicators of the issuer of the instrument, significant past and continued losses of the issuer, as well as breaches of contract, including default or delinquency in interest payments and loan covenant violations. Held-to-Maturity Securities Impairment losses were recognized on held-to-maturity securities if there was objective evidence of impairment as a result of one or more events that occurred after initial recognition and the loss event(s) resulted in a decrease in the estimated cash flows of the instrument. The Bank reviewed these securities at least quarterly for impairment at the counterparty-specific level. If there was no objective evidence of impairment at the counterparty-specific level then the security was grouped with other held-to-maturity securities with similar credit risk characteristics and collectively assessed for impairment, which considered losses incurred but not identified. A deterioration of credit quality was considered objective evidence of impairment. Other factors considered in the impairment assessment included the financial position and key financial indicators of the issuer, significant past and continued losses of the issuer, as well as breaches of contract, including default or delinquency in interest payments and loan covenant violations. Loans A loan, including a debt security classified as a loan, was considered impaired when there was objective evidence that there had been a deterioration of credit quality subsequent to the initial recognition of the loan to the extent the Bank no longer had reasonable assurance as to the timely collection of the full amount of principal and interest. The Bank assessed loans for objective evidence of impairment individually for loans that were individually significant, and collectively for loans that were not individually significant. The allowance for credit losses represented management's best estimate of impairment incurred in the lending portfolios, including any off-balance sheet exposures, at the balance sheet date. Management exercised judgment as to the timing of designating a loan as impaired, the amount of the allowance required, and the amount that would be recovered once the borrower defaulted. Changes in the amount that management expected to recover would have a direct impact on the provision for credit losses and may have resulted in a change in the allowance for credit losses. If there was no objective evidence of impairment for an individual loan, whether significant or not, the loan was included in a group of assets with similar credit risk characteristics and collectively assessed for impairment for losses incurred but not identified. In calculating the probable range of allowance for incurred but not identified credit losses, the Bank employed internally developed models that utilized parameters for PD, LGD, and EAD. Management's judgment was used to determine the point within the range that was the best estimate of losses, based on an assessment of business and economic conditions, historical loss experience, loan portfolio composition, and other relevant indicators that were not fully incorporated into the model calculation. Changes in these assumptions would have a direct impact on the provision for credit losses and may have resulted in a change in the incurred but not identified allowance for credit losses. |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Statement [LineItems] | |
Schedule of Probability Of Default Risk Ranges | The following table maps PD ranges to risk levels: Risk Assessment PD Segment PD Range Low Risk 1 0.00 to 0.15% Normal Risk 2 3 0.16 to 0.41 0.42 to 1.10 Medium Risk 4 5 1.11 to 2.93 2.94 to 4.74 High Risk 6 7 8 4.75 to 7.59 7.60 to 18.24 18.25 to 99.99 Default 9 100.00 |
Credit Risk Exposures Subject to the TSA | The Bank applies the following risk weights to on-balance Sovereign 0 % 1 Bank 20 % 1 Corporate 100 % 1 The risk weight may vary according to the external risk rating. |
Portfolio Market Risk Measures | TABLE 45: PORTFOLIO MARKET RISK MEASURES (millions of Canadian dollars) 2019 2018 As at Average High Low As at Average High Low Interest rate risk $ 8.6 $ 9.4 $ 17.2 $ 4.3 $ 14.2 $ 14.0 $ 25.7 $ 5.3 Credit spread risk 13.8 13.2 22.5 7.5 17.2 11.8 18.2 7.7 Equity risk 7.1 6.5 11.5 3.6 6.1 7.2 12.9 4.0 Foreign exchange risk 4.3 4.7 10.2 1.0 8.7 4.4 8.7 2.2 Commodity risk 2.2 2.1 4.8 1.0 3.0 2.6 6.8 1.3 Idiosyncratic debt specific risk 16.5 15.6 23.5 10.6 17.2 16.5 22.4 11.3 Diversification effect 1 (32.1 ) (30.3 ) n/m 2 n/m (41.9 ) (32.7 ) n/m n/m Total Value-at-Risk (one-day) 20.4 21.2 31.8 13.6 24.5 23.8 33.1 16.9 Stressed Value-at-Risk (one-day) 51.5 47.9 84.4 33.4 54.2 49.8 84.8 28.8 Incremental Risk Capital Charge (one-year) 230.7 225.0 279.6 173.1 237.1 205.8 269.8 156.2 1 The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification. 2 Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types. |
Sensitivity of After-tax Economic Value at Risk by Currency | TABLE 46: SENSITIVITY OF AFTER-TAX (millions of Canadian dollars) October 31, 2019 October 31, 2018 Currency 100 bps 100 bps decrease 100 bps 100 bps decrease Canadian dollar $ (39 ) $ (43 ) $ (41 ) $ (17 ) U.S. dollar (374 ) (375 ) (197 ) 19 $ (413 ) $ (418 ) $ (238 ) $ 2 |
Sensitivity of Pre-Tax Economic Value at Risk by Currency | TABLE 47: SENSITIVITY OF PRE-TAX (millions of Canadian dollars) October 31, 2019 October 31, 2018 Currency 100 bps 100 bps decrease 100 bps 100 bps decrease Canadian dollar $ (103 ) $ 103 $ (49 ) $ 49 U.S. dollar (68 ) (176 ) (24 ) (163 ) $ (171 ) $ (73 ) $ (73 ) $ (114 ) |
Summary of Liquid Assets by Type and Currency | TABLE 48: SUMMARY OF LIQUID ASSETS BY TYPE AND CURRENCY 1 (millions of Canadian dollars, except as noted) As at Bank-owned Securities 2 Total liquid % of Encumbered Unencumbered 2 October 31, 2019 Cash and due from banks $ 5,140 $ – $ 5,140 1 % $ 566 $ 4,574 Canadian government obligations 13,872 77,275 91,147 14 56,337 34,810 NHA MBS 38,138 15 38,153 6 3,816 34,337 Provincial government obligations 15,679 25,151 40,830 6 31,287 9,543 Corporate issuer obligations 11,149 3,623 14,772 2 3,882 10,890 Equities 13,636 2,770 16,406 3 11,225 5,181 Other marketable securities and/or loans 2,512 311 2,823 – 1,078 1,745 Total Canadian dollar-denominated 100,126 109,145 209,271 32 108,191 101,080 Cash and due from banks 19,225 – 19,225 3 33 19,192 U.S. government obligations 34,103 47,803 81,906 13 37,367 44,539 U.S. federal agency obligations, including U.S. federal agency mortgage-backed 58,222 11,873 70,095 11 20,939 49,156 Other sovereign obligations 47,854 49,304 97,158 15 39,500 57,658 Corporate issuer obligations 84,835 1,856 86,691 13 7,070 79,621 Equities 40,550 34,607 75,157 12 39,403 35,754 Other marketable securities and/or loans 4,658 667 5,325 1 712 4,613 Total non-Canadian 289,447 146,110 435,557 68 145,024 290,533 Total $ 389,573 $ 255,255 $ 644,828 100 % $ 253,215 $ 391,613 October 31, 2018 Cash and due from banks $ 3,002 $ – $ 3,002 1 % $ 1,098 $ 1,904 Canadian government obligations 18,256 63,463 81,719 14 47,572 34,147 NHA MBS 39,649 42 39,691 6 3,057 36,634 Provincial government obligations 12,720 19,241 31,961 5 23,651 8,310 Corporate issuer obligations 6,622 3,767 10,389 2 3,769 6,620 Equities 10,554 1,637 12,191 2 6,028 6,163 Other marketable securities and/or loans 2,655 349 3,004 1 277 2,727 Total Canadian dollar-denominated 93,458 88,499 181,957 31 85,452 96,505 Cash and due from banks 24,046 – 24,046 4 28 24,018 U.S. government obligations 30,163 37,691 67,854 12 32,918 34,936 U.S. federal agency obligations, including U.S. federal agency mortgage-backed 47,150 927 48,077 8 7,522 40,555 Other sovereign obligations 56,034 45,912 101,946 18 41,993 59,953 Corporate issuer obligations 78,160 1,576 79,736 14 7,234 72,502 Equities 33,514 37,666 71,180 12 32,206 38,974 Other marketable securities and/or loans 4,786 4 4,790 1 191 4,599 Total non-Canadian 273,853 123,776 397,629 69 122,092 275,537 Total $ 367,311 $ 212,275 $ 579,586 100 % $ 207,544 $ 372,042 1 Positions stated include gross asset values pertaining to securities financing transactions. 2 Liquid assets include collateral received that can be re-hypothecated |
Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches | TABLE 49: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES (millions of Canadian dollars) As at October 31 October 31 The Toronto-Dominion Bank (Parent) $ 139,550 $ 136,544 Bank subsidiaries 228,978 217,565 Foreign branches 23,085 17,933 Total $ 391,613 $ 372,042 |
Summary of Deposit Funding | TABLE 56: SUMMARY OF DEPOSIT FUNDING (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 P&C deposits – Canadian Retail $ 382,252 $ 359,473 P&C deposits – U.S. Retail 360,761 346,624 Other deposits 23 36 Total $ 743,036 $ 706,133 |
Summary of Remaining Contractual Maturity | TABLE 59: REMAINING CONTRACTUAL MATURITY (millions of Canadian dollars) As at October 31, 2019 Less than 1 to 3 months 3 to 6 months 6 to 9 months 9 months to 1 year Over 1 to 2 years Over 2 to 5 years Over No specific maturity Total Assets Cash and due from banks $ 4,857 $ 6 $ – $ – $ – $ – $ – $ – $ – $ 4,863 Interest-bearing deposits with banks 19,892 1,137 77 – – – – – 4,477 25,583 Trading loans, securities, and other 1 1,197 3,990 3,916 3,171 2,873 15,672 25,939 19,014 70,228 146,000 Non-trading 147 2 37 668 314 1,301 1,803 1,488 743 6,503 Derivatives 5,786 8,472 3,255 2,109 2,222 5,610 8,652 12,788 – 48,894 Financial assets designated at fair value through profit or loss 195 696 156 82 83 404 1,725 699 – 4,040 Financial assets at fair value through other comprehensive income 1,431 3,818 4,161 6,339 6,426 18,205 40,289 28,594 1,841 111,104 Debt securities at amortized cost, net of allowance for credit losses 1,878 5,233 2,254 1,050 764 8,791 45,127 65,401 (1 ) 130,497 Securities purchased under reverse repurchase agreements 2 98,904 34,839 24,000 6,331 1,765 44 52 – – 165,935 Loans Residential mortgages 2,006 5,595 8,013 9,832 11,719 34,029 101,591 62,855 – 235,640 Consumer instalment and other personal 850 1,819 3,170 3,620 3,544 17,256 61,736 28,236 60,103 180,334 Credit card – – – – – – – – 36,564 36,564 Business and government 29,460 5,573 7,970 9,496 8,830 21,078 71,071 61,266 21,773 236,517 Total loans 32,316 12,987 19,153 22,948 24,093 72,363 234,398 152,357 118,440 689,055 Allowance for loan losses – – – – – – – – (4,447 ) (4,447 ) Loans, net of allowance for loan losses 32,316 12,987 19,153 22,948 24,093 72,363 234,398 152,357 113,993 684,608 Customers' liability under acceptances 11,127 2,211 152 4 – – – – – 13,494 Investment in TD Ameritrade – – – – – – – – 9,316 9,316 Goodwill 3 – – – – – – – – 16,976 16,976 Other intangibles 3 – – – – – – – – 2,503 2,503 Land, buildings, equipment, and other depreciable assets 3 – – – – – – – – 5,513 5,513 Deferred tax assets – – – – – – – – 1,799 1,799 Amounts receivable from brokers, dealers, and clients 20,575 – – – – – – – – 20,575 Other assets 2,548 1,391 2,830 168 103 169 157 97 9,624 17,087 Total assets $ 200,853 $ 74,782 $ 59,991 $ 42,870 $ 38,643 $ 122,559 $ 358,142 $ 280,438 $ 237,012 $ 1,415,290 Liabilities Trading deposits $ 5,837 $ 3,025 $ 4,166 $ 2,606 $ 3,185 $ 2,430 $ 4,014 $ 1,622 $ – $ 26,885 Derivatives 7,180 7,968 3,603 2,062 1,763 5,546 8,148 13,781 – 50,051 Securitization liabilities at fair value – 668 412 494 387 1,656 7,499 1,942 – 13,058 Financial liabilities designated at fair value through profit or loss 22,193 25,370 15,799 20,496 20,907 356 1 9 – 105,131 Deposits 4,5 Personal 5,218 8,990 9,459 7,691 7,583 9,374 9,670 21 445,424 503,430 Banks 6,771 1,459 150 1 6 – 3 7 8,354 16,751 Business and government 6 18,576 10,049 7,569 10,482 10,670 34,130 46,188 7,594 221,538 366,796 Total deposits 30,565 20,498 17,178 18,174 18,259 43,504 55,861 7,622 675,316 886,977 Acceptances 11,127 2,211 152 4 – – – – – 13,494 Obligations related to securities sold short 1 384 654 398 819 1,171 3,351 9,882 12,115 882 29,656 Obligations related to securities sold under repurchase agreements 2 101,856 20,224 2,993 694 30 47 12 – – 125,856 Securitization liabilities at amortized cost – 513 1,274 355 342 2,098 6,586 2,918 – 14,086 Amounts payable to brokers, dealers, and clients 23,746 – – – – – – – – 23,746 Insurance-related liabilities 190 315 388 330 318 940 1,612 874 1,953 6,920 Other liabilities 7 2,845 3,142 1,334 1,293 641 3,339 1,663 138 6,609 21,004 Subordinated notes and debentures – – – – – – – 10,725 – 10,725 Equity – – – – – – – – 87,701 87,701 Total liabilities and equity $ 205,923 $ 84,588 $ 47,697 $ 47,327 $ 47,003 $ 63,267 $ 95,278 $ 51,746 $ 772,461 $ 1,415,290 Off-balance Credit and liquidity commitments 8,9 $ 19,388 $ 21,652 $ 18,391 $ 13,537 $ 12,034 $ 27,207 $ 111,281 $ 5,856 $ 1,294 $ 230,640 Operating lease commitments 10 82 165 250 247 244 936 2,332 3,365 – 7,621 Other purchase obligations 82 182 185 206 177 753 1,031 556 – 3,172 Unconsolidated structured entity commitments 408 793 1,360 461 97 81 – – – 3,200 Total off-balance $ 19,960 $ 22,792 $ 20,186 $ 14,451 $ 12,552 $ 28,977 $ 114,644 $ 9,777 $ 1,294 $ 244,633 1 2 3 4 5 6 7 8 9 10                               TABLE 59: REMAINING CONTRACTUAL MATURITY 1 (millions of Canadian dollars) As at October 31, 2018 Less than 1 to 3 months 3 to 6 months 6 to 9 months 9 months to 1 year Over 1 to Over 2 to Over 5 years No specific maturity Total Assets Cash and due from banks $ 4,733 $ 2 $ – $ – $ – $ – $ – $ – $ – $ 4,735 Interest-bearing deposits with banks 28,332 924 154 21 16 – – – 1,273 30,720 Trading loans, securities, and other 2 1,971 5,244 2,111 3,653 3,998 9,683 25,772 25,895 49,570 127,897 Non-trading – 12 99 460 906 227 841 848 622 4,015 Derivatives 7,343 9,263 5,275 3,276 2,321 7,130 12,436 9,952 – 56,996 Financial assets designated at fair value through profit or loss 30 95 535 243 90 297 1,532 796 – 3,618 Financial assets at fair value through other comprehensive income 1,111 4,214 4,150 5,354 3,962 19,777 57,922 31,936 2,174 130,600 Debt securities at amortized cost, net of allowance for credit losses 881 2,577 3,010 3,594 4,059 8,103 34,032 50,990 (75 ) 107,171 Securities purchased under reverse repurchase agreements 3 77,612 30,047 14,426 3,807 1,458 29 – – – 127,379 Loans Residential mortgages 908 3,234 6,614 11,166 11,061 43,063 113,852 35,293 – 225,191 Consumer instalment and other personal 753 1,332 2,628 3,724 4,131 14,313 56,632 26,321 62,245 172,079 Credit card – – – – – – – – 35,018 35,018 Business and government 23,052 4,320 5,539 7,131 9,269 19,637 67,922 59,251 21,533 217,654 Total loans 24,713 8,886 14,781 22,021 24,461 77,013 238,406 120,865 118,796 649,942 Allowance for loan losses – – – – – – – – (3,549 ) (3,549 ) Loans, net of allowance for loan losses 24,713 8,886 14,781 22,021 24,461 77,013 238,406 120,865 115,247 646,393 Customers' liability under acceptances 14,984 2,145 132 6 – – – – – 17,267 Investment in TD Ameritrade – – – – – – – – 8,445 8,445 Goodwill 4 – – – – – – – – 16,536 16,536 Other intangibles 4 – – – – – – – – 2,459 2,459 Land, buildings, equipment, and other depreciable assets 4 – – – – – – – – 5,324 5,324 Deferred tax assets – – – – – – – – 2,812 2,812 Amounts receivable from brokers, dealers, and clients 26,940 – – – – – – – – 26,940 Other assets 3,432 854 1,926 120 142 136 301 90 8,595 15,596 Total assets $ 192,082 $ 64,263 $ 46,599 $ 42,555 $ 41,413 $ 122,395 $ 371,242 $ 241,372 $ 212,982 $ 1,334,903 Liabilities Trading deposits $ 16,145 $ 37,337 $ 31,081 $ 12,954 $ 11,739 $ 1,183 $ 3,260 $ 1,005 $ – $ 114,704 Derivatives 6,195 8,684 4,230 3,103 2,263 5,510 9,282 9,003 – 48,270 Securitization liabilities at fair value – 981 194 661 272 1,822 6,719 1,969 – 12,618 Financial liabilities designated at fair value through profit or loss 10 5 – – – – – 1 – 16 Deposits 5,6 Personal 4,330 7,094 7,541 6,245 7,718 10,222 9,876 38 424,580 477,644 Banks 6,499 1,941 255 24 54 – 3 8 7,928 16,712 Business and government 18,840 19,337 7,033 9,984 11,299 21,345 54,780 8,000 206,465 357,083 Total deposits 29,669 28,372 14,829 16,253 19,071 31,567 64,659 8,046 638,973 851,439 Acceptances 14,986 2,145 132 6 – – – – – 17,269 Obligations related to securities sold short 2 2,621 3,679 1,500 387 904 4,330 13,771 11,474 812 39,478 Obligations related to securities sold under repurchase agreements 3 73,759 15,508 3,516 428 108 43 27 – – 93,389 Securitization liabilities at amortized cost 22 1,240 625 503 575 2,496 6,232 2,990 – 14,683 Amounts payable to brokers, dealers, and clients 28,385 – – – – – – – – 28,385 Insurance-related liabilities 213 294 353 309 310 937 1,624 903 1,755 6,698 Other liabilities 7 2,916 2,631 538 1,326 1,394 2,205 2,308 152 5,704 19,174 Subordinated notes and debentures – – – – – – – 8,740 – 8,740 Equity – – – – – – – – 80,040 80,040 Total liabilities and equity $ 174,921 $ 100,876 $ 56,998 $ 35,930 $ 36,636 $ 50,093 $ 107,882 $ 44,283 $ 727,284 $ 1,334,903 Off-balance Credit and liquidity commitments 8,9 $ 18,341 $ 16,732 $ 17,222 $ 13,105 $ 9,159 $ 25,720 $ 101,210 $ 5,260 $ 1,293 $ 208,042 Operating lease commitments 10 79 159 240 237 233 902 2,188 3,229 – 7,267 Other purchase obligations 64 181 169 159 166 591 1,081 549 – 2,960 Unconsolidated structured entity commitments – 1,079 940 329 – 7 408 – – 2,763 Total off-balance $ 18,484 $ 18,151 $ 18,571 $ 13,830 $ 9,558 $ 27,220 $ 104,887 $ 9,038 $ 1,293 $ 221,032 1 2 3 4 5 6 7 8   9   10 |
Borrower risk rating [member] | |
Statement [LineItems] | |
Schedule of BRR Scale Aligned to External Ratings | TD's 21-point Description Rating Category Standard & Poor s Moody s Investor Services Investment grade 0 to 1C AAA to AA- Aaa to Aa3 2A to 2C A+ to A- A1 to A3 3A to 3C BBB+ to BBB- Baa1 to Baa3 Non-investment 4A to 4C BB+ to BB- Ba1 to Ba3 5A to 5C B+ to B- B1 to B3 Watch and classified 6 to 8 CCC+ to CC and below Caa1 to Ca and below Impaired/default 9A to 9B Default Default |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Schedule of Useful Lives of Assets Estimated by Asset Category | Depreciation is recognized on a straight-line basis over the useful lives of the assets estimated by asset category, as follows: Asset Useful Life Buildings 15 to 40 years Computer equipment 2 to 8 years Furniture and fixtures 3 to 15 years Other equipment 5 to 15 years Leasehold improvements Lesser of the remaining lease term and the remaining useful life of the asset |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Statement [LineItems] | |
Schedule of Financial Assets and Liabilities not Carried at Fair Value | Financial Assets and Liabilities not carried at Fair Value 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Carrying value Fair value Carrying value Fair value FINANCIAL ASSETS Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities $ 78,275 $ 78,374 $ 60,535 $ 59,948 Other debt securities 52,222 52,370 46,636 46,316 Total debt securities at amortized cost, net of allowance for credit losses 130,497 130,744 107,171 106,264 Total loans, net of allowance for loan losses 684,608 688,154 646,393 642,542 Total financial assets not carried at fair value $ 815,105 $ 818,898 $ 753,564 $ 748,806 FINANCIAL LIABILITIES Deposits $ 886,977 $ 892,597 $ 851,439 $ 846,148 Securitization liabilities at amortized cost 14,086 14,258 14,683 14,654 Subordinated notes and debentures 10,725 11,323 8,740 9,027 Total financial liabilities not carried at fair value $ 911,788 $ 918,178 $ 874,862 $ 869,829 1    |
Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities | The following tables reconcile changes in fair value of all assets and liabilities measured at fair value using significant Level 3 non-observable inputs for the years ended October 31. Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (millions of Canadian dollars) Fair value as at November 1 Total realized and Movements Transfers Fair value as at October 31 Change in instruments 5 Included 1 Included 2,3 Purchases/ Sales/ 4 Into Out of FINANCIAL ASSETS Trading loans, securities, Government and government- Canadian government debt Provinces $ 3 $ – $ – $ – $ (50 ) $ 55 $ – $ 8 $ – Other debt securities Canadian issuers 1 – – 1 (2 ) 4 (1 ) 3 – Other issuers 16 1 – 2 (24 ) 20 (14 ) 1 – 20 1 – 3 (76 ) 79 (15 ) 12 – Non-trading Securities 408 97 – 317 (329 ) – – 493 20 Loans 19 4 – 5 (23 ) – – 5 1 427 101 – 322 (352 ) – – 498 21 Financial assets at fair value Government and government- Other OECD government 200 24 – – (224 ) – – – – Other debt securities Asset-backed securities 562 – – – – – (562 ) – – Corporate and other debt 24 – – – – – – 24 – Equity securities Common shares 1,492 – (3 ) 31 (13 ) – – 1,507 (4 ) Preferred shares 135 – (16 ) 1 (75 ) – (1 ) 44 (23 ) $ 2,413 $ 24 $ (19 ) $ 32 $ (312 ) $ – $ (563 ) $ 1,575 $ (27 ) FINANCIAL LIABILITIES Trading deposits 6 $ (3,024 ) $ (380 ) $ – $ (2,030 ) $ 1,342 $ – $ – $ (4,092 ) $ (243 ) Derivatives 7 Interest rate contracts (63 ) (22 ) – – 6 (4 ) – (83 ) (32 ) Foreign exchange contracts 1 – – – – (5 ) 3 (1 ) (1 ) Equity contracts (624 ) (472 ) – (127 ) 298 – – (925 ) (460 ) Commodity contracts 27 (33 ) – – (11 ) – – (17 ) (20 ) (659 ) (527 ) – (127 ) 293 (9 ) 3 (1,026 ) (513 ) Financial liabilities (14 ) 104 – (187 ) 76 – – (21 ) 65 Obligations related to securities – – – 1 – – (1 ) – – 1 Gains (losses) on financial assets and liabilities are recognized within Non-interest income on the Consolidated Statement of Income. 2 Other comprehensive income. 3 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. Refer to Note 7 for further details. 4 Includes foreign exchange. 5 Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in AOCI. 6 Issuances and repurchases of trading deposits are reported on a gross basis. 7 As at October 31, 2019, consists of derivative assets of $0.6 billion (November 1, 2018 – $0.5 billion) and derivative liabilities of $1.6 billion (November 1, 2018 – $1.2 billion), which have been netted on this table for presentation purposes only. Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities 1 (millions of Canadian dollars) Fair value as at November 1 Total realized and Movements Transfers Fair value as at October 31 Change in instruments 5 Included 2 Included 3 Purchases/ Sales/ 4 Into Out of FINANCIAL ASSETS Trading loans, securities, Government and government- Canadian government debt Provinces $ – $ – $ – $ 1 $ – $ 2 $ – $ 3 $ – Other debt securities Canadian issuers 6 – – – (4 ) 1 (2 ) 1 (1 ) Other issuers 8 (5 ) – 46 (31 ) 172 (174 ) 16 (2 ) 14 (5 ) – 47 (35 ) 175 (176 ) 20 (3 ) Non-trading Securities 305 60 – 54 (11 ) – – 408 51 Loans 15 (4 ) – 8 – – – 19 (4 ) 320 56 – 62 (11 ) – – 427 47 Financial assets at fair value Government and government- Other OECD government guaranteed debt 203 15 (18 ) – – – – 200 (18 ) Other debt securities Asset-backed securities 553 – (2 ) – 11 – – 562 (2 ) Corporate and other debt 95 12 2 – (85 ) – – 24 2 Equity securities Common shares 1,469 – (5 ) 23 5 – – 1,492 (7 ) Preferred shares 108 – 27 – – – – 135 26 $ 2,428 $ 27 $ 4 $ 23 $ (69 ) $ – $ – $ 2,413 $ 1 FINANCIAL LIABILITIES Trading deposits 6 $ (2,521 ) $ 78 $ – $ (1,729 ) $ 1,128 $ (46 ) $ 66 $ (3,024 ) $ 122 Derivatives 7 Interest rate contracts (70 ) 10 – – (3 ) – – (63 ) 6 Foreign exchange contracts 1 – – – 1 – (1 ) 1 3 Equity contracts (893 ) 131 – (121 ) 260 – (1 ) (624 ) 125 Commodity contracts 2 43 – – (18 ) – – 27 26 (960 ) 184 – (121 ) 240 – (2 ) (659 ) 160 Financial liabilities (7 ) (14 ) – (117 ) 124 – – (14 ) (11 ) Obligations related to securities – – – – 4 (4 ) – – – 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. The presentation of Financial Liabilities has also been revised to conform with the current period presentation. 2 Gains (losses) on financial assets and liabilities are recognized within Non-interest income on the Consolidated Statement of Income. 3 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. Refer to Note 7 for further details. 4 Includes foreign exchange. 5 Changes in unrealized gains (losses) on financial assets at FVOCI are recognized in AOCI. 6 Issuances and repurchases of trading deposits are reported on a gross basis. 7 As at October 31, 2018, consists of derivative assets of $0.5 billion (November 1, 2017 – $0.9 billion) and derivative liabilities of $1.2 billion (November 1, 2017 – $1.9 billion), which have been netted on this table for presentation purposes only. |
Summary of Quantitative Information about Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) | The following table presents the Bank's assets and liabilities recognized at fair value and classified as Level 3, together with the valuation techniques used to measure fair value, the significant inputs used in the valuation technique that are considered unobservable, and a range of values for those unobservable inputs. The range of values represents the highest and lowest inputs used in calculating the fair value. Valuation Techniques and Inputs Used in the Fair Value Measurement of Level 3 Assets and Liabilities As at October 31, 2019 October 31, 2018 Valuation technique Significant inputs (Level 3) Lower range Upper range Lower range Upper range Unit Government and government-related securities Market comparable Bond price equivalent 101 158 76 172 points Other debt securities Market comparable Bond price equivalent – 113 – 104 points Equity securities 1 Market comparable New issue price 100 100 n/a n/a % Discounted cash flow Discount rate 9 9 6 9 % EBITDA multiple Earnings multiple 3.5 3.5 5.0 20.5 times Market comparable Price equivalent 79 80 84 117 % Non-trading financial assets at fair value through profit or loss Market comparable New issue price 100 100 100 100 % Discounted cash flow Discount rates 8 20 8 40 % EBITDA multiple Earnings multiple 1.1 6.7 0.3 5.3 times Market comparable Liquidity Discount – – 50 50 % Price-based Net Asset Value 2 n/a n/a n/a n/a Derivatives Interest rate contracts Swaption model Currency-specific 27 325 15 346 % Discounted cash flow Inflation rate swap 1 2 1 2 % Option model Funding ratio 60 75 65 75 % Foreign exchange contracts Option model Currency-specific 4 12 7 14 % Equity contracts Option model Price correlation (19 ) 97 1 96 % Quanto correlation 10 68 (65 ) 68 % Dividend yield – 8 – 8 % Equity volatility 7 124 10 105 % Market comparable New issue price 100 100 100 100 % Commodity contracts Option model Quanto correlation (66 ) (46 ) (66 ) (46 ) % Swaption correlation 44 56 n/a n/a % Trading deposits Option model Price correlation (19 ) 97 1 96 % Quanto correlation (43 ) 68 (85 ) 68 % Dividend yield – 16 – 13 % Equity volatility 7 96 8 131 % Swaption model Currency-specific 25 325 15 346 % Financial liabilities designated at fair value through profit or loss Option model Funding ratio 2 70 2 70 % 1 As at October 31, 2019, common shares exclude the fair value of Federal Reserve stock and Federal Home Loan Bank stock of $1.5 billion (October 31, 2018 – $1.4 billion) which are redeemable by the issuer at cost which approximates fair value. These securities cannot be traded in the market, hence, these securities have not been subjected to the sensitivity analysis. 2 Net asset value information for private funds has not been disclosed due to the wide range in prices for these instruments. |
Schedule of Sensitivity Analysis of Level 3 Financial Assets and Liabilities | Sensitivity Analysis of Level 3 Financial Assets and Liabilities (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Impact to net assets Impact to net assets Decrease in Increase in Decrease in Increase in FINANCIAL ASSETS Non-trading financial assets at fair value through profit or loss Securities $ 49 $ 23 $ 46 $ 26 Loans 1 1 2 2 50 24 48 28 Derivatives Equity contracts 14 17 16 21 Commodity contracts – – 1 1 14 17 17 22 Financial assets at fair value through other comprehensive income Other debt securities Asset-backed securities – – 40 40 Corporate and other debt 2 2 2 2 Equity securities Common shares 6 3 4 2 Preferred shares 10 4 26 7 18 9 72 51 FINANCIAL LIABILITIES Trading deposits 23 32 18 26 Derivatives Interest rate contracts 20 14 15 12 Equity contracts 41 35 45 36 61 49 60 48 Financial liabilities designated at fair value through profit or loss 2 2 2 2 Total $ 168 $ 133 $ 217 $ 177 |
Summary of Aggregate Difference between Transaction Price and Valuation Technique | The following table summarizes the aggregate difference yet to be recognized in net income due to the difference between the transaction price and the amount determined using valuation techniques with significant non-observable inputs at initial recognition. (millions of Canadian dollars) For the years ended October 31 2019 2018 Balance as at beginning of year $ 14 $ 19 New transactions 38 25 Recognized in the Consolidated Statement of Income during the year (37 ) (30 ) Balance as at end of year $ 15 $ 14 |
At fair value [member] | |
Statement [LineItems] | |
Schedule of Fair Value Hierarchy for Assets and Liabilities | Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Level 1 Level 2 Level 3 Total 1 Level 1 Level 2 Level 3 Total 1 FINANCIAL ASSETS AND COMMODITIES Trading loans, securities, and other 2 Government and government-related securities Canadian government debt Federal $ 395 $ 10,521 $ – $ 10,916 $ 127 $ 14,335 $ – $ 14,462 Provinces – 8,510 8 8,518 – 7,535 3 7,538 U.S. federal, state, municipal governments, and agencies debt – 19,133 – 19,133 – 19,732 – 19,732 Other OECD government guaranteed debt – 4,132 – 4,132 – 3,324 – 3,324 Mortgage-backed securities – 1,746 – 1,746 – 2,029 – 2,029 Other debt securities Canadian issuers – 5,129 3 5,132 – 5,630 1 5,631 Other issuers – 13,547 1 13,548 – 14,459 16 14,475 Equity securities Common shares 56,058 61 – 56,119 43,699 53 – 43,752 Preferred shares 57 – – 57 33 26 – 59 Trading loans – 12,482 – 12,482 – 10,990 – 10,990 Commodities 13,761 437 – 14,198 5,540 340 – 5,880 Retained interests – 19 – 19 – 25 – 25 70,271 75,717 12 146,000 49,399 78,478 20 127,897 Non-trading financial assets at fair value through profit or loss Securities 229 3,985 493 4,707 176 2,095 408 2,679 Loans – 1,791 5 1,796 – 1,317 19 1,336 229 5,776 498 6,503 176 3,412 427 4,015 Derivatives Interest rate contracts 22 14,794 – 14,816 33 12,365 – 12,398 Foreign exchange contracts 24 30,623 3 30,650 24 39,647 4 39,675 Credit contracts – 16 – 16 – 9 – 9 Equity contracts 1 1,298 589 1,888 – 3,170 453 3,623 Commodity contracts 266 1,246 12 1,524 144 1,112 35 1,291 313 47,977 604 48,894 201 56,303 492 56,996 Financial assets designated at fair value through profit or loss Securities 2 – 4,040 – 4,040 – 3,618 – 3,618 – 4,040 – 4,040 – 3,618 – 3,618 Financial assets at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal – 9,663 – 9,663 – 12,731 – 12,731 Provinces – 12,927 – 12,927 – 9,507 – 9,507 U.S. federal, state, municipal governments, and agencies debt – 40,737 – 40,737 – 45,766 – 45,766 Other OECD government guaranteed debt – 14,407 – 14,407 – 19,896 200 20,096 Mortgage-backed securities – 5,437 – 5,437 – 6,633 – 6,633 Other debt securities Asset-backed securities – 15,888 – 15,888 – 21,407 562 21,969 Non-agency collateralized mortgage obligation portfolio – 247 – 247 – 472 – 472 Corporate and other debt – 7,810 24 7,834 – 8,483 24 8,507 Equity securities Common shares 89 2 1,507 1,598 309 3 1,492 1,804 Preferred shares 198 – 44 242 235 – 135 370 Loans – 2,124 – 2,124 – 2,745 – 2,745 287 109,242 1,575 111,104 544 127,643 2,413 130,600 Securities purchased under reverse repurchase agreements – 4,843 – 4,843 – 3,920 – 3,920 FINANCIAL LIABILITIES Trading deposits – 22,793 4,092 26,885 – 111,680 3,024 114,704 Derivatives Interest rate contracts 19 14,404 83 14,506 24 9,646 63 9,733 Foreign exchange contracts 21 29,374 4 29,399 18 34,897 3 34,918 Credit contracts – 420 – 420 – 386 – 386 Equity contracts – 2,877 1,514 4,391 – 1,319 1,077 2,396 Commodity contracts 266 1,040 29 1,335 134 695 8 837 306 48,115 1,630 50,051 176 46,943 1,151 48,270 Securitization liabilities at fair value – 13,058 – 13,058 – 12,618 – 12,618 Financial liabilities designated at fair value through profit or loss – 105,110 21 105,131 – 2 14 16 Obligations related to securities sold short 2 878 28,778 – 29,656 1,142 38,336 – 39,478 Obligations related to securities sold under repurchase agreements – 2,973 – 2,973 – 3,797 – 3,797 1 Fair value is the same as carrying value. 2 Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |
Statement [LineItems] | |
Schedule of Fair Value Hierarchy for Assets and Liabilities | The following table presents the levels within the fair value hierarchy for each of the financial assets and liabilities not carried at fair value as at October 31, but for which fair value is disclosed. Fair Value Hierarchy for Assets and Liabilities not carried at Fair Value 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ASSETS Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities $ 169 $ 78,195 $ 10 $ 78,374 $ 119 $ 59,828 $ 1 $ 59,948 Other debt securities – 52,368 2 52,370 – 43,826 2,490 46,316 Total debt securities at amortized cost, net of allowance for credit losses 169 130,563 12 130,744 119 103,654 2,491 106,264 Total loans, net of allowance for loan losses – 221,405 466,749 688,154 – 208,794 433,748 642,542 Total assets with fair value disclosures $ 169 $ 351,968 $ 466,761 $ 818,898 $ 119 $ 312,448 $ 436,239 $ 748,806 LIABILITIES Deposits $ – $ 892,597 $ – $ 892,597 $ – $ 846,148 $ – $ 846,148 Securitization liabilities at amortized cost – 14,258 – 14,258 – 14,654 – 14,654 Subordinated notes and debentures – 11,323 – 11,323 – 9,027 – 9,027 Total liabilities with fair value disclosures $ – $ 918,178 $ – $ 918,178 $ – $ 869,829 $ – $ 869,829 1 This table excludes financial assets and liabilities where the carrying amount is a reasonable approximation of fair value. |
Offsetting Financial Assets a_2
Offsetting Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Offsetting Financial Assets and Financial Liabilities | The following table provides a summary of the financial assets and liabilities which are subject to enforceable master netting agreements and similar arrangements, including amounts not otherwise set off in the Consolidated Balance Sheet, as well as financial collateral received to mitigate credit exposures for these financial assets and liabilities. The gross financial assets and liabilities are reconciled to the net amounts presented within the associated line in the Consolidated Balance Sheet, after giving effect to transactions with the same counterparties that have been offset in the Consolidated Balance Sheet. Related amounts and collateral received that are not offset on the Consolidated Balance Sheet, but are otherwise subject to the same enforceable netting agreements and similar arrangements, are then presented to arrive at a net amount. Offsetting Financial Assets and Financial Liabilities (millions of Canadian dollars) As at October 31, 2019 Amounts subject to an enforceable 1,2 Gross amounts balance sheet Gross amounts Net amount Amounts Collateral Net Amount Financial Assets Derivatives $ 55,973 $ 7,079 $ 48,894 $ 32,664 $ 8,840 $ 7,390 Securities purchased under 180,054 14,119 165,935 14,430 141,903 9,602 Total 236,027 21,198 214,829 47,094 150,743 16,992 Financial Liabilities Derivatives 57,130 7,079 50,051 32,664 17,387 – Obligations related to securities sold 139,975 14,119 125,856 14,430 110,995 431 Total $ 197,105 $ 21,198 $ 175,907 $ 47,094 $ 128,382 $ 431 October 31, 2018 Financial Assets Derivatives $ 59,661 $ 2,665 $ 56,996 $ 34,205 $ 11,678 $ 11,113 Securities purchased under 157,832 30,453 127,379 7,452 119,797 130 Total 217,493 33,118 184,375 41,657 131,475 11,243 Financial Liabilities Derivatives 50,935 2,665 48,270 34,205 12,127 1,938 Obligations related to securities sold 123,842 30,453 93,389 7,452 85,793 144 Total $ 174,777 $ 33,118 $ 141,659 $ 41,657 $ 97,920 $ 2,082 1 Excess collateral as a result of overcollateralization has not been reflected in the table. 2 Includes amounts where the contractual set-off rights are subject to uncertainty under the laws of the relevant jurisdiction. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Securities Maturity Schedule | The remaining terms to contractual maturities of the securities held by the Bank are shown on the following table. Securities Maturity Schedule (millions of Canadian dollars) As at October 31 October 31 Remaining terms to maturities 1 Within Over Over Over Over With no Total Total Trading securities Government and government-related Canadian government debt Federal $ 4,159 $ 3,212 $ 1,219 $ 1,519 $ 807 $ – $ 10,916 $ 14,462 Provinces 1,979 982 1,017 1,381 3,159 – 8,518 7,538 U.S. federal, state, municipal governments, and 2,417 8,140 3,105 2,085 3,386 – 19,133 19,732 Other OECD government-guaranteed debt 1,202 794 961 868 307 – 4,132 3,324 Mortgage-backed securities Residential 474 676 453 – – – 1,603 1,946 Commercial 24 – 50 69 – – 143 83 10,255 13,804 6,805 5,922 7,659 – 44,445 47,085 Other debt securities Canadian issuers 694 1,177 1,412 1,190 659 – 5,132 5,631 Other issuers 3,010 5,926 2,909 1,273 430 – 13,548 14,475 3,704 7,103 4,321 2,463 1,089 – 18,680 20,106 Equity securities Common shares – – – – – 56,119 56,119 43,752 Preferred shares – – – – – 57 57 59 – – – – – 56,176 56,176 43,811 Retained interests – 3 8 8 – – 19 25 Total trading securities $ 13,959 $ 20,910 $ 11,134 $ 8,393 $ 8,748 $ 56,176 $ 119,320 $ 111,027 Financial assets designated at fair value through profit or loss Government and government-related Canadian government debt Federal $ 148 $ – $ – $ – $ 16 $ – $ 164 $ 45 Provinces 143 6 107 33 99 – 388 454 U.S. federal, state, municipal governments, and – 67 – – – – 67 127 Other OECD government-guaranteed debt 697 9 88 – – – 794 771 988 82 195 33 115 – 1,413 1,397 Other debt securities Canadian issuers 24 564 764 529 7 – 1,888 1,609 Other issuers 200 285 239 15 – – 739 612 224 849 1,003 544 7 – 2,627 2,221 Total financial assets designated at fair value through profit or loss $ 1,212 $ 931 $ 1,198 $ 577 $ 122 $ – $ 4,040 $ 3,618 Securities at fair value through other comprehensive income Government and government-related Canadian government debt Federal $ 4,165 $ 4,104 $ 283 $ 607 $ 504 $ – $ 9,663 $ 12,731 Provinces 1,168 2,255 2,199 7,091 214 – 12,927 9,507 U.S. federal, state, municipal governments, and agencies debt 7,798 19,533 3,188 3,002 7,216 – 40,737 45,766 Other OECD government-guaranteed debt 5,162 8,524 250 471 – – 14,407 20,096 Mortgage-backed securities 907 4,370 160 – – – 5,437 6,633 19,200 38,786 6,080 11,171 7,934 – 83,171 94,733 Other debt securities Asset-backed securities 61 4,188 4,490 2,490 4,659 – 15,888 21,969 Non-agency collateralized mortgage obligation – – – – 247 – 247 472 Corporate and other debt 1,021 4,016 895 1,879 23 – 7,834 8,507 1,082 8,204 5,385 4,369 4,929 – 23,969 30,948 Equity securities Common shares – – – – – 1,598 1,598 1,804 Preferred shares – – – – – 242 242 370 – – – – – 1,840 1,840 2,174 Total securities at fair value through other comprehensive income $ 20,282 $ 46,990 $ 11,465 $ 15,540 $ 12,863 $ 1,840 $ 108,980 $ 127,855 1 Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract. Securities Maturity Schedule (millions of Canadian dollars) As at October 31 October 31 Remaining terms to maturities 1 Within Over Over Over Over With no Total Total Debt securities at amortized cost, net of allowance Government and government-related securities Canadian government debt Federal $ 992 $ 515 $ 872 $ 435 $ 1,957 $ – $ 4,771 $ 4,922 Provinces – 40 766 1,243 222 – 2,271 782 U.S. federal, state, municipal governments, and 1,365 3,744 9,286 12,173 16,646 – 43,214 29,148 Other OECD government guaranteed debt 7,161 10,138 9,512 1,208 – – 28,019 25,683 9,518 14,437 20,436 15,059 18,825 – 78,275 60,535 Other debt securities Asset-backed securities 11 5,053 8,950 4,049 10,700 – 28,763 23,709 Non-agency collateralized mortgage obligation – – – – 16,236 – 16,236 15,867 Canadian issuers – – – 99 – – 99 – Other issuers 1,649 2,454 2,601 418 2 – 7,124 7,060 1,660 7,507 11,551 4,566 26,938 – 52,222 46,636 Total debt securities at amortized cost, net of 11,178 21,944 31,987 19,625 45,763 – 130,497 107,171 Total securities $ 46,631 $ 90,775 $ 55,784 $ 44,135 $ 67,496 $ 58,016 $ 362,837 $ 349,671 1 Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract. |
Summary of Unrealized Gains and Losses | The following table summarizes the unrealized gains and losses as at October 31. Unrealized Securities Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Cost/ 1 Gross Gross (losses ) Fair value Cost/ 1 Gross unrealized gains Gross unrealized (losses ) Fair value Securities at Fair Value Through Other Government and government-related Canadian government debt Federal $ 9,603 $ 62 $ (2 ) $ 9,663 $ 12,740 $ 38 $ (47 ) $ 12,731 Provinces 12,890 77 (40 ) 12,927 9,443 75 (11 ) 9,507 U.S. federal, state, municipal governments, and 40,703 86 (52 ) 40,737 45,857 265 (356 ) 45,766 Other OECD government guaranteed debt 14,394 21 (8 ) 14,407 20,034 65 (3 ) 20,096 Mortgage-backed securities 5,407 31 (1 ) 5,437 6,575 59 (1 ) 6,633 82,997 277 (103 ) 83,171 94,649 502 (418 ) 94,733 Other debt securities Asset-backed securities 15,890 29 (31 ) 15,888 21,901 87 (19 ) 21,969 Non-agency collateralized mortgage obligation 247 – – 247 471 1 – 472 Corporate and other debt 7,832 27 (25 ) 7,834 8,534 31 (58 ) 8,507 23,969 56 (56 ) 23,969 30,906 119 (77 ) 30,948 Total debt securities 106,966 333 (159 ) 107,140 125,555 621 (495 ) 125,681 Equity securities Common shares 1,594 31 (27 ) 1,598 1,725 118 (39 ) 1,804 Preferred shares 302 4 (64 ) 242 376 20 (26 ) 370 1,896 35 (91 ) 1,840 2,101 138 (65 ) 2,174 Total securities at fair value through other $ 108,862 $ 368 $ (250 ) $ 108,980 $ 127,656 $ 759 $ (560 ) $ 127,855 1 Includes the foreign exchange translation of amortized cost balances at the period-end spot rate. |
Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income | Equity Securities Designated at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at For the year ended October 31, 2019 October 31, 2018 October 31, 2019 October 31, 2018 Fair value Dividend income recognized Common shares $ 1,598 $ 1,804 $ 64 $ 71 Preferred shares 242 370 15 16 Total $ 1,840 $ 2,174 $ 79 $ 87 |
Summary of Net Securities Gains (Losses) | Net Securities Gains (Losses) (millions of Canadian dollars) For the year ended October 31 2019 October 31 Debt securities at amortized cost Net realized gains (losses) $ 49 $ 76 Debt securities at fair value through other comprehensive income Net realized gains (losses) 29 35 Total $ 78 $ 111 |
Summary of Debt Securities by Risk Rating | Debt Securities by Risk Ratings (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Debt securities Investment grade $ 235,475 $ – $ n/a $ 235,475 $ 230,488 $ – $ n/a $ 230,488 Non-Investment 2,109 54 n/a 2,163 2,140 54 n/a 2,194 Watch and classified n/a – n/a – n/a 11 n/a 11 Default n/a n/a – – n/a n/a 234 234 Total debt securities 237,584 54 – 237,638 232,628 65 234 232,927 Allowance for credit losses on debt securities at amortized cost 1 – – 1 1 4 70 75 Debt securities, net of allowance $ 237,583 $ 54 $ – $ 237,637 $ 232,627 $ 61 $ 164 $ 232,852 |
Loans, Impaired Loans, and Al_2
Loans, Impaired Loans, and Allowance For Credit Losses (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings | The following tables provide the gross carrying amounts of loans and credit risk exposures on loan commitments and financial guarantee contracts by internal risk ratings for credit risk management purposes, presenting separately those that are subject to Stage 1, Stage 2, and Stage 3 allowances. Loans by Risk Ratings 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages 2,3,4 Low Risk $ 181,748 $ 77 $ n/a $ 181,825 $ 168,690 $ 32 $ n/a $ 168,722 Normal Risk 43,988 248 n/a 44,236 47,821 176 n/a 47,997 Medium Risk 5,817 433 n/a 6,250 5,106 267 n/a 5,373 High Risk 964 1,454 366 2,784 892 1,264 317 2,473 Default n/a n/a 545 545 n/a n/a 626 626 Total 232,517 2,212 911 235,640 222,509 1,739 943 225,191 Allowance for loan losses 28 26 56 110 24 34 52 110 Loans, net of allowance 232,489 2,186 855 235,530 222,485 1,705 891 225,081 Consumer instalment and other personal 5 Low Risk 92,601 953 n/a 93,554 87,906 983 n/a 88,889 Normal Risk 46,878 973 n/a 47,851 48,008 1,190 n/a 49,198 Medium Risk 27,576 879 n/a 28,455 23,008 1,063 n/a 24,071 High Risk 6,971 2,435 618 10,024 6,158 2,386 817 9,361 Default n/a n/a 450 450 n/a n/a 560 560 Total 174,026 5,240 1,068 180,334 165,080 5,622 1,377 172,079 Allowance for loan losses 690 384 175 1,249 574 349 180 1,103 Loans, net of allowance 173,336 4,856 893 179,085 164,506 5,273 1,197 170,976 Credit card Low Risk 7,188 48 n/a 7,236 7,234 11 n/a 7,245 Normal Risk 10,807 82 n/a 10,889 9,780 66 n/a 9,846 Medium Risk 11,218 275 n/a 11,493 11,347 246 n/a 11,593 High Risk 4,798 1,670 355 6,823 4,435 1,445 333 6,213 Default n/a n/a 123 123 n/a n/a 121 121 Total 34,011 2,075 478 36,564 32,796 1,768 454 35,018 Allowance for loan losses 732 521 322 1,575 379 283 341 1,003 Loans, net of allowance 33,279 1,554 156 34,989 32,417 1,485 113 34,015 Business and government 2,3,4,6 Investment grade or Low/Normal Risk 120,940 153 n/a 121,093 118,414 57 n/a 118,471 Non-Investment grade or Medium Risk 119,256 5,298 n/a 124,554 108,678 5,272 n/a 113,950 Watch and classified or High Risk 951 4,649 158 5,758 666 3,746 97 4,509 Default n/a n/a 730 730 n/a n/a 736 736 Total 241,147 10,100 888 252,135 227,758 9,075 833 237,666 Allowance for loan losses 672 648 193 1,513 651 551 131 1,333 Loans, net of allowance 240,475 9,452 695 250,622 227,107 8,524 702 236,333 Total loans 6,7 681,701 19,627 3,345 704,673 648,143 18,204 3,607 669,954 Total Allowance for loan losses 7 2,122 1,579 746 4,447 1,628 1,217 704 3,549 Total loans, net of allowance 6,7 $ 679,579 $ 18,048 $ 2,599 $ 700,226 $ 646,515 $ 16,987 $ 2,903 $ 666,405 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 As at October 31, 2019, impaired loans with a balance of $127 million (October 31, 2018 – $124 million) did not have a related allowance for loan losses. An allowance was not required for these loans as the balance relates to loans where the realizable value of the collateral exceeded the loan amount. 3 As at October 31, 2019, excludes trading loans and non-trading loans at FVTPL with a fair value of $12 billion (October 31, 2018 – $11 billion) and $2 billion (October 31, 2018 – $1 billion), respectively. 4 As at October 31, 2019, includes insured mortgages of $88 billion (October 31, 2018 – $95 billion). 5 As at October 31, 2019, includes Canadian government-insured real estate personal loans of $13 billion (October 31, 2018 – $14 billion). 6 As at October 31, 2019, includes loans that are measured at FVOCI of $2 billion (October 31, 2018 – $3 billion) and customers' liability under acceptances of $13 billion (October 31, 2018 – $17 billion). 7 As at October 31, 2019, Stage 3 includes ACI loans of $313 million (October 31, 2018 – $453 million) and a related allowance for loan losses of $12 million (October 31, 2018 – $18 million), which have been included in the "Default" risk rating category as they were impaired at acquisition. Loans by Risk Ratings – Off-Balance Sheet Credit Instruments 1,2 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Exposures 3 Low Risk $ 227,757 $ 732 $ n/a $ 228,489 $ 236,456 $ 1,007 $ n/a $ 237,463 Normal Risk 67,245 570 n/a 67,815 50,116 654 n/a 50,770 Medium Risk 13,204 277 n/a 13,481 12,005 349 n/a 12,354 High Risk 1,869 854 – 2,723 1,423 986 – 2,409 Default n/a n/a – – n/a n/a – – Non-Retail Exposures 4 Investment grade 179,650 – n/a 179,650 166,769 – n/a 166,769 Non-Investment grade 64,553 3,397 n/a 67,950 61,763 1,957 n/a 63,720 Watch and classified 2 2,126 – 2,128 – 2,004 – 2,004 Default n/a n/a 108 108 n/a n/a 96 96 Total off-balance sheet credit instruments 554,280 7,956 108 562,344 528,532 6,957 96 535,585 Allowance for off-balance sheet credit instruments 293 277 15 585 550 477 2 1,029 Total off-balance sheet credit instruments, net of allowance $ 553,987 $ 7,679 $ 93 $ 561,759 $ 527,982 $ 6,480 $ 94 $ 534,556 1 Certain comparative amounts have been recast to conform with the presentation adopted in the current period. 2 Exclude mortgage commitments. 3 As at October 31, 2019, includes $311 billion (October 31, 2018 – $302 billion) of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time. 4 As at October 31, 2019, includes $41 billion (October 31, 2018 – $37 billion) of the undrawn component of uncommitted credit and liquidity facilities. |
Summary of Information Related to Bank's Impaired Loans | The following table presents information related to the Bank's impaired loans as at October 31. Impaired Loans 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Unpaid principal balance 2 Carrying value Related allowance for credit losses Average gross impaired loans Unpaid principal balance 2 Carrying value Related allowance for credit losses Average gross impaired loans Residential mortgages $ 788 $ 724 $ 53 $ 698 $ 776 $ 709 $ 47 $ 726 Consumer instalment and other personal 1,159 1,037 173 1,160 1,465 1,331 178 1,325 Credit card 478 478 322 465 454 454 341 422 Business and government 870 793 186 906 726 660 120 580 Total $ 3,295 $ 3,032 $ 734 $ 3,229 $ 3,421 $ 3,154 $ 686 $ 3,053 1 Balances exclude ACI loans. 2 Represents contractual amount of principal owed. |
Summary of Allowance for Credit Losses | The changes to the Bank's allowance for loan losses, as at and for the year ended October 31 are shown in the following tables. Allowance for Loan Losses 1 (millions of Canadian dollars) For the years ended October 31 2019 2018 Stage 1 Stage 2 Stage 3 2 Total Stage 1 Stage 2 Stage 3 2 Total Residential Mortgages Balance at beginning of period $ 24 $ 34 $ 52 $ 110 $ 24 $ 26 $ 57 $ 107 Provision for credit losses Transfer to Stage 1 3 35 (33 ) (2 ) – 24 (23 ) (1 ) – Transfer to Stage 2 (5 ) 13 (8 ) – (4 ) 8 (4 ) – Transfer to Stage 3 (2 ) (8 ) 10 – – (9 ) 9 – Net remeasurement due to transfers 4 (16 ) 6 – (10 ) (14 ) 6 – (8 ) New originations or purchases 5 14 n/a n/a 14 14 n/a n/a 14 Net repayments 6 – (1 ) – (1 ) (1 ) (1 ) (5 ) (7 ) Derecognition of financial assets (excluding disposals and write-offs) 7 (4 ) (5 ) (17 ) (26 ) (3 ) (2 ) (4 ) (9 ) Changes to risk, parameters, and models 8 (18 ) 20 49 51 (16 ) 29 24 37 Disposals – – – – – – – – Write-offs – – (31 ) (31 ) – – (31 ) (31 ) Recoveries – – 1 1 – – 3 3 Foreign exchange and other adjustments – – 2 2 – – 4 4 Balance at end of period $ 28 $ 26 $ 56 $ 110 $ 24 $ 34 $ 52 $ 110 Consumer Instalment and Other Personal Balance, including off-balance sheet instruments, at beginning of period $ 599 $ 392 $ 180 $ 1,171 $ 529 $ 355 $ 171 $ 1,055 Provision for credit losses Transfer to Stage 1 3 352 (333 ) (19 ) – 303 (285 ) (18 ) – Transfer to Stage 2 (121 ) 164 (43 ) – (114 ) 152 (38 ) – Transfer to Stage 3 (15 ) (164 ) 179 – (21 ) (172 ) 193 – Net remeasurement due to transfers 4 (149 ) 160 11 22 (125 ) 139 11 25 New originations or purchases 5 326 n/a n/a 326 322 n/a n/a 322 Net repayments 6 (88 ) (30 ) (12 ) (130 ) (49 ) (24 ) (15 ) (88 ) Derecognition of financial assets (excluding disposals and write-offs) 7 (81 ) (71 ) (49 ) (201 ) (126 ) (97 ) (45 ) (268 ) Changes to risk, parameters, and models 8 (105 ) 298 893 1,086 (127 ) 321 744 938 Disposals – – – – – – – – Write-offs – – (1,220 ) (1,220 ) – – (1,077 ) (1,077 ) Recoveries – – 254 254 – – 253 253 Foreign exchange and other adjustments (1 ) 1 1 1 7 3 1 11 Balance, including off-balance sheet instruments, at end of period 717 417 175 1,309 599 392 180 1,171 Less: Allowance for off-balance sheet instruments 9 27 33 – 60 25 43 – 68 Balance at end of period $ 690 $ 384 $ 175 $ 1,249 $ 574 $ 349 $ 180 $ 1,103 Credit Card 10 Balance, including off-balance sheet instruments, at beginning of period $ 819 $ 580 $ 341 $ 1,740 $ 763 $ 521 $ 321 $ 1,605 Provision for credit losses Transfer to Stage 1 3 705 (623 ) (82 ) – 590 (521 ) (69 ) – Transfer to Stage 2 (224 ) 288 (64 ) – (192 ) 259 (67 ) – Transfer to Stage 3 (30 ) (563 ) 593 – (38 ) (475 ) 513 – Net remeasurement due to transfers 4 (240 ) 314 41 115 (209 ) 249 63 103 New originations or purchases 5 144 n/a n/a 144 171 n/a n/a 171 Net repayments 6 92 3 (22 ) 73 125 (51 ) 39 113 Derecognition of financial assets (excluding disposals and write-offs) 7 (96 ) (107 ) (439 ) (642 ) (102 ) (106 ) (371 ) (579 ) Changes to risk, parameters, and models 8 (236 ) 781 1,356 1,901 (276 ) 705 1,168 1,597 Disposals – – – – (21 ) (12 ) (8 ) (41 ) Write-offs – – (1,699 ) (1,699 ) – – (1,515 ) (1,515 ) Recoveries – – 297 297 – – 260 260 Foreign exchange and other adjustments – – – – 8 11 7 26 Balance, including off-balance sheet instruments, at end of period 934 673 322 1,929 819 580 341 1,740 Less: Allowance for off-balance sheet instruments 9 202 152 – 354 440 297 – 737 Balance at end of period $ 732 $ 521 $ 322 $ 1,575 $ 379 $ 283 $ 341 $ 1,003 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 Includes allowance for loan losses related to ACI loans. 3 Transfers represent stage transfer movements prior to ECL remeasurement. 4 Represents the remeasurement between twelve-month and lifetime ECLs due to stage transfers, excluding the change to risk, parameters, and models. 5 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 6 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 7 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 8 Represents the change in the allowance related to changes in risk including changes to macroeconomic factors, level of risk, associated parameters, and models. 9 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Consolidated Balance Sheet. 10 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 for further details. Allowance for Loan Losses 1,2 (millions of Canadian dollars) For the years ended October 31 2019 2018 Stage 1 Stage 2 Stage 3 3 Total Stage 1 Stage 2 Stage 3 3 Total Business and Government Balance, including off-balance sheet instruments, as beginning of period $ 736 $ 688 $ 133 $ 1,557 $ 706 $ 627 $ 192 $ 1,525 Provision for credit losses Transfer to Stage 1 4 214 (210 ) (4 ) – 133 (129 ) (4 ) – Transfer to Stage 2 (127 ) 138 (11 ) – (106 ) 114 (8 ) – Transfer to Stage 3 (18 ) (136 ) 154 – (6 ) (56 ) 62 – Net remeasurement due to transfers 4 (89 ) 115 2 28 (38 ) 68 5 35 New originations or purchases 4 451 n/a n/a 451 467 n/a n/a 467 Net repayments 4 (9 ) (35 ) (42 ) (86 ) (4 ) (26 ) (27 ) (57 ) Derecognition of financial assets (excluding disposals and write-offs) 4 (340 ) (382 ) (85 ) (807 ) (338 ) (365 ) (57 ) (760 ) Changes to risk, parameters, and models 4 (83 ) 564 241 722 (89 ) 447 68 426 Disposals – (3 ) – (3 ) – – (5 ) (5 ) Write-offs – – (228 ) (228 ) – – (155 ) (155 ) Recoveries – – 57 57 – – 73 73 Foreign exchange and other adjustments 1 1 (9 ) (7 ) 11 8 (11 ) 8 Balance, including off-balance sheet instruments, at end of period 736 740 208 1,684 736 688 133 1,557 Less: Allowance for off-balance sheet instruments 5 64 92 15 171 85 137 2 224 Balance at end of period 672 648 193 1,513 651 551 131 1,333 Total Allowance for Loan Losses at end of period $ 2,122 $ 1,579 $ 746 $ 4,447 $ 1,628 $ 1,217 $ 704 $ 3,549 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 Includes the allowance for loan losses related to customers' liability under acceptances. 3 Includes allowance for loan losses related to ACI loans. 4 For explanations regarding this line item, refer to the "Allowance for Loan Losses" table on the previous page in this Note. 5 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Consolidated Balance Sheet. |
Summary of Macroeconomic Variables Impacted in Determining ECLs | The following table represents the average values of the macroeconomic variables over the next twelve months and the remaining 4-year forecast period for the base, upside, and downside forecasts. Macroeconomic Variables As at October 31, 2019 Base Forecasts Upside Downside Next 12 1 Remaining 4-year period 1 Next 12 months 1 Remaining 4-year period 1 Next 12 months 1 Remaining 4-year period 1 Unemployment rate Canada 5.8 % 5.8 % 5.7 % 5.2 % 6.8 % 8.0 % United States 3.8 4.1 3.6 3.5 4.9 6.1 Real gross domestic product (GDP) 2 Canada 1.6 1.8 1.8 2.2 0.6 0.3 United States 1.9 1.8 2.0 2.1 0.7 0.2 Home prices 2 Canada (average home price) 3 7.1 2.7 8.9 5.9 2.7 (3.5 ) United States (CoreLogic HPI) 4 3.6 3.6 4.4 5.0 2.4 1.7 Central bank policy interest rate Canada 1.31 1.53 1.75 2.16 0.75 0.63 United States 1.75 2.20 2.00 2.86 1.06 1.00 U.S. 10-year treasury yield 1.76 2.50 2.25 3.44 1.32 1.79 U.S. 10-year BBB spread 1.80 1.80 1.73 1.59 1.96 2.19 Exchange rate (U.S. dollar/Canadian dollar) $ 0.76 $ 0.77 $ 0.78 $ 0.83 $ 0.74 $ 0.69 October 31, 2018 Unemployment rate Canada 6.0 % 6.0 % 5.8 % 5.5 % 6.7 % 7.6 % United States 3.7 3.9 3.6 3.4 4.3 6.1 Real gross domestic product (GDP) 2 Canada 2.3 1.7 2.6 2.2 1.6 1.0 United States 2.9 1.8 3.1 2.1 2.6 1.0 Home prices 2 Canada (average home price) 3 3.4 3.4 4.5 5.0 0.9 0.2 United States (CoreLogic HPI) 4 5.1 4.0 5.4 4.8 4.1 2.4 Central bank policy interest rate Canada 1.88 2.47 2.00 3.00 1.69 1.75 United States 2.88 2.97 3.31 3.75 2.38 2.22 U.S. 10-year treasury yield 3.20 3.13 4.46 4.43 2.71 2.31 U.S. 10-year BBB spread 1.80 1.80 1.71 1.55 1.87 2.06 Exchange rate (U.S. dollar/Canadian dollar) $ 0.79 $ 0.80 $ 0.80 $ 0.86 $ 0.77 $ 0.75 1 The numbers represent average values for the quoted periods. 2 The numbers represent annual % change. 3 The average home price is the average transacted sale price of homes sold via the Multiple Listing Service (MLS); data is collected by the Canadian Real Estate Association (CREA). 4 The CoreLogic home price index (HPI) is a repeat-sales index which tracks increases and decreases in the same home's sales price over time. |
Schedule of Change from Base to Probability-Weighted ECL | The following table presents the base ECL scenario compared to the probability-weighted ECL derived from using three ECL scenarios for performing loans and off-balance sheet instruments. The difference reflects the impact of deriving multiple scenarios around the base ECL and resultant change in ECL due to non-linearity and sensitivity to using macroeconomic forecasts. Change from Base to Probability-Weighted ECL 1 (millions of Canadian dollars, except as noted) As at October 31, 2019 October 31, 2018 Probability-weighted ECL $ 4,271 $ 3,872 Base ECL 4,104 3,772 Difference – in amount $ 167 $ 100 Difference – in percentage 3.9 % 2.6 % 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. |
Schedule of Incremental Lifetime ECL Impact | The following table presents the estimated impact of staging on ACL for performing loans and off-balance sheet instruments if they were all calculated using twelve-month Incremental Lifetime ECL Impact 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Aggregate Stage 1 and 2 probability-weighted ECL $ 4,271 $ 3,872 All performing loans and off-balance sheet instruments using 12-month ECL 3,672 3,438 Incremental lifetime ECL impact $ 599 $ 434 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. |
Summary of Loans Past Due but Not Impaired | Loans Past Due but not Impaired 1,2 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 1-30 days 31-60 days 61-89 days Total 1-30 days 31-60 days 61-89 days Total Residential mortgages $ 1,709 $ 404 $ 111 $ 2,224 $ 1,471 $ 358 $ 101 $ 1,930 Consumer instalment and other personal 6,038 845 266 7,149 5,988 811 241 7,040 Credit card 1,401 351 229 1,981 1,403 340 213 1,956 Business and government 1,096 858 60 2,014 1,314 444 28 1,786 Total $ 10,244 $ 2,458 $ 666 $ 13,368 $ 10,176 $ 1,953 $ 583 $ 12,712 1 Includes loans that are measured at FVOCI. 2 Balances exclude ACI loans. |
Transfers Of Financial Assets (
Transfers Of Financial Assets (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Statement [LineItems] | |
Summary of Carrying Amount and Fair Value of Transferred Financial Assets Not Qualifying for Derecognition | The following table summarizes the securitized asset types that did not qualify for derecognition, along with their associated securitization liabilities as at October 31. Financial Assets Not Qualifying for Derecognition Treatment as Part of the Bank s Securitization Programs (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Fair value Carrying amount Fair value Carrying amount Nature of transaction Securitization of residential mortgage loans $ 23,705 $ 23,689 $ 23,124 $ 23,334 Other financial assets transferred related to securitization 1 3,525 3,524 4,230 4,235 Total 27,230 27,213 27,354 27,569 Associated liabilities 2 $ 27,316 $ 27,144 $ 27,272 $ 27,301 1 Includes asset-backed securities, asset-backed commercial paper (ABCP), cash, repurchase agreements, and Government of Canada securities used to fulfil funding requirements of the Bank's securitization structures after the initial securitization of mortgage loans. 2 Includes securitization liabilities carried at amortized cost of $14 billion as at October 31, 2019 (October 31, 2018 – $15 billion), and securitization liabilities carried at fair value of $13 billion as at October 31, 2019 (October 31, 2018 – $13 billion). |
Other Financial Assets One [member] | |
Statement [LineItems] | |
Summary of Carrying Amount and Fair Value of Transferred Financial Assets Not Qualifying for Derecognition | The following table summarizes the carrying amount of financial assets and the associated transactions that did not qualify for derecognition, as well as their associated financial liabilities as at October 31. Other Financial Assets Not Qualifying for Derecognition (millions of Canadian dollars) As at October 31 2019 October 31 2018 Carrying amount of assets Nature of transaction Repurchase agreements 1,2 $ 16,990 $ 24,333 Securities lending agreements 38,338 27,124 Total 55,328 51,457 Carrying amount of associated liabilities 2 $ 17,428 $ 24,701 1 Includes $1.3 billion, as at October 31, 2019, of assets related to repurchase agreements or swaps that are collateralized by physical precious metals (October 31, 2018 – $2.0 billion). 2 Associated liabilities are all related to repurchase agreements. |
Structured Entities (Tables)
Structured Entities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Carrying Amount and Maximum Exposure to Unconsolidated Structured Entities | Carrying Amount and Maximum Exposure to Unconsolidated Structured Entities 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Securitizations Investment funds and trusts Other Total Securitizations Investment funds and trusts Other Total FINANCIAL ASSETS Trading loans, securities, and other $ 8,450 $ 1,096 $ – $ 9,546 $ 9,460 $ 719 $ 11 $ 10,190 Non-trading financial assets at fair value through profit or loss 3,649 488 – 4,137 1,810 367 – 2,177 Derivatives 2 – 64 6 70 – 826 – 826 Financial assets designated at fair value through profit or loss – 4 – 4 – 3 – 3 Financial assets at fair value through other comprehensive income 34,451 1,550 9 36,010 47,575 1,262 – 48,837 Debt securities at amortized cost, net of allowance for credit losses 85,456 – – 85,456 68,736 – – 68,736 Loans 1,314 5 – 1,319 2,438 – – 2,438 Other 6 – 3,027 3,033 6 – 2,897 2,903 Total assets 133,326 3,207 3,042 139,575 130,025 3,177 2,908 136,110 FINANCIAL LIABILITIES Derivatives 2 – 395 – 395 – 59 – 59 Obligations related to securities sold short 3,164 503 – 3,667 2,937 629 – 3,566 Total liabilities 3,164 898 – 4,062 2,937 688 – 3,625 Off-balance sheet exposure 3 17,233 4,234 1,222 22,689 16,172 3,450 1,164 20,786 Maximum exposure to loss from involvement with unconsolidated structured entities $ 147,395 $ 6,543 $ 4,264 $ 158,202 $ 143,260 $ 5,939 $ 4,072 $ 153,271 Size of sponsored unconsolidated structured entities 4 $ 10,068 $ 37,638 $ 1,200 $ 48,906 $ 10,216 $ 35,897 $ 1,750 $ 47,863 1 Certain comparative amounts have been restated to conform with the presentation adopted in the current period. 2 Derivatives primarily subject to vanilla interest rate or foreign exchange risk are not included in these amounts as those derivatives are designed to align the structured entity's cash flows with risks absorbed by investors and are not predominantly designed to expose the Bank to variable returns created by the entity. 3 For the purposes of this disclosure, off-balance sheet exposure represents the notional value of liquidity facilities, guarantees, or other off-balance sheet commitments without considering the effect of collateral or other credit enhancements. 4 The size of sponsored unconsolidated structured entities is provided based on the most appropriate measure of size for the type of entity: (1) The par value of notes issued by securitization conduits and similar liability issuers; (2) the total AUM of investment funds and trusts; and (3) the total fair value of partnership or equity shares in issue for partnerships and similar equity issuers. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Fair Value of Derivatives | The Bank assesses and measures the hedge effectiveness based on the change in the fair value of the hedging instrument relative to the change in the cash flows of the hedged item attributable to movement in equity price, using the hypothetical derivative method. Fair Value of Derivatives (millions of Canadian dollars) October 31, 2019 October 31, 2018 Fair value as Fair value as Positive Negative Positive Negative Derivatives held or issued for trading purposes Interest rate contracts Forward rate agreements $ 24 $ 149 $ 37 $ 39 Swaps 11,244 11,952 9,931 7,229 Options written – 1,099 – 566 Options purchased 1,168 – 516 – Total interest rate contracts 12,436 13,200 10,484 7,834 Foreign exchange contracts Forward contracts 713 1,540 17,638 15,943 Swaps 12,734 12,613 – – Cross-currency interest rate swaps 14,721 12,913 18,489 15,692 Options written – 302 – 543 Options purchased 289 – 486 – Total foreign exchange contracts 28,457 27,368 36,613 32,178 Credit derivative contracts Credit default swaps – protection purchased – 241 – 230 Credit default swaps – protection sold 16 – 9 1 Total credit derivative contracts 16 241 9 231 Other contracts Equity contracts 748 2,942 2,537 1,362 Commodity contracts 1,524 1,335 1,291 837 Total other contracts 2,272 4,277 3,828 2,199 Fair value – trading 43,181 45,086 50,934 42,442 Derivatives held or issued for non-trading purposes Interest rate contracts Forward rate agreements – 2 2 – Swaps 2,365 1,303 1,893 1,898 Options written – 1 – 1 Options purchased 15 – 19 – Total interest rate contracts 2,380 1,306 1,914 1,899 Foreign exchange contracts Forward contracts 660 90 333 327 Swaps 2 22 – – Cross-currency interest rate swaps 1,531 1,919 2,729 2,413 Total foreign exchange contracts 2,193 2,031 3,062 2,740 Credit derivative contracts Credit default swaps – protection purchased – 179 – 155 Total credit derivative contracts – 179 – 155 Other contracts Equity contracts 1,140 1,449 1,086 1,034 Total other contracts 1,140 1,449 1,086 1,034 Fair value – non-trading 5,713 4,965 6,062 5,828 Total fair value $ 48,894 $ 50,051 $ 56,996 $ 48,270 |
Summary of Fair Values of Non-Trading Derivative Instruments Categorized by Hedging Relationships | The following table distinguishes derivatives held or issued for non-trading purposes between those that have been designated in qualifying hedge accounting relationships and those which have not been designated in qualifying hedge accounting relationships as at October 31. Fair Value of Non-Trading Derivatives 1 (millions of Canadian dollars) As at October 31, 2019 Derivative Assets Derivative Liabilities Derivatives in qualifying hedging relationships Derivatives not in qualifying Derivatives in qualifying hedging relationships Derivatives not in qualifying Fair Cash Net Total Fair Cash Net Total Derivatives held or issued for non-trading purposes Interest rate contracts $ 882 $ 804 $ – $ 694 $ 2,380 $ 786 $ (46 ) $ – $ 566 $ 1,306 Foreign exchange contracts – 2,175 2 16 2,193 – 1,910 58 63 2,031 Credit derivative contracts – – – – – – – – 179 179 Other contracts – 531 – 609 1,140 – – – 1,449 1,449 Fair value – non-trading $ 882 $ 3,510 $ 2 $ 1,319 $ 5,713 $ 786 $ 1,864 $ 58 $ 2,257 $ 4,965 October 31, 2018 Derivatives held or issued for non-trading purposes Interest rate contracts $ 1,050 $ (62 ) $ 4 $ 922 $ 1,914 $ 858 $ 187 $ – $ 854 $ 1,899 Foreign exchange contracts – 2,948 4 110 3,062 – 2,399 314 27 2,740 Credit derivative contracts – – – – – – – – 155 155 Other contracts – 594 – 492 1,086 – – – 1,034 1,034 Fair value – non-trading $ 1,050 $ 3,480 $ 8 $ 1,524 $ 6,062 $ 858 $ 2,586 $ 314 $ 2,070 $ 5,828 1 Certain derivatives assets qualify to be offset with certain derivative liabilities on the Consolidated Balance Sheet. Refer to Note 6 for further details. |
Summary of Effect of Fair Value Hedges and Cash Flow and Net Investment Hedges | The following table presents the effects of fair value hedges on the Consolidated Balance Sheet and the Consolidated Statement of Income. Fair Value Hedges (millions of Canadian dollars) For the years ended or as at October 31 2019 Change in value of hedged items for Change in fair Hedge Carrying Accumulated 1 Accumulated Assets Interest rate risk Debt securities at amortized cost $ 2,144 $ (2,160 ) $ (16 ) $ 46,888 $ 1,502 $ – Financial assets at fair value through other comprehensive income 3,286 (3,299 ) (13 ) 78,688 580 (119 ) Loans 1,440 (1,458 ) (18 ) 59,270 741 (6 ) Total assets 6,870 (6,917 ) (47 ) 184,846 2,823 (125 ) Liabilities Interest rate risk Deposits (4,566 ) 4,584 18 125,602 2,214 (11 ) Securitization liabilities at amortized cost (149 ) 151 2 5,481 82 – Subordinated notes and debentures (189 ) 190 1 5,071 (28 ) (135 ) Total liabilities (4,904 ) 4,925 21 136,154 2,268 (146 ) Total $ 1,966 $ (1,992 ) $ (26 ) 2018 Assets Interest rate risk Debt securities at amortized cost $ (501 ) $ 507 $ 6 $ 30,032 $ (618 ) $ – Financial assets at fair value through other comprehensive income (1,874 ) 1,869 (5 ) 86,804 (2,699 ) (172 ) Loans (792 ) 792 – 45,157 (726 ) (8 ) Total assets (3,167 ) 3,168 1 161,993 (4,043 ) (180 ) Liabilities Interest rate risk Deposits 2,182 (2,179 ) 3 93,150 (2,301 ) (4 ) Securitization liabilities at amortized cost 71 (73 ) (2 ) 4,960 (52 ) – Subordinated notes and debentures 112 (112 ) – 4,027 (230 ) (143 ) Total liabilities 2,365 (2,364 ) 1 102,137 (2,583 ) (147 ) Total $ (802 ) $ 804 $ 2 2017 Total $ (933 ) $ 914 $ (19 ) 1 The Bank has portfolios of fixed rate financial assets and liabilities whereby the notional amount changes frequently due to originations, issuances, maturities and prepayments. The interest rate risk hedges on these portfolios are rebalanced dynamically. Cash Flow Hedges and Net Investment Hedges The following table presents the effects of cash flow hedges and net investment hedges on the Bank's Consolidated Statement of Income and the Consolidated Statement of Comprehensive Income. Cash Flow and Net Investment Hedges (millions of Canadian dollars) For the years ended October 31 2019 Change in value Change in fair Hedge Hedging 1 Amount reclassified 1 Net change 1 Cash flow hedges 2 Interest rate risk 3 $ (5,087 ) $ 5,089 $ 2 $ 5,041 $ (218 ) $ 5,259 Foreign exchange risk 4,5,6 251 (250 ) 1 (466 ) (572 ) 106 Equity price risk (122 ) 122 – 122 117 5 Total cash flow hedges $ (4,958 ) $ 4,961 $ 3 $ 4,697 $ (673 ) $ 5,370 Net investment hedges $ (180 ) $ 180 $ – $ 180 $ – $ 180 2018 Cash flow hedges 2 Interest rate risk 3 $ 2,585 $ (2,587 ) $ (2 ) $ (2,528 ) $ 335 $ (2,863 ) Foreign exchange risk 4,5,6 (449 ) 449 – 362 306 56 Equity price risk (66 ) 66 – 66 97 (31 ) Total cash flow hedges $ 2,070 $ (2,072 ) $ (2 ) $ (2,100 ) $ 738 $ (2,838 ) Net investment hedges $ 392 $ (392 ) $ – $ (392 ) $ – $ (392 ) 2017 Total cash flow hedges 2 $ (2 ) $ (2,229 ) $ 1,077 Net investment hedges – 890 (8 ) 1 Effects on other comprehensive income are presented on a pre-tax basis. 2 During the years ended October 31, 2019, October 31, 2018, and October 31, 2017, there were no instances where forecasted hedged transactions failed to occur. 3 Hedged items include forecasted interest cash flows on loans , 4 For non-derivative instruments designated as hedging foreign exchange risk, fair value change is measured as the gains and losses due to spot foreign exchange movements. 5 Cross-currency swaps may be used to hedge foreign exchange risk or a combination of interest rate risk and foreign exchange risk in a single hedging relationship. These hedges are disclosed in the above risk category (foreign exchange risk). 6 Hedged items include principal and interest cash flows on foreign denominated securities, loans, deposits, other liabilities, and subordinated notes and debentures. |
Summary of Reconciliation of Accumulated Other Comprehensive Income (Loss) | Reconciliation of Accumulated Other Comprehensive Income (Loss) 1 (millions of Canadian dollars) For the years ended October 31 2019 Accumulated other Net changes in other Accumulated other Accumulated other Accumulated other de-designated hedges Cash flow hedges Interest rate risk $ (3,656 ) $ 5,259 $ 1,603 $ 1,226 $ 377 Foreign exchange risk 247 106 353 353 – Equity price risk 20 5 25 25 – Total cash flow hedges $ (3,389 ) $ 5,370 $ 1,981 $ 1,604 $ 377 Net investment hedges Foreign translation risk $ (5,689 ) $ 180 $ (5,509 ) $ (5,509 ) $ – 2018 Cash flow hedges Interest rate risk $ (793 ) $ (2,863 ) $ (3,656 ) $ (2,245 ) $ (1,411 ) Foreign exchange risk 191 56 247 247 – Equity price risk 51 (31 ) 20 20 – Total cash flow hedges $ (551 ) $ (2,838 ) $ (3,389 ) $ (1,978 ) $ (1,411 ) Net investment hedges Foreign translation risk $ (5,297 ) $ (392 ) $ (5,689 ) $ (5,689 ) $ – 1 Presented on a pre-tax basis and excludes the Bank's equity in the AOCI of an investment in TD Ameritrade. |
Summary of Notional Amounts of Over the Counter and Exchange Traded Derivatives | Over-the-Counter and Exchange-Traded Derivatives (millions of Canadian dollars) As at October 31 2019 October 31 Trading Over-the-Counter 1 Clearing house 2 Non clearing house Exchange- Total Non- trading 3 Total Total Notional Interest rate contracts Futures $ – $ – $ 884,565 $ 884,565 $ – $ 884,565 $ 575,825 Forward rate agreements 1,817,528 28,532 – 1,846,060 867 1,846,927 970,904 Swaps 9,380,140 390,123 – 9,770,263 1,642,583 11,412,846 9,442,704 Options written – 109,532 136,264 245,796 472 246,268 200,948 Options purchased – 122,159 187,260 309,419 5,374 314,793 227,775 Total interest rate contracts 11,197,668 650,346 1,208,089 13,056,103 1,649,296 14,705,399 11,418,156 Foreign exchange contracts Futures – – 16 16 – 16 24 Forward contracts – 169,992 – 169,992 20,473 190,465 1,825,682 Swaps – 1,747,596 – 1,747,596 1,955 1,749,551 6 Cross-currency interest rate swaps – 757,780 – 757,780 100,921 858,701 785,946 Options written – 27,639 15 27,654 – 27,654 34,090 Options purchased – 27,293 2 27,295 – 27,295 32,655 Total foreign exchange contracts – 2,730,300 33 2,730,333 123,349 2,853,682 2,678,403 Credit derivative contracts Credit default swaps – protection purchased 9,222 249 – 9,471 3,199 12,670 12,612 Credit default swaps – protection sold 956 156 – 1,112 – 1,112 1,122 Total credit derivative contracts 10,178 405 – 10,583 3,199 13,782 13,734 Other contracts Equity contracts – 92,327 66,590 158,917 29,454 188,371 145,327 Commodity contracts 100 46,885 49,702 96,687 – 96,687 73,193 Total other contracts 100 139,212 116,292 255,604 29,454 285,058 218,520 Total $ 11,207,946 $ 3,520,263 $ 1,324,414 $ 16,052,623 $ 1,805,298 $ 17,857,921 $ 14,328,813 1 Collateral held under a Credit Support Annex to help reduce counterparty credit risk is in the form of high-quality and liquid assets such as cash and high-quality government securities. Acceptable collateral is governed by the Collateralized Trading Policy. 2 Derivatives executed through a central clearing house reduces settlement risk due to the ability to net settle offsetting positions for capital purposes and therefore receive preferential capital treatment compared to those settled with non-central clearing house counterparties. 3 As at October 31, 2019, includes $1,454 billion of OTC derivatives that are transacted with clearing houses (October 31, 2018 – $1,244 billion) and $352 billion of OTC derivatives that are transacted with non-clearing houses (October 31, 2018 – $337 billion). There were no exchange-traded derivatives both as at October 31, 2019 and October 31, 2018. |
Schedule of Notional Amount of Non-trading Derivatives | The following table distinguishes the notional amount of derivatives held or issued for non-trading purposes between those that have been designated in qualifying hedge accounting relationships and those which have not been designated in qualifying hedge accounting relationships. Notional of Non-Trading Derivatives (millions of Canadian dollars) As at October 31, 2019 Derivatives in qualifying hedging relationships Derivatives not in Derivatives held or issued for hedging (non-trading) purposes Fair value Cash flow 1 Net Investment 1 Total Interest rate contracts $ 337,374 $ 234,134 $ – $ 1,077,788 $ 1,649,296 Foreign exchange contracts – 117,532 1,292 4,525 123,349 Credit derivative contracts – – – 3,199 3,199 Other contracts – 2,079 – 27,375 29,454 Total notional non-trading $ 337,374 $ 353,745 $ 1,292 $ 1,112,887 $ 1,805,298 October 31, 2018 Interest rate contracts $ 282,718 $ 214,969 $ 1,646 $ 922,323 $ 1,421,656 Foreign exchange contracts – 113,183 1,249 11,674 126,106 Credit derivative contracts – – – 2,745 2,745 Other contracts – 2,058 – 28,372 30,430 Total notional non-trading $ 282,718 $ 330,210 $ 2,895 $ 965,114 $ 1,580,937 1 Certain cross-currency swaps are executed using multiple derivatives, including interest rate swaps. These derivatives are used to hedge foreign exchange rate risk in cash flow hedges and net investment hedges. |
Summary of Notional Amounts of Over-the-counter Derivatives and Exchange-traded Derivatives Based on Their Contractual Terms to Maturity | Derivatives by Remaining Term-to-Maturity (millions of Canadian dollars) As at October 31 2019 October 31 2018 Notional Principal Within 1 year Over 1 year to 5 years Over Total Total Interest rate contracts Futures $ 672,570 $ 211,995 $ – $ 884,565 $ 575,825 Forward rate agreements 1,793,862 53,065 – 1,846,927 970,904 Swaps 4,455,050 5,042,224 1,915,572 11,412,846 9,442,704 Options written 183,359 50,575 12,334 246,268 200,948 Options purchased 230,502 72,996 11,295 314,793 227,775 Total interest rate contracts 7,335,343 5,430,855 1,939,201 14,705,399 11,418,156 Foreign exchange contracts Futures 16 – – 16 24 Forward contracts 177,645 12,719 101 190,465 1,825,682 Swaps 1,714,371 32,812 2,368 1,749,551 6 Cross-currency interest rate swaps 260,392 442,131 156,178 858,701 785,946 Options written 23,596 3,788 270 27,654 34,090 Options purchased 23,195 3,823 277 27,295 32,655 Total foreign exchange contracts 2,199,215 495,273 159,194 2,853,682 2,678,403 Credit derivative contracts Credit default swaps – protection purchased 2,066 4,316 6,288 12,670 12,612 Credit default swaps – protection sold 133 704 275 1,112 1,122 Total credit derivative contracts 2,199 5,020 6,563 13,782 13,734 Other contracts Equity contracts 146,954 41,404 13 188,371 145,327 Commodity contracts 79,394 16,460 833 96,687 73,193 Total other contracts 226,348 57,864 846 285,058 218,520 Total $ 9,763,105 $ 5,989,012 $ 2,105,804 $ 17,857,921 $ 14,328,813 |
Summary of Hedging Instruments by Term to Maturity | The following table discloses the notional amount and average price of derivative instruments designated in qualifying hedge accounting relationships. Hedging Instruments by Remaining Term-to-Maturity (millions of Canadian dollars, except as noted) As at October 31 October 31 2019 2018 Notional Within 1 year Over 1 year to 5 years Over 5 Total Total Interest rate risk Interest rate swaps 1 Notional – pay fixed $ 43,299 $ 118,366 $ 40,213 $ 201,878 $ 181,544 Average fixed interest rate % 1.72 1.85 2.21 Notional – received fixed 32,511 162,263 54,005 248,779 212,013 Average fixed interest rate % 1.92 2.19 1.69 Total notional – interest rate risk 75,810 280,629 94,218 450,657 393,557 Foreign exchange risk 2 Forward contracts Notional – USD/CAD 784 279 – 1,063 1,610 Average FX forward rate 1.31 1.32 – Notional – EUR/CAD 3,001 12,434 1,574 17,009 17,283 Average FX forward rate 1.52 1.62 1.75 Notional – other 1,292 – – 1,292 1,249 Cross-currency swaps 3,4 Notional – USD/CAD 12,149 35,023 2,283 49,455 49,487 Average FX rate 1.26 1.30 1.32 Notional – EUR/CAD 5,509 14,660 3,305 23,474 17,049 Average FX rate 1.48 1.50 1.48 Notional – GBP/CAD 341 4,692 – 5,033 3,954 Average FX rate 1.74 1.70 – Notional – other currency pairs 5 8,718 12,423 327 21,468 23,799 Total notional – foreign exchange risk 31,794 79,511 7,489 118,794 114,431 Equity Price Risk Notional – equity forward contracts 2,092 – – 2,092 2,058 Total notional $ 109,696 $ 360,140 $ 101,707 $ 571,543 $ 510,046 1 The notional amount of interest rate swaps indexed to US LIBOR, EURIBOR, or GBP LIBOR, with a maturity date beyond December 31, 2021, is $173.5 billion as at October 31, 2019. These instruments are being monitored for the impact of IBOR reform. 2 Foreign currency denominated deposit liabilities are also used to hedge foreign exchange risk. As at October 31, 2019, the carrying value of these non-derivative hedging instruments was $23.9 billion (October 31, 2018 – $15.3 billion) designated under net investment hedges. 3 Cross-currency swaps may be used to hedge foreign exchange risk or a combination of interest rate risk and foreign exchange risk in a single hedge relationship. Both these types of hedges are disclosed under the Foreign exchange risk as the risk category. 4 Certain cross-currency swaps are executed using multiple derivatives, including interest rate swaps. The notional amount of these interest rate swaps, excluded from the above, is $120.9 billion as at October 31, 2019 (October 31, 2018 – $105.8 billion). As at October 31, 2019, the notional amount of cross-currency swaps and interest rate swaps indexed to US LIBOR, EURIBOR, or GBP LIBOR, with a maturity date beyond December 31, 2021, are $39.5 billion and $26.8 billion, respectively, and are being monitored for the impact of IBOR reform. 5 Includes derivatives executed to manage non-trading foreign currency exposures, when more than one currency is involved prior to hedging to the Canadian dollar, when the functional currency of the entity is not the Canadian dollar, or when the currency pair is not a significant exposure for the Bank. |
Credit Exposure of Derivatives | Credit Exposure of Derivatives 1 (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Current Credit Risk- Current Credit Risk- Interest rate contracts Forward rate agreements $ 31 $ 536 $ 449 $ 21 $ 56 $ 15 Swaps 3,210 9,635 1,809 11,630 15,557 4,193 Options purchased 133 459 102 508 776 299 Total interest rate contracts 3,374 10,630 2,360 12,159 16,389 4,507 Foreign exchange contracts Forward contracts 434 2,555 375 17,605 35,543 4,247 Swaps 1,961 14,286 1,635 – – – Cross-currency interest rate swaps 1,812 10,288 1,183 21,218 40,942 7,012 Options purchased 48 363 83 486 1,029 212 Total foreign exchange contracts 4,255 27,492 3,276 39,309 77,514 11,471 Other contracts Credit derivatives 6 634 149 3 358 145 Equity contracts 151 5,706 667 3,043 7,383 920 Commodity contracts 383 3,083 627 1,101 2,546 514 Total other contracts 540 9,423 1,443 4,147 10,287 1,579 Total derivatives 8,169 47,545 7,079 55,615 104,190 17,557 Less: impact of master netting agreements n/a n/a n/a 34,205 54,039 11,464 Total derivatives after netting 8,169 47,545 7,079 21,410 50,151 6,093 Less: impact of collateral n/a n/a n/a 8,884 9,602 1,173 Net derivatives 8,169 47,545 7,079 12,526 40,549 4,920 Qualifying Central Counterparty (QCCP) Contracts 3,085 12,967 349 155 14,332 2,058 Total $ 11,254 $ 60,512 $ 7,428 $ 12,681 $ 54,881 $ 6,978 1 Effective November 1, 2018, the Bank implemented the standardized approach for counterparty credit risk (SA-CCR) |
Summary of Current Replacement Cost of Derivatives by Sector | Current Replacement Cost of Derivatives (millions of Canadian dollars, except as noted) As at Canada 1 United States 1 Other international 1 Total By sector October 31 October 31 October 31 October 31 October 31 October 31 October 31 October 31 Financial $ 2,416 $ 29,608 $ 80 $ 930 $ 245 $ 7,104 $ 2,741 $ 37,642 Government 1,836 9,737 43 102 221 4,704 2,100 14,543 Other 1,279 1,995 1,531 359 518 1,076 3,328 3,430 Current replacement cost $ 5,531 $ 41,340 $ 1,654 $ 1,391 $ 984 $ 12,884 $ 8,169 $ 55,615 Less: impact of master netting agreements and collateral n/a 43,089 Total current replacement cost $ 8,169 $ 12,526 |
Summary of Current Replacement Cost of Derivatives by Location | By location of risk October 31 October 31 October 31 October 31 Canada $ 2,768 $ 3,898 33.9 % 31.1 % United States 2,936 4,887 36.0 39.0 Other international United Kingdom 501 487 6.1 3.9 Europe – other 1,211 2,183 14.8 17.4 Other 753 1,071 9.2 8.6 Total Other international 2,465 3,741 30.1 29.9 Total current replacement cost $ 8,169 $ 12,526 100.0 % 100.0 % 1 Based on geographic location of unit responsible for recording revenue. |
Investment in Associates and _2
Investment in Associates and Joint Ventures (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
TD Ameritrade Holding Corporation [member] | |
Statement [LineItems] | |
Summary of Condensed Financial Statements | The condensed financial statements of TD Ameritrade, based on its consolidated financial statements, are included in the following tables. Condensed Consolidated Balance Sheets 1 (millions of Canadian dollars) As at September 30 September 30 Assets Receivables from brokers, dealers, and clearing organizations $ 3,212 $ 1,809 Receivables from clients, net 27,156 29,773 Other assets, net 27,303 17,811 Total assets $ 57,671 $ 49,393 Liabilities Payable to brokers, dealers, and clearing organizations $ 4,357 $ 3,923 Payable to clients 35,650 30,126 Other liabilities 6,205 4,809 Total liabilities 46,212 38,858 Stockholders equity 2 11,459 10,535 Total liabilities and stockholders equity $ 57,671 $ 49,393 1 Customers' securities are reported on a settlement date basis whereas the Bank reports customers' securities on a trade date basis. 2 The difference between the carrying value of the Bank's investment in TD Ameritrade and the Bank's share of TD Ameritrade's stockholders' equity is comprised of goodwill, other intangibles, and the cumulative translation adjustment. Condensed Consolidated Statements of Income (millions of Canadian dollars, except as noted) For the years ended September 30 2019 2018 2017 Revenues Net interest revenue $ 2,036 $ 1,635 $ 903 Fee-based and other revenue 5,947 5,365 3,923 Total revenues 7,983 7,000 4,826 Operating expenses Employee compensation and benefits 1,756 1,992 1,260 Other 2,245 2,434 1,639 Total operating expenses 4,001 4,426 2,899 Other expense (income) 94 142 95 Pre-tax income 3,888 2,432 1,832 Provision for income taxes 957 535 686 Net income 1,2 $ 2,931 $ 1,897 $ 1,146 Earnings per share – basic (Canadian dollars) $ 5.27 $ 3.34 $ 2.17 Earnings per share – diluted (Canadian dollars) 5.26 3.32 2.16 1 The Bank's equity share of net income of TD Ameritrade is based on the published consolidated financial statements of TD Ameritrade after converting into Canadian dollars and is subject to adjustments relating to the amortization of certain intangibles. 2 The Bank's equity share in TD Ameritrade earnings for the year ended October 31, 2018 includes a net favourable adjustment of $41 million (US$32 million) primarily representing the Bank's share of TD Ameritrade's remeasurement of its deferred income tax balances as a result of the reduction in the U.S. federal corporate income tax rate. |
Significant Acquisitions and _2
Significant Acquisitions and Disposals (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Fair Value Identifiable Net Assets Acquired | Fair Value of Identifiable Net Assets Acquired (millions of Canadian dollars) Amount Assets acquired Cash and due from banks $ 750 Securities 14,474 Loans 5,284 Other assets 149 20,657 Less: Liabilities assumed Deposits 18,992 Other liabilities 57 Fair value of identifiable net assets acquired 1,608 Goodwill 34 Total purchase consideration $ 1,642 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Goodwill by Segment | Goodwill by Segment (millions of Canadian dollars) Canadian U.S. Retail 1 Wholesale Total Carrying amount of goodwill as at November 1, 2017 $ 2,303 $ 13,693 $ 160 $ 16,156 Additions 82 – – 82 Foreign currency translation adjustments and other 18 280 – 298 Carrying amount of goodwill as at October 31, 2018 $ 2,403 $ 13,973 $ 160 $ 16,536 Additions 432 – – 432 Foreign currency translation adjustments and other 1 7 – 8 Carrying amount of goodwill as at October 31, 2019 2 $ 2,836 $ 13,980 $ 160 $ 16,976 Pre-tax 2018 9.7–10.7 % 10.1–11.8 % 12.2 % 2019 9.7–11.0 9.6–11.8 12.7 1 Goodwill predominantly relates to U.S. personal and commercial banking. 2 Accumulated impairment as at October 31, 2019 was nil (October 31, 2018 – nil). |
Summary of Other Intangibles | The following table presents details of other intangibles as at October 31. Other Intangibles (millions of Canadian dollars) Core deposit Credit card Internally Other Other Total Cost As at November 1, 2017 $ 2,523 $ 756 $ 2,549 $ 308 $ 565 $ 6,701 Additions – – 567 87 14 668 Disposals – – (82 ) (2 ) – (84 ) Fully amortized intangibles – – (275 ) (89 ) – (364 ) Foreign currency translation adjustments and other 52 3 1 (4 ) 7 59 As at October 31, 2018 $ 2,575 $ 759 $ 2,760 $ 300 $ 586 $ 6,980 Additions – 83 541 63 163 850 Disposals – – (40 ) – – (40 ) Fully amortized intangibles – – (322 ) (79 ) – (401 ) Foreign currency translation adjustments and other 1 – (12 ) 11 (6 ) (6 ) As at October 31, 2019 $ 2,576 $ 842 $ 2,927 $ 295 $ 743 $ 7,383 Amortization and impairment As at November 1, 2017 $ 2,260 $ 442 $ 888 $ 180 $ 313 $ 4,083 Disposals – – (11 ) (2 ) – (13 ) Impairment losses – – – 5 – 5 Amortization charge for the year 96 98 423 78 44 739 Fully amortized intangibles – – (275 ) (89 ) – (364 ) Foreign currency translation adjustments and other 48 2 6 12 3 71 As at October 31, 2018 $ 2,404 $ 542 $ 1,031 $ 184 $ 360 $ 4,521 Disposals – – (14 ) – – (14 ) Impairment losses – – 4 – 1 5 Amortization charge for the year 76 86 474 82 58 776 Fully amortized intangibles – – (322 ) (79 ) – (401 ) Foreign currency translation adjustments and other 1 – (6 ) 4 (6 ) (7 ) As at October 31, 2019 $ 2,481 $ 628 $ 1,167 $ 191 $ 413 $ 4,880 Net Book Value: As at October 31, 2018 $ 171 $ 217 $ 1,729 $ 116 $ 226 $ 2,459 As at October 31, 2019 95 214 1,760 104 330 2,503 |
Land, Buildings, Equipment, a_2
Land, Buildings, Equipment, and Other Depreciable Assets (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Land, Buildings, Equipment, and Other Depreciable Assets | The following table presents details of the Bank's land, buildings, equipment, and other depreciable assets as at October 31. Land, Buildings, Equipment, and Other Depreciable Assets (millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Total Cost As at November 1, 2017 $ 969 $ 3,315 $ 853 $ 1,285 $ 1,884 $ 8,306 Additions 2 164 141 134 160 601 Disposals (5 ) (37 ) (13 ) (44 ) (33 ) (132 ) Fully depreciated assets – (90 ) (143 ) (69 ) (57 ) (359 ) Foreign currency translation adjustments and other 5 26 (9 ) 9 39 70 As at October 31, 2018 $ 971 $ 3,378 $ 829 $ 1,315 $ 1,993 $ 8,486 Additions 30 194 259 147 227 857 Acquisitions through business combinations – – – 1 2 3 Disposals (2 ) (29 ) (119 ) (35 ) (48 ) (233 ) Fully depreciated assets – (45 ) (156 ) (63 ) (53 ) (317 ) Foreign currency translation adjustments and other (12 ) (10 ) – (14 ) 18 (18 ) As at October 31, 2019 $ 987 $ 3,488 $ 813 $ 1,351 $ 2,139 $ 8,778 Accumulated depreciation and impairment/losses As at November 1, 2017 $ – $ 1,151 $ 433 $ 552 $ 857 $ 2,993 Depreciation charge for the year – 120 170 128 158 576 Disposals – (14 ) (13 ) (22 ) (32 ) (81 ) Fully depreciated assets – (90 ) (143 ) (69 ) (57 ) (359 ) Foreign currency translation adjustments and other – 6 2 16 9 33 As at October 31, 2018 $ – $ 1,173 $ 449 $ 605 $ 935 $ 3,162 Depreciation charge for the year – 120 168 138 179 605 Disposals – (19 ) (85 ) (31 ) (38 ) (173 ) Fully depreciated assets – (45 ) (156 ) (63 ) (53 ) (317 ) Foreign currency translation adjustments and other – (11 ) 1 (1 ) (1 ) (12 ) As at October 31, 2019 $ – $ 1,218 $ 377 $ 648 $ 1,022 $ 3,265 Net Book Value: As at October 31, 2018 $ 971 $ 2,205 $ 380 $ 710 $ 1,058 $ 5,324 As at October 31, 2019 987 2,270 436 703 1,117 5,513 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Schedule of Other Assets | Other Assets (millions of Canadian dollars) As at October 31 October 31 Accounts receivable and other items $ 9,069 $ 8,938 Accrued interest 2,479 2,343 Current income tax receivable 2,468 1,614 Defined benefit asset 13 113 Insurance-related assets, excluding investments 1,761 1,638 Prepaid expenses 1,297 950 Total $ 17,087 $ 15,596 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Statement [LineItems] | |
Summary of Deposit Liabilities | Deposits (millions of Canadian dollars) As at By Type By Country October 31 October 31 Demand Notice Term 1 Canada United States International Total Total Personal $ 14,105 $ 431,319 $ 58,006 $ 234,278 $ 269,128 $ 24 $ 503,430 $ 477,644 Banks 2 7,969 385 8,397 11,919 95 4,737 16,751 16,712 Business and government 3,4 81,913 139,625 145,258 267,193 96,357 3,246 366,796 357,083 Trading 2 – – 26,885 16,817 2,120 7,948 26,885 114,704 Designatedat fair value through profit or loss 2,5 – – 105,100 44,288 52,890 7,922 105,100 – Total $ 103,987 $ 571,329 $ 343,646 $ 574,495 $ 420,590 $ 23,877 $ 1,018,962 $ 966,143 Non-interest-bearing deposits included above In domestic offices $ 43,887 $ 42,402 In foreign offices 53,381 54,488 Interest-bearing deposits included above In domestic offices 530,608 505,295 In foreign offices 391,076 362,890 U.S. federal funds deposited 2 10 1,068 Total 3,6 $ 1,018,962 $ 966,143 1 Includes $16,589 million (October 31, 2018 – $53 million) of senior debt which is subject to the bank recapitalization "bail-in" regime. This regime provides certain statutory powers to the Canada Deposit Insurance Corporation, including the ability to convert specified eligible shares and liabilities into common shares in the event that the Bank becomes non-viable. 2 Includes deposits and advances with the Federal Home Loan Bank. 3 As at October 31, 2019, includes $40 billion relating to covered bondholders (October 31, 2018 – $36 billion) and $1 billion (October 31, 2018 – $2 billion) due to Trust IV. 4 Trust IV redeemed all of the outstanding TD Capital Trust IV Notes – Series 1 on June 30, 2019. 5 Financial liabilities designated at FVTPL consist of deposits designated at FVTPL and $31 million (October 31, 2018 – $16 million) of loan commitments and financial guarantees designated at FVTPL. 6 As at October 31, 2019, includes deposits of $580 billion (October 31, 2018 – $548 billion) denominated in U.S. dollars and $52 billion (October 31, 2018 – $55 billion) denominated in other foreign currencies. |
Maturity Schedule of Term Deposits | Term Deposits by Remaining Term-to-Maturity (millions of Canadian dollars) As at October 31 October 31 Within Over Over Over Over Over Total Total Personal $ 38,941 $ 9,374 $ 6,168 $ 1,863 $ 1,639 $ 21 $ 58,006 $ 53,064 Banks 8,387 – – 3 – 7 8,397 8,784 Business and government 57,346 34,130 14,190 15,939 16,059 7,594 145,258 150,618 Trading 18,819 2,430 2,073 851 1,090 1,622 26,885 114,704 Designated at fair value through profit or loss 104,744 356 – – – – 105,100 – Total $ 228,237 $ 46,290 $ 22,431 $ 18,656 $ 18,788 $ 9,244 $ 343,646 $ 327,170 |
Within 1 year [member] | |
Statement [LineItems] | |
Maturity Schedule of Term Deposits | Term Deposits due within a Year (millions of Canadian dollars) As at October 31 October 31 Within Over 3 months to Over 6 Total Total Personal $ 14,208 $ 9,459 $ 15,274 $ 38,941 $ 32,928 Banks 8,230 150 7 8,387 8,773 Business and government 28,625 7,569 21,152 57,346 66,492 Trading 8,862 4,166 5,791 18,819 109,256 Designated at fair value through profit or loss 47,543 15,798 41,403 104,744 – Total $ 107,468 $ 37,142 $ 83,627 $ 228,237 $ 217,449 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Other Liabilities | Other Liabilities 1 (millions of Canadian dollars) As at October 31 October 31 Accounts payable, accrued expenses, and other items $ 5,229 $ 4,958 Accrued interest 1,393 1,283 Accrued salaries and employee benefits 3,245 3,344 Cheques and other items in transit 1,042 454 Current income tax payable 169 84 Deferred tax liabilities 193 175 Defined benefit liability 2,781 1,747 Liabilities related to structured entities 5,857 5,627 Provisions 1,095 1,502 Total $ 21,004 $ 19,174 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. |
Subordinated Notes And Debent_2
Subordinated Notes And Debentures (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Subordinated Notes and Debentures | Subordinated Notes and Debentures (millions of Canadian dollars, except as noted) As at Maturity date Interest Reset Earliest par date October 31 October 31 May 26, 2025 9.150 n/a – $ 198 $ 198 June 24, 2025 2 2.692 1 1.210 1 June 24, 2020 1,496 1,474 September 30, 2025 2 2.982 1 1.830 1 September 30, 2020 996 982 September 14, 2028 2 3.589 1 1.060 1 September 14, 2023 1,738 1,711 July 25, 2029 2 3.224 1 1.250 1 July 25, 2024 1,509 1,427 March 4, 2031 2 4.859 1 3.490 1 March 4, 2026 1,206 1,124 September 15, 2031 2 3.625 3 2.205 4 September 15, 2026 1,842 1,824 January 26, 2032 2 3.060 1 1.330 1 January 26, 2027 4 1,740 – Total $ 10,725 $ 8,740 1 Interest rate is for the period to but excluding the earliest par redemption date, and thereafter, it will be reset at a rate of 3-month Bankers' Acceptance rate plus the reset spread noted. 2 Non-viability contingent capital (NVCC). The subordinated notes and debentures qualify as regulatory capital under OSFI's Capital Adequacy Requirements (CAR) guideline. If a NVCC conversion were to occur in accordance with the NVCC Provisions, the maximum number of common shares that could be issued based on the formula for conversion set out in the respective prospectus supplements, assuming there is no declared and unpaid interest on the respective subordinated notes, would be 450 million for the 2.692% subordinated debentures due June 24, 2025, 300 million for the 2.982% subordinated debentures due September 30, 2025, 525 million for the 3.589% subordinated debentures due September 14, 2028, 450 million for the 3.224% subordinated debentures due July 25, 2029, 375 million for the 4.859% subordinated debentures due March 4, 2031, 450 million for the 3.625% subordinated debentures due September 15, 2031 (assuming a Canadian to U.S. dollar exchange rate of 1.00), and 525 million for the 3.060% subordinated debentures due January 26, 2032. 3 Interest rate is for the period to but excluding the earliest par redemption date, and thereafter, it will be reset at a rate of 5-year Mid-Swap Rate plus the reset spread noted. 4 On June 25, 2019, the Bank issued $1.75 billion of NVCC medium-term notes constituting subordinated indebtedness of the Bank (the "Notes"). The Notes will bear interest at a fixed rate of 3.060% per annum (paid semi-annually) until January 26, 2027, and at the three-month Bankers' Acceptance rate plus 1.33% thereafter (paid quarterly) until maturity on January 26, 2032. With the prior approval of OSFI, the Bank may, at its option, redeem the Notes on or after January 26, 2027, in whole or in part, at par plus accrued and unpaid interest. Not more than 60 nor less than 30 days' notice is required to be given to the Notes' holders for such redemptions. |
Maturities of Subordinated Notes and Debentures | The aggregate remaining maturities of the Bank's subordinated notes and debentures are as follows: Maturities (millions of Canadian dollars) As at October 31 October 31 Within 1 year $ – $ – Over 1 year to 3 years – – Over 3 years to 4 years – – Over 4 years to 5 years – – Over 5 years 10,725 8,740 Total $ 10,725 $ 8,740 |
Summary of Capital Trust Secu_2
Summary of Capital Trust Securities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of Capital Trust Securities | Capital Trust Securities (millions of Canadian dollars, except as noted) As at Redemption Thousands Distribution/Interest Annual At the option October 31 October 31 Included in Non-controlling interests in subsidiaries on the Consolidated Balance Sheet TD Capital Trust III Securities – Series 2008 1,000 June 30, Dec. 31 7.243 % 1 Dec. 31, 2013 2 $ – $ 993 TD CaTS IV Notes issued by Trust IV TD Capital Trust IV Notes – Series 1 550 June 30, Dec. 31 9.523 % 3 June 30, 2014 4 – 550 TD Capital Trust IV Notes – Series 2 450 June 30, Dec. 31 10.000 % 5 June 30, 2014 6 450 450 TD Capital Trust IV Notes – Series 3 750 June 30, Dec. 31 6.631 % 7 Dec. 31, 2014 6 750 750 1,750 $ 1,200 $ 1,750 1 From and including September 17, 2008, to but excluding December 31, 2018, and thereafter at a rate of one half of the sum of 6-month Bankers' Acceptance rate plus 4.30%. 2 On December 31, 2018, Trust III, a subsidiary of the Bank, redeemed all of the outstanding TD CaTS III at a price of $1 billion plus the unpaid distribution payable on the redemption date. 3 From and including January 26, 2009, to but excluding June 30, 2019. Starting on June 30, 2019, and on every fifth anniversary thereafter, the interest rate will reset to equal the then 5-year Government of Canada yield plus 10.125%. 4 On June 30, 2019, Trust IV redeemed all of the outstanding $550 million TD CaTS IV – 1 at a redemption price of 100% of the principal amount plus any accrued and unpaid interest payable on the date of redemption. 5 From and including January 26, 2009, to but excluding June 30, 2039. Starting on June 30, 2039, and on every fifth anniversary thereafter, the interest rate will reset to equal the then 5-year 6 On or after the redemption date, Trust IV may, with regulatory approval, redeem the TD CaTS IV – 2 or TD CaTS IV – 3, respectively, in whole or in part, without the consent of the holders. Due to the phase-out of non-qualifying instruments under OSFI's CAR guideline, the Bank expects to exercise a regulatory event redemption right in 2022 in respect of the TD CaTS IV – 2 outstanding at that time. 7 From and including September 15, 2009, to but excluding June 30, 2021. Starting on June 30, 2021, and on every fifth anniversary thereafter, the interest rate will reset to equal the then 5-year |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of Classes of Share Capital | The following table summarizes the shares issued and outstanding and treasury shares held as at October 31. Common and Preferred Shares Issued and Outstanding and Treasury Shares Held (millions of shares and millions of Canadian dollars) October 31, 2019 October 31, 2018 Number Amount Number Amount Common Shares Balance as at beginning of year 1,830.4 $ 21,221 1,842.5 $ 20,931 Proceeds from shares issued on exercise of stock options 2.3 124 2.9 152 Shares issued as a result of dividend reinvestment plan 4.8 357 5.0 366 Shares issued in connection with acquisitions 1 5.0 366 – – Purchase of shares for cancellation and other (30.0 ) (355 ) (20.0 ) (228 ) Balance as at end of year – common shares 1,812.5 $ 21,713 1,830.4 $ 21,221 Preferred Shares – Class A 2 Series 1 20.0 $ 500 20.0 $ 500 Series 3 20.0 500 20.0 500 Series 5 20.0 500 20.0 500 Series 7 14.0 350 14.0 350 Series 9 8.0 200 8.0 200 Series 11 6.0 150 6.0 150 Series 12 28.0 700 28.0 700 Series 14 40.0 1,000 40.0 1,000 Series 16 14.0 350 14.0 350 Series 18 14.0 350 14.0 350 Series 20 16.0 400 16.0 400 Series 22 14.0 350 – – Series 24 18.0 450 – – Balance as at end of year – preferred shares 232.0 $ 5,800 200.0 $ 5,000 Treasury shares – common 3 Balance as at beginning of year 2.1 $ (144 ) 2.9 $ (176 ) Purchase of shares 132.3 (9,782 ) 110.6 (8,295 ) Sale of shares (133.8 ) 9,885 (111.4 ) 8,327 Balance as at end of year – treasury shares – common 0.6 $ (41 ) 2.1 $ (144 ) Treasury shares – preferred 3 Balance as at beginning of year 0.3 $ (7 ) 0.3 $ (7 ) Purchase of shares 7.0 (151 ) 5.2 (129 ) Sale of shares (7.0 ) 152 (5.2 ) 129 Balance as at end of year – treasury shares – preferred 0.3 $ (6 ) 0.3 $ (7 ) 1 Includes 4.7 million shares issued for $342 million that form part of the consideration paid for Greystone, as well as 0.3 million shares issued for $24 million as share-based compensation to replace share-based payment awards of Greystone. Refer to Note 13 for a discussion on the acquisition of Greystone. 2 All series of preferred shares – Class A include NVCC Provisions and qualify as regulatory capital under OSFI's CAR guideline. If a NVCC conversion were to occur in accordance with the NVCC Provisions, the maximum number of common shares that could be issued based on the formula for conversion set out in the respective terms and conditions applicable to each Series of shares, assuming there are no declared and unpaid dividends on the respective Series of shares at the time of conversion, as applicable, would be 100 million for Series 1, 100 million for Series 3, 100 million for Series 5, 70 million for Series 7, 40 million for Series 9, 30 million for Series 11, 140 million for Series 12, 200 million for Series 14, 70 million for Series 16, 70 million for Series 18, 80 million for Series 20, 70 million for Series 22, and 90 million for Series 24. 3 When the Bank purchases its own shares as part of its trading business, they are classified as treasury shares and the cost of these shares is recorded as a reduction in equity. Preferred Shares Terms and Conditions Issue date Annual 1 Reset 1 Next redemption/ 1 Convertible 1 NVCC Fixed Rate Preferred Shares Series 11 July 21, 2015 4.9 n/a October 31, 2020 2 n/a NVCC Rate Reset Preferred Shares 3 Series 1 4 June 4, 2014 3.662 2.24 October 31, 2024 Series 2 Series 3 5 July 31, 2014 3.681 2.27 July 31, 2024 Series 4 Series 5 December 16, 2014 3.75 2.25 January 31, 2020 Series 6 Series 7 March 10, 2015 3.6 2.79 July 31, 2020 Series 8 Series 9 April 24, 2015 3.7 2.87 October 31, 2020 Series 10 Series 12 January 14, 2016 5.5 4.66 April 30, 2021 Series 13 Series 14 September 8, 2016 4.85 4.12 October 31, 2021 Series 15 Series 16 July 14, 2017 4.50 3.01 October 31, 2022 Series 17 Series 18 March 14, 2018 4.70 2.70 April 30, 2023 Series 19 Series 20 September 13, 2018 4.75 2.59 October 31, 2023 Series 21 Series 22 January 28, 2019 5.20 3.27 April 30, 2024 Series 23 Series 24 June 4, 2019 5.10 3.56 July 31, 2024 Series 25 1 Non-cumulative preferred dividends for each Series are payable quarterly, as and when declared by the Board of Directors. The dividend rate of the Rate Reset Preferred Shares will reset on the next redemption/conversion date and every 5 years thereafter to equal the then 5-year Government of Canada bond yield plus the reset spread noted. Rate Reset Preferred Shares are convertible to the corresponding Series of Floating Rate Preferred Shares, and vice versa. If converted into a Series of Floating Rate Preferred Shares, the dividend rate for the quarterly period will be equal to the then 90-day Government of Canada Treasury bill yield plus the reset spread noted. 2 Subject to regulatory consent, redeemable on or after October 31, 2020, at a redemption price of $26, and thereafter, at a declining redemption price. 3 Subject to regulatory consent, redeemable on the redemption date noted and every 5 years thereafter, at $25 per share. Convertible on the conversion date noted and every 5 years thereafter if not redeemed. If converted, the holders have the option to convert back to the original Series of preferred shares every 5 years. 4 On October 16, 2019, the Bank announced that none of its 20 million Non-Cumulative 5-Year Rate Reset Preferred Shares NVCC, Series 1 (the "Series 1 Shares") would be converted on October 31, 2019, into Non-Cumulative Floating Rate Preferred Shares NVCC, Series 2. As previously announced on October 1, 2019, the dividend rate for the Series 1 Shares for the 5-year period from and including October 31, 2019, to but excluding October 31, 2024, will be 3.662%. 5 On July 18, 2019, the Bank announced that none of its 20 million Non-Cumulative 5-Year Rate Reset Preferred Shares NVCC, Series 3 (the "Series 3 Shares") would be converted on July 31, 2019, into Non-Cumulative Floating Rate Preferred Shares NVCC, Series 4. As previously announced on July 2, 2019, the dividend rate for the Series 3 Shares for the 5-year period from and including July 31, 2019, but excluding July 31, 2024, will be 3.681%. |
Summary of Non-controlling Interests in Subsidiaries | The following are included in non-controlling interests in subsidiaries of the Bank. (millions of Canadian dollars) As at October 31 October 31 TD Capital Trust III Securities – Series 2008 1 $ – $ 993 Total $ – $ 993 1 On December 31, 2018, Trust III, a subsidiary of the Bank, redeemed all of the outstanding TD CaTS III at a price of $1 billion plus the unpaid distribution payable on the redemption date. |
Insurance (Tables)
Insurance (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of Amounts Arising from Insurance Contracts | Insurance Revenue and Insurance Claims and Related Expenses (millions of Canadian dollars) For the years ended October 31 2019 2018 2017 Insurance Revenue Earned Premiums Gross $ 4,632 $ 4,398 $ 4,132 Reinsurance ceded 915 915 915 Net earned premiums 3,717 3,483 3,217 Fee income and other revenue 1 565 562 543 Insurance Revenue 4,282 4,045 3,760 Insurance Claims and Related Expenses Gross 2,987 2,676 2,381 Reinsurance ceded 200 232 135 Insurance Claims and Related Expenses $ 2,787 $ 2,444 $ 2,246 1 Ceding commissions received and paid are included within fee income and other revenue. Ceding commissions paid and netted against fee income in 2019 were $123 million (2018 – $130 million; 2017 – $127 million). |
Summary of Movement in Provisions for Unpaid Claims | The following table presents movements in the property and casualty insurance provision for unpaid claims during the year. Movement in Provision for Unpaid Claims (millions of Canadian dollars) October 31, 2019 October 31, 2018 Gross Reinsurance/ recoverable Net Gross Reinsurance/ Other Net Balance as at beginning of year $ 4,812 $ 160 $ 4,652 $ 4,965 $ 192 $ 4,773 Claims costs for current accident year 2,727 – 2,727 2,673 42 2,631 Prior accident years claims development (favourable) unfavourable (410 ) (2 ) (408 ) (460 ) (6 ) (454 ) Increase (decrease) due to changes in assumptions: Discount rate 95 1 94 (78 ) – (78 ) Provision for adverse deviation (7 ) (1 ) (6 ) (19 ) (1 ) (18 ) Claims and related expenses 2,405 (2 ) 2,407 2,116 35 2,081 Claims paid during the year for: Current accident year (1,239 ) – (1,239 ) (1,238 ) (15 ) (1,223 ) Prior accident years (1,147 ) (26 ) (1,121 ) (1,023 ) (44 ) (979 ) (2,386 ) (26 ) (2,360 ) (2,261 ) (59 ) (2,202 ) Increase (decrease) in reinsurance/other recoverables 9 9 – (8 ) (8 ) – Balance as at end of year $ 4,840 $ 141 $ 4,699 $ 4,812 $ 160 $ 4,652 |
Summary of Movement in Provisions for Unearned Premiums | The following table presents movements in the property and casualty insurance unearned premiums during the year. Movement in Provision for Unearned Premiums (millions of Canadian dollars) October 31, 2019 October 31, 2018 Gross Reinsurance Net Gross Reinsurance Net Balance as at beginning of year $ 1,674 $ 19 $ 1,655 $ 1,581 $ – $ 1,581 Written premiums 3,528 105 3,423 3,185 114 3,071 Earned premiums (3,333 ) (107 ) (3,226 ) (3,092 ) (95 ) (2,997 ) Balance as at end of year $ 1,869 $ 17 $ 1,852 $ 1,674 $ 19 $ 1,655 |
DisclosureOfNetInsuranceClaimsIncurredAndMovementInLiabilitiesToPolicyholdersExplanatory | Incurred Claims by Accident Year (millions of Canadian dollars) Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Net ultimate claims cost at end of accident year $ 3,998 $ 1,724 $ 1,830 $ 2,245 $ 2,465 $ 2,409 $ 2,438 $ 2,425 $ 2,631 $ 2,727 $ Revised estimates One year later 4,119 1,728 1,930 2,227 2,334 2,367 2,421 2,307 2,615 – Two years later 4,368 1,823 1,922 2,191 2,280 2,310 2,334 2,258 – – Three years later 4,584 1,779 1,885 2,158 2,225 2,234 2,264 – – – Four years later 4,560 1,768 1,860 2,097 2,147 2,162 – – – – Five years later 4,603 1,739 1,818 2,047 2,084 – – – – – Six years later 4,537 1,702 1,793 2,004 – – – – – – Seven years later 4,488 1,696 1,761 – – – – – – – Eight years later 4,473 1,675 – – – – – – – – Nine years later 4,431 – – – – – – – – – Current estimates of cumulative claims 4,431 1,675 1,761 2,004 2,084 2,162 2,264 2,258 2,615 2,727 Cumulative payments to date (4,290 ) (1,633 ) (1,680 ) (1,882 ) (1,867 ) (1,794 ) (1,708 ) (1,569 ) (1,710 ) (1,239 ) Net undiscounted provision for unpaid claims 141 42 81 122 217 368 556 689 905 1,488 4,609 Effect of discounting (318 ) Provision for adverse deviation 408 Net provision for unpaid claims $ 4,699 |
Summary of Sensitivity Analysis for Actuarial Assumptions | Sensitivity of Critical Assumptions – Property and Casualty Insurance Contract Liabilities (millions of Canadian dollars) As at October 31, 2019 October 31, 2018 Impact on net Impact on Impact on net before Impact on Impact of a 1% change in key assumptions Discount rate Increase in assumption $ 122 $ 89 $ 121 $ 88 Decrease in assumption (131 ) (96 ) (129 ) (95 ) Margin for adverse deviation Increase in assumption (45 ) (33 ) (45 ) (33 ) Decrease in assumption 45 33 45 33 Impact of a 5% change in key assumptions Frequency of claims Increase in assumption $ (52 ) $ (38 ) $ (41 ) $ (30 ) Decrease in assumption 52 38 41 30 Severity of claims Increase in assumption (220 ) (161 ) (210 ) (153 ) Decrease in assumption 220 161 210 153 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of Stock Option Activity | Stock Option Activity (millions of shares and Canadian dollars) 2019 2018 2017 Number Weighted- Number Weighted- Number Weighted- Number outstanding, beginning of year 13.1 $ 53.12 14.3 $ 48.17 15.4 $ 44.18 Granted 2.2 69.39 1.9 72.64 2.0 65.75 Exercised (2.3 ) 44.07 (3.0 ) 41.21 (3.0 ) 38.59 Forfeited/cancelled (0.2 ) 66.59 (0.1 ) 60.46 (0.1 ) 54.58 Number outstanding, end of year 12.8 $ 57.35 13.1 $ 53.12 14.3 $ 48.17 Exercisable, end of year 4.7 $ 44.77 4.7 $ 40.61 5.4 $ 38.00 |
Range of Exercise Prices | Range of Exercise Prices (millions of shares and Canadian dollars) Options outstanding Options exercisable Number of shares Weighted- Weighted- Number Weighted- $32.99 – $36.64 1.2 1.7 36.58 1.2 36.58 $40.54 – $47.59 2.1 3.5 44.22 2.1 44.22 $52.46 – $53.15 3.7 5.6 52.88 1.4 52.46 $65.75 – $69.39 4.0 8.1 67.67 – – $72.64 1.8 8.0 72.64 – – |
Schedule of Assumptions Used for Estimating the Fair Value of Options | The following table summarizes the assumptions used for estimating the fair value of options for the twelve months ended October 31. Assumptions Used for Estimating the Fair Value of Options (in Canadian dollars, except as noted) 2019 2018 2017 Risk-free interest rate 2.03 % 1.71 % 1.24 % Expected option life 6.3 years 6.3 years 6.3 years Expected volatility 1 12.64 % 13.91 % 14.92 % Expected dividend yield 3.48 % 3.50 % 3.47 % Exercise price/share price $ 69.39 $ 72.64 $ 65.75 1 Expected volatility is calculated based on the average daily volatility measured over a historical period corresponding to the expected option life. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of Plan Asset Allocation | The asset allocations by asset category for the principal pension plans are as follows: Plan Asset Allocation (millions of Canadian dollars except as noted) Society 1 TDPP 1 Target range % of total Fair value Target range % of total Fair value As at October 31, 2019 Quoted Unquoted Quoted Unquoted Debt 40-70 % 55 % $ – $ 3,374 25-50 % 34 % $ – $ 634 Equity 24-42 32 1,002 976 30-70 54 504 503 Alternative investments 2 6-35 13 – 760 5-35 12 – 229 Other 3 n/a n/a – (276 ) n/a n/a – 111 Total 100 % $ 1,002 $ 4,834 100 % $ 504 $ 1,477 As at October 31, 2018 Debt 40-70 % 55 % $ – $ 2,885 25-50 % 34 % $ – $ 497 Equity 24-42 34 897 869 30-65 58 396 470 Alternative investments 2 6-35 11 – 551 3-25 8 – 122 Other 3 n/a n/a – (107 ) n/a n/a – 63 Total 100 % $ 897 $ 4,198 100 % $ 396 $ 1,152 As at October 31, 2017 Debt 40-70 % 57 % $ – $ 2,903 25-56 % 36 % $ – $ 484 Equity 24-42 35 1,248 511 30-65 59 324 478 Alternative investments 2 0-35 8 42 376 0-20 5 – 68 Other 3 n/a n/a – 46 n/a n/a – 56 Total 100 % $ 1,290 $ 3,836 100 % $ 324 $ 1,086 1 The principal pension plans invest in investment vehicles which may hold shares or debt issued by the Bank. 2 The principal pension plans' alternative investments primarily include 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, PEA assets, and interest and dividends receivable. |
Summary of Employee Benefit Plans' Obligations, Assets and Funded Status | The following table presents the financial position of the Bank's principal pension plans, the principal non-pension post-retirement benefit plan, and the Bank's significant other pension and retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes. Employee Benefit Plans Obligations, Assets and Funded Status (millions of Canadian dollars, except as noted) Principal pension plans Principal non-pension post-retirement 1 Other pension and 2 2019 2018 2017 2019 2018 2017 2019 2018 2017 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 6,539 $ 7,082 $ 6,805 $ 535 $ 558 $ 568 $ 2,569 $ 2,750 $ 2,863 Obligations included due to The Retirement Benefit Plan merger 3 – 6 – – – – – – – Service cost – benefits earned 326 407 439 14 15 16 9 10 11 Interest cost on projected benefit obligation 240 217 196 20 18 17 106 96 95 Remeasurement (gain) loss – financial 1,565 (969 ) (148 ) 92 (42 ) – 430 (190 ) (27 ) Remeasurement (gain) loss – demographic – – 25 (26 ) – (42 ) 2 (8 ) 13 Remeasurement (gain) loss – experience 83 22 (15 ) – 2 15 6 14 1 Members' contributions 107 104 80 – – – – – – Benefits paid (303 ) (330 ) (291 ) (15 ) (16 ) (16 ) (143 ) (137 ) (138 ) Change in foreign currency exchange rate – – – – – – (1 ) 31 (68 ) Past service cost (credit) 1 – (9 ) – – – (30 ) 3 – Projected benefit obligation as at October 31 8,558 6,539 7,082 620 535 558 2,948 2,569 2,750 Change in plan assets Plan assets at fair value at beginning of year 6,643 6,536 5,823 – – – 1,733 1,855 1,895 Assets included due to The Retirement Benefit Plan merger 3 – 10 – – – – – – – Interest income on plan assets 253 209 174 – – – 73 66 64 Remeasurement gain (loss) – return on plan assets less interest income 773 (231 ) 195 – – – 205 (109 ) 59 Members' contributions 107 104 80 – – – – – – Employer's contributions 352 355 565 15 16 16 96 37 37 Benefits paid (303 ) (330 ) (291 ) (15 ) (16 ) (16 ) (143 ) (137 ) (138 ) Change in foreign currency exchange rate – – – – – – (1 ) 27 (58 ) Defined benefit administrative expenses (8 ) (10 ) (10 ) – – – (4 ) (6 ) (4 ) Plan assets at fair value as at October 31 7,817 6,643 6,536 – – – 1,959 1,733 1,855 Excess (deficit) of plan assets at fair value over projected benefit obligation (741 ) 104 (546 ) (620 ) (535 ) (558 ) (989 ) (836 ) (895 ) Effect of asset limitation and minimum funding requirement – – – – – – (13 ) (13 ) – Net defined benefit asset (liability) (741 ) 104 (546 ) (620 ) (535 ) (558 ) (1,002 ) (849 ) (895 ) Annual expense Net employee benefits expense includes the following: Service cost – benefits earned 326 407 439 14 15 16 9 10 11 Net interest cost (income) on net defined benefit liability (asset) (13 ) 8 22 20 18 17 33 30 31 Past service cost (credit) 4 1 – (9 ) – – – (30 ) 3 – Defined benefit administrative expenses 10 10 10 – – – 6 4 4 Total expense $ 324 $ 425 $ 462 $ 34 $ 33 $ 33 $ 18 $ 47 $ 46 Actuarial assumptions used to determine the projected benefit obligation as at October 31 Weighted-average discount rate for projected benefit obligation 3.08 % 4.10 % 3.60 % 3.07 % 4.10 % 3.60 % 3.12 % 4.37 % 3.74 % Weighted-average rate of compensation increase 2.57 2.54 2.54 3.00 3.00 3.00 1.00 1.03 1.14 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 non-pension post-retirement benefit plan is 4.18%. The rate is assumed to decrease gradually to 2.42% by the year 2040 and remain at that level thereafter. 2 Includes CT defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. The TD Banknorth defined benefit pension plan was frozen as of December 31, 2008, and no service credits can be earned after that date. Certain TD Auto Finance defined benefit pension plans were frozen as of April 1, 2012, and no service credits can be earned after March 31, 2012. 3 During 2018, The Retirement Benefit Plan of The Toronto-Dominion Bank (the "RBP") was deemed to be merged with the Society and previously undisclosed obligations and assets of the RBP are now included in fiscal 2018. 4 Includes a gain of $33 million related to the TD Auto Finance post-retirement benefit plan that was amended during fiscal 2019. |
Summary of Assumed Life Expectancy at Age 65 | Assumptions related to future mortality which have been used to determine the defined benefit obligation and net benefit cost are as follows: Assumed Life Expectancy at Age 65 (number of years) Principal pension Principal non-pension post-retirement Other pension and As at October 31 2019 2018 2017 2019 2018 2017 2019 2018 2017 Male aged 65 at measurement date 23.4 23.3 23.2 23.4 23.3 23.2 22.1 22.1 21.8 Female aged 65 at measurement date 24.1 24.1 24.0 24.1 24.1 24.0 23.7 23.7 23.4 Male aged 40 at measurement date 24.5 24.5 24.5 24.5 24.5 24.5 22.9 23.0 22.9 Female aged 40 at measurement date 25.3 25.2 25.2 25.3 25.2 25.2 24.8 24.8 25.1 |
Summary of Sensitivity of Significant Actuarial Assumptions | Sensitivity of Significant Actuarial Assumptions (millions of Canadian dollars, except as noted) As at October 31, 2019 Obligation Increase (Decrease) Principal Principal non-pension Other Impact of an absolute change in significant actuarial assumptions Discount rate 1% decrease in assumption $ 1,520 $ 116 $ 409 1% increase in assumption (1,163) (90 ) (333) Rates of compensation increase 1% decrease in assumption (313) – 1 – 1 1% increase in assumption 305 – 1 – 1 Life expectancy 1 year decrease in assumption (179) (21 ) (94) 1 year increase in assumption 177 21 93 Health care cost initial trend rate 1% decrease in assumption n/a (89 ) n/a 1% increase in assumption n/a 113 n/a 1 An absolute change in this assumption is immaterial. |
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 October 31 Other assets Principal pension plans $ – $ 104 $ – Other pension and retirement plans 6 3 7 Other employee benefit plans 1 7 6 6 Total other assets 13 113 13 Other liabilities Principal pension plans 741 – 546 Principal non-pension post-retirement benefit plan 620 535 558 Other pension and retirement plans 1,008 852 902 Other employee benefit plans 1 412 360 457 Total other liabilities 2,781 1,747 2,463 Net amount recognized $ (2,768 ) $ (1,634 ) $ (2,450 ) 1 Consists of other defined benefit pension and other post-employment benefit plans operated by the Bank and its subsidiaries that are not considered material for disclosure purposes. |
Summary of Amounts Recognized in the Consolidated Statement of Other Comprehensive Income | The Bank recognized the following amounts in the Consolidated Statement of Other Comprehensive Income. Amounts Recognized in the Consolidated Statement of Other Comprehensive Income 1 (millions of Canadian dollars) For the years ended October 31 2019 October 31 2018 October 31 2017 Actuarial gains (losses) recognized in Other Comprehensive Income Principal pension plans $ (873 ) $ 720 $ 333 Principal non-pension post-retirement benefit plan (66 ) 40 27 Other pension and retirement plans (231 ) 60 72 Other employee benefit plans 2 (75 ) 45 22 Total actuarial gains (losses) recognized in Other Comprehensive Income $ (1,245 ) $ 865 $ 454 1 Amounts are presented on pre-tax basis. 2 Consists of other defined benefit pension and other post-employment benefit plans operated by the Bank and its subsidiaries that are not considered material for disclosure purposes. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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Summary of Provision for (Recovery of) Income Taxes | The provision for (recovery of) income taxes is comprised of the following: Provision for (Recovery of) Income Taxes (millions of Canadian dollars) For the years ended October 31 2019 2018 2017 Provision for income taxes – Consolidated Statement of Income Current income taxes Provision for (recovery of) income taxes for the current period $ 2,675 $ 2,873 $ 2,073 Adjustments in respect of prior years and other 93 (76 ) 5 Total current income taxes 2,768 2,797 2,078 Deferred income taxes Provision for (recovery of) deferred income taxes related to the origination and reversal of temporary differences 54 76 215 Effect of changes in tax rates 10 302 13 Adjustments in respect of prior years and other (97 ) 7 (53 ) Total deferred income taxes (33 ) 385 175 Total provision for income taxes – Consolidated Statement of Income 2,735 3,182 2,253 Provision for (recovery of) income taxes – Statement of Other Comprehensive Income Current income taxes 37 (48 ) 261 Deferred income taxes 1,070 (701 ) (755 ) 1,107 (749 ) (494 ) Income taxes – other non-income related items including business combinations and other adjustments Current income taxes (7 ) (3 ) 29 Deferred income taxes (6 ) (2 ) – (13 ) (5 ) 29 Total provision for (recovery of) income taxes 3,829 2,428 1,788 Current income taxes Federal 1,256 1,491 1,115 Provincial 891 1,055 797 Foreign 651 200 456 2,798 2,746 2,368 Deferred income taxes Federal 127 (244 ) (233 ) Provincial 87 (160 ) (156 ) Foreign 817 86 (191 ) 1,031 (318 ) (580 ) Total provision for (recovery of) income taxes $ 3,829 $ 2,428 $ 1,788 |
Summary of Reconciliation to Statutory Income Tax Rate | Reconciliation to Statutory Income Tax Rate (millions of Canadian dollars, except as noted) 2019 2018 2017 Income taxes at Canadian statutory income tax rate $ 3,502 26.5 % $ 3,648 26.5 % $ 3,262 26.5 % Increase (decrease) resulting from: Dividends received (104 ) (0.8 ) (142 ) (1.0 ) (498 ) (4.0) Rate differentials on international operations (728 ) (5.5 ) (343 ) (2.5 ) (515 ) (4.2) Other – net 65 0.5 19 0.1 4 – Provision for income taxes and effective income tax rate $ 2,735 20.7 % $ 3,182 23.1 % $ 2,253 18.3 % |
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities comprise of the following: Deferred Tax Assets and Liabilities (millions of Canadian dollars) As at October 31 October 31 Deferred tax assets Allowance for credit losses $ 965 $ 845 Securities – 920 Trading loans 50 54 Employee benefits 844 739 Pensions 344 59 Losses available for carry forward 95 94 Tax credits 228 326 Other 88 92 Total deferred tax assets 2,614 3,129 Deferred tax liabilities Securities 527 – Land, buildings, equipment, and other depreciable assets 242 223 Deferred (income) expense 91 12 Intangibles 40 163 Goodwill 108 94 Total deferred tax liabilities 1,008 492 Net deferred tax assets 1,606 2,637 Reflected on the Consolidated Balance Sheet as follows: Deferred tax assets 1,799 2,812 Deferred tax liabilities 1 193 175 Net deferred tax assets $ 1,606 $ 2,637 1 Included in Other liabilities on the Consolidated Balance Sheet. |
Summary of Deferred Income Tax Expense (Recovery) | The movement in the net deferred tax asset for the years ended October 31 was as follows: Deferred Income Tax Expense (Recovery) (millions of Canadian dollars) 2019 2018 Consolidated Other Business Total Consolidated Other Business Total Deferred income tax expense (recovery) Allowance for credit losses $ (120 ) $ – $ – $ (120 ) $ 79 $ – $ – $ 79 Trading loans 4 – – 4 36 – – 36 Employee benefits (87 ) (18 ) – (105 ) 61 14 – 75 Pensions 19 (303 ) – (284 ) (20 ) 230 – 210 Losses available for carry forward (1 ) – – (1 ) 37 – – 37 Tax credits 98 – – 98 (304 ) – – (304 ) Other deferred tax assets 7 – (4 ) 3 54 – (2 ) 52 Securities 56 1,391 – 1,447 240 (945 ) – (705 ) Land, buildings, equipment, 19 – – 19 216 – – 216 Deferred (income) expense 79 – – 79 95 – – 95 Intangibles (123 ) – – (123 ) (81 ) – – (81 ) Goodwill 16 – (2 ) 14 (28 ) – – (28 ) Total deferred income tax expense (recovery) $ (33 ) $ 1,070 $ (6 ) $ 1,031 $ 385 $ (701 ) $ (2 ) $ (318 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Earnings Per Share | The following table presents the Bank's basic and diluted earnings per share for the years ended October 31. Basic and Diluted Earnings Per Share (millions of Canadian dollars, except as noted) For the years ended October 31 2019 2018 2017 Basic earnings per share Net income attributable to common shareholders $ 11,416 $ 11,048 $ 10,203 Weighted-average number of common shares outstanding (millions) 1,824.2 1,835.4 1,850.6 Basic earnings per share $ 6.26 $ 6.02 $ 5.51 Diluted earnings per share Net income attributable to common shareholders $ 11,416 $ 11,048 $ 10,203 Net income available to common shareholders including impact of dilutive securities 11,416 11,048 10,203 Weighted-average number of common shares outstanding (millions) 1,824.2 1,835.4 1,850.6 Effect of dilutive securities Stock options potentially exercisable (millions) 1 3.1 4.1 4.2 Weighted-average number of common shares outstanding – diluted (millions) 1,827.3 1,839.5 1,854.8 Diluted earnings per share 1 $ 6.25 $ 6.01 $ 5.50 1 For the years ended October 31, 2019, October 31, 2018, and October 31, 2017, no outstanding options were excluded from the computation of diluted earnings per share. |
Provisions, Contingent Liabil_2
Provisions, Contingent Liabilities, Commitments, Guarantees, Pledged Assets, and Collateral (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Bank's Provisions | The following table summarizes the Bank's provisions. Provisions (millions of Canadian dollars) Restructuring 1 Litigation and Total Balance as at November 1, 2018 $ 121 $ 352 $ 473 Additions 184 222 406 Amounts used (53 ) (219 ) (272 ) Release of unused amounts (9 ) (78 ) (87 ) Foreign currency translation adjustments and other (2 ) (8 ) (10 ) Balance as at October 31, 2019, before allowance for credit losses for off-balance sheet instruments $ 241 $ 269 510 Add: allowance for credit losses for off-balance sheet instruments 2 585 Balance as at October 31, 2019 $ 1,095 1 Includes provisions for onerous lease contracts. 2 Refer to Note 8 for further details. |
Summary of Credit Instruments | Credit Instruments (millions of Canadian dollars) As at October 31 October 31 Financial and performance standby letters of credit $ 26,887 $ 26,431 Documentary and commercial letters of credit 107 197 Commitments to extend credit 1 Original term-to-maturity of one year or less 56,676 50,028 Original term-to-maturity of more than one year 150,170 134,148 Total $ 233,840 $ 210,804 1 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank's discretion at any time. |
Details of Assets Pledged Against Liabilities and Collateral Assets Held or Re-pledged | Details of assets pledged against liabilities and collateral assets held or repledged are shown in the following table: Sources and Uses of Pledged Assets and Collateral (millions of Canadian dollars) As at October 31 October 31 Sources of pledged assets and collateral Bank assets Cash and due from banks $ 820 $ 1,219 Interest-bearing deposits with banks 4,918 3,301 Loans 87,415 83,637 Securities 85,237 83,370 Other assets 850 1,278 179,240 172,805 Third-party assets 1 Collateral received and available for sale or repledging 274,765 243,168 Less: Collateral not repledged (61,260 ) (57,845 ) 213,505 185,323 392,745 358,128 Uses of pledged assets and collateral 2 Derivatives 11,468 8,083 Obligations related to securities sold under repurchase agreements 120,352 105,665 Securities borrowing and lending 107,587 85,544 Obligations related to securities sold short 27,575 39,007 Securitization 32,024 32,067 Covered bond 41,937 38,033 Clearing systems, payment systems, and depositories 8,338 7,540 Foreign governments and central banks 1,167 1,390 Other 42,297 40,799 Total $ 392,745 $ 358,128 1 Includes collateral received from reverse repurchase agreements, securities borrowing, margin loans, and other client activity. 2 Includes $45.6 billion of on-balance sheet assets that the Bank has pledged and that the counterparty can subsequently repledge as at October 31, 2019 (October 31, 2018 – $43.9 billion). |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Compensation of Key Management Personnel and Directors | The remuneration of key management personnel was as follows: Compensation (millions of Canadian dollars) For the years ended October 31 2019 2018 2017 Short-term employee benefits $ 33 $ 34 $ 33 Post-employment benefits 2 3 3 Share-based payments 35 37 32 Total $ 70 $ 74 $ 68 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Results by Business Segment | The following table summarizes the segment results for the years ended October 31. Results by Business Segment 1,2 (millions of Canadian dollars) For the years ended October 31 2019 Canadian U.S. Retail Wholesale 3,4 Corporate 3,4 Total Net interest income (loss) $ 12,349 $ 8,951 $ 911 $ 1,720 $ 23,931 Non-interest income (loss) 11,877 2,840 2,320 97 17,134 Total revenue 24,226 11,791 3,231 1,817 41,065 Provision for (recovery of) credit losses 1,306 1,082 44 597 3,029 Insurance claims and related expenses 2,787 – – – 2,787 Non-interest expenses 10,735 6,411 2,393 2,481 22,020 Income (loss) before income taxes 9,398 4,298 794 (1,261 ) 13,229 Provision for (recovery of) income taxes 2,535 471 186 (457 ) 2,735 Equity in net income of an investment in TD Ameritrade – 1,154 – 38 1,192 Net income (loss) $ 6,863 $ 4,981 $ 608 $ (766 ) $ 11,686 Total assets as at October 31 $ 452,163 $ 436,086 $ 458,420 $ 68,621 $ 1,415,290 2018 Net interest income (loss) $ 11,576 $ 8,176 $ 1,150 $ 1,337 $ 22,239 Non-interest income (loss) 11,137 2,768 2,367 381 16,653 Total revenue 22,713 10,944 3,517 1,718 38,892 Provision for (recovery of) credit losses 998 917 3 562 2,480 Insurance claims and related expenses 2,444 – – – 2,444 Non-interest expenses 9,473 6,100 2,125 2,497 20,195 Income (loss) before income taxes 9,798 3,927 1,389 (1,341 ) 13,773 Provision for (recovery of) income taxes 2,615 432 335 (200 ) 3,182 Equity in net income of an investment in TD Ameritrade – 693 – 50 743 Net income (loss) $ 7,183 $ 4,188 $ 1,054 $ (1,091 ) $ 11,334 Total assets as at October 31 $ 433,960 $ 417,292 $ 425,909 $ 57,742 $ 1,334,903 2017 Net interest income (loss) $ 10,611 $ 7,486 $ 1,804 $ 946 $ 20,847 Non-interest income (loss) 10,451 2,735 1,520 649 15,355 Total revenue 21,062 10,221 3,324 1,595 36,202 Provision for (recovery of) credit losses 986 792 (28 ) 466 2,216 Insurance claims and related expenses 2,246 – – – 2,246 Non-interest expenses 8,934 5,878 1,982 2,625 19,419 Income (loss) before income taxes 8,896 3,551 1,370 (1,496 ) 12,321 Provision for (recovery of) income taxes 2,371 671 331 (1,120 ) 2,253 Equity in net income of an investment in TD Ameritrade – 442 – 7 449 Net income (loss) $ 6,525 $ 3,322 $ 1,039 $ (369 ) $ 10,517 Total assets as at October 31 $ 404,444 $ 403,937 $ 406,138 $ 64,476 $ 1,278,995 1 Certain comparative amounts have been recast to conform with the presentation adopted in the current period. 2 The retailer program partners' share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners' net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements. 3 Net interest income within Wholesale Banking is calculated on a TEB. The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment. 4 Effective February 1, 2017, the total gains and losses as a result of changes in fair value of the CDS and interest rate swap contracts hedging the reclassified financial assets at FVOCI (AFS securities under IAS 39) portfolio are recorded in Wholesale Banking. Previously, these derivatives were accounted for on an accrual basis in Wholesale Banking and the gains and losses related to the derivatives, in excess of the accrued costs were reported in Corporate segment. |
Summary of Results by Geographic Location | (millions of Canadian dollars) For the years ended October 31 As at October 31 2019 2019 Total revenue 1 Income before Net income Total assets Canada $ 23,599 $ 7,237 $ 5,208 $ 769,314 United States 15,557 4,827 4,180 524,397 Other international 1,909 1,165 2,298 121,579 Total $ 41,065 $ 13,229 $ 11,686 $ 1,415,290 2018 2018 Canada $ 23,332 $ 8,886 $ 6,523 $ 713,677 United States 13,751 3,768 2,993 514,263 Other international 1,809 1,119 1,818 106,963 Total $ 38,892 $ 13,773 $ 11,334 $ 1,334,903 2017 2017 Canada $ 20,911 $ 7,250 $ 5,660 $ 648,924 United States 13,371 3,677 3,075 515,478 Other international 1,920 1,394 1,782 114,593 Total $ 36,202 $ 12,321 $ 10,517 $ 1,278,995 1 Certain comparative amounts have been recast to conform with the presentation adopted in the current period. |
Interest Income and Expense (Ta
Interest Income and Expense (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Interest Income and Expense by Basis of Accounting Classification | The following table presents interest income and interest expense by basis of accounting measurement. Please refer to Note 2 for the type of instruments measured at amortized cost and FVOCI. Interest Income and Expense 1 (millions of Canadian dollars) For the years ended October 31, 2019 October 31, 2018 Interest income Interest expense Interest income Interest expense Measured at amortized cost $ 31,663 $ 11,294 $ 27,693 $ 9,286 Measured at FVOCI 3,165 – 2,946 – 34,828 11,294 30,639 9,286 Not measured at amortized cost or FVOCI 2 7,171 6,774 5,783 4,897 Total $ 41,999 $ 18,068 $ 36,422 $ 14,183 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 Includes interest income, interest expense, and dividend income for financial instruments that are measured or designated at FVTPL and equities designated at FVOCI. |
Credit Risk (Tables)
Credit Risk (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Disclosure of credit risk exposure [abstract] | |
Summary of Concentration of Credit Risk | Concentration of Credit Risk (millions of Canadian dollars, As at except as noted) Loans and customers liability 1,2 Credit Instruments 3,4 Derivative financial 5,6 October 31 October 31 October 31 October 31 October 31 October 31 Canada 67 % 67 % 38 % 40 % 25 % 24 % United States 32 32 58 57 31 31 United Kingdom – – 1 1 17 15 Europe – other – – 2 1 20 24 Other international 1 1 1 1 7 6 Total 100 % 100 % 100 % 100 % 100 % 100 % $ 700,226 $ 666,405 $ 233,840 $ 210,804 $ 46,829 $ $55,615 1 Of the total loans and customers' liability under acceptances, the only industry segment which equalled or exceeded 5% of the total concentration as at October 31, 2019 was real estate 10% (October 31, 2018 – 9%). 2 Includes loans that are measured at FVOCI. 3 As at October 31, 2019, the Bank had commitments and contingent liability contracts in the amount of $234 billion (October 31, 2018 – $211 billion). Included are commitments to extend credit totalling $207 billion (October 31, 2018 – $184 billion), of which the credit risk is dispersed as detailed in the table above. 4 Of the commitments to extend credit, industry segments which equalled or exceeded 5% of the total concentration were as follows as at October 31, 2019: financial institutions 22% (October 31, 2018 – 19%); pipelines, oil and gas 9% (October 31, 2018 – 10%); automotive 9% (October 31, 2018 – 9%); power and utilities 8% (October 31, 2018 – 9%); sundry manufacturing and wholesale 7% (October 31, 2018 – 7%); professional and other services 6% (October 31, 2018 – 6%); non-residential real estate development 6% (October 31, 2018 – 5%); telecommunications, cable, and media 6% (October 31, 2018 – 7%). 5 As at October 31, 2019, the current replacement cost of derivative financial instruments amounted to $47 billion (October 31, 2018 – $56 billion). Based on the location of the ultimate counterparty, the credit risk was allocated as detailed in the table above. The table excludes the fair value of exchange traded derivatives. 6 The largest concentration by counterparty type was with financial institutions (including non-banking financial institutions), which accounted for 69% of the total as at October 31, 2019 (October 31, 2018 – 68%). The second largest concentration was with governments, which accounted for 22% of the total as at October 31, 2019 (October 31, 2018 – 26%). No other industry segment exceeded 5% of the total. |
Summary of Gross Maximum Credit Risk Exposure | The following table presents the maximum exposure to credit risk of financial instruments, before taking account of any collateral held or other credit enhancements. Gross Maximum Credit Risk Exposure 1 (millions of Canadian dollars) As at October 31 October 31 Cash and due from banks $ 4,863 $ 4,735 Interest-bearing deposits with banks 25,583 30,720 Securities 2 Financial assets designated at fair value through profit or loss Government and government-insured securities 1,413 1,397 Other debt securities 2,627 2,221 Trading Government and government-insured securities 44,445 47,085 Other debt securities 18,680 20,106 Retained interest 19 25 Non-trading securities at fair value through profit or loss Government and government-insured securities 319 – Other debt securities 4,081 2,340 Securities at fair value through other comprehensive income Government and government-insured securities 83,171 94,733 Other debt securities 23,969 30,948 Debt securities at amortized cost Government and government-insured securities 78,275 60,535 Other debt securities 52,222 46,636 Securities purchased under reverse purchase agreements 165,935 127,379 Derivatives 3 48,894 56,996 Loans Residential mortgages 235,530 225,081 Consumer instalment and other personal 179,085 170,976 Credit card 34,989 34,015 Business and government 235,004 216,321 Trading loans 12,482 10,990 Non-trading loans at fair value through profit or loss 1,796 1,336 Loans at fair value through other comprehensive income 2,124 2,745 Customers' liability under acceptances 13,494 17,267 Amounts receivable from brokers, dealers, and clients 20,575 26,940 Other assets 5,913 5,886 Total assets 1,295,488 1,237,413 Credit instruments 4 233,840 210,804 Unconditionally cancellable commitments to extend credit relating to personal lines of credit and credit card lines 311,138 301,752 Total credit exposure $ 1,840,466 $ 1,749,969 1 Certain comparative amounts have been recast to conform with the presentation adopted in the current period. 2 Excludes equity securities. 3 The carrying amount of the derivative assets represents the maximum credit risk exposure related to derivative contracts. 4 The balance represents the maximum amount of additional funds that the Bank could be obligated to extend should the contracts be fully utilized. The actual maximum exposure may differ from the amount reported above. Refer to Note 27 for further details. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Text block [abstract] | |
Summary of Regulatory Capital Position | The following table summarizes the Bank's regulatory capital position as at October 31. Regulatory Capital Position (millions of Canadian dollars, except as noted) As at October 31 October 31 Capital Common Equity Tier 1 Capital $ 55,042 $ 52,389 Tier 1 Capital 61,683 59,735 Total Capital 74,122 70,434 Risk-weighted assets used in the calculation of capital ratios 1 Common Equity Tier 1 Capital $ 455,977 $ 435,632 Tier 1 Capital 455,977 435,780 Total Capital 455,977 435,927 Capital and leverage ratios Common Equity Tier 1 Capital ratio 1 12.1 % 12.0 % Tier 1 Capital ratio 1 13.5 13.7 Total Capital ratio 1 16.3 16.2 Leverage ratio 4.0 4.2 1 In accordance with the final CAR guideline, the Credit Valuation Adjustment (CVA) capital charge has been phased in until the first quarter of 2019. Each capital ratio has its own RWA measure due to the OSFI prescribed scalar for inclusion of the CVA. For fiscal 2019, the scalars for inclusion of CVA for CET1, Tier 1, and Total Capital RWA are all 100%. For fiscal 2018, the scalars were 80%, 83%, and 86%, respectively. |
Information on Subsidiaries (Ta
Information on Subsidiaries (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
List of the Directly or Indirectly Held Significant Subsidiaries | The following is a list of the directly or indirectly held significant subsidiaries. SIGNIFICANT SUBSIDIARIES 1 (millions of Canadian dollars) As at October 31, 2019 North America Address of Head or Principal Office 2 Description Carrying value of shares 3 Greystone Capital Management Inc. Regina, Saskatchewan Holding Company $ 714 Greystone Managed Investments Inc. Regina, Saskatchewan Securities Dealer GMI Serving Inc. Regina, Saskatchewan Mortgage Servicing Entity Meloche Monnex Inc. Montreal, Québec Holding Company 1,595 Security National Insurance Company Montreal, Québec Insurance Company Primmum Insurance Company Toronto, Ontario Insurance Company TD Direct Insurance Inc. Toronto, Ontario Insurance Company TD General Insurance Company Toronto, Ontario Insurance Company TD Home and Auto Insurance Company Toronto, Ontario Insurance Company TD Asset Management Inc. Toronto, Ontario Investment Counselling and Portfolio Management 365 TD Waterhouse Private Investment Counsel Inc. Toronto, Ontario Investment Counselling and Portfolio Management TD Auto Finance (Canada) Inc. Toronto, Ontario Automotive Finance Entity 2,619 TD Auto Finance Services Inc. Toronto, Ontario Automotive Finance Entity 1,370 TD Group US Holdings LLC Wilmington, Delaware Holding Company 67,117 Toronto Dominion Holdings (U.S.A.), Inc. New York, New York Holding Company TD Prime Services LLC New York, New York Securities Dealer TD Securities (USA) LLC New York, New York Securities Dealer Toronto Dominion (Texas) LLC New York, New York Financial Services Entity Toronto Dominion (New York) LLC New York, New York Financial Services Entity Toronto Dominion Capital (U.S.A.), Inc. New York, New York Small Business Investment Company Toronto Dominion Investments, Inc. New York, New York Merchant Banking and Investments TD Bank US Holding Company Cherry Hill, New Jersey Holding Company Epoch Investment Partners, Inc. New York, New York Investment Counselling and Portfolio Management TDAM USA Inc. New York, New York Investment Counselling and Portfolio Management TD Bank USA, National Association Cherry Hill, New Jersey U.S. National Bank TD Bank, National Association Cherry Hill, New Jersey U.S. National Bank TD Auto Finance LLC Farmington Hills, Michigan Automotive Finance Entity TD Equipment Finance, Inc. Cherry Hill, New Jersey Financial Services Entity TD Private Client Wealth LLC New York, New York Broker-dealer and Registered Investment Advisor TD Wealth Management Services Inc. Cherry Hill, New Jersey Insurance Agency TD Luxembourg International Holdings Luxembourg, Luxembourg Holding Company TD Ameritrade Holding Corporation 4 Omaha, Nebraska Securities Dealer TD Investment Services Inc. Toronto, Ontario Mutual Fund Dealer 52 TD Life Insurance Company Toronto, Ontario Insurance Company 85 TD Mortgage Corporation Toronto, Ontario Deposit-Taking Entity 9,775 TD Pacific Mortgage Corporation Vancouver, British Columbia Deposit-Taking Entity The Canada Trust Company Toronto, Ontario Trust, Loans, and Deposit-Taking Entity TD Securities Inc. Toronto, Ontario Investment Dealer and Broker 2,231 TD Vermillion Holdings Limited Toronto, Ontario Holding Company 26,880 TD Financial International Ltd. Hamilton, Bermuda Holding Company TD Reinsurance (Barbados) Inc. St. James, Barbados Reinsurance Company TD Waterhouse Canada Inc. Toronto, Ontario Investment Dealer 2,442 International TD Bank N.V. Amsterdam, The Netherlands Dutch Bank 632 TD Ireland Unlimited Company Dublin, Ireland Holding Company 894 TD Global Finance Unlimited Company Dublin, Ireland Securities Dealer TD Securities (Japan) Co. Ltd. Tokyo, Japan Securities Dealer 12 Toronto Dominion Australia Limited Sydney, Australia Securities Dealer 97 Toronto Dominion Investments B.V. London, England Holding Company 1,114 TD Bank Europe Limited London, England UK Bank Toronto Dominion Holdings (U.K.) Limited London, England Holding Company TD Securities Limited London, England Securities Dealer Toronto Dominion (South East Asia) Limited Singapore, Singapore Financial Institution 931 1 Unless otherwise noted, The Toronto-Dominion Bank, either directly or through its subsidiaries, owns 100% of the entity and/or 100% of any issued and outstanding voting securities and non-voting securities of the entities listed. 2 Each subsidiary is incorporated or organized in the country in which its head or principal office is located, with the exception of Toronto Dominion Investments B.V., a company incorporated in The Netherlands, but with its principal office in the United Kingdom. 3 Carrying amounts are prepared for purposes of meeting the disclosure requirements of Section 308 (3)(a)(ii) of the Bank Act 4 As at October 31, 2019, the Bank's reported investment in TD Ameritrade Holding Corporation was 43.19% (October 31, 2018 – 41.61%) of the outstanding shares of TD Ameritrade Holding Corporation. TD Luxembourg International Holdings and its ownership of TD Ameritrade Holding Corporation is included given the significance of the Bank's investment in TD Ameritrade Holding Corporation. |
IFRS 7 - Disclosure - Credit Ri
IFRS 7 - Disclosure - Credit Risk - Schedule of Probability Of Default Risk Ranges (Detail) - Credit risk [member] | 12 Months Ended |
Oct. 31, 2019 | |
Default [member] | PD segment 9 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 100.00% |
Bottom of range [member] | Low risk [member] | PD segment 1 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 0.00% |
Bottom of range [member] | Normal risk [member] | PD segment 2 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 0.16% |
Bottom of range [member] | Normal risk [member] | PD segment 3 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 0.42% |
Bottom of range [member] | Medium risk [member] | PD segment 4 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 1.11% |
Bottom of range [member] | Medium risk [member] | PD segment 5 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 2.94% |
Bottom of range [member] | High risk [member] | PD segment 6 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 4.75% |
Bottom of range [member] | High risk [member] | PD segment 7 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 7.60% |
Bottom of range [member] | High risk [member] | PD segment 8 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 18.25% |
Top of range [member] | Low risk [member] | PD segment 1 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 0.15% |
Top of range [member] | Normal risk [member] | PD segment 2 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 0.41% |
Top of range [member] | Normal risk [member] | PD segment 3 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 1.10% |
Top of range [member] | Medium risk [member] | PD segment 4 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 2.93% |
Top of range [member] | Medium risk [member] | PD segment 5 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 4.74% |
Top of range [member] | High risk [member] | PD segment 6 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 7.59% |
Top of range [member] | High risk [member] | PD segment 7 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 18.24% |
Top of range [member] | High risk [member] | PD segment 8 [member] | |
Disclosure of credit risk exposure [line items] | |
PD Range | 99.99% |
IFRS 7 - Disclosure - Credit _2
IFRS 7 - Disclosure - Credit Risk -Schedule of BRR Scale Aligned to External Ratings (Detail) - Credit risk [member] | 12 Months Ended |
Oct. 31, 2019 | |
Investment grade [member] | Rating category 0 to 1C [member] | |
Disclosure of credit risk exposure [line items] | |
Standard and Poor's | AAA to AA- |
Moody's Investor Services | Aaa to Aa3 |
Investment grade [member] | Rating category 2A to 2C [member] | |
Disclosure of credit risk exposure [line items] | |
Standard and Poor's | A+ to A- |
Moody's Investor Services | A1 to A3 |
Investment grade [member] | Rating category 3A to 3C [member] | |
Disclosure of credit risk exposure [line items] | |
Standard and Poor's | BBB+ to BBB- |
Moody's Investor Services | Baa1 to Baa3 |
Non investment grade [member] | Rating category 4A to 4C [member] | |
Disclosure of credit risk exposure [line items] | |
Standard and Poor's | BB+ to BB- |
Moody's Investor Services | Ba1 to Ba3 |
Non investment grade [member] | Rating category 5A to 5C [member] | |
Disclosure of credit risk exposure [line items] | |
Standard and Poor's | B+ to B- |
Moody's Investor Services | B1 to B3 |
Watch and classified [member] | Rating category 6 to 8 [member] | |
Disclosure of credit risk exposure [line items] | |
Standard and Poor's | CCC+ to CC and below |
Moody's Investor Services | Caa1 to Ca and below |
Impaired/default [member] | Rating category 9A to 9B [member] | |
Disclosure of credit risk exposure [line items] | |
Standard and Poor's | Default |
Moody's Investor Services | Default |
IFRS 7 - Disclosure - Credit _3
IFRS 7 - Disclosure - Credit Risk - Credit Risk Exposures Subject to the TSA (Detail) - Credit risk [member] | 12 Months Ended |
Oct. 31, 2019 | |
Disclosure of credit risk exposure [line items] | |
Risk weights under TSA, Sovereign | 0.00% |
Risk weights under TSA, Bank | 20.00% |
Risk weights under TSA, Corporate | 100.00% |
IFRS 7 - Disclosure - Credit _4
IFRS 7 - Disclosure - Credit Risk - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2019 | |
Later than three months [member] | |
Disclosure of credit risk exposure [line items] | |
Risk weight of non-retail loans that are more than 90 days past due | 150.00% |
IFRS 7 - Disclosure - Market Ri
IFRS 7 - Disclosure - Market Risk - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Market Risk [line items] | ||
Number of trading days used to value current portfolio using market price and rate changes | 259 days | |
Loss trading days | 20 days | |
Positive trading days | 92.00% | |
100 bps increase [member] | ||
Market Risk [line items] | ||
Increase (decrease) in economic value of shareholder's equity | $ (413) | $ (238) |
Increase (decrease) in pre-tax net interest income | (171) | (73) |
100 bps decrease [member] | ||
Market Risk [line items] | ||
Increase (decrease) in economic value of shareholder's equity | (418) | 2 |
Increase (decrease) in pre-tax net interest income | $ (73) | $ (114) |
IFRS 7 - Disclosure - Market _2
IFRS 7 - Disclosure - Market Risk - Portfolio Market Risk Measures (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Market Risk [line items] | ||
Total VaR (one-day measure) | $ 20.4 | $ 24.5 |
Stressed Value-at-Risk (one-day) | 51.5 | 54.2 |
Incremental Risk Capital Charge (one-year) | 230.7 | 237.1 |
Interest rate risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 8.6 | 14.2 |
Credit risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 13.8 | 17.2 |
Equity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 7.1 | 6.1 |
Currency risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 4.3 | 8.7 |
Commodity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 2.2 | 3 |
Idiosyncratic debt specific risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 16.5 | 17.2 |
Risk diversification effect [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | (32.1) | (41.9) |
Average risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 21.2 | 23.8 |
Stressed Value-at-Risk (one-day) | 47.9 | 49.8 |
Incremental Risk Capital Charge (one-year) | 225 | 205.8 |
Average risk [member] | Interest rate risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 9.4 | 14 |
Average risk [member] | Credit risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 13.2 | 11.8 |
Average risk [member] | Equity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 6.5 | 7.2 |
Average risk [member] | Currency risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 4.7 | 4.4 |
Average risk [member] | Commodity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 2.1 | 2.6 |
Average risk [member] | Idiosyncratic debt specific risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 15.6 | 16.5 |
Average risk [member] | Risk diversification effect [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | (30.3) | (32.7) |
High risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 31.8 | 33.1 |
Stressed Value-at-Risk (one-day) | 84.4 | 84.8 |
Incremental Risk Capital Charge (one-year) | 279.6 | 269.8 |
High risk [member] | Interest rate risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 17.2 | 25.7 |
High risk [member] | Credit risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 22.5 | 18.2 |
High risk [member] | Equity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 11.5 | 12.9 |
High risk [member] | Currency risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 10.2 | 8.7 |
High risk [member] | Commodity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 4.8 | 6.8 |
High risk [member] | Idiosyncratic debt specific risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 23.5 | 22.4 |
Low risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 13.6 | 16.9 |
Stressed Value-at-Risk (one-day) | 33.4 | 28.8 |
Incremental Risk Capital Charge (one-year) | 173.1 | 156.2 |
Low risk [member] | Interest rate risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 4.3 | 5.3 |
Low risk [member] | Credit risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 7.5 | 7.7 |
Low risk [member] | Equity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 3.6 | 4 |
Low risk [member] | Currency risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 1 | 2.2 |
Low risk [member] | Commodity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 1 | 1.3 |
Low risk [member] | Idiosyncratic debt specific risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | $ 10.6 | $ 11.3 |
IFRS 7 - Disclosure - Market _3
IFRS 7 - Disclosure - Market Risk - Sensitivity of After-tax Economic Value at Risk by Currency (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
100 bps increase [member] | ||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||
Increase (decrease) on Economic Value of Shareholders' Equity | $ (413) | $ (238) |
100 bps increase [member] | Canadian Dollar [member] | ||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||
Increase (decrease) on Economic Value of Shareholders' Equity | (39) | (41) |
100 bps increase [member] | U.S. Dollar [member] | ||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||
Increase (decrease) on Economic Value of Shareholders' Equity | (374) | (197) |
100 bps decrease [member] | ||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||
Increase (decrease) on Economic Value of Shareholders' Equity | (418) | 2 |
100 bps decrease [member] | Canadian Dollar [member] | ||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||
Increase (decrease) on Economic Value of Shareholders' Equity | (43) | (17) |
100 bps decrease [member] | U.S. Dollar [member] | ||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||
Increase (decrease) on Economic Value of Shareholders' Equity | $ (375) | $ 19 |
IFRS 7 - Disclosure - Market _4
IFRS 7 - Disclosure - Market Risk - Sensitivity of Pre-Tax Economic Value at Risk by Currency (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
100 bps increase [member] | ||
Disclosure foreign currency sensitivity analysis effect on pre tax net interest income [line items] | ||
Increase (decrease) in pre-tax net interest income | $ (171) | $ (73) |
100 bps increase [member] | Canadian Dollar [member] | ||
Disclosure foreign currency sensitivity analysis effect on pre tax net interest income [line items] | ||
Increase (decrease) in pre-tax net interest income | (103) | (49) |
100 bps increase [member] | U.S. Dollar [member] | ||
Disclosure foreign currency sensitivity analysis effect on pre tax net interest income [line items] | ||
Increase (decrease) in pre-tax net interest income | (68) | (24) |
100 bps decrease [member] | ||
Disclosure foreign currency sensitivity analysis effect on pre tax net interest income [line items] | ||
Increase (decrease) in pre-tax net interest income | (73) | (114) |
100 bps decrease [member] | Canadian Dollar [member] | ||
Disclosure foreign currency sensitivity analysis effect on pre tax net interest income [line items] | ||
Increase (decrease) in pre-tax net interest income | 103 | 49 |
100 bps decrease [member] | U.S. Dollar [member] | ||
Disclosure foreign currency sensitivity analysis effect on pre tax net interest income [line items] | ||
Increase (decrease) in pre-tax net interest income | $ (176) | $ (163) |
IFRS 7 - Disclosure - Liquidity
IFRS 7 - Disclosure - Liquidity Risk - Summary of Liquid Assets by Type and Currency (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | $ 389,573 | $ 367,311 |
Securities received as collateral from securities financing and derivative transactions | 255,255 | 212,275 |
Total liquid assets | $ 644,828 | $ 579,586 |
% of total | 100.00% | 100.00% |
Encumbered liquid assets | $ 253,215 | $ 207,544 |
Unencumbered liquid assets | 391,613 | 372,042 |
Canadian Dollar [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 100,126 | 93,458 |
Securities received as collateral from securities financing and derivative transactions | 109,145 | 88,499 |
Total liquid assets | $ 209,271 | $ 181,957 |
% of total | 32.00% | 31.00% |
Encumbered liquid assets | $ 108,191 | $ 85,452 |
Unencumbered liquid assets | 101,080 | 96,505 |
Canadian Dollar [member] | Cash and due from banks [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 5,140 | 3,002 |
Total liquid assets | $ 5,140 | $ 3,002 |
% of total | 1.00% | 1.00% |
Encumbered liquid assets | $ 566 | $ 1,098 |
Unencumbered liquid assets | 4,574 | 1,904 |
Canadian Dollar [member] | Canadian government obligations [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 13,872 | 18,256 |
Securities received as collateral from securities financing and derivative transactions | 77,275 | 63,463 |
Total liquid assets | $ 91,147 | $ 81,719 |
% of total | 14.00% | 14.00% |
Encumbered liquid assets | $ 56,337 | $ 47,572 |
Unencumbered liquid assets | 34,810 | 34,147 |
Canadian Dollar [member] | National Housing Act mortgage backed securities [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 38,138 | 39,649 |
Securities received as collateral from securities financing and derivative transactions | 15 | 42 |
Total liquid assets | $ 38,153 | $ 39,691 |
% of total | 6.00% | 6.00% |
Encumbered liquid assets | $ 3,816 | $ 3,057 |
Unencumbered liquid assets | 34,337 | 36,634 |
Canadian Dollar [member] | Provincial government obligations [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 15,679 | 12,720 |
Securities received as collateral from securities financing and derivative transactions | 25,151 | 19,241 |
Total liquid assets | $ 40,830 | $ 31,961 |
% of total | 6.00% | 5.00% |
Encumbered liquid assets | $ 31,287 | $ 23,651 |
Unencumbered liquid assets | 9,543 | 8,310 |
Canadian Dollar [member] | Corporate issuer obligations [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 11,149 | 6,622 |
Securities received as collateral from securities financing and derivative transactions | 3,623 | 3,767 |
Total liquid assets | $ 14,772 | $ 10,389 |
% of total | 2.00% | 2.00% |
Encumbered liquid assets | $ 3,882 | $ 3,769 |
Unencumbered liquid assets | 10,890 | 6,620 |
Canadian Dollar [member] | Equities [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 13,636 | 10,554 |
Securities received as collateral from securities financing and derivative transactions | 2,770 | 1,637 |
Total liquid assets | $ 16,406 | $ 12,191 |
% of total | 3.00% | 2.00% |
Encumbered liquid assets | $ 11,225 | $ 6,028 |
Unencumbered liquid assets | 5,181 | 6,163 |
Canadian Dollar [member] | Other marketable securities and/or loans [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 2,512 | 2,655 |
Securities received as collateral from securities financing and derivative transactions | 311 | 349 |
Total liquid assets | 2,823 | $ 3,004 |
% of total | 1.00% | |
Encumbered liquid assets | 1,078 | $ 277 |
Unencumbered liquid assets | 1,745 | 2,727 |
Other than Canadian dollar [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 289,447 | 273,853 |
Securities received as collateral from securities financing and derivative transactions | 146,110 | 123,776 |
Total liquid assets | $ 435,557 | $ 397,629 |
% of total | 68.00% | 69.00% |
Encumbered liquid assets | $ 145,024 | $ 122,092 |
Unencumbered liquid assets | 290,533 | 275,537 |
Other than Canadian dollar [member] | Cash and due from banks [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 19,225 | 24,046 |
Total liquid assets | $ 19,225 | $ 24,046 |
% of total | 3.00% | 4.00% |
Encumbered liquid assets | $ 33 | $ 28 |
Unencumbered liquid assets | 19,192 | 24,018 |
Other than Canadian dollar [member] | Corporate issuer obligations [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 84,835 | 78,160 |
Securities received as collateral from securities financing and derivative transactions | 1,856 | 1,576 |
Total liquid assets | $ 86,691 | $ 79,736 |
% of total | 13.00% | 14.00% |
Encumbered liquid assets | $ 7,070 | $ 7,234 |
Unencumbered liquid assets | 79,621 | 72,502 |
Other than Canadian dollar [member] | Equities [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 40,550 | 33,514 |
Securities received as collateral from securities financing and derivative transactions | 34,607 | 37,666 |
Total liquid assets | $ 75,157 | $ 71,180 |
% of total | 12.00% | 12.00% |
Encumbered liquid assets | $ 39,403 | $ 32,206 |
Unencumbered liquid assets | 35,754 | 38,974 |
Other than Canadian dollar [member] | Other marketable securities and/or loans [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 4,658 | 4,786 |
Securities received as collateral from securities financing and derivative transactions | 667 | 4 |
Total liquid assets | $ 5,325 | $ 4,790 |
% of total | 1.00% | 1.00% |
Encumbered liquid assets | $ 712 | $ 191 |
Unencumbered liquid assets | 4,613 | 4,599 |
Other than Canadian dollar [member] | U.S. government obligations [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 34,103 | 30,163 |
Securities received as collateral from securities financing and derivative transactions | 47,803 | 37,691 |
Total liquid assets | $ 81,906 | $ 67,854 |
% of total | 13.00% | 12.00% |
Encumbered liquid assets | $ 37,367 | $ 32,918 |
Unencumbered liquid assets | 44,539 | 34,936 |
Other than Canadian dollar [member] | U.S. federal agency obligations [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 58,222 | 47,150 |
Securities received as collateral from securities financing and derivative transactions | 11,873 | 927 |
Total liquid assets | $ 70,095 | $ 48,077 |
% of total | 11.00% | 8.00% |
Encumbered liquid assets | $ 20,939 | $ 7,522 |
Unencumbered liquid assets | 49,156 | 40,555 |
Other than Canadian dollar [member] | Other sovereign obligations [member] | ||
Disclosure of liquid assets by type and currency [line items] | ||
Bank-owned liquid assets | 47,854 | 56,034 |
Securities received as collateral from securities financing and derivative transactions | 49,304 | 45,912 |
Total liquid assets | $ 97,158 | $ 101,946 |
% of total | 15.00% | 18.00% |
Encumbered liquid assets | $ 39,500 | $ 41,993 |
Unencumbered liquid assets | $ 57,658 | $ 59,953 |
IFRS 7 - Disclosure - Liquidi_2
IFRS 7 - Disclosure - Liquidity Risk - Additional Information (Detail) - CAD ($) $ in Billions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2019 | |
Liquidity risk [abstract] | ||
Increase in unencumbered liquid assets | $ 18 | |
Percentage of P&C deposits in total funding | 70.00% |
IFRS 7 - Disclosure - Liquidi_3
IFRS 7 - Disclosure - Liquidity Risk - Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Of Unencumbered Assets [line items] | ||
Unencumbered liquid assets | $ 391,613 | $ 372,042 |
Toronto-Dominion Bank [member] | ||
Disclosure Of Unencumbered Assets [line items] | ||
Unencumbered liquid assets | 139,550 | 136,544 |
Bank subsidiaries [member] | ||
Disclosure Of Unencumbered Assets [line items] | ||
Unencumbered liquid assets | 228,978 | 217,565 |
Foreign branches [member] | ||
Disclosure Of Unencumbered Assets [line items] | ||
Unencumbered liquid assets | $ 23,085 | $ 17,933 |
IFRS 7 - Disclosure - Liquidi_4
IFRS 7 - Disclosure - Liquidity Risk - Summary of Deposit Funding (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Of Deposits [line items] | ||
Funds from Deposits | $ 743,036 | $ 706,133 |
Other Deposits [member] | ||
Disclosure Of Deposits [line items] | ||
Funds from Deposits | 23 | 36 |
Canadian Retail [member] | P&C Deposits [member] | ||
Disclosure Of Deposits [line items] | ||
Funds from Deposits | 382,252 | 359,473 |
U.S. Retail [member] | P&C Deposits [member] | ||
Disclosure Of Deposits [line items] | ||
Funds from Deposits | $ 360,761 | $ 346,624 |
IFRS 7 - Disclosure - Liquidi_5
IFRS 7 - Disclosure - Liquidity Risk - Summary of Remaining Contractual Maturity (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Sep. 30, 2019 | Oct. 31, 2018 | Sep. 30, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Assets | ||||||
Cash and due from banks | $ 4,863 | $ 4,735 | $ 3,971 | $ 3,907 | ||
Interest-bearing deposits with banks | 25,583 | 30,720 | ||||
Trading loans, securities, and other | 146,000 | 127,897 | ||||
Non-trading financial assets at fair value through profit or loss | 6,503 | 4,015 | ||||
Derivatives | 48,894 | 56,996 | ||||
Financial assets designated at fair value through profit or loss | 4,040 | 3,618 | ||||
Financial assets at fair value through other comprehensive income | 111,104 | 130,600 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 130,497 | 107,171 | ||||
Securities purchased under reverse repurchase agreements | 165,935 | 127,379 | ||||
Loans | ||||||
Residential mortgages | 235,640 | 225,191 | ||||
Consumer instalment and other personal | 180,334 | 172,079 | ||||
Credit card | 36,564 | 35,018 | ||||
Business and government | 236,517 | 217,654 | ||||
Total loans | 689,055 | 649,942 | ||||
Allowance for loan losses | (4,447) | (3,549) | ||||
Loans, net of allowance for loan losses | 684,608 | 646,393 | ||||
Customers' liability under acceptances | 13,494 | 17,267 | ||||
Goodwill | 16,976 | 16,536 | 16,156 | |||
Other intangibles | 2,503 | 2,459 | ||||
Land, buildings, equipment, and other depreciable assets | 5,513 | 5,324 | ||||
Deferred tax assets | 1,799 | 2,812 | ||||
Amounts receivable from brokers, dealers, and clients | 20,575 | 26,940 | ||||
Other assets | 17,087 | 15,596 | ||||
Total assets | 1,415,290 | 1,334,903 | 1,278,995 | |||
LIABILITIES | ||||||
Trading deposits | 26,885 | 114,704 | ||||
Derivatives | 50,051 | 48,270 | ||||
Securitization liabilities at fair value | 13,058 | 12,618 | ||||
Financial liabilities designated at fair value through profit or loss | 105,131 | 16 | ||||
Deposits | ||||||
Personal | 503,430 | 477,644 | ||||
Banks | 16,751 | 16,712 | ||||
Business and government | 366,796 | 357,083 | ||||
Total deposits | 886,977 | 851,439 | ||||
Acceptances | 13,494 | 17,269 | ||||
Obligations related to securities sold short | 29,656 | 39,478 | ||||
Obligations related to securities sold under repurchase agreements | 125,856 | 93,389 | ||||
Securitization liabilities at amortized cost | 14,086 | 14,683 | ||||
Amounts payable to brokers, dealers, and clients | 23,746 | 28,385 | ||||
Insurance-related liabilities | 6,920 | 6,698 | ||||
Other liabilities | 21,004 | 19,174 | ||||
Subordinated notes and debentures | 10,725 | 8,740 | ||||
Equity | 87,701 | 80,040 | $ 75,190 | |||
Total liabilities and equity | 1,415,290 | $ 57,671 | 1,334,903 | $ 49,393 | ||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 244,633 | 221,032 | ||||
TD Ameritrade [member] | ||||||
Loans | ||||||
Investment in TD Ameritrade | 9,316 | 8,445 | ||||
Other assets | 27,303 | 17,811 | ||||
Total assets | 57,671 | 49,393 | ||||
Deposits | ||||||
Other liabilities | 6,205 | 4,809 | ||||
Equity | $ 11,459 | $ 10,535 | ||||
Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 230,640 | 208,042 | ||||
Operating lease commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 7,621 | 7,267 | ||||
Other purchase obligations [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 3,172 | 2,960 | ||||
Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 3,200 | 2,763 | ||||
Not later than one month [member] | ||||||
Assets | ||||||
Cash and due from banks | 4,857 | 4,733 | ||||
Interest-bearing deposits with banks | 19,892 | 28,332 | ||||
Trading loans, securities, and other | 1,197 | 1,971 | ||||
Non-trading financial assets at fair value through profit or loss | 147 | |||||
Derivatives | 5,786 | 7,343 | ||||
Financial assets designated at fair value through profit or loss | 195 | 30 | ||||
Financial assets at fair value through other comprehensive income | 1,431 | 1,111 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 1,878 | 881 | ||||
Securities purchased under reverse repurchase agreements | 98,904 | 77,612 | ||||
Loans | ||||||
Residential mortgages | 2,006 | 908 | ||||
Consumer instalment and other personal | 850 | 753 | ||||
Business and government | 29,460 | 23,052 | ||||
Total loans | 32,316 | 24,713 | ||||
Loans, net of allowance for loan losses | 32,316 | 24,713 | ||||
Customers' liability under acceptances | 11,127 | 14,984 | ||||
Amounts receivable from brokers, dealers, and clients | 20,575 | 26,940 | ||||
Other assets | 2,548 | 3,432 | ||||
Total assets | 200,853 | 192,082 | ||||
LIABILITIES | ||||||
Trading deposits | 5,837 | 16,145 | ||||
Derivatives | 7,180 | 6,195 | ||||
Financial liabilities designated at fair value through profit or loss | 22,193 | 10 | ||||
Deposits | ||||||
Personal | 5,218 | 4,330 | ||||
Banks | 6,771 | 6,499 | ||||
Business and government | 18,576 | 18,840 | ||||
Total deposits | 30,565 | 29,669 | ||||
Acceptances | 11,127 | 14,986 | ||||
Obligations related to securities sold short | 384 | 2,621 | ||||
Obligations related to securities sold under repurchase agreements | 101,856 | 73,759 | ||||
Securitization liabilities at amortized cost | 22 | |||||
Amounts payable to brokers, dealers, and clients | 23,746 | 28,385 | ||||
Insurance-related liabilities | 190 | 213 | ||||
Other liabilities | 2,845 | 2,916 | ||||
Total liabilities and equity | 205,923 | 174,921 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 19,960 | 18,484 | ||||
Not later than one month [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 19,388 | 18,341 | ||||
Not later than one month [member] | Operating lease commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 82 | 79 | ||||
Not later than one month [member] | Other purchase obligations [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 82 | 64 | ||||
Not later than one month [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 408 | |||||
Later than one month and not later than three months [member] | ||||||
Assets | ||||||
Cash and due from banks | 6 | 2 | ||||
Interest-bearing deposits with banks | 1,137 | 924 | ||||
Trading loans, securities, and other | 3,990 | 5,244 | ||||
Non-trading financial assets at fair value through profit or loss | 2 | 12 | ||||
Derivatives | 8,472 | 9,263 | ||||
Financial assets designated at fair value through profit or loss | 696 | 95 | ||||
Financial assets at fair value through other comprehensive income | 3,818 | 4,214 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 5,233 | 2,577 | ||||
Securities purchased under reverse repurchase agreements | 34,839 | 30,047 | ||||
Loans | ||||||
Residential mortgages | 5,595 | 3,234 | ||||
Consumer instalment and other personal | 1,819 | 1,332 | ||||
Business and government | 5,573 | 4,320 | ||||
Total loans | 12,987 | 8,886 | ||||
Loans, net of allowance for loan losses | 12,987 | 8,886 | ||||
Customers' liability under acceptances | 2,211 | 2,145 | ||||
Other assets | 1,391 | 854 | ||||
Total assets | 74,782 | 64,263 | ||||
LIABILITIES | ||||||
Trading deposits | 3,025 | 37,337 | ||||
Derivatives | 7,968 | 8,684 | ||||
Securitization liabilities at fair value | 668 | 981 | ||||
Financial liabilities designated at fair value through profit or loss | 25,370 | 5 | ||||
Deposits | ||||||
Personal | 8,990 | 7,094 | ||||
Banks | 1,459 | 1,941 | ||||
Business and government | 10,049 | 19,337 | ||||
Total deposits | 20,498 | 28,372 | ||||
Acceptances | 2,211 | 2,145 | ||||
Obligations related to securities sold short | 654 | 3,679 | ||||
Obligations related to securities sold under repurchase agreements | 20,224 | 15,508 | ||||
Securitization liabilities at amortized cost | 513 | 1,240 | ||||
Insurance-related liabilities | 315 | 294 | ||||
Other liabilities | 3,142 | 2,631 | ||||
Total liabilities and equity | 84,588 | 100,876 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 22,792 | 18,151 | ||||
Later than one month and not later than three months [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 21,652 | 16,732 | ||||
Later than one month and not later than three months [member] | Operating lease commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 165 | 159 | ||||
Later than one month and not later than three months [member] | Other purchase obligations [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 182 | 181 | ||||
Later than one month and not later than three months [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 793 | 1,079 | ||||
Over 3 months to 6 months [member] | ||||||
Assets | ||||||
Interest-bearing deposits with banks | 77 | 154 | ||||
Trading loans, securities, and other | 3,916 | 2,111 | ||||
Non-trading financial assets at fair value through profit or loss | 37 | 99 | ||||
Derivatives | 3,255 | 5,275 | ||||
Financial assets designated at fair value through profit or loss | 156 | 535 | ||||
Financial assets at fair value through other comprehensive income | 4,161 | 4,150 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 2,254 | 3,010 | ||||
Securities purchased under reverse repurchase agreements | 24,000 | 14,426 | ||||
Loans | ||||||
Residential mortgages | 8,013 | 6,614 | ||||
Consumer instalment and other personal | 3,170 | 2,628 | ||||
Business and government | 7,970 | 5,539 | ||||
Total loans | 19,153 | 14,781 | ||||
Loans, net of allowance for loan losses | 19,153 | 14,781 | ||||
Customers' liability under acceptances | 152 | 132 | ||||
Other assets | 2,830 | 1,926 | ||||
Total assets | 59,991 | 46,599 | ||||
LIABILITIES | ||||||
Trading deposits | 4,166 | 31,081 | ||||
Derivatives | 3,603 | 4,230 | ||||
Securitization liabilities at fair value | 412 | 194 | ||||
Financial liabilities designated at fair value through profit or loss | 15,799 | |||||
Deposits | ||||||
Personal | 9,459 | 7,541 | ||||
Banks | 150 | 255 | ||||
Business and government | 7,569 | 7,033 | ||||
Total deposits | 17,178 | 14,829 | ||||
Acceptances | 152 | 132 | ||||
Obligations related to securities sold short | 398 | 1,500 | ||||
Obligations related to securities sold under repurchase agreements | 2,993 | 3,516 | ||||
Securitization liabilities at amortized cost | 1,274 | 625 | ||||
Insurance-related liabilities | 388 | 353 | ||||
Other liabilities | 1,334 | 538 | ||||
Total liabilities and equity | 47,697 | 56,998 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 20,186 | 18,571 | ||||
Over 3 months to 6 months [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 18,391 | 17,222 | ||||
Over 3 months to 6 months [member] | Operating lease commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 250 | 240 | ||||
Over 3 months to 6 months [member] | Other purchase obligations [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 185 | 169 | ||||
Over 3 months to 6 months [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 1,360 | 940 | ||||
Later than six months and not later than nine months [member] | ||||||
Assets | ||||||
Interest-bearing deposits with banks | 21 | |||||
Trading loans, securities, and other | 3,171 | 3,653 | ||||
Non-trading financial assets at fair value through profit or loss | 668 | 460 | ||||
Derivatives | 2,109 | 3,276 | ||||
Financial assets designated at fair value through profit or loss | 82 | 243 | ||||
Financial assets at fair value through other comprehensive income | 6,339 | 5,354 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 1,050 | 3,594 | ||||
Securities purchased under reverse repurchase agreements | 6,331 | 3,807 | ||||
Loans | ||||||
Residential mortgages | 9,832 | 11,166 | ||||
Consumer instalment and other personal | 3,620 | 3,724 | ||||
Business and government | 9,496 | 7,131 | ||||
Total loans | 22,948 | 22,021 | ||||
Loans, net of allowance for loan losses | 22,948 | 22,021 | ||||
Customers' liability under acceptances | 4 | 6 | ||||
Other assets | 168 | 120 | ||||
Total assets | 42,870 | 42,555 | ||||
LIABILITIES | ||||||
Trading deposits | 2,606 | 12,954 | ||||
Derivatives | 2,062 | 3,103 | ||||
Securitization liabilities at fair value | 494 | 661 | ||||
Financial liabilities designated at fair value through profit or loss | 20,496 | |||||
Deposits | ||||||
Personal | 7,691 | 6,245 | ||||
Banks | 1 | 24 | ||||
Business and government | 10,482 | 9,984 | ||||
Total deposits | 18,174 | 16,253 | ||||
Acceptances | 4 | 6 | ||||
Obligations related to securities sold short | 819 | 387 | ||||
Obligations related to securities sold under repurchase agreements | 694 | 428 | ||||
Securitization liabilities at amortized cost | 355 | 503 | ||||
Insurance-related liabilities | 330 | 309 | ||||
Other liabilities | 1,293 | 1,326 | ||||
Total liabilities and equity | 47,327 | 35,930 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 14,451 | 13,830 | ||||
Later than six months and not later than nine months [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 13,537 | 13,105 | ||||
Later than six months and not later than nine months [member] | Operating lease commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 247 | 237 | ||||
Later than six months and not later than nine months [member] | Other purchase obligations [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 206 | 159 | ||||
Later than six months and not later than nine months [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 461 | 329 | ||||
Later than nine months and not later than one year [member] | ||||||
Assets | ||||||
Interest-bearing deposits with banks | 16 | |||||
Trading loans, securities, and other | 2,873 | 3,998 | ||||
Non-trading financial assets at fair value through profit or loss | 314 | 906 | ||||
Derivatives | 2,222 | 2,321 | ||||
Financial assets designated at fair value through profit or loss | 83 | 90 | ||||
Financial assets at fair value through other comprehensive income | 6,426 | 3,962 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 764 | 4,059 | ||||
Securities purchased under reverse repurchase agreements | 1,765 | 1,458 | ||||
Loans | ||||||
Residential mortgages | 11,719 | 11,061 | ||||
Consumer instalment and other personal | 3,544 | 4,131 | ||||
Business and government | 8,830 | 9,269 | ||||
Total loans | 24,093 | 24,461 | ||||
Loans, net of allowance for loan losses | 24,093 | 24,461 | ||||
Other assets | 103 | 142 | ||||
Total assets | 38,643 | 41,413 | ||||
LIABILITIES | ||||||
Trading deposits | 3,185 | 11,739 | ||||
Derivatives | 1,763 | 2,263 | ||||
Securitization liabilities at fair value | 387 | 272 | ||||
Financial liabilities designated at fair value through profit or loss | 20,907 | |||||
Deposits | ||||||
Personal | 7,583 | 7,718 | ||||
Banks | 6 | 54 | ||||
Business and government | 10,670 | 11,299 | ||||
Total deposits | 18,259 | 19,071 | ||||
Obligations related to securities sold short | 1,171 | 904 | ||||
Obligations related to securities sold under repurchase agreements | 30 | 108 | ||||
Securitization liabilities at amortized cost | 342 | 575 | ||||
Insurance-related liabilities | 318 | 310 | ||||
Other liabilities | 641 | 1,394 | ||||
Total liabilities and equity | 47,003 | 36,636 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 12,552 | 9,558 | ||||
Later than nine months and not later than one year [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 12,034 | 9,159 | ||||
Later than nine months and not later than one year [member] | Operating lease commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 244 | 233 | ||||
Later than nine months and not later than one year [member] | Other purchase obligations [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 177 | 166 | ||||
Later than nine months and not later than one year [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 97 | |||||
Over 1 year to 2 years [member] | ||||||
Assets | ||||||
Trading loans, securities, and other | 15,672 | 9,683 | ||||
Non-trading financial assets at fair value through profit or loss | 1,301 | 227 | ||||
Derivatives | 5,610 | 7,130 | ||||
Financial assets designated at fair value through profit or loss | 404 | 297 | ||||
Financial assets at fair value through other comprehensive income | 18,205 | 19,777 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 8,791 | 8,103 | ||||
Securities purchased under reverse repurchase agreements | 44 | 29 | ||||
Loans | ||||||
Residential mortgages | 34,029 | 43,063 | ||||
Consumer instalment and other personal | 17,256 | 14,313 | ||||
Business and government | 21,078 | 19,637 | ||||
Total loans | 72,363 | 77,013 | ||||
Loans, net of allowance for loan losses | 72,363 | 77,013 | ||||
Other assets | 169 | 136 | ||||
Total assets | 122,559 | 122,395 | ||||
LIABILITIES | ||||||
Trading deposits | 2,430 | 1,183 | ||||
Derivatives | 5,546 | 5,510 | ||||
Securitization liabilities at fair value | 1,656 | 1,822 | ||||
Financial liabilities designated at fair value through profit or loss | 356 | |||||
Deposits | ||||||
Personal | 9,374 | 10,222 | ||||
Business and government | 34,130 | 21,345 | ||||
Total deposits | 43,504 | 31,567 | ||||
Obligations related to securities sold short | 3,351 | 4,330 | ||||
Obligations related to securities sold under repurchase agreements | 47 | 43 | ||||
Securitization liabilities at amortized cost | 2,098 | 2,496 | ||||
Insurance-related liabilities | 940 | 937 | ||||
Other liabilities | 3,339 | 2,205 | ||||
Total liabilities and equity | 63,297 | 50,093 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 28,977 | 27,220 | ||||
Over 1 year to 2 years [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 27,207 | 25,720 | ||||
Over 1 year to 2 years [member] | Operating lease commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 936 | 902 | ||||
Over 1 year to 2 years [member] | Other purchase obligations [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 753 | 591 | ||||
Over 1 year to 2 years [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 81 | 7 | ||||
Later than two years and not later than five years [member] | ||||||
Assets | ||||||
Trading loans, securities, and other | 25,939 | 25,772 | ||||
Non-trading financial assets at fair value through profit or loss | 1,803 | 841 | ||||
Derivatives | 8,652 | 12,436 | ||||
Financial assets designated at fair value through profit or loss | 1,725 | 1,532 | ||||
Financial assets at fair value through other comprehensive income | 40,289 | 57,922 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 45,127 | 34,032 | ||||
Securities purchased under reverse repurchase agreements | 52 | |||||
Loans | ||||||
Residential mortgages | 101,591 | 113,852 | ||||
Consumer instalment and other personal | 61,736 | 56,632 | ||||
Business and government | 71,071 | 67,922 | ||||
Total loans | 234,398 | 238,406 | ||||
Loans, net of allowance for loan losses | 234,398 | 238,406 | ||||
Other assets | 157 | 301 | ||||
Total assets | 358,142 | 371,242 | ||||
LIABILITIES | ||||||
Trading deposits | 4,014 | 3,260 | ||||
Derivatives | 8,148 | 9,282 | ||||
Securitization liabilities at fair value | 7,499 | 6,719 | ||||
Financial liabilities designated at fair value through profit or loss | 1 | |||||
Deposits | ||||||
Personal | 9,670 | 9,876 | ||||
Banks | 3 | 3 | ||||
Business and government | 46,188 | 54,780 | ||||
Total deposits | 55,861 | 64,659 | ||||
Obligations related to securities sold short | 9,882 | 13,771 | ||||
Obligations related to securities sold under repurchase agreements | 12 | 27 | ||||
Securitization liabilities at amortized cost | 6,586 | 6,232 | ||||
Insurance-related liabilities | 1,612 | 1,624 | ||||
Other liabilities | 1,663 | 2,308 | ||||
Total liabilities and equity | 95,278 | 107,882 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 114,644 | 104,887 | ||||
Later than two years and not later than five years [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 111,281 | 101,210 | ||||
Later than two years and not later than five years [member] | Operating lease commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 2,332 | 2,188 | ||||
Later than two years and not later than five years [member] | Other purchase obligations [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 1,031 | 1,081 | ||||
Later than two years and not later than five years [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 408 | |||||
Over 5 years [member] | ||||||
Assets | ||||||
Trading loans, securities, and other | 19,014 | 25,895 | ||||
Non-trading financial assets at fair value through profit or loss | 1,488 | 848 | ||||
Derivatives | 12,788 | 9,952 | ||||
Financial assets designated at fair value through profit or loss | 699 | 796 | ||||
Financial assets at fair value through other comprehensive income | 28,594 | 31,936 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 65,401 | 50,990 | ||||
Loans | ||||||
Residential mortgages | 62,855 | 35,293 | ||||
Consumer instalment and other personal | 28,236 | 26,321 | ||||
Business and government | 61,266 | 59,251 | ||||
Total loans | 152,357 | 120,865 | ||||
Loans, net of allowance for loan losses | 152,357 | 120,865 | ||||
Other assets | 97 | 90 | ||||
Total assets | 280,438 | 241,372 | ||||
LIABILITIES | ||||||
Trading deposits | 1,622 | 1,005 | ||||
Derivatives | 13,781 | 9,003 | ||||
Securitization liabilities at fair value | 1,942 | 1,969 | ||||
Financial liabilities designated at fair value through profit or loss | 9 | 1 | ||||
Deposits | ||||||
Personal | 21 | 38 | ||||
Banks | 7 | 8 | ||||
Business and government | 7,594 | 8,000 | ||||
Total deposits | 7,622 | 8,046 | ||||
Obligations related to securities sold short | 12,115 | 11,474 | ||||
Securitization liabilities at amortized cost | 2,918 | 2,990 | ||||
Insurance-related liabilities | 874 | 903 | ||||
Other liabilities | 138 | 152 | ||||
Subordinated notes and debentures | 10,725 | 8,740 | ||||
Total liabilities and equity | 51,746 | 44,283 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 9,777 | 9,038 | ||||
Over 5 years [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 5,856 | 5,260 | ||||
Over 5 years [member] | Operating lease commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 3,365 | 3,229 | ||||
Over 5 years [member] | Other purchase obligations [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 556 | 549 | ||||
No specific maturity [member] | ||||||
Assets | ||||||
Interest-bearing deposits with banks | 4,477 | 1,273 | ||||
Trading loans, securities, and other | 70,228 | 49,570 | ||||
Non-trading financial assets at fair value through profit or loss | 743 | 622 | ||||
Financial assets at fair value through other comprehensive income | 1,841 | 2,174 | ||||
Debt securities at amortized cost, net of allowance for credit losses | (1) | (75) | ||||
Loans | ||||||
Consumer instalment and other personal | 60,103 | 62,245 | ||||
Credit card | 36,564 | 35,018 | ||||
Business and government | 21,773 | 21,533 | ||||
Total loans | 118,440 | 118,796 | ||||
Allowance for loan losses | (4,447) | (3,549) | ||||
Loans, net of allowance for loan losses | 113,993 | 115,247 | ||||
Goodwill | 16,976 | 16,536 | ||||
Other intangibles | 2,503 | 2,459 | ||||
Land, buildings, equipment, and other depreciable assets | 5,513 | 5,324 | ||||
Deferred tax assets | 1,799 | 2,812 | ||||
Other assets | 9,624 | 8,595 | ||||
Total assets | 237,012 | 212,982 | ||||
Deposits | ||||||
Personal | 445,424 | 424,580 | ||||
Banks | 8,354 | 7,928 | ||||
Business and government | 221,538 | 206,465 | ||||
Total deposits | 675,316 | 638,973 | ||||
Obligations related to securities sold short | 882 | 812 | ||||
Insurance-related liabilities | 1,953 | 1,755 | ||||
Other liabilities | 6,609 | 5,704 | ||||
Equity | 87,701 | 80,040 | ||||
Total liabilities and equity | 772,461 | 727,284 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 1,294 | 1,293 | ||||
No specific maturity [member] | TD Ameritrade [member] | ||||||
Loans | ||||||
Investment in TD Ameritrade | 9,316 | 8,445 | ||||
No specific maturity [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | $ 1,294 | $ 1,293 |
IFRS 7 - Disclosure - Liquidi_6
IFRS 7 - Disclosure - Liquidity Risk - Summary of Remaining Contractual Maturity (Parenthetical) (Detail) - CAD ($) $ in Millions | Jun. 30, 2019 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Covered bonds | $ 40,000 | $ 36,000 | |
Capital lease commitments | 83 | 60 | |
Commitments to extend credit to private equity investments | 374 | 205 | |
Not later than one month [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Capital lease commitments | 2 | 2 | |
Later than one month and not later than three months [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Capital lease commitments | 4 | 5 | |
Over 3 months to 6 months [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Covered bonds | 2,000 | 1,000 | |
Capital lease commitments | 5 | 7 | |
Later than six months and not later than nine months [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Covered bonds | 2,000 | 3,000 | |
Capital lease commitments | 5 | 6 | |
Later than nine months and not later than one year [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Covered bonds | 2,000 | ||
Capital lease commitments | 5 | 6 | |
Over 1 year to 2 years [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Covered bonds | 14,000 | 5,000 | |
Capital lease commitments | 22 | 12 | |
Later than two years and not later than five years [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Covered bonds | 18,000 | 22,000 | |
Capital lease commitments | 39 | 17 | |
Over 5 years [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Covered bonds | 3,000 | 3,000 | |
Capital lease commitments | 1 | $ 5 | |
Less than one month [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Covered bonds | $ 1,000 | ||
TD Capital Trust IV Notes [member] | Business and government [member] | |||
Disclosure of assets and liabilities according to their remaining contractual maturities [line items] | |||
Redemption of capital Trust IV Notes | $ 550 | ||
Redemption price percentage of principal amount | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2019 | |
Employee Stock Options [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Share options period | The cost of the share options is based on the fair value estimated at the grant date and is recognized as compensation expense and contributed surplus over the service period required for employees to become fully entitled to the awards. This period is generally equal to the vesting period in addition to a period prior to the grant date. For the Bank's share options, this period is generally equal to five years. When options are exercised, the amount initially recognized in the contributed surplus balance is reduced, with a corresponding increase in common shares. |
Vesting period | Compensation expense is recognized based on the fair value of the share units at the grant date adjusted for changes in fair value between the grant date and the vesting date, net of hedging activities, over the service period required for employees to become fully entitled to the awards. This period is generally equal to the vesting period, in addition to a period prior to the grant date. For the Bank's share units, this period is generally equal to four years. |
Bottom of range [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated useful lives of intangible assets | 3 years |
Bottom of range [member] | Computer software [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated useful lives of intangible assets | 3 years |
Top of range [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated useful lives of intangible assets | 20 years |
Top of range [member] | Computer software [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated useful lives of intangible assets | 7 years |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies - Schedule of Useful Lives of Assets Estimated by Asset Category (Detail) | 12 Months Ended |
Oct. 31, 2019 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 15 to 40 years |
Computer equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 2 to 8 years |
Furniture and fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 3 to 15 years |
Other equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 5 to 15 years |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | Lesser of the remaining lease term and the remaining useful life of the asset |
Current and Future Changes in_2
Current and Future Changes in Accounting Policies - Additional Information (Detail) - CAD ($) $ in Millions | Nov. 01, 2019 | Oct. 31, 2019 | Nov. 01, 2018 | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of changes in accounting policies [line items] | |||||
Equity | $ 87,701 | $ 80,040 | $ 75,190 | ||
Decrease in retained earnings | $ 49,497 | $ 46,145 | |||
Increase (decrease) due to application of IFRS 15 [member] | |||||
Disclosure of changes in accounting policies [line items] | |||||
Equity | $ (41) | ||||
Increase (decrease) due to application of IFRS 16 [member] | Right-of-use assets [member] | |||||
Disclosure of changes in accounting policies [line items] | |||||
Increase in right of use assets | $ 4,400 | ||||
Lease liabilities | 5,500 | ||||
Other balance sheet adjustments | 600 | ||||
Decrease in retained earnings | $ 500 | ||||
Decrease to CET1 ratio | 0.24% |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Not Carried at Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
FINANCIAL ASSETS | ||
Debt securities at amortized cost, net of allowance for credit losses | $ 130,497 | $ 107,171 |
Total loans, net of allowance for loan losses | 684,608 | 646,393 |
FINANCIAL LIABILITIES | ||
Securitization liabilities at amortized cost | 14,086 | 14,683 |
Subordinated notes and debentures | 10,725 | 8,740 |
Carrying value [member] | ||
FINANCIAL ASSETS | ||
Debt securities at amortized cost, net of allowance for credit losses | 130,497 | 107,171 |
Total loans, net of allowance for loan losses | 684,608 | 646,393 |
Total financial assets not carried at fair value | 815,105 | 753,564 |
FINANCIAL LIABILITIES | ||
Total deposits, other than trading | 886,977 | 851,439 |
Securitization liabilities at amortized cost | 14,086 | 14,683 |
Subordinated notes and debentures | 10,725 | 8,740 |
Total financial liabilities not carried at fair value | 911,788 | 874,862 |
Carrying value [member] | Government and government-related securities [member] | ||
FINANCIAL ASSETS | ||
Debt securities at amortized cost, net of allowance for credit losses | 78,275 | 60,535 |
Carrying value [member] | Other debt securities [member] | ||
FINANCIAL ASSETS | ||
Debt securities at amortized cost, net of allowance for credit losses | 52,222 | 46,636 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
FINANCIAL ASSETS | ||
Debt securities at amortized cost, net of allowance for credit losses | 130,744 | 106,264 |
Total loans, net of allowance for loan losses | 688,154 | 642,542 |
Total financial assets not carried at fair value | 818,898 | 748,806 |
FINANCIAL LIABILITIES | ||
Total deposits, other than trading | 892,597 | 846,148 |
Securitization liabilities at amortized cost | 14,258 | 14,654 |
Subordinated notes and debentures | 11,323 | 9,027 |
Total financial liabilities not carried at fair value | 918,178 | 869,829 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Government and government-related securities [member] | ||
FINANCIAL ASSETS | ||
Debt securities at amortized cost, net of allowance for credit losses | 78,374 | 59,948 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Other debt securities [member] | ||
FINANCIAL ASSETS | ||
Debt securities at amortized cost, net of allowance for credit losses | $ 52,370 | $ 46,316 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Trading loans, securities, and other | ||
Trading loans, securities, and other | $ 146,000 | $ 127,897 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 6,503 | 4,015 |
Derivatives | ||
Derivative financial assets | 48,894 | 56,996 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,040 | 3,618 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 111,104 | 130,600 |
Securities purchased under reverse repurchase agreements | 165,935 | 127,379 |
FINANCIAL LIABILITIES | ||
Trading deposits | 26,885 | 114,704 |
Derivatives | ||
Derivative financial liabilities | 50,051 | 48,270 |
Securitization liabilities at fair value | 13,058 | 12,618 |
Financial liabilities designated at fair value through profit or loss | 105,131 | 16 |
Obligations related to securities sold short | 29,656 | 39,478 |
Obligations related to securities sold under repurchase agreements | 125,856 | 93,389 |
Recurring fair value measurement [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 146,000 | 127,897 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 6,503 | 4,015 |
Derivatives | ||
Derivative financial assets | 48,894 | 56,996 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,040 | 3,618 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 111,104 | 130,600 |
Securities purchased under reverse repurchase agreements | 4,843 | 3,920 |
FINANCIAL LIABILITIES | ||
Trading deposits | 26,885 | 114,704 |
Derivatives | ||
Derivative financial liabilities | 50,051 | 48,270 |
Securitization liabilities at fair value | 13,058 | 12,618 |
Financial liabilities designated at fair value through profit or loss | 105,131 | 16 |
Obligations related to securities sold short | 29,656 | 39,478 |
Obligations related to securities sold under repurchase agreements | 2,973 | 3,797 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 70,271 | 49,399 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 229 | 176 |
Derivatives | ||
Derivative financial assets | 313 | 201 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 287 | 544 |
Derivatives | ||
Derivative financial liabilities | 306 | 176 |
Obligations related to securities sold short | 878 | 1,142 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 75,717 | 78,478 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 5,776 | 3,412 |
Derivatives | ||
Derivative financial assets | 47,977 | 56,303 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,040 | 3,618 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 109,242 | 127,643 |
Securities purchased under reverse repurchase agreements | 4,843 | 3,920 |
FINANCIAL LIABILITIES | ||
Trading deposits | 22,793 | 111,680 |
Derivatives | ||
Derivative financial liabilities | 48,115 | 46,943 |
Securitization liabilities at fair value | 13,058 | 12,618 |
Financial liabilities designated at fair value through profit or loss | 105,110 | 2 |
Obligations related to securities sold short | 28,778 | 38,336 |
Obligations related to securities sold under repurchase agreements | 2,973 | 3,797 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 12 | 20 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 498 | 427 |
Derivatives | ||
Derivative financial assets | 604 | 492 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,575 | 2,413 |
FINANCIAL LIABILITIES | ||
Trading deposits | 4,092 | 3,024 |
Derivatives | ||
Derivative financial liabilities | 1,630 | 1,151 |
Financial liabilities designated at fair value through profit or loss | 21 | 14 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 10,916 | 14,462 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 9,663 | 12,731 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 8,518 | 7,538 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 12,927 | 9,507 |
Recurring fair value measurement [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 19,133 | 19,732 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 40,737 | 45,766 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 4,132 | 3,324 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 14,407 | 20,096 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Mortgage-backed securities [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 1,746 | 2,029 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 5,437 | 6,633 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 1 of fair value hierarchy [member] | Canadian Government Federal Debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 395 | 127 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | Canadian Government Federal Debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 10,521 | 14,335 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 9,663 | 12,731 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | Canadian government provincial debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 8,510 | 7,535 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 12,927 | 9,507 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 19,133 | 19,732 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 40,737 | 45,766 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | Other OECD government-guaranteed debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 4,132 | 3,324 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 14,407 | 19,896 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 2 of fair value hierarchy [member] | Mortgage-backed securities [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 1,746 | 2,029 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 5,437 | 6,633 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 3 of fair value hierarchy [member] | Canadian government provincial debt [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 8 | 3 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Level 3 of fair value hierarchy [member] | Other OECD government-guaranteed debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 200 | |
Recurring fair value measurement [member] | Other debt securities [member] | Canadian issuers [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 5,132 | 5,631 |
Recurring fair value measurement [member] | Other debt securities [member] | Other issuers [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 13,548 | 14,475 |
Recurring fair value measurement [member] | Other debt securities [member] | Assets backed security [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 15,888 | 21,969 |
Recurring fair value measurement [member] | Other debt securities [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 247 | 472 |
Recurring fair value measurement [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 7,834 | 8,507 |
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Canadian issuers [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 5,129 | 5,630 |
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Other issuers [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 13,547 | 14,459 |
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Assets backed security [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 15,888 | 21,407 |
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 247 | 472 |
Recurring fair value measurement [member] | Other debt securities [member] | Level 2 of fair value hierarchy [member] | Corporate and other debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 7,810 | 8,483 |
Recurring fair value measurement [member] | Other debt securities [member] | Level 3 of fair value hierarchy [member] | Canadian issuers [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 3 | 1 |
Recurring fair value measurement [member] | Other debt securities [member] | Level 3 of fair value hierarchy [member] | Other issuers [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 1 | 16 |
Recurring fair value measurement [member] | Other debt securities [member] | Level 3 of fair value hierarchy [member] | Assets backed security [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 562 | |
Recurring fair value measurement [member] | Other debt securities [member] | Level 3 of fair value hierarchy [member] | Corporate and other debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 24 | 24 |
Recurring fair value measurement [member] | Equity securities [member] | Common shares [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 56,119 | 43,752 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,598 | 1,804 |
Recurring fair value measurement [member] | Equity securities [member] | Preferred shares [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 57 | 59 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 242 | 370 |
Recurring fair value measurement [member] | Equity securities [member] | Level 1 of fair value hierarchy [member] | Common shares [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 56,058 | 43,699 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 89 | 309 |
Recurring fair value measurement [member] | Equity securities [member] | Level 1 of fair value hierarchy [member] | Preferred shares [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 57 | 33 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 198 | 235 |
Recurring fair value measurement [member] | Equity securities [member] | Level 2 of fair value hierarchy [member] | Common shares [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 61 | 53 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 2 | 3 |
Recurring fair value measurement [member] | Equity securities [member] | Level 2 of fair value hierarchy [member] | Preferred shares [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 26 | |
Recurring fair value measurement [member] | Equity securities [member] | Level 3 of fair value hierarchy [member] | Common shares [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,507 | 1,492 |
Recurring fair value measurement [member] | Equity securities [member] | Level 3 of fair value hierarchy [member] | Preferred shares [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 44 | 135 |
Recurring fair value measurement [member] | Trading loans [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 12,482 | 10,990 |
Recurring fair value measurement [member] | Trading loans [member] | Level 2 of fair value hierarchy [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 12,482 | 10,990 |
Recurring fair value measurement [member] | Commodities [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 14,198 | 5,880 |
Recurring fair value measurement [member] | Commodities [member] | Level 1 of fair value hierarchy [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 13,761 | 5,540 |
Recurring fair value measurement [member] | Commodities [member] | Level 2 of fair value hierarchy [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 437 | 340 |
Recurring fair value measurement [member] | Retained interests [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 19 | 25 |
Recurring fair value measurement [member] | Retained interests [member] | Level 2 of fair value hierarchy [member] | ||
Trading loans, securities, and other | ||
Trading loans, securities, and other | 19 | 25 |
Recurring fair value measurement [member] | Securities [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 4,707 | 2,679 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,040 | 3,618 |
Recurring fair value measurement [member] | Securities [member] | Level 1 of fair value hierarchy [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 229 | 176 |
Recurring fair value measurement [member] | Securities [member] | Level 2 of fair value hierarchy [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 3,985 | 2,095 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,040 | 3,618 |
Recurring fair value measurement [member] | Securities [member] | Level 3 of fair value hierarchy [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 493 | 408 |
Recurring fair value measurement [member] | Loans [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 1,796 | 1,336 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 2,124 | 2,745 |
Recurring fair value measurement [member] | Loans [member] | Level 2 of fair value hierarchy [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 1,791 | 1,317 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 2,124 | 2,745 |
Recurring fair value measurement [member] | Loans [member] | Level 3 of fair value hierarchy [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 5 | 19 |
Recurring fair value measurement [member] | Interest rate contracts [member] | ||
Derivatives | ||
Derivative financial assets | 14,816 | 12,398 |
Derivatives | ||
Derivative financial liabilities | 14,506 | 9,733 |
Recurring fair value measurement [member] | Interest rate contracts [member] | Level 1 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 22 | 33 |
Derivatives | ||
Derivative financial liabilities | 19 | 24 |
Recurring fair value measurement [member] | Interest rate contracts [member] | Level 2 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 14,794 | 12,365 |
Derivatives | ||
Derivative financial liabilities | 14,404 | 9,646 |
Recurring fair value measurement [member] | Interest rate contracts [member] | Level 3 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial liabilities | 83 | 63 |
Recurring fair value measurement [member] | Foreign exchange contracts [member] | ||
Derivatives | ||
Derivative financial assets | 30,650 | 39,675 |
Derivatives | ||
Derivative financial liabilities | 29,399 | 34,918 |
Recurring fair value measurement [member] | Foreign exchange contracts [member] | Level 1 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 24 | 24 |
Derivatives | ||
Derivative financial liabilities | 21 | 18 |
Recurring fair value measurement [member] | Foreign exchange contracts [member] | Level 2 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 30,623 | 39,647 |
Derivatives | ||
Derivative financial liabilities | 29,374 | 34,897 |
Recurring fair value measurement [member] | Foreign exchange contracts [member] | Level 3 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 3 | 4 |
Derivatives | ||
Derivative financial liabilities | 4 | 3 |
Recurring fair value measurement [member] | Credit Derivative Contracts [member] | ||
Derivatives | ||
Derivative financial assets | 16 | 9 |
Derivatives | ||
Derivative financial liabilities | 420 | 386 |
Recurring fair value measurement [member] | Credit Derivative Contracts [member] | Level 2 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 16 | 9 |
Derivatives | ||
Derivative financial liabilities | 420 | 386 |
Recurring fair value measurement [member] | Equity contracts [member] | ||
Derivatives | ||
Derivative financial assets | 1,888 | 3,623 |
Derivatives | ||
Derivative financial liabilities | 4,391 | 2,396 |
Recurring fair value measurement [member] | Equity contracts [member] | Level 1 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 1 | |
Recurring fair value measurement [member] | Equity contracts [member] | Level 2 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 1,298 | 3,170 |
Derivatives | ||
Derivative financial liabilities | 2,877 | 1,319 |
Recurring fair value measurement [member] | Equity contracts [member] | Level 3 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 589 | 453 |
Derivatives | ||
Derivative financial liabilities | 1,514 | 1,077 |
Recurring fair value measurement [member] | Commodity contracts [member] | ||
Derivatives | ||
Derivative financial assets | 1,524 | 1,291 |
Derivatives | ||
Derivative financial liabilities | 1,335 | 837 |
Recurring fair value measurement [member] | Commodity contracts [member] | Level 1 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 266 | 144 |
Derivatives | ||
Derivative financial liabilities | 266 | 134 |
Recurring fair value measurement [member] | Commodity contracts [member] | Level 2 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 1,246 | 1,112 |
Derivatives | ||
Derivative financial liabilities | 1,040 | 695 |
Recurring fair value measurement [member] | Commodity contracts [member] | Level 3 of fair value hierarchy [member] | ||
Derivatives | ||
Derivative financial assets | 12 | 35 |
Derivatives | ||
Derivative financial liabilities | $ 29 | $ 8 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Non trading financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Transfers out of Level 1 to Level 2 | $ 0 | $ 20 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (Detail) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Trading deposits [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | $ (3,024) | $ (2,521) |
Total realized and unrealized gains (losses) included in income | (380) | 78 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Movement Purchases/ Issuances | (2,030) | (1,729) |
Movements Sales/ Settlements | 1,342 | 1,128 |
Transfer Into Level 3 | (46) | |
Transfers Out of Level 3 | 66 | |
Fair value ending balance | (4,092) | (3,024) |
Change in Unrealized gain (losses) on instruments still held | (243) | 122 |
Derivative financial liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | (659) | (960) |
Total realized and unrealized gains (losses) included in income | (527) | 184 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Movement Purchases/ Issuances | (127) | (121) |
Movements Sales/ Settlements | 293 | 240 |
Transfer Into Level 3 | (9) | |
Transfers Out of Level 3 | 3 | (2) |
Fair value ending balance | (1,026) | (659) |
Change in Unrealized gain (losses) on instruments still held | (513) | 160 |
Derivative financial liabilities [member] | Interest rate contracts [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | (63) | (70) |
Total realized and unrealized gains (losses) included in income | (22) | 10 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Movements Sales/ Settlements | 6 | (3) |
Transfer Into Level 3 | (4) | |
Fair value ending balance | (83) | (63) |
Change in Unrealized gain (losses) on instruments still held | (32) | 6 |
Derivative financial liabilities [member] | Foreign exchange contracts [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 1 | 1 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Movements Sales/ Settlements | 1 | |
Transfer Into Level 3 | (5) | |
Transfers Out of Level 3 | 3 | (1) |
Fair value ending balance | (1) | 1 |
Change in Unrealized gain (losses) on instruments still held | (1) | 3 |
Derivative financial liabilities [member] | Equity contracts [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | (624) | (893) |
Total realized and unrealized gains (losses) included in income | (472) | 131 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Movement Purchases/ Issuances | (127) | (121) |
Movements Sales/ Settlements | 298 | 260 |
Transfers Out of Level 3 | (1) | |
Fair value ending balance | (925) | (624) |
Change in Unrealized gain (losses) on instruments still held | (460) | 125 |
Derivative financial liabilities [member] | Commodity contracts [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 27 | 2 |
Total realized and unrealized gains (losses) included in income | (33) | 43 |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Movements Sales/ Settlements | (11) | (18) |
Fair value ending balance | (17) | 27 |
Change in Unrealized gain (losses) on instruments still held | (20) | 26 |
Financial liabilities designated at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | (14) | (7) |
Total realized and unrealized gains (losses) included in income | 104 | (14) |
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Movement Purchases/ Issuances | (187) | (117) |
Movements Sales/ Settlements | 76 | 124 |
Fair value ending balance | (21) | (14) |
Change in Unrealized gain (losses) on instruments still held | 65 | (11) |
Obligations Related to Securities Sold Short [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Total realized and unrealized gains (losses) included in OCI | 0 | 0 |
Movement Purchases/ Issuances | 1 | |
Movements Sales/ Settlements | 4 | |
Transfer Into Level 3 | (4) | |
Transfers Out of Level 3 | (1) | |
Trading loans, securities, and other [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 20 | 14 |
Total realized and unrealized gains (losses) included in income | 1 | (5) |
Movement Purchases/ Issuances | 3 | 47 |
Movements Sales/ Settlements | (76) | (35) |
Transfer Into Level 3 | 79 | 175 |
Transfers Out of Level 3 | (15) | (176) |
Fair value ending balance | 12 | 20 |
Change in Unrealized gain (losses) on instruments still held | (3) | |
Trading loans, securities, and other [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 3 | |
Movement Purchases/ Issuances | 1 | |
Movements Sales/ Settlements | (50) | |
Transfer Into Level 3 | 55 | 2 |
Fair value ending balance | 8 | 3 |
Trading loans, securities, and other [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 1 | 6 |
Movement Purchases/ Issuances | 1 | |
Movements Sales/ Settlements | (2) | (4) |
Transfer Into Level 3 | 4 | 1 |
Transfers Out of Level 3 | (1) | (2) |
Fair value ending balance | 3 | 1 |
Change in Unrealized gain (losses) on instruments still held | (1) | |
Trading loans, securities, and other [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 16 | 8 |
Total realized and unrealized gains (losses) included in income | 1 | (5) |
Movement Purchases/ Issuances | 2 | 46 |
Movements Sales/ Settlements | (24) | (31) |
Transfer Into Level 3 | 20 | 172 |
Transfers Out of Level 3 | (14) | (174) |
Fair value ending balance | 1 | 16 |
Change in Unrealized gain (losses) on instruments still held | (2) | |
Non trading financial assets at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 427 | 320 |
Total realized and unrealized gains (losses) included in income | 101 | 56 |
Movement Purchases/ Issuances | 322 | 62 |
Movements Sales/ Settlements | (352) | (11) |
Fair value ending balance | 498 | 427 |
Change in Unrealized gain (losses) on instruments still held | 21 | 47 |
Non trading financial assets at fair value through profit or loss [member] | Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 408 | 305 |
Total realized and unrealized gains (losses) included in income | 97 | 60 |
Movement Purchases/ Issuances | 317 | 54 |
Movements Sales/ Settlements | (329) | (11) |
Fair value ending balance | 493 | 408 |
Change in Unrealized gain (losses) on instruments still held | 20 | 51 |
Non trading financial assets at fair value through profit or loss [member] | Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 19 | 15 |
Total realized and unrealized gains (losses) included in income | 4 | (4) |
Movement Purchases/ Issuances | 5 | 8 |
Movements Sales/ Settlements | (23) | |
Fair value ending balance | 5 | 19 |
Change in Unrealized gain (losses) on instruments still held | 1 | (4) |
Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 2,413 | 2,428 |
Total realized and unrealized gains (losses) included in income | 24 | 27 |
Total realized and unrealized gains (losses) included in OCI | (19) | 4 |
Movement Purchases/ Issuances | 32 | 23 |
Movements Sales/ Settlements | (312) | (69) |
Transfers Out of Level 3 | (563) | |
Fair value ending balance | 1,575 | 2,413 |
Change in Unrealized gain (losses) on instruments still held | (27) | 1 |
Financial assets at fair value through other comprehensive income [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 200 | 203 |
Total realized and unrealized gains (losses) included in income | 24 | 15 |
Total realized and unrealized gains (losses) included in OCI | (18) | |
Movements Sales/ Settlements | (224) | |
Fair value ending balance | 200 | |
Change in Unrealized gain (losses) on instruments still held | (18) | |
Financial assets at fair value through other comprehensive income [member] | Other debt securities [member] | Asset-backed securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 562 | 553 |
Total realized and unrealized gains (losses) included in OCI | (2) | |
Movements Sales/ Settlements | 11 | |
Transfers Out of Level 3 | (562) | |
Fair value ending balance | 562 | |
Change in Unrealized gain (losses) on instruments still held | (2) | |
Financial assets at fair value through other comprehensive income [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 24 | 95 |
Total realized and unrealized gains (losses) included in income | 12 | |
Total realized and unrealized gains (losses) included in OCI | 2 | |
Movements Sales/ Settlements | (85) | |
Fair value ending balance | 24 | 24 |
Change in Unrealized gain (losses) on instruments still held | 2 | |
Financial assets at fair value through other comprehensive income [member] | Equity securities [member] | Common shares [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 1,492 | 1,469 |
Total realized and unrealized gains (losses) included in OCI | (3) | (5) |
Movement Purchases/ Issuances | 31 | 23 |
Movements Sales/ Settlements | (13) | 5 |
Fair value ending balance | 1,507 | 1,492 |
Change in Unrealized gain (losses) on instruments still held | (4) | (7) |
Financial assets at fair value through other comprehensive income [member] | Equity securities [member] | Preferred shares [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Fair value beginning balance | 135 | 108 |
Total realized and unrealized gains (losses) included in OCI | (16) | 27 |
Movement Purchases/ Issuances | 1 | |
Movements Sales/ Settlements | (75) | |
Transfers Out of Level 3 | (1) | |
Fair value ending balance | 44 | 135 |
Change in Unrealized gain (losses) on instruments still held | $ (23) | $ 26 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Nov. 01, 2018 | Oct. 31, 2018 | Nov. 01, 2017 |
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||||
Derivative assets | $ 48,894 | $ 56,996 | ||
Derivative liabilities | 50,051 | 48,270 | ||
Netted Derivatives [member] | Level 3 of fair value hierarchy [member] | ||||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||||
Derivative assets | 600 | $ 500 | 500 | $ 900 |
Derivative liabilities | $ 1,600 | $ 1,200 | $ 1,200 | $ 1,900 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Quantitative Information about Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) (Detail) - Level 3 of fair value hierarchy [member] | 12 Months Ended | |
Oct. 31, 2019TimesPoint | Oct. 31, 2018TimesPoint | |
Bottom of range [member] | Market comparable [member] | Equity contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
New issue price | 100.00% | 100.00% |
Bottom of range [member] | Discounted cash flow [member] | Interest rate contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Inflation rate swap curve | 1.00% | 1.00% |
Bottom of range [member] | Swaption Model [member] | Interest rate contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Currency specific volatility | 27.00% | 15.00% |
Bottom of range [member] | Option model [member] | Interest rate contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Funding ratio | 60.00% | 65.00% |
Bottom of range [member] | Option model [member] | Foreign exchange contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Currency specific volatility | 4.00% | 7.00% |
Bottom of range [member] | Option model [member] | Equity contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Price correlation | (19.00%) | 1.00% |
Quanto correlation | 10.00% | (65.00%) |
Equity volatility | 7.00% | 10.00% |
Bottom of range [member] | Option model [member] | Commodity contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Quanto correlation | (66.00%) | (66.00%) |
Swaption correlation | 44.00% | |
Bottom of range [member] | Government and government-related securities [member] | Market comparable [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Bond price equivalent | Point | 101 | 76 |
Bottom of range [member] | Equity securities [member] | Market comparable [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
New issue price | 100.00% | |
Price equivalent | 79.00% | 84.00% |
Bottom of range [member] | Equity securities [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Discount rate | 9.00% | 6.00% |
Bottom of range [member] | Equity securities [member] | EBITDA Multiple [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Earnings multiple | 3.5 | 5 |
Bottom of range [member] | Non trading financial assets at fair value through profit and loss [member] | Market comparable [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
New issue price | 100.00% | 100.00% |
Liquidity discount | 50.00% | |
Bottom of range [member] | Non trading financial assets at fair value through profit and loss [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Discount rate | 8.00% | 8.00% |
Bottom of range [member] | Non trading financial assets at fair value through profit and loss [member] | EBITDA Multiple [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Earnings multiple | 1.1 | 0.3 |
Bottom of range [member] | Non trading financial assets at fair value through profit and loss [member] | Price-based [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Net Asset Value | n/a | n/a |
Bottom of range [member] | Trading deposits [member] | Swaption Model [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Currency specific volatility | 25.00% | 15.00% |
Bottom of range [member] | Trading deposits [member] | Option model [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Price correlation | (19.00%) | 1.00% |
Quanto correlation | (43.00%) | (85.00%) |
Equity volatility | 7.00% | 8.00% |
Bottom of range [member] | Financial liabilities designated at fair value through profit or loss [member] | Option model [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Funding ratio | 2.00% | 2.00% |
Top of range [member] | Market comparable [member] | Equity contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
New issue price | 100.00% | 100.00% |
Top of range [member] | Discounted cash flow [member] | Interest rate contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Inflation rate swap curve | 2.00% | 2.00% |
Top of range [member] | Swaption Model [member] | Interest rate contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Currency specific volatility | 325.00% | 346.00% |
Top of range [member] | Option model [member] | Interest rate contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Funding ratio | 75.00% | 75.00% |
Top of range [member] | Option model [member] | Foreign exchange contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Currency specific volatility | 12.00% | 14.00% |
Top of range [member] | Option model [member] | Equity contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Price correlation | 97.00% | 96.00% |
Quanto correlation | 68.00% | 68.00% |
Dividend yield | 8.00% | 8.00% |
Equity volatility | 124.00% | 105.00% |
Top of range [member] | Option model [member] | Commodity contracts [member] | Derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Quanto correlation | (46.00%) | (46.00%) |
Swaption correlation | 56.00% | |
Top of range [member] | Government and government-related securities [member] | Market comparable [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Bond price equivalent | Point | 158 | 172 |
Top of range [member] | Other debt securities [member] | Market comparable [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Bond price equivalent | Point | 113 | 104 |
Top of range [member] | Equity securities [member] | Market comparable [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
New issue price | 100.00% | |
Price equivalent | 80.00% | 117.00% |
Top of range [member] | Equity securities [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Discount rate | 9.00% | 9.00% |
Top of range [member] | Equity securities [member] | EBITDA Multiple [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Earnings multiple | 3.5 | 20.5 |
Top of range [member] | Non trading financial assets at fair value through profit and loss [member] | Market comparable [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
New issue price | 100.00% | 100.00% |
Liquidity discount | 50.00% | |
Top of range [member] | Non trading financial assets at fair value through profit and loss [member] | Discounted cash flow [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Discount rate | 20.00% | 40.00% |
Top of range [member] | Non trading financial assets at fair value through profit and loss [member] | EBITDA Multiple [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Earnings multiple | 6.7 | 5.3 |
Top of range [member] | Non trading financial assets at fair value through profit and loss [member] | Price-based [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Net Asset Value | n/a | n/a |
Top of range [member] | Trading deposits [member] | Swaption Model [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Currency specific volatility | 325.00% | 346.00% |
Top of range [member] | Trading deposits [member] | Option model [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Price correlation | 97.00% | 96.00% |
Quanto correlation | 68.00% | 68.00% |
Dividend yield | 16.00% | 13.00% |
Equity volatility | 96.00% | 131.00% |
Top of range [member] | Financial liabilities designated at fair value through profit or loss [member] | Option model [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Funding ratio | 70.00% | 70.00% |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Quantitative Information about Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2019 | Oct. 31, 2018 |
Federal Reserve stock and Federal Home Loan Bank stock [member] | Other equity securities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Available-for-sale securities | $ 1.5 | $ 1.4 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Sensitivity Analysis of Level 3 Financial Assets and Liabilities (Detail) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | $ 168 | $ 217 |
Increase in fair value | 133 | 177 |
Non trading financial assets at fair value through profit and loss [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 50 | 48 |
Increase in fair value | 24 | 28 |
Non trading financial assets at fair value through profit and loss [member] | Securities [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 49 | 46 |
Increase in fair value | 23 | 26 |
Non trading financial assets at fair value through profit and loss [member] | Loans [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 1 | 2 |
Increase in fair value | 1 | 2 |
Derivatives [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 14 | 17 |
Increase in fair value | 17 | 22 |
Derivatives [member] | Commodity contracts [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 1 | |
Increase in fair value | 1 | |
Derivatives [member] | Equity contracts [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 14 | 16 |
Increase in fair value | 17 | 21 |
Financial Assets Available-for-sale, Category [Member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 18 | 72 |
Increase in fair value | 9 | 51 |
Financial Assets Available-for-sale, Category [Member] | Asset-backed securities [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 40 | |
Increase in fair value | 40 | |
Financial Assets Available-for-sale, Category [Member] | Corporate and other debt [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 2 | 2 |
Increase in fair value | 2 | 2 |
Financial Assets Available-for-sale, Category [Member] | Equity securities [member] | Common shares [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 6 | 4 |
Increase in fair value | 3 | 2 |
Financial Assets Available-for-sale, Category [Member] | Equity securities [member] | Preferred shares [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value | 10 | 26 |
Increase in fair value | 4 | 7 |
Trading deposits [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value, liabilities | 23 | 18 |
Increase in fair value, liabilities | 32 | 26 |
Derivatives [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value, liabilities | 61 | 60 |
Increase in fair value, liabilities | 49 | 48 |
Derivatives [member] | Interest rate contracts [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value, liabilities | 20 | 15 |
Increase in fair value, liabilities | 14 | 12 |
Derivatives [member] | Equity contracts [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value, liabilities | 41 | 45 |
Increase in fair value, liabilities | 35 | 36 |
Financial liabilities designated at fair value through profit or loss [member] | ||
Disclosure Of Sensitivity Analysis Of Level 3 Financial Assets Liabilitie [line items] | ||
Decrease in fair value, liabilities | 2 | 2 |
Increase in fair value, liabilities | $ 2 | $ 2 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Aggregate Difference between Transaction Price and Valuation Technique (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of Fair Value Measurement Fair Value Transaction Recognized In Net Income [abstract] | ||
Balance as at beginning of year | $ 14 | $ 19 |
New transactions | 38 | 25 |
Recognized in the Consolidated Statement of Income during the year | (37) | (30) |
Balance as at end of year | $ 15 | $ 14 |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule Of Fair Value Hierarchy For Assets And Liabilities Not Carrried At Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | $ 130,497 | $ 107,171 | |
Total assets | 1,415,290 | 1,334,903 | $ 1,278,995 |
LIABILITIES | |||
Securitization liabilities at amortized cost | 14,086 | 14,683 | |
Subordinated notes and debentures | 10,725 | 8,740 | |
Total liabilities | 1,327,589 | 1,254,863 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 130,744 | 106,264 | |
Total loans, net of allowance for loan losses | 688,154 | 642,542 | |
Total assets | 818,898 | 748,806 | |
LIABILITIES | |||
Deposits | 892,597 | 846,148 | |
Securitization liabilities at amortized cost | 14,258 | 14,654 | |
Subordinated notes and debentures | 11,323 | 9,027 | |
Total liabilities | 918,178 | 869,829 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Government and government-related securities [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 78,374 | 59,948 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Other debt securities [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 52,370 | 46,316 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Level 1 of fair value hierarchy [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 169 | 119 | |
Total assets | 169 | 119 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Level 1 of fair value hierarchy [member] | Government and government-related securities [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 169 | 119 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Level 2 of fair value hierarchy [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 130,563 | 103,654 | |
Total loans, net of allowance for loan losses | 221,405 | 208,794 | |
Total assets | 351,968 | 312,448 | |
LIABILITIES | |||
Deposits | 892,597 | 846,148 | |
Securitization liabilities at amortized cost | 14,258 | 14,654 | |
Subordinated notes and debentures | 11,323 | 9,027 | |
Total liabilities | 918,178 | 869,829 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 78,195 | 59,828 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Level 2 of fair value hierarchy [member] | Other debt securities [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 52,368 | 43,826 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Level 3 of fair value hierarchy [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 12 | 2,491 | |
Total loans, net of allowance for loan losses | 466,749 | 433,748 | |
Total assets | 466,761 | 436,239 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Level 3 of fair value hierarchy [member] | Government and government-related securities [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | 10 | 1 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Level 3 of fair value hierarchy [member] | Other debt securities [member] | |||
FINANCIAL ASSETS | |||
Debt securities at amortized cost, net of allowance for credit losses | $ 2 | $ 2,490 |
Offsetting Financial Assets a_3
Offsetting Financial Assets and Financial Liabilities - Summary of Offsetting Financial Assets and Financial Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Of Off Setting Of Financial Assets And Liabilities [line items] | ||
Gross amounts of recognized financial instruments before balance sheet netting | $ 236,027 | $ 217,493 |
Gross amounts of recognized financial instruments offset in the Consolidated Balance Sheet | 21,198 | 33,118 |
Net amount of financial instruments presented in the Consolidated Balance Sheet | 214,829 | 184,375 |
Amounts subject to an enforceable master netting agreement | 47,094 | 41,657 |
Collateral | 150,743 | 131,475 |
Net Amount | 16,992 | 11,243 |
Gross amounts of recognized financial instruments before balance sheet netting | 197,105 | 174,777 |
Gross amounts of recognized financial instruments offset in the Consolidated Balance Sheet | 21,198 | 33,118 |
Net amount of financial instruments presented in the Consolidated Balance Sheet | 175,907 | 141,659 |
Amounts subject to an enforceable master netting agreement | 47,094 | 41,657 |
Collateral | 128,382 | 97,920 |
Net Amount | 431 | 2,082 |
Derivative Financial Assets [member] | ||
Disclosure Of Off Setting Of Financial Assets And Liabilities [line items] | ||
Gross amounts of recognized financial instruments before balance sheet netting | 55,973 | 59,661 |
Gross amounts of recognized financial instruments offset in the Consolidated Balance Sheet | 7,079 | 2,665 |
Net amount of financial instruments presented in the Consolidated Balance Sheet | 48,894 | 56,996 |
Amounts subject to an enforceable master netting agreement | 32,664 | 34,205 |
Collateral | 8,840 | 11,678 |
Net Amount | 7,390 | 11,113 |
Securities purchased under reverse repurchase agreements [member] | ||
Disclosure Of Off Setting Of Financial Assets And Liabilities [line items] | ||
Gross amounts of recognized financial instruments before balance sheet netting | 180,054 | 157,832 |
Gross amounts of recognized financial instruments offset in the Consolidated Balance Sheet | 14,119 | 30,453 |
Net amount of financial instruments presented in the Consolidated Balance Sheet | 165,935 | 127,379 |
Amounts subject to an enforceable master netting agreement | 14,430 | 7,452 |
Collateral | 141,903 | 119,797 |
Net Amount | 9,602 | 130 |
Derivative financial liabilities [member] | ||
Disclosure Of Off Setting Of Financial Assets And Liabilities [line items] | ||
Gross amounts of recognized financial instruments before balance sheet netting | 57,130 | 50,935 |
Gross amounts of recognized financial instruments offset in the Consolidated Balance Sheet | 7,079 | 2,665 |
Net amount of financial instruments presented in the Consolidated Balance Sheet | 50,051 | 48,270 |
Amounts subject to an enforceable master netting agreement | 32,664 | 34,205 |
Collateral | 17,387 | 12,127 |
Net Amount | 1,938 | |
Obligations related to securities sold under repurchase agreements [member] | ||
Disclosure Of Off Setting Of Financial Assets And Liabilities [line items] | ||
Gross amounts of recognized financial instruments before balance sheet netting | 139,975 | 123,842 |
Gross amounts of recognized financial instruments offset in the Consolidated Balance Sheet | 14,119 | 30,453 |
Net amount of financial instruments presented in the Consolidated Balance Sheet | 125,856 | 93,389 |
Amounts subject to an enforceable master netting agreement | 14,430 | 7,452 |
Collateral | 110,985 | 85,793 |
Net Amount | $ 431 | $ 144 |
Securities - Summary of Securit
Securities - Summary of Securities Maturity Schedule (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | $ 362,837 | $ 349,671 |
Trading securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 119,320 | 111,027 |
Trading securities [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 44,445 | 47,085 |
Trading securities [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 8,518 | 7,538 |
Trading securities [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 19,133 | 19,732 |
Trading securities [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,132 | 3,324 |
Trading securities [member] | Government and government-related securities [member] | Canadian federal government [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 10,916 | 14,462 |
Trading securities [member] | Government and government-related securities [member] | Residential Mortgage Backed Securities 1 [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,603 | 1,946 |
Trading securities [member] | Government and government-related securities [member] | Commercial Mortgage Backed Securities 1 [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 143 | 83 |
Trading securities [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 18,680 | 20,106 |
Trading securities [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 5,132 | 5,631 |
Trading securities [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 13,548 | 14,475 |
Trading securities [member] | Equity securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 56,176 | 43,811 |
Trading securities [member] | Equity securities [member] | Common shares [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 56,119 | 43,752 |
Trading securities [member] | Equity securities [member] | Preferred shares [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 57 | 59 |
Trading securities [member] | Retained interests [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 19 | 25 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 130,497 | 107,171 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 78,275 | 60,535 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,771 | 4,922 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,271 | 782 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 43,214 | 29,148 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 28,019 | 25,683 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 52,222 | 46,636 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 28,763 | 23,709 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 16,236 | 15,867 |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 99 | |
Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,124 | 7,060 |
Financial assets designated at fair value through profit or loss (FVO securities) [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,040 | 3,618 |
Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,413 | 1,397 |
Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 164 | 45 |
Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 388 | 454 |
Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 67 | 127 |
Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 794 | 771 |
Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,627 | 2,221 |
Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,888 | 1,609 |
Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 739 | 612 |
Securities at fair value through other comprehensive income [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 108,980 | 127,855 |
Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 83,171 | 94,733 |
Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 9,663 | 12,731 |
Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 12,927 | 9,507 |
Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 40,737 | 45,766 |
Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 14,407 | 20,096 |
Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Mortgage Backed Securiy [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 5,437 | 6,633 |
Securities at fair value through other comprehensive income [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 23,969 | 30,948 |
Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 15,888 | 21,969 |
Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 247 | 472 |
Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,834 | 8,507 |
Securities at fair value through other comprehensive income [member] | Equity securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,840 | 2,174 |
Securities at fair value through other comprehensive income [member] | Equity securities [member] | Common shares [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,598 | 1,804 |
Securities at fair value through other comprehensive income [member] | Equity securities [member] | Preferred shares [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 242 | $ 370 |
Within 1 year [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 46,631 | |
Within 1 year [member] | Trading securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 13,959 | |
Within 1 year [member] | Trading securities [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 10,255 | |
Within 1 year [member] | Trading securities [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,979 | |
Within 1 year [member] | Trading securities [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,417 | |
Within 1 year [member] | Trading securities [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,202 | |
Within 1 year [member] | Trading securities [member] | Government and government-related securities [member] | Canadian federal government [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,159 | |
Within 1 year [member] | Trading securities [member] | Government and government-related securities [member] | Residential Mortgage Backed Securities 1 [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 474 | |
Within 1 year [member] | Trading securities [member] | Government and government-related securities [member] | Commercial Mortgage Backed Securities 1 [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 24 | |
Within 1 year [member] | Trading securities [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3,704 | |
Within 1 year [member] | Trading securities [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 694 | |
Within 1 year [member] | Trading securities [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3,010 | |
Within 1 year [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 11,178 | |
Within 1 year [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 9,518 | |
Within 1 year [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 992 | |
Within 1 year [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,365 | |
Within 1 year [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,161 | |
Within 1 year [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,660 | |
Within 1 year [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 11 | |
Within 1 year [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,649 | |
Within 1 year [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,212 | |
Within 1 year [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 988 | |
Within 1 year [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 148 | |
Within 1 year [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 143 | |
Within 1 year [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 697 | |
Within 1 year [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 224 | |
Within 1 year [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 24 | |
Within 1 year [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 200 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 20,282 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 19,200 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,165 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,168 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,798 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 5,162 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Mortgage Backed Securiy [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 907 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,082 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 61 | |
Within 1 year [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,021 | |
One to Three Year [Member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 90,775 | |
One to Three Year [Member] | Trading securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 20,910 | |
One to Three Year [Member] | Trading securities [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 13,804 | |
One to Three Year [Member] | Trading securities [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 982 | |
One to Three Year [Member] | Trading securities [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 8,140 | |
One to Three Year [Member] | Trading securities [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 794 | |
One to Three Year [Member] | Trading securities [member] | Government and government-related securities [member] | Canadian federal government [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3,212 | |
One to Three Year [Member] | Trading securities [member] | Government and government-related securities [member] | Residential Mortgage Backed Securities 1 [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 676 | |
One to Three Year [Member] | Trading securities [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,103 | |
One to Three Year [Member] | Trading securities [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,177 | |
One to Three Year [Member] | Trading securities [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 5,926 | |
One to Three Year [Member] | Trading securities [member] | Retained interests [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3 | |
One to Three Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 21,944 | |
One to Three Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 14,437 | |
One to Three Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 515 | |
One to Three Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 40 | |
One to Three Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3,744 | |
One to Three Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 10,138 | |
One to Three Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,507 | |
One to Three Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 5,053 | |
One to Three Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,454 | |
One to Three Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 931 | |
One to Three Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 82 | |
One to Three Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 6 | |
One to Three Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 67 | |
One to Three Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 9 | |
One to Three Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 849 | |
One to Three Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 564 | |
One to Three Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 285 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 46,990 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 38,786 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,104 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,255 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 19,533 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 8,524 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Mortgage Backed Securiy [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,370 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 8,204 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,188 | |
One to Three Year [Member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,016 | |
Three to Five Year [Member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 55,784 | |
Three to Five Year [Member] | Trading securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 11,134 | |
Three to Five Year [Member] | Trading securities [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 6,805 | |
Three to Five Year [Member] | Trading securities [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,017 | |
Three to Five Year [Member] | Trading securities [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3,105 | |
Three to Five Year [Member] | Trading securities [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 961 | |
Three to Five Year [Member] | Trading securities [member] | Government and government-related securities [member] | Canadian federal government [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,219 | |
Three to Five Year [Member] | Trading securities [member] | Government and government-related securities [member] | Residential Mortgage Backed Securities 1 [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 453 | |
Three to Five Year [Member] | Trading securities [member] | Government and government-related securities [member] | Commercial Mortgage Backed Securities 1 [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 50 | |
Three to Five Year [Member] | Trading securities [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,321 | |
Three to Five Year [Member] | Trading securities [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,412 | |
Three to Five Year [Member] | Trading securities [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,909 | |
Three to Five Year [Member] | Trading securities [member] | Retained interests [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 8 | |
Three to Five Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 31,987 | |
Three to Five Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 20,436 | |
Three to Five Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 872 | |
Three to Five Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 766 | |
Three to Five Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 9,286 | |
Three to Five Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 9,512 | |
Three to Five Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 11,551 | |
Three to Five Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 8,950 | |
Three to Five Year [Member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,601 | |
Three to Five Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,198 | |
Three to Five Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 195 | |
Three to Five Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 107 | |
Three to Five Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 88 | |
Three to Five Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,003 | |
Three to Five Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 764 | |
Three to Five Year [Member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 239 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 11,465 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 6,080 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 283 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,199 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3,188 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 250 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Mortgage Backed Securiy [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 160 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 5,385 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,490 | |
Three to Five Year [Member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 895 | |
Five To Ten Years [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 44,135 | |
Five To Ten Years [member] | Trading securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 8,393 | |
Five To Ten Years [member] | Trading securities [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 5,922 | |
Five To Ten Years [member] | Trading securities [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,381 | |
Five To Ten Years [member] | Trading securities [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,085 | |
Five To Ten Years [member] | Trading securities [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 868 | |
Five To Ten Years [member] | Trading securities [member] | Government and government-related securities [member] | Canadian federal government [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,519 | |
Five To Ten Years [member] | Trading securities [member] | Government and government-related securities [member] | Commercial Mortgage Backed Securities 1 [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 69 | |
Five To Ten Years [member] | Trading securities [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,463 | |
Five To Ten Years [member] | Trading securities [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,190 | |
Five To Ten Years [member] | Trading securities [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,273 | |
Five To Ten Years [member] | Trading securities [member] | Retained interests [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 8 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 19,625 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 15,059 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 435 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,243 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 12,173 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,208 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,566 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,049 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 99 | |
Five To Ten Years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 418 | |
Five To Ten Years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 577 | |
Five To Ten Years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 33 | |
Five To Ten Years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 33 | |
Five To Ten Years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 544 | |
Five To Ten Years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 529 | |
Five To Ten Years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 15 | |
Five To Ten Years [member] | Securities at fair value through other comprehensive income [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 15,540 | |
Five To Ten Years [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 11,171 | |
Five To Ten Years [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 607 | |
Five To Ten Years [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,091 | |
Five To Ten Years [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3,002 | |
Five To Ten Years [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 471 | |
Five To Ten Years [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,369 | |
Five To Ten Years [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2,490 | |
Five To Ten Years [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,879 | |
Over 10 years [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 67,496 | |
Over 10 years [member] | Trading securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 8,748 | |
Over 10 years [member] | Trading securities [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,659 | |
Over 10 years [member] | Trading securities [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3,159 | |
Over 10 years [member] | Trading securities [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 3,386 | |
Over 10 years [member] | Trading securities [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 307 | |
Over 10 years [member] | Trading securities [member] | Government and government-related securities [member] | Canadian federal government [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 807 | |
Over 10 years [member] | Trading securities [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,089 | |
Over 10 years [member] | Trading securities [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 659 | |
Over 10 years [member] | Trading securities [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 430 | |
Over 10 years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 45,763 | |
Over 10 years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 18,825 | |
Over 10 years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,957 | |
Over 10 years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 222 | |
Over 10 years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 16,646 | |
Over 10 years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 26,938 | |
Over 10 years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 10,700 | |
Over 10 years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 16,236 | |
Over 10 years [member] | Debt securities carried at amortized cost net of allowance for credit losses [member] | Other debt securities [member] | Other issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 2 | |
Over 10 years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 122 | |
Over 10 years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 115 | |
Over 10 years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 16 | |
Over 10 years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 99 | |
Over 10 years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7 | |
Over 10 years [member] | Financial assets designated at fair value through profit or loss (FVO securities) [member] | Other debt securities [member] | Canadian issuers [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7 | |
Over 10 years [member] | Securities at fair value through other comprehensive income [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 12,863 | |
Over 10 years [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,934 | |
Over 10 years [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 504 | |
Over 10 years [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 214 | |
Over 10 years [member] | Securities at fair value through other comprehensive income [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 7,216 | |
Over 10 years [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,929 | |
Over 10 years [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Asset backed securities one [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 4,659 | |
Over 10 years [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 247 | |
Over 10 years [member] | Securities at fair value through other comprehensive income [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 23 | |
With no Specific Maturity [Member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 58,016 | |
With no Specific Maturity [Member] | Trading securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 56,176 | |
With no Specific Maturity [Member] | Trading securities [member] | Equity securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 56,176 | |
With no Specific Maturity [Member] | Trading securities [member] | Equity securities [member] | Common shares [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 56,119 | |
With no Specific Maturity [Member] | Trading securities [member] | Equity securities [member] | Preferred shares [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 57 | |
With no Specific Maturity [Member] | Securities at fair value through other comprehensive income [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,840 | |
With no Specific Maturity [Member] | Securities at fair value through other comprehensive income [member] | Equity securities [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,840 | |
With no Specific Maturity [Member] | Securities at fair value through other comprehensive income [member] | Equity securities [member] | Common shares [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | 1,598 | |
With no Specific Maturity [Member] | Securities at fair value through other comprehensive income [member] | Equity securities [member] | Preferred shares [member] | ||
Disclosure of securities according to their remaining contractual maturities [line Items] | ||
Total securities | $ 242 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | $ 108,862 | $ 127,656 |
Gross unrealized gains | 368 | 759 |
Gross unrealized (losses) | (250) | (560) |
Financial assets at fair value through other comprehensive income | 111,104 | 130,600 |
Government and government-related securities [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 82,997 | 94,649 |
Gross unrealized gains | 277 | 502 |
Gross unrealized (losses) | (103) | (418) |
Financial assets at fair value through other comprehensive income | 83,171 | 94,733 |
Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 9,603 | 12,740 |
Gross unrealized gains | 62 | 38 |
Gross unrealized (losses) | (2) | (47) |
Financial assets at fair value through other comprehensive income | 9,663 | 12,731 |
Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 12,890 | 9,443 |
Gross unrealized gains | 77 | 75 |
Gross unrealized (losses) | (40) | (11) |
Financial assets at fair value through other comprehensive income | 12,927 | 9,507 |
Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 40,703 | 45,857 |
Gross unrealized gains | 86 | 265 |
Gross unrealized (losses) | (52) | (356) |
Financial assets at fair value through other comprehensive income | 40,737 | 45,766 |
Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 14,394 | 20,034 |
Gross unrealized gains | 21 | 65 |
Gross unrealized (losses) | (8) | (3) |
Financial assets at fair value through other comprehensive income | 14,407 | 20,096 |
Government and government-related securities [member] | Mortgage- backed securities [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 5,407 | 6,575 |
Gross unrealized gains | 31 | 59 |
Gross unrealized (losses) | (1) | (1) |
Financial assets at fair value through other comprehensive income | 5,437 | 6,633 |
Other debt securities [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 23,969 | 30,906 |
Gross unrealized gains | 56 | 119 |
Gross unrealized (losses) | (56) | (77) |
Financial assets at fair value through other comprehensive income | 23,969 | 30,948 |
Other debt securities [member] | Asset-backed financings [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 15,890 | 21,901 |
Gross unrealized gains | 29 | 87 |
Gross unrealized (losses) | (31) | (19) |
Financial assets at fair value through other comprehensive income | 15,888 | 21,969 |
Other debt securities [member] | Non Agency Collateralized Mortgage Obligation Portfolio [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 247 | 471 |
Gross unrealized gains | 1 | |
Financial assets at fair value through other comprehensive income | 247 | 472 |
Other debt securities [member] | Corporate and other debt [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 7,832 | 8,534 |
Gross unrealized gains | 27 | 31 |
Gross unrealized (losses) | (25) | (58) |
Financial assets at fair value through other comprehensive income | 7,834 | 8,507 |
Debt securities [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 106,966 | 125,555 |
Gross unrealized gains | 333 | 621 |
Gross unrealized (losses) | (159) | (495) |
Financial assets at fair value through other comprehensive income | 107,140 | 125,681 |
Equity securities [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 1,896 | 2,101 |
Gross unrealized gains | 35 | 138 |
Gross unrealized (losses) | (91) | (65) |
Financial assets at fair value through other comprehensive income | 1,840 | 2,174 |
Equity securities [member] | Common shares [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 1,594 | 1,725 |
Gross unrealized gains | 31 | 118 |
Gross unrealized (losses) | (27) | (39) |
Financial assets at fair value through other comprehensive income | 1,598 | 1,804 |
Equity securities [member] | Preferred shares [member] | ||
Disclosure Of Contractual Repricing And Maturity Schedule [line items] | ||
Cost/amortized cost | 302 | 376 |
Gross unrealized gains | 4 | 20 |
Gross unrealized (losses) | (64) | (26) |
Financial assets at fair value through other comprehensive income | $ 242 | $ 370 |
Securities - Summary of Equity
Securities - Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Fair value | $ 1,840 | $ 2,174 |
Dividend Income recognized | 79 | 87 |
Common shares [member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Fair value | 1,598 | 1,804 |
Dividend Income recognized | 64 | 71 |
Preferred shares [member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Fair value | 242 | 370 |
Dividend Income recognized | $ 15 | $ 16 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Dividend Income recognized | $ 79 | $ 87 | |
Allowance for credit losses on debt securities | 4,447 | 3,549 | |
Provision (recovery) of credit losses | (3,029) | (2,480) | $ (2,216) |
Debt securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses on debt securities | 4 | 80 | |
Debt securities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses on debt securities | 1 | 75 | |
Provision (recovery) of credit losses | 1 | (2) | |
Debt securities FVOCI [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses on debt securities | 3 | 5 | |
Provision (recovery) of credit losses | (2) | 10 | |
Securities disposed [member] | Securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Disposal of equity securities | 323 | 22 | |
Gain (loss) on sale of equity securities measured at fair value | 68 | 2 | |
Dividend Income recognized | $ 3 | $ 0 |
Securities - Summary of Net Sec
Securities - Summary of Net Securities Gains (Losses) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of financial assets [line items] | |||
Net realized gains (losses) | $ 78 | $ 111 | $ 128 |
Debt securities [member] | Financial assets amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
Net realized gains (losses) | 49 | 76 | |
Debt securities [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of financial assets [line items] | |||
Net realized gains (losses) | $ 29 | $ 35 |
Securities - Summary of Debt Se
Securities - Summary of Debt Securities by Risk Rating (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Debt securities | $ 237,638 | $ 232,927 |
Allowance for credit losses on debt securities at amortized cost | 1 | 75 |
Debt securities, net of allowance | 237,637 | 232,852 |
Investment grade [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 235,475 | 230,488 |
Non investment grade [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 2,163 | 2,194 |
Watch and classified [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 11 | |
Default [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 234 | |
Stage 1 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 237,584 | 232,628 |
Allowance for credit losses on debt securities at amortized cost | 1 | 1 |
Debt securities, net of allowance | 237,583 | 232,627 |
Stage 1 [member] | Investment grade [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 235,475 | 230,488 |
Stage 1 [member] | Non investment grade [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 2,109 | 2,140 |
Stage 2 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 54 | 65 |
Allowance for credit losses on debt securities at amortized cost | 4 | |
Debt securities, net of allowance | 54 | 61 |
Stage 2 [member] | Non investment grade [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | $ 54 | 54 |
Stage 2 [member] | Watch and classified [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 11 | |
Stage 3 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 234 | |
Allowance for credit losses on debt securities at amortized cost | 70 | |
Debt securities, net of allowance | 164 | |
Stage 3 [member] | Default [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | $ 234 |
Loans, Impaired Loans, and Al_3
Loans, Impaired Loans, and Allowance For Credit Losses - Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 704,673 | $ 669,954 |
Allowance for loan losses | 4,447 | 3,549 |
Loans, net of allowance | 700,226 | 666,405 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 235,640 | 225,191 |
Allowance for loan losses | 110 | 110 |
Loans, net of allowance | 235,530 | 225,081 |
Residential mortgages [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 181,825 | 168,722 |
Residential mortgages [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 44,236 | 47,997 |
Residential mortgages [member] | Medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 6,250 | 5,373 |
Residential mortgages [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,784 | 2,473 |
Residential mortgages [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 545 | 626 |
Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 180,334 | 172,079 |
Allowance for loan losses | 1,249 | 1,103 |
Loans, net of allowance | 179,085 | 170,976 |
Consumer instalment and other personal [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 93,554 | 88,889 |
Consumer instalment and other personal [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 47,851 | 49,198 |
Consumer instalment and other personal [member] | Medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 28,455 | 24,071 |
Consumer instalment and other personal [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10,024 | 9,361 |
Consumer instalment and other personal [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 450 | 560 |
Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 36,564 | 35,018 |
Allowance for loan losses | 1,575 | 1,003 |
Loans, net of allowance | 34,989 | 34,015 |
Credit card [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 7,236 | 7,245 |
Credit card [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10,889 | 9,846 |
Credit card [member] | Medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 11,493 | 11,593 |
Credit card [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 6,823 | 6,213 |
Credit card [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 123 | 121 |
Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 252,135 | 237,666 |
Allowance for loan losses | 1,513 | 1,333 |
Loans, net of allowance | 250,622 | 236,333 |
Business and government [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 730 | 736 |
Business and government [member] | Investment grade or low/normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 121,093 | 118,471 |
Business and government [member] | Non investment grade or medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 124,554 | 113,950 |
Business and government [member] | Watch and classified or high risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5,758 | 4,509 |
Off-balance sheet credit risks [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 562,344 | 535,585 |
Allowance for off-balance sheet credit instruments | 585 | 1,029 |
Total off-balance sheet credit instruments, net of allowance | 561,759 | 534,556 |
Off-balance sheet credit risks [member] | Low risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 228,489 | 237,463 |
Off-balance sheet credit risks [member] | Normal risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 67,815 | 50,770 |
Off-balance sheet credit risks [member] | Medium risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 13,481 | 12,354 |
Off-balance sheet credit risks [member] | High risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 2,723 | 2,409 |
Off-balance sheet credit risks [member] | Default [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 108 | 96 |
Off-balance sheet credit risks [member] | Investment grade [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 179,650 | 166,769 |
Off-balance sheet credit risks [member] | Non investment grade [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 67,950 | 63,720 |
Off-balance sheet credit risks [member] | Watch and classified [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 2,128 | 2,004 |
Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 681,701 | 648,143 |
Allowance for loan losses | 2,122 | 1,628 |
Loans, net of allowance | 679,579 | 646,515 |
Stage 1 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 232,517 | 222,509 |
Allowance for loan losses | 28 | 24 |
Loans, net of allowance | 232,489 | 222,485 |
Stage 1 [member] | Residential mortgages [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 181,748 | 168,690 |
Stage 1 [member] | Residential mortgages [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 43,988 | 47,821 |
Stage 1 [member] | Residential mortgages [member] | Medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5,817 | 5,106 |
Stage 1 [member] | Residential mortgages [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 964 | 892 |
Stage 1 [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 174,026 | 165,080 |
Allowance for loan losses | 690 | 574 |
Loans, net of allowance | 173,336 | 164,506 |
Stage 1 [member] | Consumer instalment and other personal [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 92,601 | 87,906 |
Stage 1 [member] | Consumer instalment and other personal [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 46,878 | 48,008 |
Stage 1 [member] | Consumer instalment and other personal [member] | Medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 27,576 | 23,008 |
Stage 1 [member] | Consumer instalment and other personal [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 6,971 | 6,158 |
Stage 1 [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 34,011 | 32,796 |
Allowance for loan losses | 732 | 379 |
Loans, net of allowance | 33,279 | 32,417 |
Stage 1 [member] | Credit card [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 7,188 | 7,234 |
Stage 1 [member] | Credit card [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10,807 | 9,780 |
Stage 1 [member] | Credit card [member] | Medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 11,218 | 11,347 |
Stage 1 [member] | Credit card [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,798 | 4,435 |
Stage 1 [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 241,147 | 227,758 |
Allowance for loan losses | 672 | 651 |
Loans, net of allowance | 240,475 | 227,107 |
Stage 1 [member] | Business and government [member] | Investment grade or low/normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 120,940 | 118,414 |
Stage 1 [member] | Business and government [member] | Non investment grade or medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 119,256 | 108,678 |
Stage 1 [member] | Business and government [member] | Watch and classified or high risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 951 | 666 |
Stage 1 [member] | Off-balance sheet credit risks [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 554,280 | 528,532 |
Allowance for off-balance sheet credit instruments | 293 | 550 |
Total off-balance sheet credit instruments, net of allowance | 553,987 | 527,982 |
Stage 1 [member] | Off-balance sheet credit risks [member] | Low risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 227,757 | 236,456 |
Stage 1 [member] | Off-balance sheet credit risks [member] | Normal risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 67,245 | 50,116 |
Stage 1 [member] | Off-balance sheet credit risks [member] | Medium risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 13,204 | 12,005 |
Stage 1 [member] | Off-balance sheet credit risks [member] | High risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 1,869 | 1,423 |
Stage 1 [member] | Off-balance sheet credit risks [member] | Investment grade [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 179,650 | 166,769 |
Stage 1 [member] | Off-balance sheet credit risks [member] | Non investment grade [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 64,553 | 61,763 |
Stage 1 [member] | Off-balance sheet credit risks [member] | Watch and classified [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 2 | |
Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 19,627 | 18,204 |
Allowance for loan losses | 1,579 | 1,217 |
Loans, net of allowance | 18,048 | 16,987 |
Stage 2 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,212 | 1,739 |
Allowance for loan losses | 26 | 34 |
Loans, net of allowance | 2,186 | 1,705 |
Stage 2 [member] | Residential mortgages [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 77 | 32 |
Stage 2 [member] | Residential mortgages [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 248 | 176 |
Stage 2 [member] | Residential mortgages [member] | Medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 433 | 267 |
Stage 2 [member] | Residential mortgages [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,454 | 1,264 |
Stage 2 [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5,240 | 5,622 |
Allowance for loan losses | 384 | 349 |
Loans, net of allowance | 4,856 | 5,273 |
Stage 2 [member] | Consumer instalment and other personal [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 953 | 983 |
Stage 2 [member] | Consumer instalment and other personal [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 973 | 1,190 |
Stage 2 [member] | Consumer instalment and other personal [member] | Medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 879 | 1,063 |
Stage 2 [member] | Consumer instalment and other personal [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,435 | 2,386 |
Stage 2 [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,075 | 1,768 |
Allowance for loan losses | 521 | 283 |
Loans, net of allowance | 1,554 | 1,485 |
Stage 2 [member] | Credit card [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 48 | 11 |
Stage 2 [member] | Credit card [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 82 | 66 |
Stage 2 [member] | Credit card [member] | Medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 275 | 246 |
Stage 2 [member] | Credit card [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,670 | 1,445 |
Stage 2 [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10,100 | 9,075 |
Allowance for loan losses | 648 | 551 |
Loans, net of allowance | 9,452 | 8,524 |
Stage 2 [member] | Business and government [member] | Investment grade or low/normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 153 | 57 |
Stage 2 [member] | Business and government [member] | Non investment grade or medium risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5,298 | 5,272 |
Stage 2 [member] | Business and government [member] | Watch and classified or high risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,649 | 3,746 |
Stage 2 [member] | Off-balance sheet credit risks [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 7,956 | 6,957 |
Allowance for off-balance sheet credit instruments | 277 | 477 |
Total off-balance sheet credit instruments, net of allowance | 7,679 | 6,480 |
Stage 2 [member] | Off-balance sheet credit risks [member] | Low risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 732 | 1,007 |
Stage 2 [member] | Off-balance sheet credit risks [member] | Normal risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 570 | 654 |
Stage 2 [member] | Off-balance sheet credit risks [member] | Medium risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 277 | 349 |
Stage 2 [member] | Off-balance sheet credit risks [member] | High risk [member] | Retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 854 | 986 |
Stage 2 [member] | Off-balance sheet credit risks [member] | Non investment grade [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 3,397 | 1,957 |
Stage 2 [member] | Off-balance sheet credit risks [member] | Watch and classified [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 2,126 | 2,004 |
Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 3,345 | 3,607 |
Allowance for loan losses | 746 | 704 |
Loans, net of allowance | 2,599 | 2,903 |
Stage 3 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 911 | 943 |
Allowance for loan losses | 56 | 52 |
Loans, net of allowance | 855 | 891 |
Stage 3 [member] | Residential mortgages [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 366 | 317 |
Stage 3 [member] | Residential mortgages [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 545 | 626 |
Stage 3 [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,068 | 1,377 |
Allowance for loan losses | 175 | 180 |
Loans, net of allowance | 893 | 1,197 |
Stage 3 [member] | Consumer instalment and other personal [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 618 | 817 |
Stage 3 [member] | Consumer instalment and other personal [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 450 | 560 |
Stage 3 [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 478 | 454 |
Allowance for loan losses | 322 | 341 |
Loans, net of allowance | 156 | 113 |
Stage 3 [member] | Credit card [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 355 | 333 |
Stage 3 [member] | Credit card [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 123 | 121 |
Stage 3 [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 888 | 833 |
Allowance for loan losses | 193 | 131 |
Loans, net of allowance | 695 | 702 |
Stage 3 [member] | Business and government [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 730 | 736 |
Stage 3 [member] | Business and government [member] | Watch and classified or high risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 158 | 97 |
Stage 3 [member] | Off-balance sheet credit risks [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 108 | 96 |
Allowance for off-balance sheet credit instruments | 15 | 2 |
Total off-balance sheet credit instruments, net of allowance | 93 | 94 |
Stage 3 [member] | Off-balance sheet credit risks [member] | Default [member] | Non retail exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | $ 108 | $ 96 |
Loans, Impaired Loans, and Al_4
Loans, Impaired Loans, and Allowance For Credit Losses - Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value through other comprehensive income | $ 111,104 | $ 130,600 |
Customers' liability under acceptances | 13,494 | 17,267 |
Total loans | 704,673 | 669,954 |
Allowance for loan losses | 4,447 | 3,549 |
Acquired credit-impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 313 | 453 |
Allowance for loan losses | 12 | 18 |
Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 180,334 | 172,079 |
Allowance for loan losses | 1,249 | 1,103 |
Consumer instalment and other personal [member] | Canadian Government Insured [member] | Real estate secured personal lending [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 13,000 | 14,000 |
Loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at fair value through other comprehensive income | 2,000 | 3,000 |
Off-balance sheet credit risks [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 562,344 | 535,585 |
Business and government and Residential Mortgage [member] | Insured [member] | Mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 88,000 | 95,000 |
Business and government and Residential Mortgage [member] | Impaired loans [member] | With no allowance for loan losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 127 | 124 |
Retail exposures [member] | Off-balance sheet credit risks [member] | Personal lines of credit and credit card lines cancellable and bank's discretion [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 311,000 | 302,000 |
Non retail exposures [member] | Off-balance sheet credit risks [member] | Undrawn component of uncommitted credit and liquidity commitments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 41,000 | 37,000 |
Business and government and Residential Mortgage [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trading loans at fair value | 12,000 | 11,000 |
Non-trading loans at fair value | $ 2,000 | $ 1,000 |
Loans, Impaired Loans, and Al_5
Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Impaired Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Unpaid principal balance | $ 3,295 | $ 3,421 |
Carrying value | 3,032 | 3,154 |
Related allowance for credit losses | 734 | 686 |
Average gross impaired loans | 3,229 | 3,053 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unpaid principal balance | 788 | 776 |
Carrying value | 724 | 709 |
Related allowance for credit losses | 53 | 47 |
Average gross impaired loans | 698 | 726 |
Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unpaid principal balance | 1,159 | 1,465 |
Carrying value | 1,037 | 1,331 |
Related allowance for credit losses | 173 | 178 |
Average gross impaired loans | 1,160 | 1,325 |
Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unpaid principal balance | 478 | 454 |
Carrying value | 478 | 454 |
Related allowance for credit losses | 322 | 341 |
Average gross impaired loans | 465 | 422 |
Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unpaid principal balance | 870 | 726 |
Carrying value | 793 | 660 |
Related allowance for credit losses | 186 | 120 |
Average gross impaired loans | $ 906 | $ 580 |
Loans, Impaired Loans, and Al_6
Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Allowances for Loan Losses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of period | $ 3,549 | |
Balance at end of period | 4,447 | $ 3,549 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of period | 110 | 107 |
Net remeasurement due to transfers | (10) | (8) |
New originations or purchases | 14 | 14 |
Net repayments | (1) | (7) |
Derecognition of financial assets (excluding disposals and write-offs) | (26) | (9) |
Changes to risk, parameters, and models | 51 | 37 |
Write-offs | (31) | (31) |
Recoveries | 1 | 3 |
Foreign exchange and other adjustments | 2 | 4 |
Balance at end of period | 110 | 110 |
Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 1,171 | 1,055 |
Balance at beginning of period | 1,103 | |
Net remeasurement due to transfers | 22 | 25 |
New originations or purchases | 326 | 322 |
Net repayments | (130) | (88) |
Derecognition of financial assets (excluding disposals and write-offs) | (201) | (268) |
Changes to risk, parameters, and models | 1,086 | 938 |
Write-offs | (1,220) | (1,077) |
Recoveries | 254 | 253 |
Foreign exchange and other adjustments | 1 | 11 |
Balance, including off-balance sheet instruments, at end of period | 1,309 | 1,171 |
Less: Allowance for off-balance sheet instruments | 60 | 68 |
Balance at end of period | 1,249 | 1,103 |
Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 1,740 | 1,605 |
Balance at beginning of period | 1,003 | |
Net remeasurement due to transfers | 115 | 103 |
New originations or purchases | 144 | 171 |
Net repayments | 73 | 113 |
Derecognition of financial assets (excluding disposals and write-offs) | (642) | (579) |
Changes to risk, parameters, and models | 1,901 | 1,597 |
Disposals | (41) | |
Write-offs | (1,699) | (1,515) |
Recoveries | 297 | 260 |
Foreign exchange and other adjustments | 26 | |
Balance, including off-balance sheet instruments, at end of period | 1,929 | 1,740 |
Less: Allowance for off-balance sheet instruments | 354 | 737 |
Balance at end of period | 1,575 | 1,003 |
Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 1,557 | 1,525 |
Balance at beginning of period | 1,333 | |
Net remeasurement due to transfers | 28 | 35 |
New originations or purchases | 451 | 467 |
Net repayments | (86) | (57) |
Derecognition of financial assets (excluding disposals and write-offs) | (807) | (760) |
Changes to risk, parameters, and models | 722 | 426 |
Disposals | (3) | (5) |
Write-offs | (228) | (155) |
Recoveries | 57 | 73 |
Foreign exchange and other adjustments | (7) | 8 |
Balance, including off-balance sheet instruments, at end of period | 1,684 | 1,557 |
Less: Allowance for off-balance sheet instruments | 171 | 224 |
Balance at end of period | 1,513 | 1,333 |
Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of period | 1,628 | |
Balance at end of period | 2,122 | 1,628 |
Stage 1 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of period | 24 | 24 |
Net remeasurement due to transfers | (16) | (14) |
New originations or purchases | 14 | 14 |
Net repayments | (1) | |
Derecognition of financial assets (excluding disposals and write-offs) | (4) | (3) |
Changes to risk, parameters, and models | (18) | (16) |
Balance at end of period | 28 | 24 |
Stage 1 [member] | Residential mortgages [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 35 | 24 |
Stage 1 [member] | Residential mortgages [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (5) | (4) |
Stage 1 [member] | Residential mortgages [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (2) | |
Stage 1 [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 599 | 529 |
Balance at beginning of period | 574 | |
Net remeasurement due to transfers | (149) | (125) |
New originations or purchases | 326 | 322 |
Net repayments | (88) | (49) |
Derecognition of financial assets (excluding disposals and write-offs) | (81) | (126) |
Changes to risk, parameters, and models | (105) | (127) |
Foreign exchange and other adjustments | (1) | 7 |
Balance, including off-balance sheet instruments, at end of period | 717 | 599 |
Less: Allowance for off-balance sheet instruments | 27 | 25 |
Balance at end of period | 690 | 574 |
Stage 1 [member] | Consumer instalment and other personal [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 352 | 303 |
Stage 1 [member] | Consumer instalment and other personal [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (121) | (114) |
Stage 1 [member] | Consumer instalment and other personal [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (15) | (21) |
Stage 1 [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 819 | 763 |
Balance at beginning of period | 379 | |
Net remeasurement due to transfers | (240) | (209) |
New originations or purchases | 144 | 171 |
Net repayments | 92 | 125 |
Derecognition of financial assets (excluding disposals and write-offs) | (96) | (102) |
Changes to risk, parameters, and models | (236) | (276) |
Disposals | (21) | |
Foreign exchange and other adjustments | 8 | |
Balance, including off-balance sheet instruments, at end of period | 934 | 819 |
Less: Allowance for off-balance sheet instruments | 202 | 440 |
Balance at end of period | 732 | 379 |
Stage 1 [member] | Credit card [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 705 | 590 |
Stage 1 [member] | Credit card [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (224) | (192) |
Stage 1 [member] | Credit card [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (30) | (38) |
Stage 1 [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 736 | 706 |
Balance at beginning of period | 651 | |
Net remeasurement due to transfers | (89) | (38) |
New originations or purchases | 451 | 467 |
Net repayments | (9) | (4) |
Derecognition of financial assets (excluding disposals and write-offs) | (340) | (338) |
Changes to risk, parameters, and models | (83) | (89) |
Foreign exchange and other adjustments | 1 | 11 |
Balance, including off-balance sheet instruments, at end of period | 736 | 736 |
Less: Allowance for off-balance sheet instruments | 64 | 85 |
Balance at end of period | 672 | 651 |
Stage 1 [member] | Businesses and government [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 214 | 133 |
Stage 1 [member] | Businesses and government [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (127) | (106) |
Stage 1 [member] | Businesses and government [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (18) | (6) |
Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of period | 1,217 | |
Balance at end of period | 1,579 | 1,217 |
Stage 2 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of period | 34 | 26 |
Net remeasurement due to transfers | 6 | 6 |
Net repayments | (1) | (1) |
Derecognition of financial assets (excluding disposals and write-offs) | (5) | (2) |
Changes to risk, parameters, and models | 20 | 29 |
Balance at end of period | 26 | 34 |
Stage 2 [member] | Residential mortgages [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (33) | (23) |
Stage 2 [member] | Residential mortgages [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 13 | 8 |
Stage 2 [member] | Residential mortgages [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (8) | (9) |
Stage 2 [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 392 | 355 |
Balance at beginning of period | 349 | |
Net remeasurement due to transfers | 160 | 139 |
Net repayments | (30) | (24) |
Derecognition of financial assets (excluding disposals and write-offs) | (71) | (97) |
Changes to risk, parameters, and models | 298 | 321 |
Foreign exchange and other adjustments | 1 | 3 |
Balance, including off-balance sheet instruments, at end of period | 417 | 392 |
Less: Allowance for off-balance sheet instruments | 33 | 43 |
Balance at end of period | 384 | 349 |
Stage 2 [member] | Consumer instalment and other personal [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (333) | (285) |
Stage 2 [member] | Consumer instalment and other personal [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 164 | 152 |
Stage 2 [member] | Consumer instalment and other personal [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (164) | (172) |
Stage 2 [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 580 | 521 |
Balance at beginning of period | 283 | |
Net remeasurement due to transfers | 314 | 249 |
Net repayments | 3 | (51) |
Derecognition of financial assets (excluding disposals and write-offs) | (107) | (106) |
Changes to risk, parameters, and models | 781 | 705 |
Disposals | (12) | |
Foreign exchange and other adjustments | 11 | |
Balance, including off-balance sheet instruments, at end of period | 673 | 580 |
Less: Allowance for off-balance sheet instruments | 152 | 297 |
Balance at end of period | 521 | 283 |
Stage 2 [member] | Credit card [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (623) | (521) |
Stage 2 [member] | Credit card [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 288 | 259 |
Stage 2 [member] | Credit card [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (563) | (475) |
Stage 2 [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 688 | 627 |
Balance at beginning of period | 551 | |
Net remeasurement due to transfers | 115 | 68 |
Net repayments | (35) | (26) |
Derecognition of financial assets (excluding disposals and write-offs) | (382) | (365) |
Changes to risk, parameters, and models | 564 | 447 |
Disposals | (3) | |
Foreign exchange and other adjustments | 1 | 8 |
Balance, including off-balance sheet instruments, at end of period | 740 | 688 |
Less: Allowance for off-balance sheet instruments | 92 | 137 |
Balance at end of period | 648 | 551 |
Stage 2 [member] | Businesses and government [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (210) | (129) |
Stage 2 [member] | Businesses and government [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 138 | 114 |
Stage 2 [member] | Businesses and government [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (136) | (56) |
Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of period | 704 | |
Balance at end of period | 746 | 704 |
Stage 3 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of period | 52 | 57 |
Net repayments | (5) | |
Derecognition of financial assets (excluding disposals and write-offs) | (17) | (4) |
Changes to risk, parameters, and models | 49 | 24 |
Write-offs | (31) | (31) |
Recoveries | 1 | 3 |
Foreign exchange and other adjustments | 2 | 4 |
Balance at end of period | 56 | 52 |
Stage 3 [member] | Residential mortgages [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (2) | (1) |
Stage 3 [member] | Residential mortgages [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (8) | (4) |
Stage 3 [member] | Residential mortgages [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 10 | 9 |
Stage 3 [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 180 | 171 |
Balance at beginning of period | 180 | |
Net remeasurement due to transfers | 11 | 11 |
Net repayments | (12) | (15) |
Derecognition of financial assets (excluding disposals and write-offs) | (49) | (45) |
Changes to risk, parameters, and models | 893 | 744 |
Write-offs | (1,220) | (1,077) |
Recoveries | 254 | 253 |
Foreign exchange and other adjustments | 1 | 1 |
Balance, including off-balance sheet instruments, at end of period | 175 | 180 |
Balance at end of period | 175 | 180 |
Stage 3 [member] | Consumer instalment and other personal [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (19) | (18) |
Stage 3 [member] | Consumer instalment and other personal [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (43) | (38) |
Stage 3 [member] | Consumer instalment and other personal [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 179 | 193 |
Stage 3 [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 341 | 321 |
Balance at beginning of period | 341 | |
Net remeasurement due to transfers | 41 | 63 |
Net repayments | (22) | 39 |
Derecognition of financial assets (excluding disposals and write-offs) | (439) | (371) |
Changes to risk, parameters, and models | 1,356 | 1,168 |
Disposals | (8) | |
Write-offs | (1,699) | (1,515) |
Recoveries | 297 | 260 |
Foreign exchange and other adjustments | 7 | |
Balance, including off-balance sheet instruments, at end of period | 322 | 341 |
Balance at end of period | 322 | 341 |
Stage 3 [member] | Credit card [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (82) | (69) |
Stage 3 [member] | Credit card [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (64) | (67) |
Stage 3 [member] | Credit card [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | 593 | 513 |
Stage 3 [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance, including off-balance sheet instruments, as beginning of period | 133 | 192 |
Balance at beginning of period | 131 | |
Net remeasurement due to transfers | 2 | 5 |
Net repayments | (42) | (27) |
Derecognition of financial assets (excluding disposals and write-offs) | (85) | (57) |
Changes to risk, parameters, and models | 241 | 68 |
Disposals | (5) | |
Write-offs | (228) | (155) |
Recoveries | 57 | 73 |
Foreign exchange and other adjustments | (9) | (11) |
Balance, including off-balance sheet instruments, at end of period | 208 | 133 |
Less: Allowance for off-balance sheet instruments | 15 | 2 |
Balance at end of period | 193 | 131 |
Stage 3 [member] | Businesses and government [member] | Transfer to stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (4) | (4) |
Stage 3 [member] | Businesses and government [member] | Transfer to stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | (11) | (8) |
Stage 3 [member] | Businesses and government [member] | Transfer to stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transfer to Stage | $ 154 | $ 62 |
Loans, Impaired Loans, and Al_7
Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Macroeconomic Variables Impacted in Determining ECLs (Detail) - $ / $ | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Base Forecasts [member] | 12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exchange rate (U.S. dollar/Canadian dollar) | 0.76 | 0.79 |
Base Forecasts [member] | Remaining 4-year forecast period [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exchange rate (U.S. dollar/Canadian dollar) | 0.77 | 0.80 |
Base Forecasts [member] | Canada [member] | 12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 5.80% | 6.00% |
Real gross domestic product (GDP) | 1.60% | 2.30% |
Home prices | 7.10% | 3.40% |
Central bank policy interest rate | 1.31% | 1.88% |
Base Forecasts [member] | Canada [member] | Remaining 4-year forecast period [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 5.80% | 6.00% |
Real gross domestic product (GDP) | 1.80% | 1.70% |
Home prices | 2.70% | 3.40% |
Central bank policy interest rate | 1.53% | 2.47% |
Base Forecasts [member] | United States [member] | 12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 3.80% | 3.70% |
Real gross domestic product (GDP) | 1.90% | 2.90% |
Home prices | 3.60% | 5.10% |
Central bank policy interest rate | 1.75% | 2.88% |
U.S. 10-year treasury yield | 1.76% | 3.20% |
U.S. 10-year BBB spread | 1.80% | 1.80% |
Base Forecasts [member] | United States [member] | Remaining 4-year forecast period [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 4.10% | 3.90% |
Real gross domestic product (GDP) | 1.80% | 1.80% |
Home prices | 3.60% | 4.00% |
Central bank policy interest rate | 2.20% | 2.97% |
U.S. 10-year treasury yield | 2.50% | 3.13% |
U.S. 10-year BBB spread | 1.80% | 1.80% |
Downside scenario [member] | 12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exchange rate (U.S. dollar/Canadian dollar) | 0.74 | 0.77 |
Downside scenario [member] | Remaining 4-year forecast period [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exchange rate (U.S. dollar/Canadian dollar) | 0.69 | 0.75 |
Downside scenario [member] | Canada [member] | 12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 6.80% | 6.70% |
Real gross domestic product (GDP) | 0.60% | 1.60% |
Home prices | 2.70% | 0.90% |
Central bank policy interest rate | 0.75% | 1.69% |
Downside scenario [member] | Canada [member] | Remaining 4-year forecast period [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 8.00% | 7.60% |
Real gross domestic product (GDP) | 0.30% | 1.00% |
Home prices | (3.50%) | 0.20% |
Central bank policy interest rate | 0.63% | 1.75% |
Downside scenario [member] | United States [member] | 12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 4.90% | 4.30% |
Real gross domestic product (GDP) | 0.70% | 2.60% |
Home prices | 2.40% | 4.10% |
Central bank policy interest rate | 1.06% | 2.38% |
U.S. 10-year treasury yield | 1.32% | 2.71% |
U.S. 10-year BBB spread | 1.96% | 1.87% |
Downside scenario [member] | United States [member] | Remaining 4-year forecast period [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 6.10% | 6.10% |
Real gross domestic product (GDP) | 0.20% | 1.00% |
Home prices | 1.70% | 2.40% |
Central bank policy interest rate | 1.00% | 2.22% |
U.S. 10-year treasury yield | 1.79% | 2.31% |
U.S. 10-year BBB spread | 2.19% | 2.06% |
Upside scenario [member] | 12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exchange rate (U.S. dollar/Canadian dollar) | 0.78 | 0.80 |
Upside scenario [member] | Remaining 4-year forecast period [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exchange rate (U.S. dollar/Canadian dollar) | 0.83 | 0.86 |
Upside scenario [member] | Canada [member] | 12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 5.70% | 5.80% |
Real gross domestic product (GDP) | 1.80% | 2.60% |
Home prices | 8.90% | 4.50% |
Central bank policy interest rate | 1.75% | 2.00% |
Upside scenario [member] | Canada [member] | Remaining 4-year forecast period [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 5.20% | 5.50% |
Real gross domestic product (GDP) | 2.20% | 2.20% |
Home prices | 5.90% | 5.00% |
Central bank policy interest rate | 2.16% | 3.00% |
Upside scenario [member] | United States [member] | 12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 3.60% | 3.60% |
Real gross domestic product (GDP) | 2.00% | 3.10% |
Home prices | 4.40% | 5.40% |
Central bank policy interest rate | 2.00% | 3.31% |
U.S. 10-year treasury yield | 2.25% | 4.46% |
U.S. 10-year BBB spread | 1.73% | 1.71% |
Upside scenario [member] | United States [member] | Remaining 4-year forecast period [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Unemployment rate | 3.50% | 3.40% |
Real gross domestic product (GDP) | 2.10% | 2.10% |
Home prices | 5.00% | 4.80% |
Central bank policy interest rate | 2.86% | 3.75% |
U.S. 10-year treasury yield | 3.44% | 4.43% |
U.S. 10-year BBB spread | 1.59% | 1.55% |
Loans, Impaired Loans, and Al_8
Loans, Impaired Loans, and Allowance for Credit Losses - Schedule of Change from Base to Probability-Weighted ECL (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Difference - in amount | $ 167 | $ 100 |
Difference - in percentage | 3.90% | 2.60% |
Probability weighted method [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability-weighted ECL | $ 4,271 | $ 3,872 |
Base scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Base ECL | $ 4,104 | $ 3,772 |
Loans, Impaired Loans, and Al_9
Loans, Impaired Loans, and Allowance for Credit Losses - Schedule of Incremental Lifetime ECL Impact (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | ||
Incremental lifetime ECL impact | $ 599 | $ 434 |
12-month ECL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
All performing loans and off-balance sheet instruments using 12-month ECL | 3,672 | 3,438 |
Stage One and Two [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Aggregate Stage 1 and 2 probability-weighted ECL | $ 4,271 | $ 3,872 |
Loans, Impaired Loans, and A_10
Loans, Impaired Loans, and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Foreclosed assets held for sale | $ 121 | $ 81 |
Financial assets, amortized cost | $ 108,862 | $ 127,656 |
Collateral held against impaired loans | 77.00% | 81.00% |
Modified Loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets, amortized cost | $ 407 | $ 408 |
Gross carrying amount | $ 243 | $ 0 |
Loans, Impaired Loans, and A_11
Loans, Impaired Loans, and Allowance for Credit Losses - Summary of Loans Past Due but Not Impaired (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | $ 689,055 | $ 649,942 |
Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 13,368 | 12,712 |
Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 2,224 | 1,930 |
Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 7,149 | 7,040 |
Financial assets past due but not impaired [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 1,981 | 1,956 |
Financial assets past due but not impaired [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 2,014 | 1,786 |
1-30 days [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 10,244 | 10,176 |
1-30 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 1,709 | 1,471 |
1-30 days [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 6,038 | 5,988 |
1-30 days [member] | Financial assets past due but not impaired [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 1,401 | 1,403 |
1-30 days [member] | Financial assets past due but not impaired [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 1,096 | 1,314 |
31-60 days [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 2,458 | 1,953 |
31-60 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 404 | 358 |
31-60 days [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 845 | 811 |
31-60 days [member] | Financial assets past due but not impaired [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 351 | 340 |
31-60 days [member] | Financial assets past due but not impaired [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 858 | 444 |
61 - 89 days [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 666 | 583 |
61 - 89 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 111 | 101 |
61 - 89 days [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 266 | 241 |
61 - 89 days [member] | Financial assets past due but not impaired [member] | Credit card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 229 | 213 |
61 - 89 days [member] | Financial assets past due but not impaired [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | $ 60 | $ 28 |
Transfers of Financial Assets -
Transfers of Financial Assets - Summary of Carrying Amount and Fair Value of Transferred Financial Assets Not Qualifying for Derecognition (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Other Financial Assets1 [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | $ 55,328 | $ 51,457 |
Associated liabilities | 17,428 | 24,701 |
Gross carrying amount [member] | Securitisations [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | 27,213 | 27,569 |
Associated liabilities | 27,144 | 27,301 |
Gross carrying amount [member] | Securitisations [member] | Residential mortgage loans [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | 23,689 | 23,334 |
Gross carrying amount [member] | Securitisations [member] | Other Financial Assets1 [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | 3,524 | 4,235 |
At fair value [member] | Securitisations [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | 27,230 | 27,354 |
Associated liabilities | 27,316 | 27,272 |
At fair value [member] | Securitisations [member] | Residential mortgage loans [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | 23,705 | 23,124 |
At fair value [member] | Securitisations [member] | Other Financial Assets1 [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | $ 3,525 | $ 4,230 |
Transfers of Financial Assets_2
Transfers of Financial Assets - Summary of Carrying Amount and Fair Value of Transferred Financial Assets Not Qualifying for Derecognition (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of transferred financial assets that are not derecognised in their entirety [abstract] | ||
Securitization of liabilities at amortized cost | $ 14,086 | $ 14,683 |
Securitization of liabilities at fair value | $ 13,058 | $ 12,618 |
Transfers of Financial Assets_3
Transfers of Financial Assets - Summary of Carrying Amount and Fair Value of Transferred Other Financial Assets Not Qualifying for Derecognition (Detail) - Other Financial Assets1 [member] - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | $ 55,328 | $ 51,457 |
Associated liabilities | 17,428 | 24,701 |
Repurchase agreements [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | 16,990 | 24,333 |
Securities lending agreements [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Financial assets not qualifying for derecognition | $ 38,338 | $ 27,124 |
Transfers of Financial Assets_4
Transfers of Financial Assets - Summary of Carrying Amount and Fair Value of Transferred Other Financial Assets Not Qualifying for Derecognition (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of other financial assets not qualifying for derecognition [abstract] | ||
Other assets related to repurchase agreements collateralized by precious metals | $ 1.3 | $ 2 |
Transfers Of Financial Assets_5
Transfers Of Financial Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of continuing involvement in derecognised financial assets [line items] | |||
Trading income recognized | $ 1,047 | $ 1,052 | $ 303 |
Retained interests [member] | |||
Disclosure of continuing involvement in derecognised financial assets [line items] | |||
Fair value of financial assets the Bank has continuing involvement | 19 | 25 | |
Trading income recognized | 1 | 0 | |
Servicing rights [member] | U.S. residential mortgages originated by the Bank [member] | |||
Disclosure of continuing involvement in derecognised financial assets [line items] | |||
Fair value of financial assets the Bank has continuing involvement | 51 | 57 | |
Carrying value of assets the Bank has continuing involvement | 52 | 39 | |
Gain or loss on sale of the loans | $ 14 | $ 18 |
Structured Entities - Additiona
Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
TD Capital Trust III [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Redemption of outstanding amount | $ 1,000 | |||
TD Capital Trust IV Notes [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Redemption of outstanding amount | $ 550 | |||
Asset management entities [member] | Unconsolidated structured entities [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Non-interest income received from involvement with these asset management entities | $ 2,000 | $ 1,900 | ||
Income received from structured entities | 1,800 | 1,800 | ||
Total assets under management | $ 233,900 | $ 196,100 |
Structured Entities - Summary o
Structured Entities - Summary of Carrying Amount and Maximum Exposure to Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
FINANCIAL ASSETS | ||
Trading loans, securities, and other | $ 146,000 | $ 127,897 |
Non-trading financial assets at fair value through profit or loss | 6,503 | 4,015 |
Derivatives | 48,894 | 56,996 |
Financial assets designated at fair value through profit or loss | 4,040 | 3,618 |
Financial assets at fair value through other comprehensive income | 111,104 | 130,600 |
Debt securities at amortized cost, net of allowance for credit losses | 130,497 | 107,171 |
Loans | 684,608 | 646,393 |
Other | 17,087 | 15,596 |
FINANCIAL LIABILITIES | ||
Derivatives | 50,051 | 48,270 |
Obligations related to securities sold short | 29,656 | 39,478 |
Unconsolidated structured entities [member] | ||
FINANCIAL ASSETS | ||
Trading loans, securities, and other | 9,546 | 10,190 |
Non-trading financial assets at fair value through profit or loss | 4,137 | 2,177 |
Derivatives | 70 | 826 |
Financial assets designated at fair value through profit or loss | 4 | 3 |
Financial assets at fair value through other comprehensive income | 36,010 | 48,837 |
Debt securities at amortized cost, net of allowance for credit losses | 85,456 | 68,736 |
Loans | 1,319 | 2,438 |
Other | 3,033 | 2,903 |
Total assets | 139,575 | 136,110 |
FINANCIAL LIABILITIES | ||
Derivatives | 395 | 59 |
Obligations related to securities sold short | 3,667 | 3,566 |
Total liabilities | 4,062 | 3,625 |
Off-balance sheet exposure | 22,689 | 20,786 |
Maximum exposure to loss from involvement with unconsolidated structured entities | 158,202 | 153,271 |
Size of sponsored unconsolidated structured entities | 48,906 | 47,863 |
Securitisation vehicles [member] | Unconsolidated structured entities [member] | ||
FINANCIAL ASSETS | ||
Trading loans, securities, and other | 8,450 | 9,460 |
Non-trading financial assets at fair value through profit or loss | 3,649 | 1,810 |
Financial assets at fair value through other comprehensive income | 34,451 | 47,575 |
Debt securities at amortized cost, net of allowance for credit losses | 85,456 | 68,736 |
Loans | 1,314 | 2,438 |
Other | 6 | 6 |
Total assets | 133,326 | 130,025 |
FINANCIAL LIABILITIES | ||
Obligations related to securities sold short | 3,164 | 2,937 |
Total liabilities | 3,164 | 2,937 |
Off-balance sheet exposure | 17,233 | 16,172 |
Maximum exposure to loss from involvement with unconsolidated structured entities | 147,395 | 143,260 |
Size of sponsored unconsolidated structured entities | 10,068 | 10,216 |
Investment funds and trusts [member] | Unconsolidated structured entities [member] | ||
FINANCIAL ASSETS | ||
Trading loans, securities, and other | 1,096 | 719 |
Non-trading financial assets at fair value through profit or loss | 488 | 367 |
Derivatives | 64 | 826 |
Financial assets designated at fair value through profit or loss | 4 | 3 |
Financial assets at fair value through other comprehensive income | 1,550 | 1,262 |
Loans | 5 | |
Total assets | 3,207 | 3,177 |
FINANCIAL LIABILITIES | ||
Derivatives | 395 | 59 |
Obligations related to securities sold short | 503 | 629 |
Total liabilities | 898 | 688 |
Off-balance sheet exposure | 4,234 | 3,450 |
Maximum exposure to loss from involvement with unconsolidated structured entities | 6,543 | 5,939 |
Size of sponsored unconsolidated structured entities | 37,638 | 35,897 |
Structured entities other [member] | Unconsolidated structured entities [member] | ||
FINANCIAL ASSETS | ||
Trading loans, securities, and other | 11 | |
Derivatives | 6 | |
Financial assets at fair value through other comprehensive income | 9 | |
Other | 3,027 | 2,897 |
Total assets | 3,042 | 2,908 |
FINANCIAL LIABILITIES | ||
Off-balance sheet exposure | 1,222 | 1,164 |
Maximum exposure to loss from involvement with unconsolidated structured entities | 4,264 | 4,072 |
Size of sponsored unconsolidated structured entities | $ 1,200 | $ 1,750 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Value of Derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | $ 48,894 | $ 56,996 |
Derivative financial liabilities | 50,051 | 48,270 |
Trading Derivatives [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 43,181 | 50,934 |
Derivative financial liabilities | 45,086 | 42,442 |
Trading Derivatives [member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 12,436 | 10,484 |
Derivative financial liabilities | 13,200 | 7,834 |
Trading Derivatives [member] | Interest rate contracts [member] | Forward rate agreement [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 24 | 37 |
Trading Derivatives [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 11,244 | 9,931 |
Trading Derivatives [member] | Interest rate contracts [member] | Options purchased [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 1,168 | 516 |
Trading Derivatives [member] | Interest rate contracts [member] | Forward rate agreement [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 149 | 39 |
Trading Derivatives [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 11,952 | 7,229 |
Trading Derivatives [member] | Interest rate contracts [member] | Options written [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 1,099 | 566 |
Trading Derivatives [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 28,457 | 36,613 |
Derivative financial liabilities | 27,368 | 32,178 |
Trading Derivatives [member] | Foreign exchange contracts [member] | Options purchased [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 289 | 486 |
Trading Derivatives [member] | Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 713 | 17,638 |
Trading Derivatives [member] | Foreign exchange contracts [member] | Swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 12,734 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Cross-currency interest rate swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 14,721 | 18,489 |
Trading Derivatives [member] | Foreign exchange contracts [member] | Options written [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 302 | 543 |
Trading Derivatives [member] | Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 1,540 | 15,943 |
Trading Derivatives [member] | Foreign exchange contracts [member] | Swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 12,613 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Cross-currency interest rate swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 12,913 | 15,692 |
Trading Derivatives [member] | Credit Derivative Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 16 | 9 |
Derivative financial liabilities | 241 | 231 |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Credit default swap-protection sold [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 16 | 9 |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Credit default swaps-protection purchased [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 241 | 230 |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Credit default swap-protection sold [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 1 | |
Trading Derivatives [member] | Other contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2,272 | 3,828 |
Derivative financial liabilities | 4,277 | 2,199 |
Trading Derivatives [member] | Other contracts [member] | Equity contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 748 | 2,537 |
Trading Derivatives [member] | Other contracts [member] | Commodity Derivatives [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 1,524 | 1,291 |
Trading Derivatives [member] | Other contracts [member] | Equity contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 2,942 | 1,362 |
Trading Derivatives [member] | Other contracts [member] | Commodity Derivatives [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 1,335 | 837 |
Non Trading Derivatives [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 5,713 | 6,062 |
Derivative financial liabilities | 4,965 | 5,828 |
Non Trading Derivatives [member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2,380 | 1,914 |
Derivative financial liabilities | 1,306 | 1,899 |
Non Trading Derivatives [member] | Interest rate contracts [member] | Forward rate agreement [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2 | |
Non Trading Derivatives [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2,365 | 1,893 |
Non Trading Derivatives [member] | Interest rate contracts [member] | Options purchased [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 15 | 19 |
Non Trading Derivatives [member] | Interest rate contracts [member] | Forward rate agreement [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 2 | |
Non Trading Derivatives [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 1,303 | 1,898 |
Non Trading Derivatives [member] | Interest rate contracts [member] | Options written [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 1 | 1 |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2,193 | 3,062 |
Derivative financial liabilities | 2,031 | 2,740 |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 660 | 333 |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | Swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2 | |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | Cross-currency interest rate swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 1,531 | 2,729 |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 90 | 327 |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | Swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 22 | |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | Cross-currency interest rate swaps [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 1,919 | 2,413 |
Non Trading Derivatives [member] | Credit Derivative Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 179 | 155 |
Non Trading Derivatives [member] | Credit Derivative Contracts [member] | Credit default swaps-protection purchased [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 179 | 155 |
Non Trading Derivatives [member] | Other contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 1,140 | 1,086 |
Derivative financial liabilities | 1,449 | 1,034 |
Non Trading Derivatives [member] | Other contracts [member] | Equity contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 1,140 | 1,086 |
Non Trading Derivatives [member] | Other contracts [member] | Equity contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | $ 1,449 | $ 1,034 |
Derivatives - Summary of Fair_2
Derivatives - Summary of Fair Values of Non-Trading Derivative Instruments Categorized by Hedging Relationships (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | $ 48,894 | $ 56,996 |
Derivative financial liabilities | 50,051 | 48,270 |
Derivatives held or issued for non-trading purposes [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 5,713 | 6,062 |
Derivative financial liabilities | 4,965 | 5,828 |
Derivatives held or issued for non-trading purposes [member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2,380 | 1,914 |
Derivative financial liabilities | 1,306 | 1,899 |
Derivatives held or issued for non-trading purposes [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2,193 | 3,062 |
Derivative financial liabilities | 2,031 | 2,740 |
Derivatives held or issued for non-trading purposes [member] | Credit Derivative Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 179 | 155 |
Derivatives held or issued for non-trading purposes [member] | Other contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 1,140 | 1,086 |
Derivative financial liabilities | 1,449 | 1,034 |
Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Fair value hedges [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 882 | 1,050 |
Derivative financial liabilities | 786 | 858 |
Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Fair value hedges [member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 882 | 1,050 |
Derivative financial liabilities | 786 | 858 |
Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Cash flow hedges [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 3,510 | 3,480 |
Derivative financial liabilities | 1,864 | 2,586 |
Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Cash flow hedges [member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 804 | (62) |
Derivative financial liabilities | (46) | 187 |
Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Cash flow hedges [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2,175 | 2,948 |
Derivative financial liabilities | 1,910 | 2,399 |
Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Cash flow hedges [member] | Other contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 531 | 594 |
Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Net investment hedges [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2 | 8 |
Derivative financial liabilities | 58 | 314 |
Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Net investment hedges [member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 4 | |
Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Net investment hedges [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 2 | 4 |
Derivative financial liabilities | 58 | 314 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 1,319 | 1,524 |
Derivative financial liabilities | 2,257 | 2,070 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 694 | 922 |
Derivative financial liabilities | 566 | 854 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 16 | 110 |
Derivative financial liabilities | 63 | 27 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | Credit Derivative Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial liabilities | 179 | 155 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | Other contracts [member] | ||
Disclosure Of Derivative Financial Instruments [line items] | ||
Derivative financial assets | 609 | 492 |
Derivative financial liabilities | $ 1,449 | $ 1,034 |
Derivatives - Summary of Effect
Derivatives - Summary of Effect of Fair Value Hedges and Cash Flow and Net Investment Hedges (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Change in value of hedged items for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | $ 6,870 | $ (3,167) | |
Total liabilities | (4,904) | 2,365 | |
TOTAL | 1,966 | (802) | $ (933) |
Change in value of hedged items for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Deposits 1 [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | (4,566) | 2,182 | |
Change in value of hedged items for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Securitization liabilities at amortised cost, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | (149) | 71 | |
Change in value of hedged items for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Subordinated notes and debentures [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | (189) | 112 | |
Change in value of hedged items for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Debt securities amortized cost [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 2,144 | (501) | |
Change in value of hedged items for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 3,286 | (1,874) | |
Change in value of hedged items for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Loans [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 1,440 | (792) | |
Change in value of hedged items for ineffectiveness measurement [member] | Cash flow hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | (4,958) | 2,070 | |
Change in value of hedged items for ineffectiveness measurement [member] | Cash flow hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | (5,087) | 2,585 | |
Change in value of hedged items for ineffectiveness measurement [member] | Cash flow hedges [member] | Currency risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 251 | (449) | |
Change in value of hedged items for ineffectiveness measurement [member] | Cash flow hedges [member] | Equity price risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | (122) | (66) | |
Change in value of hedged items for ineffectiveness measurement [member] | Net investment hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | (180) | 392 | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (6,917) | 3,168 | |
Total liabilities | 4,925 | (2,364) | |
TOTAL | (1,992) | 804 | 914 |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Deposits 1 [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 4,584 | (2,179) | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Securitization liabilities at amortised cost, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 151 | (73) | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Subordinated notes and debentures [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 190 | (112) | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Debt securities amortized cost [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (2,160) | 507 | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (3,299) | 1,869 | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Fair value hedges [member] | Interest rate risk [member] | Loans [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (1,458) | 792 | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Cash flow hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 4,961 | (2,072) | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Cash flow hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 5,089 | (2,587) | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Cash flow hedges [member] | Currency risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | (250) | 449 | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Cash flow hedges [member] | Equity price risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 122 | 66 | |
Change in fair value of hedging instruments for ineffectiveness measurement [member] | Net investment hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 180 | (392) | |
Hedge ineffectiveness [member] | Fair value hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (47) | 1 | |
Total liabilities | 21 | 1 | |
TOTAL | (26) | 2 | (19) |
Hedge ineffectiveness [member] | Fair value hedges [member] | Interest rate risk [member] | Deposits 1 [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 18 | 3 | |
Hedge ineffectiveness [member] | Fair value hedges [member] | Interest rate risk [member] | Securitization liabilities at amortised cost, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 2 | (2) | |
Hedge ineffectiveness [member] | Fair value hedges [member] | Interest rate risk [member] | Subordinated notes and debentures [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 1 | ||
Hedge ineffectiveness [member] | Fair value hedges [member] | Interest rate risk [member] | Debt securities amortized cost [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (16) | 6 | |
Hedge ineffectiveness [member] | Fair value hedges [member] | Interest rate risk [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (13) | (5) | |
Hedge ineffectiveness [member] | Fair value hedges [member] | Interest rate risk [member] | Loans [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (18) | ||
Hedge ineffectiveness [member] | Cash flow hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 3 | (2) | (2) |
Hedge ineffectiveness [member] | Cash flow hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 2 | (2) | |
Hedge ineffectiveness [member] | Cash flow hedges [member] | Currency risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 1 | ||
Carrying amounts hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 184,846 | 161,993 | |
Total liabilities | 136,154 | 102,137 | |
Carrying amounts hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Deposits 1 [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 125,602 | 93,150 | |
Carrying amounts hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Securitization liabilities at amortised cost, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 5,481 | 4,960 | |
Carrying amounts hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Subordinated notes and debentures [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 5,071 | 4,027 | |
Carrying amounts hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Debt securities amortized cost [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 46,888 | 30,032 | |
Carrying amounts hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 78,688 | 86,804 | |
Carrying amounts hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Loans [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 59,270 | 45,157 | |
Accumulated amount of fair value hedge adjustments on hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 2,823 | (4,043) | |
Total liabilities | 2,268 | (2,583) | |
Accumulated amount of fair value hedge adjustments on hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Deposits 1 [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 2,214 | (2,301) | |
Accumulated amount of fair value hedge adjustments on hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Securitization liabilities at amortised cost, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | 82 | (52) | |
Accumulated amount of fair value hedge adjustments on hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Subordinated notes and debentures [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | (28) | (230) | |
Accumulated amount of fair value hedge adjustments on hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Debt securities amortized cost [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 1,502 | (618) | |
Accumulated amount of fair value hedge adjustments on hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 580 | (2,699) | |
Accumulated amount of fair value hedge adjustments on hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Loans [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | 741 | (726) | |
Accumulated amount of fair value hedge adjustments on de-designated hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (125) | (180) | |
Total liabilities | (146) | (147) | |
Accumulated amount of fair value hedge adjustments on de-designated hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Deposits 1 [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | (11) | (4) | |
Accumulated amount of fair value hedge adjustments on de-designated hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Subordinated notes and debentures [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total liabilities | (135) | (143) | |
Accumulated amount of fair value hedge adjustments on de-designated hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (119) | (172) | |
Accumulated amount of fair value hedge adjustments on de-designated hedged items [member] | Fair value hedges [member] | Interest rate risk [member] | Loans [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Total assets | (6) | (8) | |
Hedging gain losses recognized in other comprehensive income [member] | Cash flow hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 4,697 | (2,100) | (2,229) |
Hedging gain losses recognized in other comprehensive income [member] | Cash flow hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 5,041 | (2,528) | |
Hedging gain losses recognized in other comprehensive income [member] | Cash flow hedges [member] | Currency risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | (466) | 362 | |
Hedging gain losses recognized in other comprehensive income [member] | Cash flow hedges [member] | Equity price risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 122 | 66 | |
Hedging gain losses recognized in other comprehensive income [member] | Net investment hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 180 | (392) | 890 |
Amounts reclassified from accumulated other comprehensive income loss to earnings [member] | Cash flow hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | (673) | 738 | 1,077 |
Amounts reclassified from accumulated other comprehensive income loss to earnings [member] | Cash flow hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | (218) | 335 | |
Amounts reclassified from accumulated other comprehensive income loss to earnings [member] | Cash flow hedges [member] | Currency risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | (572) | 306 | |
Amounts reclassified from accumulated other comprehensive income loss to earnings [member] | Cash flow hedges [member] | Equity price risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 117 | 97 | |
Amounts reclassified from accumulated other comprehensive income loss to earnings [member] | Net investment hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | $ (8) | ||
Net Change In Other Comprehensive Income Loss [member] | Cash flow hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 5,370 | (2,838) | |
Net Change In Other Comprehensive Income Loss [member] | Cash flow hedges [member] | Interest rate risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 5,259 | (2,863) | |
Net Change In Other Comprehensive Income Loss [member] | Cash flow hedges [member] | Currency risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 106 | 56 | |
Net Change In Other Comprehensive Income Loss [member] | Cash flow hedges [member] | Equity price risk [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 5 | (31) | |
Net Change In Other Comprehensive Income Loss [member] | Net investment hedges [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | $ 180 | $ (392) |
Derivatives - Summary of Reconc
Derivatives - Summary of Reconciliation of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flow hedges [member] | Accumulated other comprehensive income (loss) [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | $ 1,981 | $ (3,389) | $ (551) |
Cash flow hedges [member] | Net Change In Other Comprehensive Income Loss [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 5,370 | (2,838) | |
Cash flow hedges [member] | Accumulated Other Comprehensive Income Designated Hedge [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 1,604 | (1,978) | |
Cash flow hedges [member] | Accumulated Other Comprehensive Income De-Designated Hedge [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 377 | (1,411) | |
Cash flow hedges [member] | Interest rate risk [member] | Accumulated other comprehensive income (loss) [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 1,603 | (3,656) | (793) |
Cash flow hedges [member] | Interest rate risk [member] | Net Change In Other Comprehensive Income Loss [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 5,259 | (2,863) | |
Cash flow hedges [member] | Interest rate risk [member] | Accumulated Other Comprehensive Income Designated Hedge [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 1,226 | (2,245) | |
Cash flow hedges [member] | Interest rate risk [member] | Accumulated Other Comprehensive Income De-Designated Hedge [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 377 | (1,411) | |
Cash flow hedges [member] | Currency risk [member] | Accumulated other comprehensive income (loss) [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 353 | 247 | 191 |
Cash flow hedges [member] | Currency risk [member] | Net Change In Other Comprehensive Income Loss [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 106 | 56 | |
Cash flow hedges [member] | Currency risk [member] | Accumulated Other Comprehensive Income Designated Hedge [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 353 | 247 | |
Cash flow hedges [member] | Equity price risk [member] | Accumulated other comprehensive income (loss) [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 25 | 20 | 51 |
Cash flow hedges [member] | Equity price risk [member] | Net Change In Other Comprehensive Income Loss [member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 5 | (31) | |
Cash flow hedges [member] | Equity price risk [member] | Accumulated Other Comprehensive Income Designated Hedge [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
TOTAL | 25 | 20 | |
Net investment hedges [member] | Accumulated other comprehensive income (loss) [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Foreign translation risk | (5,509) | (5,689) | $ (5,297) |
Net investment hedges [member] | Net Change In Other Comprehensive Income Loss [member] | |||
Disclosure of detailed information about hedges [line items] | |||
Foreign translation risk | 180 | (392) | |
Net investment hedges [member] | Accumulated Other Comprehensive Income Designated Hedge [Member] | |||
Disclosure of detailed information about hedges [line items] | |||
Foreign translation risk | $ (5,509) | $ (5,689) |
Derivatives - Summary of Notion
Derivatives - Summary of Notional Amounts of Over the Counter and Exchange Traded Derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Notional amount | $ 571,543 | $ 510,046 |
Trading Derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16,052,623 | |
Trading Derivatives [member] | Over -the-counter clearing houses [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 11,207,946 | |
Trading Derivatives [member] | Over-the-counter non-clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 3,520,263 | |
Trading Derivatives [member] | Exchange traded contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,324,414 | |
Trading Derivatives [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 13,056,103 | |
Trading Derivatives [member] | Interest rate contracts [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 884,565 | |
Trading Derivatives [member] | Interest rate contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,846,060 | |
Trading Derivatives [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 9,770,263 | |
Trading Derivatives [member] | Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 245,796 | |
Trading Derivatives [member] | Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 309,419 | |
Trading Derivatives [member] | Interest rate contracts [member] | Over -the-counter clearing houses [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 11,197,668 | |
Trading Derivatives [member] | Interest rate contracts [member] | Over -the-counter clearing houses [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,817,528 | |
Trading Derivatives [member] | Interest rate contracts [member] | Over -the-counter clearing houses [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 9,380,140 | |
Trading Derivatives [member] | Interest rate contracts [member] | Over-the-counter non-clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 650,346 | |
Trading Derivatives [member] | Interest rate contracts [member] | Over-the-counter non-clearing house [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 28,532 | |
Trading Derivatives [member] | Interest rate contracts [member] | Over-the-counter non-clearing house [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 390,123 | |
Trading Derivatives [member] | Interest rate contracts [member] | Over-the-counter non-clearing house [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 109,532 | |
Trading Derivatives [member] | Interest rate contracts [member] | Over-the-counter non-clearing house [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 122,159 | |
Trading Derivatives [member] | Interest rate contracts [member] | Exchange traded contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,208,089 | |
Trading Derivatives [member] | Interest rate contracts [member] | Exchange traded contracts [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 884,565 | |
Trading Derivatives [member] | Interest rate contracts [member] | Exchange traded contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 136,264 | |
Trading Derivatives [member] | Interest rate contracts [member] | Exchange traded contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 187,260 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,730,333 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 169,992 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,654 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,295 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,747,596 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 757,780 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Over-the-counter non-clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,730,300 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Over-the-counter non-clearing house [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 169,992 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Over-the-counter non-clearing house [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,639 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Over-the-counter non-clearing house [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,293 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Over-the-counter non-clearing house [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,747,596 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Over-the-counter non-clearing house [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 757,780 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Exchange traded contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 33 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Exchange traded contracts [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Exchange traded contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 15 | |
Trading Derivatives [member] | Foreign exchange contracts [member] | Exchange traded contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2 | |
Trading Derivatives [member] | Credit Derivative Contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 10,583 | |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Credit default swaps-protection purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 9,471 | |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Credit default swap-protection sold [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,112 | |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Over -the-counter clearing houses [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 10,178 | |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Over -the-counter clearing houses [member] | Credit default swaps-protection purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 9,222 | |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Over -the-counter clearing houses [member] | Credit default swap-protection sold [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 956 | |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Over-the-counter non-clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 405 | |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Over-the-counter non-clearing house [member] | Credit default swaps-protection purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 249 | |
Trading Derivatives [member] | Credit Derivative Contracts [member] | Over-the-counter non-clearing house [member] | Credit default swap-protection sold [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 156 | |
Trading Derivatives [member] | Other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 255,604 | |
Trading Derivatives [member] | Other contracts [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 158,917 | |
Trading Derivatives [member] | Other contracts [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 96,687 | |
Trading Derivatives [member] | Other contracts [member] | Over -the-counter clearing houses [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 100 | |
Trading Derivatives [member] | Other contracts [member] | Over -the-counter clearing houses [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 100 | |
Trading Derivatives [member] | Other contracts [member] | Over-the-counter non-clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 139,212 | |
Trading Derivatives [member] | Other contracts [member] | Over-the-counter non-clearing house [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 92,327 | |
Trading Derivatives [member] | Other contracts [member] | Over-the-counter non-clearing house [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 46,885 | |
Trading Derivatives [member] | Other contracts [member] | Exchange traded contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 116,292 | |
Trading Derivatives [member] | Other contracts [member] | Exchange traded contracts [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 66,590 | |
Trading Derivatives [member] | Other contracts [member] | Exchange traded contracts [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 49,702 | |
Non Trading Derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,805,298 | |
Non Trading Derivatives [member] | Over -the-counter clearing houses [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,454,000 | 1,244,000 |
Non Trading Derivatives [member] | Over-the-counter non-clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 352,000 | 337,000 |
Non Trading Derivatives [member] | Exchange traded contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 0 | 0 |
Non Trading Derivatives [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,649,296 | |
Non Trading Derivatives [member] | Interest rate contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 867 | |
Non Trading Derivatives [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,642,583 | |
Non Trading Derivatives [member] | Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 472 | |
Non Trading Derivatives [member] | Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 5,374 | |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 123,349 | |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 20,473 | |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,955 | |
Non Trading Derivatives [member] | Foreign exchange contracts [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 100,921 | |
Non Trading Derivatives [member] | Credit Derivative Contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 3,199 | |
Non Trading Derivatives [member] | Credit Derivative Contracts [member] | Credit default swaps-protection purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 3,199 | |
Non Trading Derivatives [member] | Other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 29,454 | |
Non Trading Derivatives [member] | Other contracts [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 29,454 | |
Derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 17,857,921 | 14,328,813 |
Derivatives [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 14,705,399 | 11,418,156 |
Derivatives [member] | Interest rate contracts [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 884,565 | 575,825 |
Derivatives [member] | Interest rate contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,846,927 | 970,904 |
Derivatives [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 11,412,846 | 9,442,704 |
Derivatives [member] | Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 246,268 | 200,948 |
Derivatives [member] | Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 314,793 | 227,775 |
Derivatives [member] | Foreign exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,853,682 | 2,678,403 |
Derivatives [member] | Foreign exchange contracts [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16 | 24 |
Derivatives [member] | Foreign exchange contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 190,465 | 1,825,682 |
Derivatives [member] | Foreign exchange contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,654 | 34,090 |
Derivatives [member] | Foreign exchange contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,295 | 32,655 |
Derivatives [member] | Foreign exchange contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,749,551 | 6 |
Derivatives [member] | Foreign exchange contracts [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 858,701 | 785,946 |
Derivatives [member] | Credit Derivative Contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 13,782 | 13,734 |
Derivatives [member] | Credit Derivative Contracts [member] | Credit default swaps-protection purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 12,670 | 12,612 |
Derivatives [member] | Credit Derivative Contracts [member] | Credit default swap-protection sold [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,112 | 1,122 |
Derivatives [member] | Other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 285,058 | 218,520 |
Derivatives [member] | Other contracts [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 188,371 | 145,327 |
Derivatives [member] | Other contracts [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | $ 96,687 | $ 73,193 |
Derivatives - Summary of Noti_2
Derivatives - Summary of Notional Amounts of Over the Counter and Exchange Traded Derivatives (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Notional amount | $ 571,543 | $ 510,046 |
Non Trading Derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,805,298 | |
Non Trading Derivatives [member] | Over -the-counter clearing houses [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,454,000 | 1,244,000 |
Non Trading Derivatives [member] | Over-the-counter non-clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 352,000 | 337,000 |
Non Trading Derivatives [member] | Exchange traded contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | $ 0 | $ 0 |
Derivatives - Schedule of Notio
Derivatives - Schedule of Notional Amount of Non-trading Derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Total notional non-trading | $ 571,543 | $ 510,046 |
Derivatives held or issued for non-trading purposes [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 1,805,298 | 1,580,937 |
Derivatives held or issued for non-trading purposes [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 1,649,296 | 1,421,656 |
Derivatives held or issued for non-trading purposes [member] | Foreign exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 123,349 | 126,106 |
Derivatives held or issued for non-trading purposes [member] | Credit Derivative Contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 3,199 | 2,745 |
Derivatives held or issued for non-trading purposes [member] | Other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 29,454 | 30,430 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 1,112,887 | 965,114 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 1,077,788 | 922,323 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | Foreign exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 4,525 | 11,674 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | Credit Derivative Contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 3,199 | 2,745 |
Derivatives held or issued for non-trading purposes [member] | Derivatives not in qualifying hedging relationships [member] | Other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 27,375 | 28,372 |
Fair value hedges [member] | Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 337,374 | 282,718 |
Fair value hedges [member] | Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 337,374 | 282,718 |
Cash flow hedges [member] | Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 353,745 | 330,210 |
Cash flow hedges [member] | Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 234,134 | 214,969 |
Cash flow hedges [member] | Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Foreign exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 117,532 | 113,183 |
Cash flow hedges [member] | Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 2,079 | 2,058 |
Net investment hedges [member] | Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 1,292 | 2,895 |
Net investment hedges [member] | Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | 1,646 | |
Net investment hedges [member] | Derivatives held or issued for non-trading purposes [member] | Derivatives in qualifying hedging relationships [member] | Foreign exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Total notional non-trading | $ 1,292 | $ 1,249 |
Derivatives - Summary of Noti_3
Derivatives - Summary of Notional Amounts of Over-the-counter Derivatives and Exchange-traded Derivatives Based on Their Contractual Terms to Maturity (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Notional amount | $ 571,543 | $ 510,046 |
Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 109,696 | |
Over 1 year to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 360,140 | |
Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 101,707 | |
Derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 17,857,921 | 14,328,813 |
Derivatives [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 9,763,105 | |
Derivatives [member] | Over 1 year to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 5,989,012 | |
Derivatives [member] | Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,105,804 | |
Derivatives [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 14,705,399 | 11,418,156 |
Derivatives [member] | Interest rate contracts [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 884,565 | 575,825 |
Derivatives [member] | Interest rate contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,846,927 | 970,904 |
Derivatives [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 11,412,846 | 9,442,704 |
Derivatives [member] | Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 246,268 | 200,948 |
Derivatives [member] | Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 314,793 | 227,775 |
Derivatives [member] | Interest rate contracts [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 7,335,343 | |
Derivatives [member] | Interest rate contracts [member] | Within 1 year [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 672,570 | |
Derivatives [member] | Interest rate contracts [member] | Within 1 year [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,793,862 | |
Derivatives [member] | Interest rate contracts [member] | Within 1 year [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,455,050 | |
Derivatives [member] | Interest rate contracts [member] | Within 1 year [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 183,359 | |
Derivatives [member] | Interest rate contracts [member] | Within 1 year [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 230,502 | |
Derivatives [member] | Interest rate contracts [member] | Over 1 year to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 5,430,855 | |
Derivatives [member] | Interest rate contracts [member] | Over 1 year to 5 years [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 211,995 | |
Derivatives [member] | Interest rate contracts [member] | Over 1 year to 5 years [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 53,065 | |
Derivatives [member] | Interest rate contracts [member] | Over 1 year to 5 years [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 5,042,224 | |
Derivatives [member] | Interest rate contracts [member] | Over 1 year to 5 years [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 50,575 | |
Derivatives [member] | Interest rate contracts [member] | Over 1 year to 5 years [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 72,996 | |
Derivatives [member] | Interest rate contracts [member] | Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,939,201 | |
Derivatives [member] | Interest rate contracts [member] | Over 5 years [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,915,572 | |
Derivatives [member] | Interest rate contracts [member] | Over 5 years [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 12,334 | |
Derivatives [member] | Interest rate contracts [member] | Over 5 years [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 11,295 | |
Derivatives [member] | Foreign exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,853,682 | 2,678,403 |
Derivatives [member] | Foreign exchange contracts [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16 | 24 |
Derivatives [member] | Foreign exchange contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 190,465 | 1,825,682 |
Derivatives [member] | Foreign exchange contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,654 | 34,090 |
Derivatives [member] | Foreign exchange contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,295 | 32,655 |
Derivatives [member] | Foreign exchange contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,749,551 | 6 |
Derivatives [member] | Foreign exchange contracts [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 858,701 | 785,946 |
Derivatives [member] | Foreign exchange contracts [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,199,215 | |
Derivatives [member] | Foreign exchange contracts [member] | Within 1 year [member] | Futures contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16 | |
Derivatives [member] | Foreign exchange contracts [member] | Within 1 year [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 177,645 | |
Derivatives [member] | Foreign exchange contracts [member] | Within 1 year [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 23,596 | |
Derivatives [member] | Foreign exchange contracts [member] | Within 1 year [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 23,195 | |
Derivatives [member] | Foreign exchange contracts [member] | Within 1 year [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,714,371 | |
Derivatives [member] | Foreign exchange contracts [member] | Within 1 year [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 260,392 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 1 year to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 495,273 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 1 year to 5 years [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 12,719 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 1 year to 5 years [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 3,788 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 1 year to 5 years [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 3,823 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 1 year to 5 years [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 32,812 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 1 year to 5 years [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 442,131 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 159,194 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 5 years [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 101 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 5 years [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 270 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 5 years [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 277 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 5 years [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,368 | |
Derivatives [member] | Foreign exchange contracts [member] | Over 5 years [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 156,178 | |
Derivatives [member] | Credit Derivative Contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 13,782 | 13,734 |
Derivatives [member] | Credit Derivative Contracts [member] | Credit default swaps-protection purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 12,670 | 12,612 |
Derivatives [member] | Credit Derivative Contracts [member] | Credit default swap-protection sold [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,112 | 1,122 |
Derivatives [member] | Credit Derivative Contracts [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,199 | |
Derivatives [member] | Credit Derivative Contracts [member] | Within 1 year [member] | Credit default swaps-protection purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,066 | |
Derivatives [member] | Credit Derivative Contracts [member] | Within 1 year [member] | Credit default swap-protection sold [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 133 | |
Derivatives [member] | Credit Derivative Contracts [member] | Over 1 year to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 5,020 | |
Derivatives [member] | Credit Derivative Contracts [member] | Over 1 year to 5 years [member] | Credit default swaps-protection purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,316 | |
Derivatives [member] | Credit Derivative Contracts [member] | Over 1 year to 5 years [member] | Credit default swap-protection sold [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 704 | |
Derivatives [member] | Credit Derivative Contracts [member] | Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 6,563 | |
Derivatives [member] | Credit Derivative Contracts [member] | Over 5 years [member] | Credit default swaps-protection purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 6,288 | |
Derivatives [member] | Credit Derivative Contracts [member] | Over 5 years [member] | Credit default swap-protection sold [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 275 | |
Derivatives [member] | Other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 285,058 | 218,520 |
Derivatives [member] | Other contracts [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 188,371 | 145,327 |
Derivatives [member] | Other contracts [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 96,687 | $ 73,193 |
Derivatives [member] | Other contracts [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 226,348 | |
Derivatives [member] | Other contracts [member] | Within 1 year [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 146,954 | |
Derivatives [member] | Other contracts [member] | Within 1 year [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 79,394 | |
Derivatives [member] | Other contracts [member] | Over 1 year to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 57,864 | |
Derivatives [member] | Other contracts [member] | Over 1 year to 5 years [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 41,404 | |
Derivatives [member] | Other contracts [member] | Over 1 year to 5 years [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16,460 | |
Derivatives [member] | Other contracts [member] | Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 846 | |
Derivatives [member] | Other contracts [member] | Over 5 years [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 13 | |
Derivatives [member] | Other contracts [member] | Over 5 years [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | $ 833 |
Derivatives - Summary of Hedgin
Derivatives - Summary of Hedging Instruments by Term to Maturity (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2019CAD ($)€ / CAD$ / CAD€ / CAD_per_EUR£ / CAD | Oct. 31, 2018CAD ($) | |
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 571,543 | $ 510,046 |
Interest rate risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 450,657 | 393,557 |
Interest rate risk [member] | Swaps [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 173,500 | |
Interest rate risk [member] | Swaps [member] | Pay fixed [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 201,878 | 181,544 |
Interest rate risk [member] | Swaps [member] | Receive fixed [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 248,779 | 212,013 |
Foreign exchange risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 118,794 | 114,431 |
Foreign exchange risk [member] | Forward contract [member] | U.S. Dollar [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 1,063 | 1,610 |
Foreign exchange risk [member] | Forward contract [member] | EUR [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 17,009 | 17,283 |
Foreign exchange risk [member] | Forward contract [member] | Others [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 1,292 | 1,249 |
Foreign exchange risk [member] | Cross currency swaps [member] | U.S. Dollar [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 49,455 | 49,487 |
Foreign exchange risk [member] | Cross currency swaps [member] | EUR [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 23,474 | 17,049 |
Foreign exchange risk [member] | Cross currency swaps [member] | Others [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 21,468 | 23,799 |
Foreign exchange risk [member] | Cross currency swaps [member] | GBP [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 5,033 | 3,954 |
Equity price risk [member] | Equity derivatives forwards contracts [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 2,092 | $ 2,058 |
Within 1 year [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 109,696 | |
Within 1 year [member] | Interest rate risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 75,810 | |
Within 1 year [member] | Interest rate risk [member] | Swaps [member] | Pay fixed [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 43,299 | |
Average fixed interest rate | 1.72 | |
Within 1 year [member] | Interest rate risk [member] | Swaps [member] | Receive fixed [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 32,511 | |
Average fixed interest rate | 1.92 | |
Within 1 year [member] | Foreign exchange risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 31,794 | |
Within 1 year [member] | Foreign exchange risk [member] | Forward contract [member] | U.S. Dollar [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 784 | |
Average foreign exchange rate | $ / CAD | 1.31 | |
Within 1 year [member] | Foreign exchange risk [member] | Forward contract [member] | EUR [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 3,001 | |
Average foreign exchange rate | € / CAD | 1.52 | |
Within 1 year [member] | Foreign exchange risk [member] | Forward contract [member] | Others [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 1,292 | |
Within 1 year [member] | Foreign exchange risk [member] | Cross currency swaps [member] | U.S. Dollar [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 12,149 | |
Average foreign exchange rate | $ / CAD | 1.26 | |
Within 1 year [member] | Foreign exchange risk [member] | Cross currency swaps [member] | EUR [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 5,509 | |
Average foreign exchange rate | € / CAD_per_EUR | 1.48 | |
Within 1 year [member] | Foreign exchange risk [member] | Cross currency swaps [member] | Others [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 8,718 | |
Within 1 year [member] | Foreign exchange risk [member] | Cross currency swaps [member] | GBP [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 341 | |
Average foreign exchange rate | £ / CAD | 1.74 | |
Within 1 year [member] | Equity price risk [member] | Equity derivatives forwards contracts [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 2,092 | |
Over 1 year to 5 years [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 360,140 | |
Over 1 year to 5 years [member] | Interest rate risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 280,629 | |
Over 1 year to 5 years [member] | Interest rate risk [member] | Swaps [member] | Pay fixed [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 118,366 | |
Average fixed interest rate | 1.85 | |
Over 1 year to 5 years [member] | Interest rate risk [member] | Swaps [member] | Receive fixed [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 162,263 | |
Average fixed interest rate | 2.19 | |
Over 1 year to 5 years [member] | Foreign exchange risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 79,511 | |
Over 1 year to 5 years [member] | Foreign exchange risk [member] | Forward contract [member] | U.S. Dollar [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 279 | |
Average foreign exchange rate | $ / CAD | 1.32 | |
Over 1 year to 5 years [member] | Foreign exchange risk [member] | Forward contract [member] | EUR [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 12,434 | |
Average foreign exchange rate | € / CAD | 1.62 | |
Over 1 year to 5 years [member] | Foreign exchange risk [member] | Cross currency swaps [member] | U.S. Dollar [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 35,023 | |
Average foreign exchange rate | $ / CAD | 1.30 | |
Over 1 year to 5 years [member] | Foreign exchange risk [member] | Cross currency swaps [member] | EUR [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 14,660 | |
Average foreign exchange rate | € / CAD_per_EUR | 1.50 | |
Over 1 year to 5 years [member] | Foreign exchange risk [member] | Cross currency swaps [member] | Others [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 12,423 | |
Over 1 year to 5 years [member] | Foreign exchange risk [member] | Cross currency swaps [member] | GBP [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 4,692 | |
Average foreign exchange rate | £ / CAD | 1.70 | |
Over 5 years [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 101,707 | |
Over 5 years [member] | Interest rate risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | 94,218 | |
Over 5 years [member] | Interest rate risk [member] | Swaps [member] | Pay fixed [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 40,213 | |
Average fixed interest rate | 2.21 | |
Over 5 years [member] | Interest rate risk [member] | Swaps [member] | Receive fixed [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 54,005 | |
Average fixed interest rate | 1.69 | |
Over 5 years [member] | Foreign exchange risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 7,489 | |
Over 5 years [member] | Foreign exchange risk [member] | Forward contract [member] | EUR [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 1,574 | |
Average foreign exchange rate | € / CAD | 1.75 | |
Over 5 years [member] | Foreign exchange risk [member] | Cross currency swaps [member] | U.S. Dollar [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 2,283 | |
Average foreign exchange rate | $ / CAD | 1.32 | |
Over 5 years [member] | Foreign exchange risk [member] | Cross currency swaps [member] | EUR [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 3,305 | |
Average foreign exchange rate | € / CAD_per_EUR | 1.48 | |
Over 5 years [member] | Foreign exchange risk [member] | Cross currency swaps [member] | Others [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Derivative notional amount | $ 327 |
Derivatives - Summary of Hedg_2
Derivatives - Summary of Hedging Instruments by Term to Maturity (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of hedging instruments by term to maturity [line items] | ||
Notional amount | $ 571,543 | $ 510,046 |
Interest rate risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Notional amount | 450,657 | 393,557 |
Foreign exchange risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Notional amount | 118,794 | 114,431 |
Net investment hedges [member] | Foreign exchange risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Carrying value of foreign currency denominated deposit liabilities | 23,900 | 15,300 |
Swaps [member] | Interest rate risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Notional amount | 173,500 | |
Swaps [member] | Foreign exchange risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Notional amount interest rate | 26,800 | |
Cross currency swaps [member] | Foreign exchange risk [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Notional amount interest rate | 39,500 | |
Multiple derivatives including interest rate swaps [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of hedging instruments by term to maturity [line items] | ||
Notional amount | $ 120,900 | $ 105,800 |
Derivatives - Credit Exposure o
Derivatives - Credit Exposure of Derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial assets [line items] | ||
Current replacement cost | $ 11,254 | $ 12,681 |
Credit equivalent amount | 60,512 | 54,881 |
Risk-weighted amount | 7,428 | 6,978 |
Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 3,374 | 12,159 |
Credit equivalent amount | 10,630 | 16,389 |
Risk-weighted amount | 2,360 | 4,507 |
Interest rate contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 31 | 21 |
Credit equivalent amount | 536 | 56 |
Risk-weighted amount | 449 | 15 |
Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 3,210 | 11,630 |
Credit equivalent amount | 9,635 | 15,557 |
Risk-weighted amount | 1,809 | 4,193 |
Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 133 | 508 |
Credit equivalent amount | 459 | 776 |
Risk-weighted amount | 102 | 299 |
Foreign exchange contracts [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4,255 | 39,309 |
Credit equivalent amount | 27,492 | 77,514 |
Risk-weighted amount | 3,276 | 11,471 |
Foreign exchange contracts [member] | Forward rate agreement [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 434 | 17,605 |
Credit equivalent amount | 2,555 | 35,543 |
Risk-weighted amount | 375 | 4,247 |
Foreign exchange contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1,961 | |
Credit equivalent amount | 14,286 | |
Risk-weighted amount | 1,635 | |
Foreign exchange contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 48 | 486 |
Credit equivalent amount | 363 | 1,029 |
Risk-weighted amount | 83 | 212 |
Foreign exchange contracts [member] | Cross-currency interest rate swaps [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1,812 | 21,218 |
Credit equivalent amount | 10,288 | 40,942 |
Risk-weighted amount | 1,183 | 7,012 |
Other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 540 | 4,147 |
Credit equivalent amount | 9,423 | 10,287 |
Risk-weighted amount | 1,443 | 1,579 |
Other contracts [member] | Credit Derivative Contracts [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 6 | 3 |
Credit equivalent amount | 634 | 358 |
Risk-weighted amount | 149 | 145 |
Other contracts [member] | Equity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 151 | 3,043 |
Credit equivalent amount | 5,706 | 7,383 |
Risk-weighted amount | 667 | 920 |
Other contracts [member] | Commodity contracts [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 383 | 1,101 |
Credit equivalent amount | 3,083 | 2,546 |
Risk-weighted amount | 627 | 514 |
Before master netting agreements [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 8,169 | 55,615 |
Credit equivalent amount | 47,545 | 104,190 |
Risk-weighted amount | 7,079 | 17,557 |
Impact of master netting agreements [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 34,205 | |
Credit equivalent amount | 54,039 | |
Risk-weighted amount | 11,464 | |
After master netting agreements [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 8,169 | 21,410 |
Credit equivalent amount | 47,545 | 50,151 |
Risk-weighted amount | 7,079 | 6,093 |
Derivatives impact of collateral [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 8,884 | |
Credit equivalent amount | 9,602 | |
Risk-weighted amount | 1,173 | |
Derivatives after impact of collateral [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 8,169 | 12,526 |
Credit equivalent amount | 47,545 | 40,549 |
Risk-weighted amount | 7,079 | 4,920 |
Derivatives qualifying central counterparty contracts [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 3,085 | 155 |
Credit equivalent amount | 12,967 | 14,332 |
Risk-weighted amount | $ 349 | $ 2,058 |
Derivatives - Summary of Curren
Derivatives - Summary of Current Replacement Cost of Derivatives by Sector (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | $ 236,027 | $ 217,493 |
Less: impact of master netting agreements and collateral | 16,992 | 11,243 |
Current replacement cost [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 8,169 | 55,615 |
Less: impact of master netting agreements and collateral | 43,089 | |
Derivatives, net | 8,169 | 12,526 |
Current replacement cost [member] | Financial [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 2,741 | 37,642 |
Current replacement cost [member] | Government [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 2,100 | 14,543 |
Current replacement cost [member] | Other deferred tax assets [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 3,328 | 3,430 |
Canada [member] | Current replacement cost [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 5,531 | 41,340 |
Derivatives, net | 2,768 | 3,898 |
Canada [member] | Current replacement cost [member] | Financial [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 2,416 | 29,608 |
Canada [member] | Current replacement cost [member] | Government [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 1,836 | 9,737 |
Canada [member] | Current replacement cost [member] | Other deferred tax assets [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 1,279 | 1,995 |
United States [member] | Current replacement cost [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 1,654 | 1,391 |
Derivatives, net | 2,936 | 4,887 |
United States [member] | Current replacement cost [member] | Financial [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 80 | 930 |
United States [member] | Current replacement cost [member] | Government [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 43 | 102 |
United States [member] | Current replacement cost [member] | Other deferred tax assets [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 1,531 | 359 |
Other international [member] | Current replacement cost [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 984 | 12,884 |
Derivatives, net | 2,465 | 3,741 |
Other international [member] | Current replacement cost [member] | Financial [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 245 | 7,104 |
Other international [member] | Current replacement cost [member] | Government [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | 221 | 4,704 |
Other international [member] | Current replacement cost [member] | Other deferred tax assets [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, gross | $ 518 | $ 1,076 |
Derivatives - Summary of Curr_2
Derivatives - Summary of Current Replacement Cost of Derivatives by Location (Detail) - Current replacement cost [member] - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Current replacement cost of derivatives [line items] | ||
Derivatives, net | $ 8,169 | $ 12,526 |
After master netting agreements, percentage mix | 100.00% | 100.00% |
Canada [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, net | $ 2,768 | $ 3,898 |
After master netting agreements, percentage mix | 33.90% | 31.10% |
United States [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, net | $ 2,936 | $ 4,887 |
After master netting agreements, percentage mix | 36.00% | 39.00% |
Other international [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, net | $ 2,465 | $ 3,741 |
After master netting agreements, percentage mix | 30.10% | 29.90% |
Other international [member] | United Kingdom [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, net | $ 501 | $ 487 |
After master netting agreements, percentage mix | 6.10% | 3.90% |
Other international [member] | Europe [Member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, net | $ 1,211 | $ 2,183 |
After master netting agreements, percentage mix | 14.80% | 17.40% |
Other international [member] | All other countries [member] | ||
Current replacement cost of derivatives [line items] | ||
Derivatives, net | $ 753 | $ 1,071 |
After master netting agreements, percentage mix | 9.20% | 8.60% |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Master derivative agreement - net liability position [member] | ||
Derivative Financial Instruments [line items] | ||
Posting of collateral or other acceptable remedy | $ 102 | $ 300 |
Funding totaling | 0.5 | 10 |
Master derivative agreements - credit support provisions [member] | ||
Derivative Financial Instruments [line items] | ||
Fair value of derivative instruments with credit risk related contingent features in a net liability position | 11,000 | 8,000 |
Banks collateral for normal course of business | 13,000 | 10,000 |
Master derivative agreements - credit support provisions [member] | One-notch downgrade credit rating [member] | ||
Derivative Financial Instruments [line items] | ||
Additional banks collateral for normal course of business | 147 | 38 |
Master derivative agreements - credit support provisions [member] | Two-notch downgrade credit rating [member] | ||
Derivative Financial Instruments [line items] | ||
Additional banks collateral for normal course of business | $ 192 | $ 44 |
Investment in Associates and _3
Investment in Associates and Joint Ventures - Additional Information (Detail) $ / shares in Units, $ in Millions, $ in Billions | Sep. 18, 2017CAD ($)shares | Oct. 31, 2019CAD ($)shares | Oct. 31, 2018CAD ($)shares | Oct. 31, 2019USD ($)$ / shares | Oct. 31, 2018USD ($)$ / shares | Sep. 18, 2017$ / sharesshares |
Other income (loss) [member] | Low Income Housing Tax Credit [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Impairment loss | $ | $ 89 | |||||
TD Ameritrade [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Equity investment percentage | 43.19% | 41.61% | ||||
Fair value of outstanding shares | $ 12,000 | $ 16,000 | $ 9 | $ 12 | ||
Closing price of shares | $ / shares | $ 38.38 | $ 51.72 | ||||
Stock repurchased | shares | 21,500,000 | 5,500,000 | ||||
Ownership percentage threshold after stock repurchases that requires the bank to use reasonable effort to sell or dispose excess stock | 45.00% | |||||
Maximum ownership percentage of the bank that is allowed to result after stock repurchases | 47.00% | |||||
TD Ameritrade [member] | Scottrade financial services Inc [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Number of shares issued | shares | 38,800,000 | |||||
Shares purchased by bank | shares | 11,100,000 | |||||
Purchase price per share | $ / shares | $ 36.12 | |||||
TD Ameritrade [member] | Other income [member] | Scottrade financial services Inc [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Dilution gain (loss) on share issuance related to investment in Associates | $ | $ 204 | |||||
Aggregated individually immaterial associates excluding TD Ameritrade [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Investment in associates and joint venture | $ | $ 3,200 | $ 3,000 |
Investment in Associates and _4
Investment in Associates and Joint Ventures - Summary of Condensed Consolidated Balance Sheets (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Sep. 30, 2019 | Oct. 31, 2018 | Sep. 30, 2018 | Oct. 31, 2017 |
Assets | |||||
Other assets, net | $ 17,087 | $ 15,596 | |||
Total assets | 1,415,290 | 1,334,903 | $ 1,278,995 | ||
LIABILITIES | |||||
Other liabilities | 21,004 | 19,174 | |||
Total liabilities | 1,327,589 | 1,254,863 | |||
Stockholders' equity | 87,701 | 80,040 | $ 75,190 | ||
Total liabilities and stockholders'equity | $ 1,415,290 | $ 57,671 | $ 1,334,903 | $ 49,393 | |
TD Ameritrade [member] | |||||
Assets | |||||
Receivables from brokers, dealers, and clearing organizations | 3,212 | 1,809 | |||
Receivables from clients, net | 27,156 | 29,773 | |||
Other assets, net | 27,303 | 17,811 | |||
Total assets | 57,671 | 49,393 | |||
LIABILITIES | |||||
Payable to brokers, dealers, and clearing organizations | 4,357 | 3,923 | |||
Payable to clients | 35,650 | 30,126 | |||
Other liabilities | 6,205 | 4,809 | |||
Total liabilities | 46,212 | 38,858 | |||
Stockholders' equity | $ 11,459 | $ 10,535 |
Investment in Associates and _5
Investment in Associates and Joint Ventures - Summary of Condensed Consolidated Statements of Income (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Oct. 31, 2019 | Sep. 30, 2019 | Oct. 31, 2018 | Sep. 30, 2018 | Oct. 31, 2017 | Sep. 30, 2017 | ||
Revenues | |||||||
Net interest revenue | [1] | $ 41,999 | $ 36,422 | $ 29,832 | |||
Fee-based and other revenue | 87 | 551 | 740 | ||||
Total revenue | 41,065 | 38,892 | 36,202 | ||||
Operating expenses | |||||||
Employee compensation and benefits | 11,244 | 10,377 | 10,018 | ||||
Provision for income taxes | 2,735 | 3,182 | 2,253 | ||||
Net income | [2] | $ 11,686 | $ 11,334 | $ 10,517 | |||
Earnings per share - basic (Canadian dollars) | $ 6.26 | $ 6.02 | $ 5.51 | ||||
Earnings per share - diluted (Canadian dollars) | $ 6.25 | $ 6.01 | $ 5.50 | ||||
TD Ameritrade [member] | |||||||
Revenues | |||||||
Net interest revenue | $ 2,036 | $ 1,635 | $ 903 | ||||
Fee-based and other revenue | 5,947 | 5,365 | 3,923 | ||||
Total revenue | 7,983 | 7,000 | 4,826 | ||||
Operating expenses | |||||||
Employee compensation and benefits | 1,756 | 1,992 | 1,260 | ||||
Other | 2,245 | 2,434 | 1,639 | ||||
Total operating expenses | 4,001 | 4,426 | 2,899 | ||||
Other expense (income) | 94 | 142 | 95 | ||||
Pre-tax income | 3,888 | 2,432 | 1,832 | ||||
Provision for income taxes | 957 | 535 | 686 | ||||
Net income | $ 2,931 | $ 1,897 | $ 1,146 | ||||
Earnings per share - basic (Canadian dollars) | $ 5.27 | $ 3.34 | $ 2.17 | ||||
Earnings per share - diluted (Canadian dollars) | $ 5.26 | $ 3.32 | $ 2.16 | ||||
[1] | Includes $34,828 million, for the year ended October 31, 2019 (October 31, 2018 - $30,639 million), which has been calculated based on the effective interest rate method (EIRM). Refer to Note 30. | ||||||
[2] | The amounts are net of income tax provisions (recoveries) presented in the following table. |
Investment in Associates and _6
Investment in Associates and Joint Ventures - Summary of Condensed Consolidated Statements of Income (Parenthetical) (Detail) - 12 months ended Oct. 31, 2018 $ in Millions, $ in Millions | CAD ($) | USD ($) |
TD Ameritrade [member] | U.S. Tax Act [member] | ||
Disclosure of general information about financial statements [line items] | ||
Deferred income tax benefit | $ 41 | $ 32 |
Significant Acquisitions and _3
Significant Acquisitions and Disposals - Agreement for Air Canada Credit Card Loyalty Program - Additional Information (Detail) - Agreement for Air Canada Credit Card Loyalty Program [member] $ in Millions | Jan. 10, 2019CAD ($) |
Disclosure of agreement for credit card loyalty program [line items] | |
Cash transferred, pending completion of transaction | $ 622 |
Expense recognized, pending completion of transaction | 547 |
Expense recognized, pending completion of transaction | 446 |
Intangible assets amortized, pending completion of transaction | 75 |
Prepayment plus applicable sales tax future purchase of loyalty points over tens year period, pending completion of transaction | $ 308 |
Significant Acquisitions and _4
Significant Acquisitions and Disposals - Additional Information (Detail) shares in Millions, $ in Millions, $ in Billions | Oct. 31, 2019CAD ($) | Nov. 01, 2018CAD ($)shares | Oct. 31, 2018CAD ($) | Oct. 31, 2017CAD ($) | Sep. 18, 2017CAD ($) | Sep. 18, 2017USD ($) |
Disclosure of detailed information about business combination [line items] | ||||||
Goodwill | $ 16,976 | $ 16,536 | $ 16,156 | |||
Greystone Capital Management Inc. [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Acquisition of outstanding equity percentage | 100.00% | |||||
Acquisition, net purchase consideration | $ 821 | |||||
Purchase consideration paid in cash | 479 | |||||
Deferred purchase consideration in common shares held in escrow | 167 | |||||
Purchase consideration paid in cash | 165 | |||||
Liabilities acquired | 46 | |||||
Purchase consideration allocated to customer relationship | 140 | |||||
Goodwill | 432 | |||||
Deferred tax liability | 37 | |||||
Greystone Capital Management Inc. [member] | Common shares [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Purchase consideration paid in shares, value | $ 342 | |||||
Common shares issued | shares | 4.7 | |||||
Scottrade Bank [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Acquisition of outstanding equity percentage | 100.00% | 100.00% | ||||
Acquisition, net purchase consideration | $ 1,642 | |||||
Purchase consideration paid in cash | 1,600 | $ 1.4 | ||||
Purchase consideration paid in cash | 20,657 | |||||
Goodwill | $ 34 |
Significant Acquisitions and _5
Significant Acquisitions and Disposals - Summary of Fair Value of Identifiable Net Assets Acquired (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Sep. 18, 2017 |
Amounts Recognised As Of Acquisition Date For Each Major Class Of Assets Acquired And Liabilities Assumed [line items] | ||||
Goodwill | $ 16,976 | $ 16,536 | $ 16,156 | |
Scottrade Bank [member] | ||||
Amounts Recognised As Of Acquisition Date For Each Major Class Of Assets Acquired And Liabilities Assumed [line items] | ||||
Cash and due from banks | $ 750 | |||
Securities | 14,474 | |||
Loans | 5,284 | |||
Other assets | 149 | |||
Financial assets recognised as of acquisition date | 20,657 | |||
Deposits | 18,992 | |||
Other liabilities | 57 | |||
Fair value of identifiable net assets acquired | 1,608 | |||
Goodwill | 34 | |||
Total purchase consideration | $ 1,642 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Additional Information (Detail) $ in Billions | 12 Months Ended | |
Oct. 31, 2019CAD ($) | Oct. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | ||
Amount of capital | $ 14.6 | |
Goodwill and impairment testing [member] | Terminal Value [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Cash flow projection period | 5 years | 5 years |
Goodwill and impairment testing [member] | Terminal Value [member] | Bottom of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Observable terminal multiples of comparable financial institutions | 9 | 9 |
Terminal growth rates | 2.00% | 2.00% |
Goodwill and impairment testing [member] | Terminal Value [member] | Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Observable terminal multiples of comparable financial institutions | 13 | 14 |
Terminal growth rates | 4.00% | 4.00% |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Summary of Goodwill by Segment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | $ 16,536 | $ 16,156 |
Additions | 432 | 82 |
Foreign currency translation adjustments and other | 8 | 298 |
Ending balance | 16,976 | 16,536 |
Canadian Retail [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 2,403 | 2,303 |
Additions | 432 | 82 |
Foreign currency translation adjustments and other | 1 | 18 |
Ending balance | $ 2,836 | $ 2,403 |
Canadian Retail [member] | Bottom of range [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Pre-tax discount rates | 9.70% | 9.70% |
Canadian Retail [member] | Top of range [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Pre-tax discount rates | 11.00% | 10.70% |
U.S. Retail [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | $ 13,973 | $ 13,693 |
Foreign currency translation adjustments and other | 7 | 280 |
Ending balance | $ 13,980 | $ 13,973 |
U.S. Retail [member] | Bottom of range [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Pre-tax discount rates | 9.60% | 10.10% |
U.S. Retail [member] | Top of range [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Pre-tax discount rates | 11.80% | 11.80% |
Wholesale Banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | $ 160 | $ 160 |
Ending balance | $ 160 | $ 160 |
Pre-tax discount rates | 12.70% | 12.20% |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Summary of Goodwill by Segment (Parenthetical) (Detail) - CAD ($) | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of reconciliation of changes in goodwill [abstract] | ||
Accumulated impairment | $ 0 | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangibles - Summary of Other Intangibles (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | $ 2,459 | ||
Amortization charge for the year | 800 | $ 815 | $ 704 |
Balance at end of year | 2,503 | 2,459 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 6,980 | 6,701 | |
Additions | 850 | 668 | |
Disposals | (40) | (84) | |
Fully amortized intangibles | (401) | (364) | |
Foreign currency translation adjustments and other | (6) | 59 | |
Balance at end of year | 7,383 | 6,980 | 6,701 |
Accumulated depreciation and impairment/losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 4,521 | 4,083 | |
Disposals | (14) | (13) | |
Impairment losses | 5 | 5 | |
Amortization charge for the year | 776 | 739 | |
Fully amortized intangibles | (401) | (364) | |
Foreign currency translation adjustments and other | (7) | 71 | |
Balance at end of year | 4,880 | 4,521 | 4,083 |
Core deposit intangibles [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 171 | ||
Balance at end of year | 95 | 171 | |
Core deposit intangibles [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 2,575 | 2,523 | |
Foreign currency translation adjustments and other | 1 | 52 | |
Balance at end of year | 2,576 | 2,575 | 2,523 |
Core deposit intangibles [member] | Accumulated depreciation and impairment/losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 2,404 | 2,260 | |
Amortization charge for the year | 76 | 96 | |
Foreign currency translation adjustments and other | 1 | 48 | |
Balance at end of year | 2,481 | 2,404 | 2,260 |
Credit card related intangibles [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 217 | ||
Balance at end of year | 214 | 217 | |
Credit card related intangibles [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 759 | 756 | |
Additions | 83 | ||
Foreign currency translation adjustments and other | 3 | ||
Balance at end of year | 842 | 759 | 756 |
Credit card related intangibles [member] | Accumulated depreciation and impairment/losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 542 | 442 | |
Amortization charge for the year | 86 | 98 | |
Foreign currency translation adjustments and other | 2 | ||
Balance at end of year | 628 | 542 | 442 |
Internally generated software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 1,729 | ||
Balance at end of year | 1,760 | 1,729 | |
Internally generated software [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 2,760 | 2,549 | |
Additions | 541 | 567 | |
Disposals | (40) | (82) | |
Fully amortized intangibles | (322) | (275) | |
Foreign currency translation adjustments and other | (12) | 1 | |
Balance at end of year | 2,927 | 2,760 | 2,549 |
Internally generated software [member] | Accumulated depreciation and impairment/losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 1,031 | 888 | |
Disposals | (14) | (11) | |
Impairment losses | 4 | ||
Amortization charge for the year | 474 | 423 | |
Fully amortized intangibles | (322) | (275) | |
Foreign currency translation adjustments and other | (6) | 6 | |
Balance at end of year | 1,167 | 1,031 | 888 |
Other software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 116 | ||
Balance at end of year | 104 | 116 | |
Other software [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 300 | 308 | |
Additions | 63 | 87 | |
Disposals | (2) | ||
Fully amortized intangibles | (79) | (89) | |
Foreign currency translation adjustments and other | 11 | (4) | |
Balance at end of year | 295 | 300 | 308 |
Other software [member] | Accumulated depreciation and impairment/losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 184 | 180 | |
Disposals | (2) | ||
Impairment losses | 5 | ||
Amortization charge for the year | 82 | 78 | |
Fully amortized intangibles | (79) | (89) | |
Foreign currency translation adjustments and other | 4 | 12 | |
Balance at end of year | 191 | 184 | 180 |
Other intangible [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 226 | ||
Balance at end of year | 330 | 226 | |
Other intangible [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 586 | 565 | |
Additions | 163 | 14 | |
Foreign currency translation adjustments and other | (6) | 7 | |
Balance at end of year | 743 | 586 | 565 |
Other intangible [member] | Accumulated depreciation and impairment/losses [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning of year | 360 | 313 | |
Impairment losses | 1 | ||
Amortization charge for the year | 58 | 44 | |
Foreign currency translation adjustments and other | (6) | 3 | |
Balance at end of year | $ 413 | $ 360 | $ 313 |
Land, Buildings, Equipment, a_3
Land, Buildings, Equipment, and Other Depreciable Assets - Summary of Land, Buildings, Equipment, and Other Depreciable Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | $ 5,324 | |
Balance at end of year | 5,513 | $ 5,324 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 8,486 | 8,306 |
Additions | 857 | 601 |
Acquisitions through business combinations | 3 | |
Disposals | (233) | (132) |
Fully depreciated assets | (317) | (359) |
Foreign currency translation adjustments and other | (18) | 70 |
Balance at end of year | 8,778 | 8,486 |
Accumulated depreciation and impairment/losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 3,162 | 2,993 |
Depreciation charge for the year | 605 | 576 |
Disposals | (173) | (81) |
Fully depreciated assets | (317) | (359) |
Foreign currency translation adjustments and other | (12) | 33 |
Balance at end of year | 3,265 | 3,162 |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 971 | |
Balance at end of year | 987 | 971 |
Land [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 971 | 969 |
Additions | 30 | 2 |
Disposals | (2) | (5) |
Foreign currency translation adjustments and other | (12) | 5 |
Balance at end of year | 987 | 971 |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 2,205 | |
Balance at end of year | 2,270 | 2,205 |
Buildings [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 3,378 | 3,315 |
Additions | 194 | 164 |
Disposals | (29) | (37) |
Fully depreciated assets | (45) | (90) |
Foreign currency translation adjustments and other | (10) | 26 |
Balance at end of year | 3,488 | 3,378 |
Buildings [member] | Accumulated depreciation and impairment/losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 1,173 | 1,151 |
Depreciation charge for the year | 120 | 120 |
Disposals | (19) | (14) |
Fully depreciated assets | (45) | (90) |
Foreign currency translation adjustments and other | (11) | 6 |
Balance at end of year | 1,218 | 1,173 |
Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 380 | |
Balance at end of year | 436 | 380 |
Computer equipment [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 829 | 853 |
Additions | 259 | 141 |
Disposals | (119) | (13) |
Fully depreciated assets | (156) | (143) |
Foreign currency translation adjustments and other | (9) | |
Balance at end of year | 813 | 829 |
Computer equipment [member] | Accumulated depreciation and impairment/losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 449 | 433 |
Depreciation charge for the year | 168 | 170 |
Disposals | (85) | (13) |
Fully depreciated assets | (156) | (143) |
Foreign currency translation adjustments and other | 1 | 2 |
Balance at end of year | 377 | 449 |
Furniture fixtures, and other depreciable assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 710 | |
Balance at end of year | 703 | 710 |
Furniture fixtures, and other depreciable assets [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 1,315 | 1,285 |
Additions | 147 | 134 |
Acquisitions through business combinations | 1 | |
Disposals | (35) | (44) |
Fully depreciated assets | (63) | (69) |
Foreign currency translation adjustments and other | (14) | 9 |
Balance at end of year | 1,351 | 1,315 |
Furniture fixtures, and other depreciable assets [member] | Accumulated depreciation and impairment/losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 605 | 552 |
Depreciation charge for the year | 138 | 128 |
Disposals | (31) | (22) |
Fully depreciated assets | (63) | (69) |
Foreign currency translation adjustments and other | (1) | 16 |
Balance at end of year | 648 | 605 |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 1,058 | |
Balance at end of year | 1,117 | 1,058 |
Leasehold improvements [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 1,993 | 1,884 |
Additions | 227 | 160 |
Acquisitions through business combinations | 2 | |
Disposals | (48) | (33) |
Fully depreciated assets | (53) | (57) |
Foreign currency translation adjustments and other | 18 | 39 |
Balance at end of year | 2,139 | 1,993 |
Leasehold improvements [member] | Accumulated depreciation and impairment/losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 935 | 857 |
Depreciation charge for the year | 179 | 158 |
Disposals | (38) | (32) |
Fully depreciated assets | (53) | (57) |
Foreign currency translation adjustments and other | (1) | 9 |
Balance at end of year | $ 1,022 | $ 935 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of other assets [abstract] | ||
Accounts receivable and other items | $ 9,069 | $ 8,938 |
Accrued interest | 2,479 | 2,343 |
Current income tax receivable | 2,468 | 1,614 |
Defined benefit asset | 13 | 113 |
Insurance-related assets, excluding investments | 1,761 | 1,638 |
Prepaid expenses | 1,297 | 950 |
Total | $ 17,087 | $ 15,596 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - CAD ($) | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Of Deposits [line items] | ||
Aggregate amount of term deposits in denominations of $100,000 or more | $ 309,000,000,000 | $ 293,000,000,000 |
Deposits designated at fair value through profit or loss [member] | ||
Disclosure Of Deposits [line items] | ||
Contractual Obligation at Maturity | $ 328,000,000 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of deposits from customers [line items] | ||
Demand | $ 103,987 | |
Notice | 571,329 | |
Term | 343,646 | $ 327,170 |
Total | 1,018,962 | 966,143 |
Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Demand | 14,105 | |
Notice | 431,319 | |
Term | 58,006 | 53,064 |
Total | 503,430 | 477,644 |
Bank Deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Demand | 7,969 | |
Notice | 385 | |
Term | 8,397 | |
Total | 16,751 | 16,712 |
Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Demand | 81,913 | |
Notice | 139,625 | |
Term | 145,258 | 150,618 |
Total | 366,796 | 357,083 |
Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term | 26,885 | 114,704 |
Total | 26,885 | 114,704 |
Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Term | 105,100 | |
Total | 105,100 | |
Canada [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 574,495 | |
Canada [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 234,278 | |
Canada [member] | Bank Deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 11,919 | |
Canada [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 267,193 | |
Canada [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 16,817 | |
Canada [member] | Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 44,288 | |
United States [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 420,590 | |
United States [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 269,128 | |
United States [member] | Bank Deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 95 | |
United States [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 96,357 | |
United States [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 2,120 | |
United States [member] | Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 52,890 | |
International [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 23,877 | |
International [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 24 | |
International [member] | Bank Deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 4,737 | |
International [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 3,246 | |
International [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 7,948 | |
International [member] | Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 7,922 | |
Domestic Offices [member] | Non interest bearing deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 43,887 | 42,402 |
Domestic Offices [member] | Interest bearing deposits 1 [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 530,608 | 505,295 |
Foreign Offices [member] | Non interest bearing deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 53,381 | 54,488 |
Foreign Offices [member] | Interest bearing deposits 1 [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | 391,076 | 362,890 |
US federal funds deposited [member] | Interest bearing deposits 1 [member] | ||
Disclosure of deposits from customers [line items] | ||
Total | $ 10 | $ 1,068 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of deposits from customers [line items] | ||
Deposits subject to bank recapitalization Bail-in | $ 16,589 | $ 53 |
Deposits | 366,796 | 357,083 |
Financial liabilities designated at fair value through profit or loss | 105,131 | 16 |
Total deposits | 1,018,962 | 966,143 |
Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Total deposits | 366,796 | 357,083 |
Loan commitments and financial guarantees [member] | ||
Disclosure of deposits from customers [line items] | ||
Financial liabilities designated at fair value through profit or loss | 31 | 16 |
U.S. Dollar [member] | ||
Disclosure of deposits from customers [line items] | ||
Total deposits | 580,000 | 548,000 |
Other Currency [member] | ||
Disclosure of deposits from customers [line items] | ||
Total deposits | 52,000 | 55,000 |
Covered Bondholders [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Deposits | 40,000 | 36,000 |
TD Capital Trust IV [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Deposits | $ 1,000 | $ 2,000 |
Deposits - Maturity Schedule of
Deposits - Maturity Schedule of Term Deposits (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of deposits from customers [line items] | ||
Term deposits | $ 343,646 | $ 327,170 |
Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 58,006 | 53,064 |
Banks [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 8,397 | 8,784 |
Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 145,258 | 150,618 |
Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 26,885 | 114,704 |
Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 105,100 | |
Within 1 year [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 228,237 | 217,449 |
Within 1 year [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 38,941 | 32,928 |
Within 1 year [member] | Banks [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 8,387 | 8,773 |
Within 1 year [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 57,346 | 66,492 |
Within 1 year [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 18,819 | $ 109,256 |
Within 1 year [member] | Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 104,744 | |
Over 1 year to 2 years [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 46,290 | |
Over 1 year to 2 years [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 9,374 | |
Over 1 year to 2 years [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 34,130 | |
Over 1 year to 2 years [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 2,430 | |
Over 1 year to 2 years [member] | Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 356 | |
Over 2 years to 3 years [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 22,431 | |
Over 2 years to 3 years [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 6,168 | |
Over 2 years to 3 years [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 14,190 | |
Over 2 years to 3 years [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 2,073 | |
Over 3 years to 4 years [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 18,656 | |
Over 3 years to 4 years [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 1,863 | |
Over 3 years to 4 years [member] | Banks [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 3 | |
Over 3 years to 4 years [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 15,939 | |
Over 3 years to 4 years [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 851 | |
Over 4 years to 5 years [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 18,788 | |
Over 4 years to 5 years [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 1,639 | |
Over 4 years to 5 years [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 16,059 | |
Over 4 years to 5 years [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 1,090 | |
Over 5 years [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 9,244 | |
Over 5 years [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 21 | |
Over 5 years [member] | Banks [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 7 | |
Over 5 years [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 7,594 | |
Over 5 years [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 1,622 | |
Within 3 months [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 107,468 | |
Within 3 months [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 14,208 | |
Within 3 months [member] | Banks [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 8,230 | |
Within 3 months [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 28,625 | |
Within 3 months [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 8,862 | |
Within 3 months [member] | Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 47,543 | |
Over 3 months to 6 months [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 37,142 | |
Over 3 months to 6 months [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 9,459 | |
Over 3 months to 6 months [member] | Banks [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 150 | |
Over 3 months to 6 months [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 7,569 | |
Over 3 months to 6 months [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 4,166 | |
Over 3 months to 6 months [member] | Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 15,798 | |
Over 6 months to 12 months [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 83,627 | |
Over 6 months to 12 months [member] | Personal [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 15,274 | |
Over 6 months to 12 months [member] | Banks [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 7 | |
Over 6 months to 12 months [member] | Business and government [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 21,152 | |
Over 6 months to 12 months [member] | Trading deposits [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | 5,791 | |
Over 6 months to 12 months [member] | Deposits designated at fair value through profit or loss [member] | ||
Disclosure of deposits from customers [line items] | ||
Term deposits | $ 41,403 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of financial liabilities [abstract] | ||
Accounts payable, accrued expenses, and other items | $ 5,229 | $ 4,958 |
Accrued interest | 1,393 | 1,283 |
Accrued salaries and employee benefits | 3,245 | 3,344 |
Cheques and other items in transit | 1,042 | 454 |
Current income tax payable | 169 | 84 |
Deferred tax liabilities | 193 | 175 |
Defined benefit liability | 2,781 | 1,747 |
Liabilities related to structured entities | 5,857 | 5,627 |
Provisions | 1,095 | 1,502 |
Total | $ 21,004 | $ 19,174 |
Subordinated Notes And Debent_3
Subordinated Notes And Debentures - Summary of Subordinated Notes and Debentures (Detail) - CAD ($) $ in Millions | Jun. 25, 2019 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||
Subordinated notes and debentures | $ 10,725 | $ 8,740 | |
2.692% subordinated debentures due June 24, 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | June 24, 2025 | ||
Interest rate (%) | 2.692% | ||
Reset spread (%) | 1.21% | ||
Earliest par redemption date | Jun. 24, 2020 | ||
Subordinated notes and debentures | $ 1,496 | 1,474 | |
2.982% subordinated debentures due September 30, 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | September 30, 2025 | ||
Interest rate (%) | 2.982% | ||
Reset spread (%) | 1.83% | ||
Earliest par redemption date | Sep. 30, 2020 | ||
Subordinated notes and debentures | $ 996 | 982 | |
3.224% subordinated debentures due July 25, 2029 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | July 25, 2029 | ||
Interest rate (%) | 3.224% | ||
Reset spread (%) | 1.25% | ||
Earliest par redemption date | Jul. 25, 2024 | ||
Subordinated notes and debentures | $ 1,509 | 1,427 | |
4.859% subordinated debentures due March 4, 2031 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | March 4, 2031 | ||
Interest rate (%) | 4.859% | ||
Reset spread (%) | 3.49% | ||
Earliest par redemption date | Mar. 4, 2026 | ||
Subordinated notes and debentures | $ 1,206 | 1,124 | |
3.589% Subordinated Debentures due September 14, 2028 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | September 14, 2028 | ||
Interest rate (%) | 3.589% | ||
Reset spread (%) | 1.06% | ||
Earliest par redemption date | Sep. 14, 2023 | ||
Subordinated notes and debentures | $ 1,738 | 1,711 | |
3.06% Subordinated Debentures due January 26, 2032 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | January 26, 2032 | ||
Interest rate (%) | 3.06% | 3.06% | |
Reset spread (%) | 1.33% | 1.33% | |
Earliest par redemption date | Jan. 26, 2027 | Jan. 26, 2027 | |
Subordinated notes and debentures | $ 1,750 | $ 1,740 | |
9.15% subordinated notes due May 26, 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | May 26, 2025 | ||
Interest rate (%) | 9.15% | ||
Subordinated notes and debentures | $ 198 | 198 | |
3.625% subordinated debentures due September 15, 2031 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | September 15, 2031 | ||
Interest rate (%) | 3.625% | ||
Reset spread (%) | 2.205% | ||
Earliest par redemption date | Sep. 15, 2026 | ||
Subordinated notes and debentures | $ 1,842 | $ 1,824 |
Subordinated Notes And Debent_4
Subordinated Notes And Debentures - Summary of Subordinated Notes and Debentures (Parenthetical) (Detail) - CAD ($) shares in Millions, $ in Millions | Jun. 25, 2019 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||
Notes issued | $ 10,725 | $ 8,740 | |
3.625% subordinated debentures due September 15, 2031 [member] | Earliest Redemption Date September 15, 2026 to September 15, 2031 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 5-year Mid-Swap Rate | ||
2.692% subordinated debentures due June 24, 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
NVCC Provisions, maximum number of common shares that could be issued | 450 | ||
Notes issued | $ 1,496 | 1,474 | |
Interest rate (%) | 2.692% | ||
Earliest par redemption date | Jun. 24, 2020 | ||
Reset spread (%) | 1.21% | ||
2.692% subordinated debentures due June 24, 2025 [member] | Earliest Redemption Date June 24, 2020 to June 24, 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3-month Bankers’ Acceptance rate | ||
2.982% subordinated debentures due September 30, 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
NVCC Provisions, maximum number of common shares that could be issued | 300 | ||
Notes issued | $ 996 | 982 | |
Interest rate (%) | 2.982% | ||
Earliest par redemption date | Sep. 30, 2020 | ||
Reset spread (%) | 1.83% | ||
2.982% subordinated debentures due September 30, 2025 [member] | Earliest Redemption Date September 30, 2020 to September 30, 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3-month Bankers’ Acceptance rate | ||
3.224% subordinated debentures due July 25, 2029 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
NVCC Provisions, maximum number of common shares that could be issued | 450 | ||
Notes issued | $ 1,509 | 1,427 | |
Interest rate (%) | 3.224% | ||
Earliest par redemption date | Jul. 25, 2024 | ||
Reset spread (%) | 1.25% | ||
3.224% subordinated debentures due July 25, 2029 [member] | Earliest Redemption Date July 25, 2024 to July 25, 2029 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3-month Bankers’ Acceptance rate | ||
4.859% subordinated debentures due March 4, 2031 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
NVCC Provisions, maximum number of common shares that could be issued | 375 | ||
Notes issued | $ 1,206 | 1,124 | |
Interest rate (%) | 4.859% | ||
Earliest par redemption date | Mar. 4, 2026 | ||
Reset spread (%) | 3.49% | ||
4.859% subordinated debentures due March 4, 2031 [member] | Earliest Redemption Date March 4, 2026 to March 4, 2031 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3-month Bankers’ Acceptance rate | ||
3.589% Subordinated Debentures due September 14, 2028 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
NVCC Provisions, maximum number of common shares that could be issued | 525 | ||
Notes issued | $ 1,738 | 1,711 | |
Interest rate (%) | 3.589% | ||
Earliest par redemption date | Sep. 14, 2023 | ||
Reset spread (%) | 1.06% | ||
3.589% Subordinated Debentures due September 14, 2028 [member] | Earliest Redemption Date September 14, 2023 to September 14, 2028 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3-month Bankers’ Acceptance rate | ||
3.06% Subordinated Debentures due January 26, 2032 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
NVCC Provisions, maximum number of common shares that could be issued | 525 | ||
Notes issued | $ 1,750 | $ 1,740 | |
Interest rate (%) | 3.06% | 3.06% | |
Earliest par redemption date | Jan. 26, 2027 | Jan. 26, 2027 | |
Reset spread (%) | 1.33% | 1.33% | |
Borrowings interest rate basis | Three-month Bankers' Acceptance rate | ||
3.06% Subordinated Debentures due January 26, 2032 [member] | Earliest Redemption Date January 26, 2027 to January 26, 2032 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3-month Bankers’ Acceptance rate | ||
3.06% Subordinated Debentures due January 26, 2032 [member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Number of days of notice required to redemption | 60 days | ||
3.06% Subordinated Debentures due January 26, 2032 [member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Number of days of notice required to redemption | 30 days | ||
3.625% subordinated debentures due September 15, 2031 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
NVCC Provisions, key assumption | Canadian to U.S. dollar exchange rate of 1.00 | ||
NVCC Provisions, maximum number of common shares that could be issued | 450 | ||
Notes issued | $ 1,842 | $ 1,824 | |
Interest rate (%) | 3.625% | ||
Earliest par redemption date | Sep. 15, 2026 | ||
Reset spread (%) | 2.205% |
Subordinated Notes And Debent_5
Subordinated Notes And Debentures - Maturities of Subordinated Notes and Debentures (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Subordinated notes and debentures | $ 10,725 | $ 8,740 |
Over 5 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Subordinated notes and debentures | $ 10,725 | $ 8,740 |
Capital Trust Securities - Summ
Capital Trust Securities - Summary of Capital Trust Securities (Detail) Securities in Thousands, $ in Millions | 12 Months Ended | |
Oct. 31, 2019CAD ($)Securities | Oct. 31, 2018CAD ($) | |
TD Capital Trust III [member] | TD Capital Trust III Securities - Series 2008 [member] | ||
Disclosure of trust capital securities [line items] | ||
Number of capital trust securities | Securities | 1,000 | |
Distribution/Interest payment dates | June 30, Dec. 31 | |
Annual yield | 7.243% | |
Redemption date at the option issuer | Dec. 31, 2013 | |
Principal amount | $ | $ 993 | |
TD Capital Trust IV [member] | ||
Disclosure of trust capital securities [line items] | ||
Number of capital trust securities | Securities | 1,750 | |
Principal amount | $ | $ 1,200 | 1,750 |
TD Capital Trust IV [member] | TD Capital Trust IV Notes - Series 1 [member] | ||
Disclosure of trust capital securities [line items] | ||
Number of capital trust securities | Securities | 550 | |
Distribution/Interest payment dates | June 30, Dec. 31 | |
Annual yield | 9.523% | |
Redemption date at the option issuer | Jun. 30, 2014 | |
Principal amount | $ | 550 | |
TD Capital Trust IV [member] | TD Capital Trust IV Notes - Series 3 [member] | ||
Disclosure of trust capital securities [line items] | ||
Number of capital trust securities | Securities | 750 | |
Distribution/Interest payment dates | June 30, Dec. 31 | |
Annual yield | 6.631% | |
Redemption date at the option issuer | Dec. 31, 2014 | |
Principal amount | $ | $ 750 | 750 |
TD Capital Trust IV [member] | TD Capital Trust IV Notes - Series 2 [member] | ||
Disclosure of trust capital securities [line items] | ||
Number of capital trust securities | Securities | 450 | |
Distribution/Interest payment dates | June 30, Dec. 31 | |
Annual yield | 10.00% | |
Redemption date at the option issuer | Jun. 30, 2014 | |
Principal amount | $ | $ 450 | $ 450 |
Capital Trust Securities - Su_2
Capital Trust Securities - Summary of Capital Trust Securities (Parenthetical) (Detail) - CAD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Oct. 31, 2019 | Sep. 17, 2018 | |
TD Capital Trust III Securities - Series 2008 [member] | TD Capital Trust III [member] | |||
Disclosure of trust capital securities [line items] | |||
Redemption of non-controlling interests in subsidiaries | $ 1,000 | ||
TD Capital Trust III Securities - Series 2008 [member] | Six month Bankers' Acceptance Rate [member] | After December 31, 2018 [Member] | TD Capital Trust III [member] | |||
Disclosure of trust capital securities [line items] | |||
Capital Trust Securities, interest rate plus on base rate | 4.30% | ||
TD Capital Trust IV Notes - Series 1 [member] | TD Capital Trust IV [member] | |||
Disclosure of trust capital securities [line items] | |||
Redemption of non-controlling interests in subsidiaries | $ 550 | ||
Redemption price percentage | 100.00% | ||
TD Capital Trust IV Notes - Series 1 [member] | Starting on June 30, 2019 [Member] | TD Capital Trust IV [member] | |||
Disclosure of trust capital securities [line items] | |||
Capital Trust, reset period | 5 years | ||
TD Capital Trust IV Notes - Series 1 [member] | Five Year Government of Canada Yield [member] | Starting on June 30, 2019 [Member] | TD Capital Trust IV [member] | |||
Disclosure of trust capital securities [line items] | |||
Capital Trust Securities, interest rate plus on base rate | 10.125% | ||
TD Capital Trust IV Notes - Series 3 [member] | Starting on June 30, 2021 [Member] | TD Capital Trust IV [member] | |||
Disclosure of trust capital securities [line items] | |||
Capital Trust, reset period | 5 years | ||
TD Capital Trust IV Notes - Series 3 [member] | Five Year Government of Canada Yield [member] | Starting on June 30, 2021 [Member] | TD Capital Trust IV [member] | |||
Disclosure of trust capital securities [line items] | |||
Capital Trust Securities, interest rate plus on base rate | 4.00% | ||
TD Capital Trust IV Notes - Series 2 [member] | Starting on June 30, 2039 [Member] | TD Capital Trust IV [member] | |||
Disclosure of trust capital securities [line items] | |||
Capital Trust, reset period | 5 years | ||
TD Capital Trust IV Notes - Series 2 [member] | Five Year Government of Canada Yield [member] | Starting on June 30, 2039 [Member] | TD Capital Trust IV [member] | |||
Disclosure of trust capital securities [line items] | |||
Capital Trust Securities, interest rate plus on base rate | 9.735% |
Equity - Summary of Classes of
Equity - Summary of Classes of Share Capital - Common Shares (Detail) - CAD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of classes of share capital [line items] | |||
Balance at beginning of period | $ 80,040 | $ 75,190 | |
Balance at end of year | $ 87,701 | $ 80,040 | $ 75,190 |
Issued capital [member] | Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance, Number of shares | 1,830.4 | 1,842.5 | |
Proceeds from shares issued on exercise of stock options, Number of shares | 2.3 | 2.9 | |
Shares issued as a result of dividend reinvestment plan, Number of shares | 4.8 | 5 | |
Shares issued in connection with acquisitions | 5 | ||
Purchase of shares for cancellation and other, Number of Shares | (30) | (20) | |
Ending balance, Number of shares | 1,812.5 | 1,830.4 | 1,842.5 |
Balance at beginning of period | $ 21,221 | $ 20,931 | $ 20,711 |
Proceeds from shares issued on exercise of stock options, Amount | 124 | 152 | 148 |
Shares issued as a result of dividend reinvestment plan | 357 | 366 | |
Shares issued in connection with acquisitions, Amount | 366 | ||
Purchase of shares for cancellation and other, Amount | (355) | (228) | (257) |
Balance at end of year | $ 21,713 | $ 21,221 | $ 20,931 |
Equity - Summary of Classes o_2
Equity - Summary of Classes of Share Capital - Preferred Shares (Detail) - CAD ($) shares in Millions, $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Disclosure of classes of share capital [line items] | ||||
Amount | $ 87,701 | $ 80,040 | $ 75,190 | |
Preferred shares [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 232 | 200 | ||
Amount | $ 5,800 | $ 5,000 | $ 4,750 | $ 4,400 |
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 1 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 20 | 20 | ||
Amount | $ 500 | $ 500 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 3 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 20 | 20 | ||
Amount | $ 500 | $ 500 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 5 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 20 | 20 | ||
Amount | $ 500 | $ 500 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 7 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 14 | 14 | ||
Amount | $ 350 | $ 350 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 9 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 8 | 8 | ||
Amount | $ 200 | $ 200 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 11 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 6 | 6 | ||
Amount | $ 150 | $ 150 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 12 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 28 | 28 | ||
Amount | $ 700 | $ 700 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 14 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 40 | 40 | ||
Amount | $ 1,000 | $ 1,000 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 16 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 14 | 14 | ||
Amount | $ 350 | $ 350 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 18 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 14 | 14 | ||
Amount | $ 350 | $ 350 | ||
Preferred shares [member] | Issued capital [member] | Preferred shares class A series 20 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 16 | 16 | ||
Amount | $ 400 | $ 400 | ||
Preferred shares [member] | Issued capital [member] | Preferred Shares Class A Series 22 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 14 | |||
Amount | $ 350 | |||
Preferred shares [member] | Issued capital [member] | Preferred Shares Class A Series 24 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 18 | |||
Amount | $ 450 |
Equity - Summary of Classes o_3
Equity - Summary of Classes of Share Capital - Treasury Shares (Detail) - CAD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of classes of share capital [line items] | |||
Balance at beginning of period | $ 80,040 | $ 75,190 | |
Balance at end of year | $ 87,701 | $ 80,040 | $ 75,190 |
Treasury shares [member] | Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance, Number of shares | 2.1 | 2.9 | |
Purchase of shares, Number of shares | 132.3 | 110.6 | |
Sale of shares, Number of shares | (133.8) | (111.4) | |
Ending balance, Number of shares | 0.6 | 2.1 | 2.9 |
Balance at beginning of period | $ (144) | $ (176) | $ (31) |
Purchase of shares, Amount | (9,782) | (8,295) | (9,654) |
Sale of shares, Amount | 9,885 | 8,327 | 9,509 |
Balance at end of year | $ (41) | $ (144) | $ (176) |
Treasury shares [member] | Preferred shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance, Number of shares | 0.3 | 0.3 | |
Purchase of shares, Number of shares | 7 | 5.2 | |
Sale of shares, Number of shares | (7) | (5.2) | |
Ending balance, Number of shares | 0.3 | 0.3 | 0.3 |
Balance at beginning of period | $ (7) | $ (7) | $ (5) |
Purchase of shares, Amount | (151) | (129) | (175) |
Sale of shares, Amount | 152 | 129 | 173 |
Balance at end of year | $ (6) | $ (7) | $ (7) |
Equity - Summary of Classes o_4
Equity - Summary of Classes of Share Capital - Common Shares (Parenthetical) (Detail) - Greystone Capital Management Inc. [member] - Common shares [member] shares in Millions, $ in Millions | Nov. 01, 2018CAD ($)shares |
Disclosure of classes of share capital [line items] | |
Common shares issued | shares | 4.7 |
Purchase consideration paid in shares, value | $ | $ 342 |
Stock based compensation [member] | |
Disclosure of classes of share capital [line items] | |
Common shares issued | shares | 0.3 |
Share-based compensation replacement number of shares value | $ | $ 24 |
Equity - Summary of Classes o_5
Equity - Summary of Classes of Share Capital - Preferred Shares (Parenthetical) (Detail) shares in Millions | Oct. 31, 2019shares |
Non Viability Contingent Capital Series 1 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 100 |
Non Viability Contingent Capital Series 3 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 100 |
Non Viability Contingent Capital Series 5 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 100 |
Non Viability Contingent Capital Series 7 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 70 |
Non Viability Contingent Capital Series 9 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 40 |
Non Viability Contingent Capital Series 11 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 30 |
Non Viability Contingent Capital Series 12 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 140 |
Non Viability Contingent Capital Series 14 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 200 |
Non Viability Contingent Capital Series 16 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 70 |
Non Viability Contingent Capital Series 18 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 70 |
Non Viability Contingent Capital Series 20 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 80 |
Non-viability Contingent Capital Series 22 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 70 |
Non Viability Contingent Capital Series 24 [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of common shares that could be issued if a NVCC conversion were to occur in accordance with the NVCC Provisions | 90 |
Equity - Preferred Shares Terms
Equity - Preferred Shares Terms and Conditions (Detail) | 12 Months Ended |
Oct. 31, 2019 | |
Fixed rate preferred shares series 11 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Jul. 21, 2015 |
Annual yield | 4.90% |
Next redemption/ conversion date | Oct. 31, 2020 |
Rate reset preferred shares series 1 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Jun. 4, 2014 |
Annual yield | 3.662% |
Reset spread | 2.24% |
Next redemption/ conversion date | Oct. 31, 2024 |
Convertible into | Series 2 |
Rate reset preferred shares series 3 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Jul. 31, 2014 |
Annual yield | 3.681% |
Reset spread | 2.27% |
Next redemption/ conversion date | Jul. 31, 2024 |
Convertible into | Series 4 |
Rate reset preferred shares series 5 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Dec. 16, 2014 |
Annual yield | 3.75% |
Reset spread | 2.25% |
Next redemption/ conversion date | Jan. 31, 2020 |
Convertible into | Series 6 |
Rate reset preferred shares series 7 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Mar. 10, 2015 |
Annual yield | 3.60% |
Reset spread | 2.79% |
Next redemption/ conversion date | Jul. 31, 2020 |
Convertible into | Series 8 |
Rate reset preferred shares series 9 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Apr. 24, 2015 |
Annual yield | 3.70% |
Reset spread | 2.87% |
Next redemption/ conversion date | Oct. 31, 2020 |
Convertible into | Series 10 |
Rate reset preferred shares series 12 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Jan. 14, 2016 |
Annual yield | 5.50% |
Reset spread | 4.66% |
Next redemption/ conversion date | Apr. 30, 2021 |
Convertible into | Series 13 |
Rate reset preferred shares series 14 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Sep. 8, 2016 |
Annual yield | 4.85% |
Reset spread | 4.12% |
Next redemption/ conversion date | Oct. 31, 2021 |
Convertible into | Series 15 |
Rate reset preferred shares series 16 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Jul. 14, 2017 |
Annual yield | 4.50% |
Reset spread | 3.01% |
Next redemption/ conversion date | Oct. 31, 2022 |
Convertible into | Series 17 |
Rate reset preferred shares series 18 [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Mar. 14, 2018 |
Annual yield | 4.70% |
Reset spread | 2.70% |
Next redemption/ conversion date | Apr. 30, 2023 |
Convertible into | Series 19 |
Rate reset preferred shares series twenty [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Sep. 13, 2018 |
Annual yield | 4.75% |
Reset spread | 2.59% |
Next redemption/ conversion date | Oct. 31, 2023 |
Convertible into | Series 21 |
Rate reset preferred shares series twenty two[member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Jan. 28, 2019 |
Annual yield | 5.20% |
Reset spread | 3.27% |
Next redemption/ conversion date | Apr. 30, 2024 |
Convertible into | Series 23 |
Rate reset preferred shares series twenty four [member] | |
Disclosure of classes of share capital [line items] | |
Issue date | Jun. 4, 2019 |
Annual yield | 5.10% |
Reset spread | 3.56% |
Next redemption/ conversion date | Jul. 31, 2024 |
Convertible into | Series 25 |
Equity - Preferred Shares Ter_2
Equity - Preferred Shares Terms and Conditions (Parenthetical) (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 16, 2019 | Jul. 18, 2019 | |
Rate reset preferred shares series 1 [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares | 20 | ||
Dividend rate | 3.662% | ||
Rate reset preferred shares series 3 [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares | 20 | ||
Dividend rate | 3.681% | ||
Rate Reset Preferred Shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 25 | ||
Rate Reset Preferred Shares [member] | Floating Rate Preferred Shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Next redemption/conversion date, period | 5 years | ||
Fixed Rate Preferred Shares [member] | Series 11 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 26 | ||
Floating Rate Preferred Shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 25 |
Equity - Additional Information
Equity - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Billions | Oct. 24, 2019 | Jun. 18, 2019 | Oct. 31, 2019 | Oct. 31, 2018 |
Dividend reinvestment plan [member] | Discount at 0% [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Common shares at a discount | 4,800,000 | 5,000,000 | ||
Bottom of range [member] | Dividend reinvestment plan [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Percentage of discount reinvestment of dividend in to common shares | 0.00% | |||
Top of range [member] | Dividend reinvestment plan [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Percentage of discount reinvestment of dividend in to common shares | 5.00% | |||
Normal Course Issuer Bid [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Maximum number of shares approved for repurchase | 30,000,000 | |||
Common shares repurchase programs | 20,000,000 | 30,000,000 | 20,000,000 | |
Normal course issuer bid termination date | Jun. 17, 2020 | |||
Repurchased average price per share | $ 74.48 | $ 75.07 | ||
Repurchases amount | $ 2.2 | $ 1.5 | ||
Normal Course Issuer Bid [member] | Share repurchase program April 2018 to April 2019 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Common shares repurchase programs | 20,000,000 | |||
Repurchased average price per share | $ 75.35 | |||
Repurchases amount | $ 1.5 |
Equity - Summary of Non-control
Equity - Summary of Non-controlling Interests in Subsidiaries (Detail) $ in Millions | Oct. 31, 2018CAD ($) |
Disclosure of subsidiaries [line items] | |
Non-controlling interests | $ 993 |
TD Capital Trust III Securities - Series 2008 [member] | |
Disclosure of subsidiaries [line items] | |
Non-controlling interests | $ 993 |
Equity - Summary of Non-contr_2
Equity - Summary of Non-controlling Interests in Subsidiaries (Parenthetical) (Detail) $ in Billions | Dec. 31, 2018CAD ($) |
TD Capital Trust III [member] | |
Disclosure of subsidiaries [line items] | |
Redemption of non-controlling interests in subsidiaries | $ 1 |
Insurance - Summary of Amounts
Insurance - Summary of Amounts Arising from Insurance Contracts (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of amounts arising from insurance contracts [line items] | |||
Earned premiums | $ 3,717 | $ 3,483 | $ 3,217 |
Fee income and other revenue | 565 | 562 | 543 |
Insurance Revenue | 4,282 | 4,045 | 3,760 |
Insurance Claims and Related Expenses | 2,787 | 2,444 | 2,246 |
Gross amount arising from insurance contracts [member] | |||
Disclosure of amounts arising from insurance contracts [line items] | |||
Earned premiums | 4,632 | 4,398 | 4,132 |
Insurance Claims and Related Expenses | 2,987 | 2,676 | 2,381 |
Reinsurer's share of amount arising from insurance contracts [member] | |||
Disclosure of amounts arising from insurance contracts [line items] | |||
Earned premiums | 915 | 915 | 915 |
Insurance Claims and Related Expenses | $ 200 | $ 232 | $ 135 |
Insurance - Summary of Amount_2
Insurance - Summary of Amounts Arising from Insurance Contracts (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of amounts arising from insurance contracts [abstract] | |||
Ceding commissions paid and netted against fee income | $ 123 | $ 130 | $ 127 |
Insurance - Summary of Movement
Insurance - Summary of Movement in Provisions for Unpaid Claims (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure Of Movement In Provisions For Unpaid Claims [line items] | ||
Balance as at beginning of year | $ 4,652 | $ 4,773 |
Claims costs for current accident year | 2,727 | 2,631 |
Prior accident years claims development (favourable) unfavourable | (408) | (454) |
Discount rate | 94 | (78) |
Provision for adverse deviation | (6) | (18) |
Claims and related expenses | 2,407 | 2,081 |
Current accident year | (1,239) | (1,223) |
Prior accident years | (1,121) | (979) |
Cash paid for claims | (2,360) | (2,202) |
Balance as at end of year | 4,699 | 4,652 |
Gross amount arising from insurance contracts [member] | ||
Disclosure Of Movement In Provisions For Unpaid Claims [line items] | ||
Balance as at beginning of year | 4,812 | 4,965 |
Claims costs for current accident year | 2,727 | 2,673 |
Prior accident years claims development (favourable) unfavourable | (410) | (460) |
Discount rate | 95 | (78) |
Provision for adverse deviation | (7) | (19) |
Claims and related expenses | 2,405 | 2,116 |
Current accident year | (1,239) | (1,238) |
Prior accident years | (1,147) | (1,023) |
Cash paid for claims | (2,386) | (2,261) |
Increase (decrease) in reinsurance/other recoverables | 9 | (8) |
Balance as at end of year | 4,840 | 4,812 |
Reinsurance/ other recoverable [member] | ||
Disclosure Of Movement In Provisions For Unpaid Claims [line items] | ||
Balance as at beginning of year | 160 | 192 |
Claims costs for current accident year | 42 | |
Prior accident years claims development (favourable) unfavourable | (2) | (6) |
Discount rate | 1 | |
Provision for adverse deviation | (1) | (1) |
Claims and related expenses | (2) | 35 |
Current accident year | (15) | |
Prior accident years | (26) | (44) |
Cash paid for claims | (26) | (59) |
Increase (decrease) in reinsurance/other recoverables | 9 | (8) |
Balance as at end of year | $ 141 | $ 160 |
Insurance - Summary of Moveme_2
Insurance - Summary of Movement in Provisions for Unearned Premiums (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure Of Movement In Provisions For Unearned Premiums [line items] | |||
Earned premiums | $ 3,717 | $ 3,483 | $ 3,217 |
Property liability and casualty insurance segment [member] | |||
Disclosure Of Movement In Provisions For Unearned Premiums [line items] | |||
Balance as at beginning of year | 1,655 | 1,581 | |
Written premiums | 3,423 | 3,071 | |
Earned premiums | (3,226) | (2,997) | |
Balance as at end of year | 1,852 | 1,655 | 1,581 |
Gross amount arising from insurance contracts [member] | |||
Disclosure Of Movement In Provisions For Unearned Premiums [line items] | |||
Earned premiums | 4,632 | 4,398 | 4,132 |
Gross amount arising from insurance contracts [member] | Property liability and casualty insurance segment [member] | |||
Disclosure Of Movement In Provisions For Unearned Premiums [line items] | |||
Balance as at beginning of year | 1,674 | 1,581 | |
Written premiums | 3,528 | 3,185 | |
Earned premiums | (3,333) | (3,092) | |
Balance as at end of year | 1,869 | 1,674 | 1,581 |
Reinsurer's share of amount arising from insurance contracts [member] | |||
Disclosure Of Movement In Provisions For Unearned Premiums [line items] | |||
Earned premiums | 915 | 915 | $ 915 |
Reinsurer's share of amount arising from insurance contracts [member] | Property liability and casualty insurance segment [member] | |||
Disclosure Of Movement In Provisions For Unearned Premiums [line items] | |||
Balance as at beginning of year | 19 | ||
Written premiums | 105 | 114 | |
Earned premiums | (107) | (95) | |
Balance as at end of year | $ 17 | $ 19 |
Insurance - Additional Informat
Insurance - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Of Other Movements In Insurance Liabilities [line items] | ||
Other insurance liabilities | $ 211 | $ 212 |
Ontario [member] | ||
Disclosure Of Other Movements In Insurance Liabilities [line items] | ||
Percentage of net written premiums | 53.90% | 55.00% |
Western Provinces [member] | ||
Disclosure Of Other Movements In Insurance Liabilities [line items] | ||
Percentage of net written premiums | 31.20% | 30.40% |
Atlantic Provinces [member] | ||
Disclosure Of Other Movements In Insurance Liabilities [line items] | ||
Percentage of net written premiums | 8.80% | 8.50% |
Quebec [member] | ||
Disclosure Of Other Movements In Insurance Liabilities [line items] | ||
Percentage of net written premiums | 6.10% | 6.00% |
Automobile policies [member] | ||
Disclosure Of Other Movements In Insurance Liabilities [line items] | ||
Percentage of net written premiums | 66.00% | 66.20% |
Residential [member] | ||
Disclosure Of Other Movements In Insurance Liabilities [line items] | ||
Percentage of net written premiums | 33.50% | 33.30% |
Insurance - Incurred Claims by
Insurance - Incurred Claims by Accident Year (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2019CAD ($) | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net undiscounted provision for unpaid claims | $ 4,609 |
Effect of discounting | (318) |
Provision for adverse deviation | 408 |
Net provision for unpaid claims | 4,699 |
2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 3,998 |
Current estimates of cumulative claims | 4,431 |
Cumulative payments to date | (4,290) |
Net undiscounted provision for unpaid claims | 141 |
2011 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 1,724 |
Current estimates of cumulative claims | 1,675 |
Cumulative payments to date | (1,633) |
Net undiscounted provision for unpaid claims | 42 |
2012 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 1,830 |
Current estimates of cumulative claims | 1,761 |
Cumulative payments to date | (1,680) |
Net undiscounted provision for unpaid claims | 81 |
2013 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 2,245 |
Current estimates of cumulative claims | 2,004 |
Cumulative payments to date | (1,882) |
Net undiscounted provision for unpaid claims | 122 |
2014 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 2,465 |
Current estimates of cumulative claims | 2,084 |
Cumulative payments to date | (1,867) |
Net undiscounted provision for unpaid claims | 217 |
2015 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 2,409 |
Current estimates of cumulative claims | 2,162 |
Cumulative payments to date | (1,794) |
Net undiscounted provision for unpaid claims | 368 |
2016 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 2,438 |
Current estimates of cumulative claims | 2,264 |
Cumulative payments to date | (1,708) |
Net undiscounted provision for unpaid claims | 556 |
2017 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 2,425 |
Current estimates of cumulative claims | 2,258 |
Cumulative payments to date | (1,569) |
Net undiscounted provision for unpaid claims | 689 |
Two thousand eighteen [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 2,631 |
Current estimates of cumulative claims | 2,615 |
Cumulative payments to date | (1,710) |
Net undiscounted provision for unpaid claims | 905 |
Two Thousand and Nineteen [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Net ultimate claims cost at end of accident year | 2,727 |
Current estimates of cumulative claims | 2,727 |
Cumulative payments to date | (1,239) |
Net undiscounted provision for unpaid claims | 1,488 |
Later than 1 year [member] | 2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 4,119 |
Later than 1 year [member] | 2011 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,728 |
Later than 1 year [member] | 2012 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,930 |
Later than 1 year [member] | 2013 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,227 |
Later than 1 year [member] | 2014 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,334 |
Later than 1 year [member] | 2015 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,367 |
Later than 1 year [member] | 2016 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,421 |
Later than 1 year [member] | 2017 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,307 |
Later than 1 year [member] | Two thousand eighteen [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,615 |
Later than Two Years [member] | 2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 4,368 |
Later than Two Years [member] | 2011 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,823 |
Later than Two Years [member] | 2012 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,922 |
Later than Two Years [member] | 2013 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,191 |
Later than Two Years [member] | 2014 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,280 |
Later than Two Years [member] | 2015 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,310 |
Later than Two Years [member] | 2016 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,334 |
Later than Two Years [member] | 2017 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,258 |
Later than three years [member] | 2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 4,584 |
Later than three years [member] | 2011 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,779 |
Later than three years [member] | 2012 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,885 |
Later than three years [member] | 2013 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,158 |
Later than three years [member] | 2014 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,225 |
Later than three years [member] | 2015 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,234 |
Later than three years [member] | 2016 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,264 |
Later than four year [member] | 2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 4,560 |
Later than four year [member] | 2011 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,768 |
Later than four year [member] | 2012 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,860 |
Later than four year [member] | 2013 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,097 |
Later than four year [member] | 2014 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,147 |
Later than four year [member] | 2015 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,162 |
Over 5 years [member] | 2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 4,603 |
Over 5 years [member] | 2011 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,739 |
Over 5 years [member] | 2012 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,818 |
Over 5 years [member] | 2013 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,047 |
Over 5 years [member] | 2014 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,084 |
Later Than Six Years [member] | 2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 4,537 |
Later Than Six Years [member] | 2011 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,702 |
Later Than Six Years [member] | 2012 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,793 |
Later Than Six Years [member] | 2013 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 2,004 |
Later Than Seven Years [member] | 2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 4,488 |
Later Than Seven Years [member] | 2011 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,696 |
Later Than Seven Years [member] | 2012 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,761 |
Later Than Eight Years [member] | 2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 4,473 |
Later Than Eight Years [member] | 2011 [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | 1,675 |
Later Than Nine Years [member] | 2010 and Prior [member] | |
Disclosure Of Estimated Insurance Claims Incurred [line items] | |
Revised estimates | $ 4,431 |
Insurance - Sensitivity of Crit
Insurance - Sensitivity of Critical Assumptions - Property and Casualty insurance Contract Liabilities (Detail) - Property liability and casualty insurance segment [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Impact of one percent change in discount rate in key assumptions[member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase in assumption | $ 122 | $ 121 |
Decrease in assumption | (131) | (129) |
Increase in assumption | 89 | 88 |
Decrease in assumption | (96) | (95) |
Impact of one percent change in margin for adverse deviation in key assumptions[member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase in assumption | (45) | (45) |
Decrease in assumption | 45 | 45 |
Increase in assumption | (33) | (33) |
Decrease in assumption | 33 | 33 |
Impact of five percent change in frequency of claims in key assumptions [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase in assumption | (52) | (41) |
Decrease in assumption | 52 | 41 |
Increase in assumption | (38) | (30) |
Decrease in assumption | 38 | 30 |
Impact of five percent change in severity of claims in key assumptions [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase in assumption | (220) | (210) |
Decrease in assumption | 220 | 210 |
Increase in assumption | (161) | (153) |
Decrease in assumption | $ 161 | $ 153 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) shares in Millions | 12 Months Ended | ||
Oct. 31, 2019CAD ($)shares | Oct. 31, 2018CAD ($)shares | Oct. 31, 2017CAD ($) | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Compensation expense, net of effects of related hedges | $ 546,000,000 | $ 509,000,000 | $ 490,000,000 |
Compensation expense, before effects of related hedges | 662,000,000 | 607,000,000 | 917,000,000 |
Liabilities related to share based compensation plans | 2,000,000,000 | 2,100,000,000 | |
Contribution from employer | $ 352,000,000 | 355,000,000 | |
Employee Stock Options [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Options vesting period | Compensation expense is recognized based on the fair value of the share units at the grant date adjusted for changes in fair value between the grant date and the vesting date, net of hedging activities, over the service period required for employees to become fully entitled to the awards. This period is generally equal to the vesting period, in addition to a period prior to the grant date. For the Bank's share units, this period is generally equal to four years. | ||
Options, term | The cost of the share options is based on the fair value estimated at the grant date and is recognized as compensation expense and contributed surplus over the service period required for employees to become fully entitled to the awards. This period is generally equal to the vesting period in addition to a period prior to the grant date. For the Bank's share options, this period is generally equal to five years. When options are exercised, the amount initially recognized in the contributed surplus balance is reduced, with a corresponding increase in common shares. | ||
Weighted average share price for the options exercised | $ 74.15 | $ 74.99 | $ 67.79 |
Granted | 2,200,000 | 1,900,000 | 2,000,000 |
Employee Stock Options [member] | Key management personnel of entity or parent [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Common shares reserved for future issuance | shares | 16 | 18 | |
Options vesting period | Four-year | ||
Options, term | Ten years | ||
Stock Option Awards [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Compensation expense | $ 11,100,000 | $ 11,500,000 | $ 14,800,000 |
Granted | 2,200,000 | 1,900,000 | 2,000,000 |
Weighted average fair value of options granted | $ 5.64 | $ 6.28 | $ 5.81 |
Restricted Share Unit And Performance Share Unit Plans [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Share units, vesting periods | 3 years | ||
Number of other equity instruments outstanding in share based payment arrangement | 22,000,000 | 23,000,000 | |
Restricted Share Unit And Performance Share Unit Plans [member] | Bottom of range [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of number of units outstanding at maturity determining final number of performance share units | 80.00% | ||
Restricted Share Unit And Performance Share Unit Plans [member] | Top of range [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of number of units outstanding at maturity determining final number of performance share units | 120.00% | ||
Deferred share unit plans [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Number of other equity instruments outstanding in share based payment arrangement | 6,600,000 | 6,600,000 | |
Employee ownership plan [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Description of employee ownership plan contribution | Employees can contribute any amount of their eligible earnings (net of source deductions), subject to an annual cap of 10% of salary to the Employee Ownership Plan. For participating employees below the level of Vice President, the Bank matches 100% of the first $250 of employee contributions each year and the remainder of employee contributions at 50% to an overall maximum of 3.5% of the employee's eligible earnings or $2,250, whichever comes first. | ||
Contribution from employer | $ 74,000,000 | $ 72,000,000 | $ 70,000,000 |
Common shares held under employee ownership plan | 20,000,000 | 20,000,000 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option Activity (Detail) - Employee Stock Options [member] pure in Millions | 12 Months Ended | ||
Oct. 31, 2019CAD ($) | Oct. 31, 2018CAD ($) | Oct. 31, 2017CAD ($) | |
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options And Exercise [line items] | |||
Number outstanding, beginning of year, Number of shares | 13.1 | 14.3 | 15.4 |
Granted, Number of shares | 2.2 | 1.9 | 2 |
Exercised, Number of shares | (2.3) | (3) | (3) |
Forfeited/cancelled, Number of shares | (0.2) | (0.1) | (0.1) |
Number outstanding, end of year, Number of shares | 12.8 | 13.1 | 14.3 |
Exercisable, end of year, Number of shares | 4.7 | 4.7 | 5.4 |
Number outstanding, beginning of year, Weighted average exercise price | $ 53.12 | $ 48.17 | $ 44.18 |
Granted, Weighted average exercise price | 69.39 | 72.64 | 65.75 |
Exercised, Weighted average exercise price | 44.07 | 41.21 | 38.59 |
Forfeited/cancelled, Weighted average exercise price | 66.59 | 60.46 | 54.58 |
Number outstanding, end of year, Weighted average exercise price | 57.35 | 53.12 | 48.17 |
Exercisable, end of year, Weighted average exercise price | $ 44.77 | $ 40.61 | $ 38 |
Share-Based Compensation - Rang
Share-Based Compensation - Range of Exercise Prices (Detail) - Employee Stock Options [member] pure in Millions | Oct. 31, 2019CAD ($)yr | Oct. 31, 2018CAD ($) | Oct. 31, 2017CAD ($) | Oct. 31, 2016CAD ($) |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares options outstanding | 12.8 | 13.1 | 14.3 | 15.4 |
Weighted- average exercise price | $ 57.35 | $ 53.12 | $ 48.17 | $ 44.18 |
Number of shares exercisable | 4.7 | 4.7 | 5.4 | |
Weighted- average exercise price | $ 44.77 | $ 40.61 | $ 38 | |
$32.99 - $36.64 [member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares options outstanding | 1.2 | |||
Weighted- average remaining contractual life (years) | yr | 1.7 | |||
Weighted- average exercise price | $ 36.58 | |||
Number of shares exercisable | 1.2 | |||
Weighted- average exercise price | $ 36.58 | |||
$40.54 - $47.59 [member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares options outstanding | 2.1 | |||
Weighted- average remaining contractual life (years) | yr | 3.5 | |||
Weighted- average exercise price | $ 44.22 | |||
Number of shares exercisable | 2.1 | |||
Weighted- average exercise price | $ 44.22 | |||
$52.46 - $53.15 [member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares options outstanding | 3.7 | |||
Weighted- average remaining contractual life (years) | yr | 5.6 | |||
Weighted- average exercise price | $ 52.88 | |||
Number of shares exercisable | 1.4 | |||
Weighted- average exercise price | $ 52.46 | |||
$65.75 - $69.39 [member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares options outstanding | 4 | |||
Weighted- average remaining contractual life (years) | yr | 8.1 | |||
Weighted- average exercise price | $ 67.67 | |||
$72.64 [member] | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of shares options outstanding | 1.8 | |||
Weighted- average remaining contractual life (years) | yr | 8 | |||
Weighted- average exercise price | $ 72.64 |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Assumptions Used for Estimating the Fair Value of Options (Detail) - Options [member] | 12 Months Ended | ||
Oct. 31, 2019CAD ($)yr | Oct. 31, 2018CAD ($)yr | Oct. 31, 2017CAD ($)yr | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Risk-free interest rate | 2.03% | 1.71% | 1.24% |
Expected option life, years | yr | 6.3 | 6.3 | 6.3 |
Expected volatility | 12.64% | 13.91% | 14.92% |
Expected dividend yield | 3.48% | 3.50% | 3.47% |
Exercise price/share price | $ | $ 69.39 | $ 72.64 | $ 65.75 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($)yr | Oct. 31, 2018CAD ($)yr | Oct. 31, 2017CAD ($)yr | |
Disclosure of defined benefit plans [line items] | ||||
Contributions to plan | $ 352 | $ 355 | ||
Investments of principal pension plans | The investments of the Society and the TDPP are managed with the primary objective of providing reasonable rates of return, consistent with available market opportunities, consideration of plan liabilities, prudent portfolio management, and levels of risk commensurate with the return expectations and asset mix policy as set out by the risk budget of 6% and 14% surplus volatility, respectively. The investment policies for the principal pension plans generally do not apply to the Pension Enhancement Account (PEA) assets, which are invested at the members' discretion in certain mutual and pooled funds. | |||
Description of constraints of pension plans public debt portfolio | Debt instruments rated BBB+ to BBB- must not exceed 25%; Asset-backed securities must have a minimum credit rating of AAA and not exceed 25% of the mandate; Debt instruments of non-government entities must not exceed 80%; Debt instruments of foreign government entities must not exceed 20%; Debt instruments of either a single non-government or single foreign government entity must not exceed 10%; and Debt instruments issued by the Government of Canada, provinces of Canada, or municipalities must not exceed 100%, 75%, or 10%, respectively. Also with respect to the Society’s public debt portfolio, up to 13% of the total fund can be invested in a bond mandate subject to the following constraints: Debt instruments rated BBB+ to BBB- must not exceed 50%; Asset-backed securities must have a minimum credit rating of AAA and not exceed 25% of the mandate; and Limitation of 10% for any one issuer. The remainder of the Society’s public debt portfolio is not permitted to invest in debt instruments of non-government entities. The TDPP is not permitted to invest in debt instruments of non-government entities. | |||
TD Bank NA Retirement Plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Contributions to plan | $ 146 | $ 134 | $ 124 | |
Society and TD Pension Plan [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Description of equity portfolio of pension plans | The equity portfolios of both the Society and the TDPP are broadly diversified primarily across small to large capitalization quality companies and income trusts with no individual holding exceeding 10% of the equity portfolio or 10% of the outstanding securities of any one company or income trust at any time. Foreign equities are permitted to be included to further diversify the portfolio. A maximum of 10% of a total fund may be invested in emerging market equities. | |||
Principal pension plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted-average duration of the defined benefit obligation | yr | 16 | 15 | 15 | |
Principal pension plans [member] | Expected additional contribution for remainder of year [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Contributions to plan | $ 342 | |||
Principal non-pension post-retirement benefit plan [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted-average duration of the defined benefit obligation | yr | 18 | 17 | 18 | |
Principal non-pension post-retirement benefit plan [member] | Expected additional contribution for remainder of year [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Contributions to plan | 18 | |||
Other pension and retirement plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted-average duration of the defined benefit obligation | yr | 13 | 12 | 13 | |
Other pension and retirement plans [member] | Expected additional contribution for remainder of year [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Contributions to plan | $ 39 | |||
Government Pension Plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Contributions to plan | $ 324 | $ 293 | $ 277 |
Employee Benefits - Summary of
Employee Benefits - Summary of Plan Asset Allocation Plan Asset Allocation (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
TD Pension Plan [member] | |||
Disclosure of fair value of plan assets [line items] | |||
% of total | 100.00% | 100.00% | 100.00% |
TD Pension Plan [member] | Unquoted [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Debt | $ 634 | $ 497 | $ 484 |
Equity | 503 | 470 | 478 |
Alternative investments | 229 | 122 | 68 |
Other | 111 | 63 | 56 |
Total | 1,477 | 1,152 | 1,086 |
TD Pension Plan [member] | Quoted [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Equity | 504 | 396 | 324 |
Total | $ 504 | $ 396 | $ 324 |
TD Pension Plan [member] | Debt securities [member] | |||
Disclosure of fair value of plan assets [line items] | |||
% of total | 34.00% | 34.00% | 36.00% |
TD Pension Plan [member] | Debt securities [member] | Minimum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 25.00% | 25.00% | 25.00% |
TD Pension Plan [member] | Debt securities [member] | Maximum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 50.00% | 50.00% | 56.00% |
TD Pension Plan [member] | Equity [member] | |||
Disclosure of fair value of plan assets [line items] | |||
% of total | 54.00% | 58.00% | 59.00% |
TD Pension Plan [member] | Equity [member] | Minimum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 30.00% | 30.00% | 30.00% |
TD Pension Plan [member] | Equity [member] | Maximum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 70.00% | 65.00% | 65.00% |
TD Pension Plan [member] | Investment funds and trusts [member] | |||
Disclosure of fair value of plan assets [line items] | |||
% of total | 12.00% | 8.00% | 5.00% |
TD Pension Plan [member] | Investment funds and trusts [member] | Minimum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 5.00% | 3.00% | 0.00% |
TD Pension Plan [member] | Investment funds and trusts [member] | Maximum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 35.00% | 25.00% | 20.00% |
Society [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
% of total | 100.00% | 100.00% | 100.00% |
Society [Member] | Unquoted [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Debt | $ 3,374 | $ 2,885 | $ 2,903 |
Equity | 976 | 869 | 511 |
Alternative investments | 760 | 551 | 376 |
Other | (276) | (107) | 46 |
Total | 4,834 | 4,198 | 3,836 |
Society [Member] | Quoted [member] | |||
Disclosure of fair value of plan assets [line items] | |||
Equity | 1,002 | 897 | 1,248 |
Alternative investments | 42 | ||
Total | $ 1,002 | $ 897 | $ 1,290 |
Society [Member] | Debt securities [member] | |||
Disclosure of fair value of plan assets [line items] | |||
% of total | 55.00% | 55.00% | 57.00% |
Society [Member] | Debt securities [member] | Minimum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 40.00% | 40.00% | 40.00% |
Society [Member] | Debt securities [member] | Maximum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 70.00% | 70.00% | 70.00% |
Society [Member] | Equity [member] | |||
Disclosure of fair value of plan assets [line items] | |||
% of total | 32.00% | 34.00% | 35.00% |
Society [Member] | Equity [member] | Minimum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 24.00% | 24.00% | 24.00% |
Society [Member] | Equity [member] | Maximum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 42.00% | 42.00% | 42.00% |
Society [Member] | Investment funds and trusts [member] | |||
Disclosure of fair value of plan assets [line items] | |||
% of total | 13.00% | 11.00% | 8.00% |
Society [Member] | Investment funds and trusts [member] | Minimum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 6.00% | 6.00% | 0.00% |
Society [Member] | Investment funds and trusts [member] | Maximum [Member] | |||
Disclosure of fair value of plan assets [line items] | |||
Acceptable range | 35.00% | 35.00% | 35.00% |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Employee Benefit Plans' Obligations, Assets and Funded Status (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of defined benefit plans [line items] | |||
Employer's contributions | $ 352 | $ 355 | |
Principal pension plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Excess (deficit) of plan assets at fair value over projected benefit obligation | (741) | 104 | $ (546) |
Net defined benefit asset (liability) | (741) | 104 | (546) |
Service cost - benefits earned | 326 | 407 | 439 |
Net interest cost (income) on net defined benefit liability (asset) | (13) | 8 | 22 |
Past service cost (credit) | 1 | (9) | |
Defined benefit administrative expenses | 10 | 10 | 10 |
Total expense | $ 324 | $ 425 | $ 462 |
Actuarial assumptions used to determine the projected benefit obligation as at October 31 (percentage) [Abstract] | |||
Weighted-average discount rate for projected benefit obligation | 3.08% | 4.10% | 3.60% |
Weighted-average rate of compensation increase | 2.57% | 2.54% | 2.54% |
Principal pension plans [member] | Change in projected benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | $ 6,539 | $ 7,082 | $ 6,805 |
Obligations/Asset included due to The Retirement Benefit Plan merger | 6 | ||
Service cost - benefits earned | 326 | 407 | 439 |
Net interest cost (income) on net defined benefit liability (asset) | 240 | 217 | 196 |
Remeasurement (gain) loss - financial | 1,565 | (969) | (148) |
Remeasurement (gain) loss - demographic | 25 | ||
Remeasurement (gain) loss - experience | 83 | 22 | (15) |
Members' contributions | 107 | 104 | 80 |
Benefits paid | (303) | (330) | (291) |
Past service cost (credit) | 1 | (9) | |
Defined benefit obligation at end of year | 8,558 | 6,539 | 7,082 |
Principal pension plans [member] | Change in plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 6,643 | 6,536 | 5,823 |
Obligations/Asset included due to The Retirement Benefit Plan merger | 10 | ||
Net interest cost (income) on net defined benefit liability (asset) | 253 | 209 | 174 |
Remeasurement gain (loss) - return on plan assets less interest income | 773 | (231) | 195 |
Members' contributions | 107 | 104 | 80 |
Employer's contributions | 352 | 355 | 565 |
Benefits paid | (303) | (330) | (291) |
Defined benefit administrative expenses | (8) | (10) | (10) |
Defined benefit obligation at end of year | 7,817 | 6,643 | 6,536 |
Principal non-pension post-retirement benefit plan [member] | |||
Disclosure of defined benefit plans [line items] | |||
Excess (deficit) of plan assets at fair value over projected benefit obligation | (620) | (535) | (558) |
Net defined benefit asset (liability) | (620) | (535) | (558) |
Service cost - benefits earned | 14 | 15 | 16 |
Net interest cost (income) on net defined benefit liability (asset) | 20 | 18 | 17 |
Total expense | $ 34 | $ 33 | $ 33 |
Actuarial assumptions used to determine the projected benefit obligation as at October 31 (percentage) [Abstract] | |||
Weighted-average discount rate for projected benefit obligation | 3.07% | 4.10% | 3.60% |
Weighted-average rate of compensation increase | 3.00% | 3.00% | 3.00% |
Principal non-pension post-retirement benefit plan [member] | Change in projected benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | $ 535 | $ 558 | $ 568 |
Service cost - benefits earned | 14 | 15 | 16 |
Net interest cost (income) on net defined benefit liability (asset) | 20 | 18 | 17 |
Remeasurement (gain) loss - financial | 92 | (42) | |
Remeasurement (gain) loss - demographic | (26) | (42) | |
Remeasurement (gain) loss - experience | 2 | 15 | |
Benefits paid | (15) | (16) | (16) |
Defined benefit obligation at end of year | 620 | 535 | 558 |
Principal non-pension post-retirement benefit plan [member] | Change in plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Employer's contributions | 15 | 16 | 16 |
Benefits paid | (15) | (16) | (16) |
Other pension and retirement plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Excess (deficit) of plan assets at fair value over projected benefit obligation | (989) | (836) | (895) |
Effect of asset limitation and minimum funding requirement | (13) | (13) | |
Net defined benefit asset (liability) | (1,002) | (849) | (895) |
Service cost - benefits earned | 9 | 10 | 11 |
Net interest cost (income) on net defined benefit liability (asset) | 33 | 30 | 31 |
Past service cost (credit) | (30) | 3 | |
Defined benefit administrative expenses | 6 | 4 | 4 |
Total expense | $ 18 | $ 47 | $ 46 |
Actuarial assumptions used to determine the projected benefit obligation as at October 31 (percentage) [Abstract] | |||
Weighted-average discount rate for projected benefit obligation | 3.12% | 4.37% | 3.74% |
Weighted-average rate of compensation increase | 1.00% | 1.03% | 1.14% |
Other pension and retirement plans [member] | Change in projected benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | $ 2,569 | $ 2,750 | $ 2,863 |
Service cost - benefits earned | 9 | 10 | 11 |
Net interest cost (income) on net defined benefit liability (asset) | 106 | 96 | 95 |
Remeasurement (gain) loss - financial | 430 | (190) | (27) |
Remeasurement (gain) loss - demographic | 2 | (8) | 13 |
Remeasurement (gain) loss - experience | 6 | 14 | 1 |
Benefits paid | (143) | (137) | (138) |
Change in foreign currency exchange rate | (1) | 31 | (68) |
Past service cost (credit) | (30) | 3 | |
Defined benefit obligation at end of year | 2,948 | 2,569 | 2,750 |
Other pension and retirement plans [member] | Change in plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 1,733 | 1,855 | 1,895 |
Net interest cost (income) on net defined benefit liability (asset) | 73 | 66 | 64 |
Remeasurement gain (loss) - return on plan assets less interest income | 205 | (109) | 59 |
Employer's contributions | 96 | 37 | 37 |
Benefits paid | (143) | (137) | (138) |
Change in foreign currency exchange rate | (1) | 27 | (58) |
Defined benefit administrative expenses | (4) | (6) | (4) |
Defined benefit obligation at end of year | $ 1,959 | $ 1,733 | $ 1,855 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Employee Benefit Plans' Obligations, Assets and Funded Status (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2019CAD ($) | |
Disclosure of defined benefit plans [line items] | |
Assumed overall health care cost trend rate | 4.18% |
Assumed to gradually decline by the year 2040 and remain at that level thereafter [Member] | |
Disclosure of defined benefit plans [line items] | |
Assumed overall health care cost trend rate | 2.42% |
Past Service Cost [member] | TD Auto Finance LLC [member] | |
Disclosure of defined benefit plans [line items] | |
Gains (losses) on pension plan amendments | $ 33 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Assumed Life Expectancy at Age 65 (Detail) - yr | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Principal pension plans [member] | Retiring currently at age 65 [member] | Male [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 23.4 | 23.3 | 23.2 |
Principal pension plans [member] | Retiring currently at age 65 [member] | Female [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 24.1 | 24.1 | 24 |
Principal pension plans [member] | Currently aged 40 and retiring at 65 [member] | Male [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 24.5 | 24.5 | 24.5 |
Principal pension plans [member] | Currently aged 40 and retiring at 65 [member] | Female [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 25.3 | 25.2 | 25.2 |
Principal non-pension post-retirement benefit plan [member] | Retiring currently at age 65 [member] | Male [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 23.4 | 23.3 | 23.2 |
Principal non-pension post-retirement benefit plan [member] | Retiring currently at age 65 [member] | Female [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 24.1 | 24.1 | 24 |
Principal non-pension post-retirement benefit plan [member] | Currently aged 40 and retiring at 65 [member] | Male [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 24.5 | 24.5 | 24.5 |
Principal non-pension post-retirement benefit plan [member] | Currently aged 40 and retiring at 65 [member] | Female [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 25.3 | 25.2 | 25.2 |
Other pension and retirement plans [member] | Retiring currently at age 65 [member] | Male [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 22.1 | 22.1 | 21.8 |
Other pension and retirement plans [member] | Retiring currently at age 65 [member] | Female [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 23.7 | 23.7 | 23.4 |
Other pension and retirement plans [member] | Currently aged 40 and retiring at 65 [member] | Male [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 22.9 | 23 | 22.9 |
Other pension and retirement plans [member] | Currently aged 40 and retiring at 65 [member] | Female [member] | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Life expectancy for members | 24.8 | 24.8 | 25.1 |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Sensitivity of Significant Actuarial Assumptions (Detail) $ in Millions | Oct. 31, 2019CAD ($) |
Principal pension plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
1 year/percentage decrease in assumption | $ 1,520 |
1 year/percentage increase in assumption | (1,163) |
Principal pension plans [member] | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
1 year/percentage decrease in assumption | (313) |
1 year/percentage increase in assumption | 305 |
Principal pension plans [member] | Actuarial assumption of life expectancy after retirement [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
1 year/percentage decrease in assumption | (179) |
1 year/percentage increase in assumption | 177 |
Principal non-pension post-retirement benefit plan [member] | Actuarial assumption of discount rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
1 year/percentage decrease in assumption | 116 |
1 year/percentage increase in assumption | (90) |
Principal non-pension post-retirement benefit plan [member] | Actuarial assumption of life expectancy after retirement [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
1 year/percentage decrease in assumption | (21) |
1 year/percentage increase in assumption | 21 |
Principal non-pension post-retirement benefit plan [member] | Actuarial assumption of medical cost trend rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
1 year/percentage decrease in assumption | (89) |
1 year/percentage increase in assumption | 113 |
Other pension and retirement plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
1 year/percentage decrease in assumption | 409 |
1 year/percentage increase in assumption | (333) |
Other pension and retirement plans [member] | Actuarial assumption of life expectancy after retirement [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
1 year/percentage decrease in assumption | (94) |
1 year/percentage increase in assumption | $ 93 |
Employee Benefits - Summary o_6
Employee Benefits - Summary of Amounts Recognized in the Consolidated Balance Sheet (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Assets | $ 13 | $ 113 | |
Defined Benefit plan recognized in Other Liabilities | 2,781 | 1,747 | |
Other assets [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Assets | 13 | 113 | $ 13 |
Other assets [member] | Principal pension plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Assets | 104 | ||
Other assets [member] | Other pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Assets | 6 | 3 | 7 |
Other assets [member] | Other employee benefit plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Assets | 7 | 6 | 6 |
Other liabilities [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Liabilities | 2,781 | 1,747 | 2,463 |
Other liabilities [member] | Principal pension plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Liabilities | 741 | 546 | |
Other liabilities [member] | Other pension and retirement plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Liabilities | 1,008 | 852 | 902 |
Other liabilities [member] | Other employee benefit plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Liabilities | 412 | 360 | 457 |
Other liabilities [member] | Principal non-pension post-retirement benefit plan [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined Benefit plan recognized in Other Liabilities | 620 | 535 | 558 |
Other assets and liabilities [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net amount recognized | $ (2,768) | $ (1,634) | $ (2,450) |
Employee Benefits - Summary o_7
Employee Benefits - Summary of Amounts Recognized in the Consolidated Statement of Other Comprehensive Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of defined benefit plans [line items] | |||
Total actuarial gains (losses) recognized in Other Comprehensive Income | $ (1,245) | $ 865 | $ 454 |
Principal pension plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Total actuarial gains (losses) recognized in Other Comprehensive Income | (873) | 720 | 333 |
Principal non-pension post-retirement benefit plan [member] | |||
Disclosure of defined benefit plans [line items] | |||
Total actuarial gains (losses) recognized in Other Comprehensive Income | (66) | 40 | 27 |
Other pension and retirement plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Total actuarial gains (losses) recognized in Other Comprehensive Income | (231) | 60 | 72 |
Other employee benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Total actuarial gains (losses) recognized in Other Comprehensive Income | $ (75) | $ 45 | $ 22 |
Income Taxes - Provision for (R
Income Taxes - Provision for (Recoveries) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Current income taxes | |||
Provision for (recovery of) income taxes for the current period | $ 2,675 | $ 2,873 | $ 2,073 |
Adjustments in respect of prior years and other | 93 | (76) | 5 |
Total current income taxes | 2,768 | 2,797 | 2,078 |
Deferred income taxes | |||
Provision for (recovery of) deferred income taxes related to the origination and reversal of temporary differences | 54 | 76 | 215 |
Effect of changes in tax rates | 10 | 302 | 13 |
Adjustments in respect of prior years and other | (97) | 7 | (53) |
Total deferred income taxes | (33) | 385 | 175 |
Total provision for income taxes - Consolidated Statement of Income | 2,735 | 3,182 | 2,253 |
Provision for (recovery of) income taxes - Statement of Other Comprehensive Income | |||
Current income taxes | 37 | (48) | 261 |
Deferred income taxes | 1,070 | (701) | (755) |
Total income taxes | 1,107 | (749) | (494) |
Income taxes - other non-income related items including business combinations and other adjustments | |||
Current income taxes | (7) | (3) | 29 |
Deferred income taxes | (6) | (2) | |
Income taxes related to business combinations and other adjustments., Total | (13) | (5) | 29 |
Total provision for (recovery of) income taxes | 3,829 | 2,428 | 1,788 |
Current income taxes | |||
Federal | 1,256 | 1,491 | 1,115 |
Provincial | 891 | 1,055 | 797 |
Foreign | 651 | 200 | 456 |
Current income tax expense benefit | 2,798 | 2,746 | 2,368 |
Deferred income taxes | |||
Federal | 127 | (244) | (233) |
Provincial | 87 | (160) | (156) |
Foreign | 817 | 86 | (191) |
Deferred income taxes | 1,031 | (318) | (580) |
Total provision for (recovery of) income taxes | $ 3,829 | $ 2,428 | $ 1,788 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of Income Tax [Line items] | ||
Temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized | $ 461 | $ 806 |
Amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures for which deferred tax liabilities is unrecognized | 71,000 | $ 61,000 |
U.S. Tax Act [member] | ||
Disclosure of Income Tax [Line items] | ||
U.S. federal corporate tax rate | 21.00% | |
Provision for (recovery of) income taxes | $ 366 | |
U.S. Tax Act [member] | Other comprehensive income [member] | ||
Disclosure of Income Tax [Line items] | ||
Deferred income tax benefit (expense) | 22 | |
U.S. Tax Act [member] | Retained earnings [member] | ||
Disclosure of Income Tax [Line items] | ||
Deferred income tax benefit (expense) | 12 | |
Canada Revenue Agency Reassessment [member] | Two thousand thirteen taxation years [member] | ||
Disclosure of Income Tax [Line items] | ||
Additional Income Tax and Interest reassessed by CRA | 6 | |
Canada Revenue Agency Reassessment [member] | Two thousand fourteen taxation years [member] | ||
Disclosure of Income Tax [Line items] | ||
Additional Income Tax and Interest reassessed by CRA | 255 | |
Canada Revenue Agency Reassessment [member] | Two Thousand Eleven to Two Thousand Fourteen Taxation Years [member] | ||
Disclosure of Income Tax [Line items] | ||
Additional Income Tax and Interest reassessed by CRA | 814 | |
Not Later Than Five Years [member] | ||
Disclosure of Income Tax [Line items] | ||
Temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized to expire | $ 3 | $ 2 |
Income taxes - Summary of Recon
Income taxes - Summary of Reconciliation to Statutory Income Tax Rate (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Income taxes at Canadian statutory income tax rate | $ 3,502 | $ 3,648 | $ 3,262 |
Increase (decrease) resulting from: | |||
Dividends received | (104) | (142) | (498) |
Rate differentials on international operations | (728) | (343) | (515) |
Other - net | 65 | 19 | 4 |
Total provision for income taxes - Consolidated Statement of Income | $ 2,735 | $ 3,182 | $ 2,253 |
Income taxes at Canadian statutory income tax rate | 26.50% | 26.50% | 26.50% |
Dividends received | (0.80%) | (1.00%) | (4.00%) |
Rate differentials on international operations | (5.50%) | (2.50%) | (4.20%) |
Other - net | 0.50% | 0.10% | |
Provision for income taxes and effective income tax rate | 20.70% | 23.10% | 18.30% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | $ 2,614 | $ 3,129 |
Total deferred tax liabilities | 1,008 | 492 |
Net deferred tax assets | 1,606 | 2,637 |
Deferred tax assets | 1,799 | 2,812 |
Deferred tax liabilities | 193 | 175 |
Net deferred tax assets | 1,606 | 2,637 |
Allowance for credit losses [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 965 | 845 |
Securities [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 920 | |
Total deferred tax liabilities | 527 | |
Trading loans [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 50 | 54 |
Employee Benefits [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 844 | 739 |
Pensions [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 344 | 59 |
Losses available for carry forward [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 95 | 94 |
Tax credits [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 228 | 326 |
Other deferred tax assets [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 88 | 92 |
Land Building Plant And Equipment [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax liabilities | 242 | 223 |
Deferred income expense [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax liabilities | 91 | 12 |
Intangibles [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax liabilities | 40 | 163 |
Goodwill [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax liabilities | $ 108 | $ 94 |
Income Taxes - Summary of Def_2
Income Taxes - Summary of Deferred Income Tax Expense (Recovery) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | $ (33) | $ 385 | |
Deferred income tax expense (recovery), other comprehensive income | 1,070 | (701) | |
Deferred income tax expense (recovery), business combination and other | (6) | (2) | |
Total deferred income tax expense (recovery) | 1,031 | (318) | $ (580) |
Allowance for credit losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | (120) | 79 | |
Total deferred income tax expense (recovery) | (120) | 79 | |
Trading loans [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | 4 | 36 | |
Total deferred income tax expense (recovery) | 4 | 36 | |
Employee Benefits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | (87) | 61 | |
Deferred income tax expense (recovery), other comprehensive income | (18) | 14 | |
Total deferred income tax expense (recovery) | (105) | 75 | |
Pensions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | 19 | (20) | |
Deferred income tax expense (recovery), other comprehensive income | (303) | 230 | |
Total deferred income tax expense (recovery) | (284) | 210 | |
Losses available for carry forward [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | (1) | 37 | |
Total deferred income tax expense (recovery) | (1) | 37 | |
Tax credits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | 98 | (304) | |
Total deferred income tax expense (recovery) | 98 | (304) | |
Other deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | 7 | 54 | |
Deferred income tax expense (recovery), business combination and other | (4) | (2) | |
Total deferred income tax expense (recovery) | 3 | 52 | |
Securities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | 56 | 240 | |
Deferred income tax expense (recovery), other comprehensive income | 1,391 | (945) | |
Total deferred income tax expense (recovery) | 1,447 | (705) | |
Land Building Plant And Equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | (19) | 216 | |
Total deferred income tax expense (recovery) | 19 | 216 | |
Deferred income expense [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | 79 | 95 | |
Total deferred income tax expense (recovery) | 79 | 95 | |
Intangibles [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | (123) | (81) | |
Total deferred income tax expense (recovery) | (123) | (81) | |
Goodwill [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax expense (recovery), consolidated statement of income | 16 | (28) | |
Deferred income tax expense (recovery), business combination and other | (2) | ||
Total deferred income tax expense (recovery) | $ 14 | $ (28) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Basic earnings per share | |||
Net income attributable to common shareholders | $ 11,416 | $ 11,048 | $ 10,203 |
Weighted-average number of common shares outstanding (millions) | 1,824.2 | 1,835.4 | 1,850.6 |
Basic earnings per share (Canadian dollars) | $ 6.26 | $ 6.02 | $ 5.51 |
Diluted earnings per share | |||
Net income attributable to common shareholders | $ 11,416 | $ 11,048 | $ 10,203 |
Net income available to common shareholders including impact of dilutive securities | $ 11,416 | $ 11,048 | $ 10,203 |
Weighted-average number of common shares outstanding (millions) | 1,824.2 | 1,835.4 | 1,850.6 |
Stock options potentially exercisable (millions) | 3.1 | 4.1 | 4.2 |
Weighted-average number of common shares outstanding - diluted (millions) | 1,827.3 | 1,839.5 | 1,854.8 |
Diluted earnings per share (Canadian dollars) | $ 6.25 | $ 6.01 | $ 5.50 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Earnings Per Share (Parenthetical) (Detail) - shares shares in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Earnings per share [abstract] | |||
Average outstanding options excluded from calculation of diluted earnings per share | 0 | 0 | 0 |
Provisions, Contingent Liabil_3
Provisions, Contingent Liabilities, Commitments, Guarantees, Pledged Assets, and Collateral - Summary of Bank's Provisions (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of other provisions [line items] | ||
Balance as at November 1, 2018 | $ 473 | |
Additions | 406 | |
Amounts used | (272) | |
Release of unused amounts | (87) | |
Foreign currency translation adjustments and other | (10) | |
Balance as at October 31, 2019, before allowance for credit losses for off-balance sheet instruments | 510 | |
Add: allowance for credit losses for off-balance sheet instruments | 4,447 | $ 3,549 |
Balance as at October 31, 2019 | 1,095 | |
Off balance sheet instruments [member] | ||
Disclosure of other provisions [line items] | ||
Add: allowance for credit losses for off-balance sheet instruments | 585 | |
Restructuring provision [member] | ||
Disclosure of other provisions [line items] | ||
Balance as at November 1, 2018 | 121 | |
Additions | 184 | |
Amounts used | (53) | |
Release of unused amounts | (9) | |
Foreign currency translation adjustments and other | (2) | |
Balance as at October 31, 2019, before allowance for credit losses for off-balance sheet instruments | 241 | |
Litigation and other [member] | ||
Disclosure of other provisions [line items] | ||
Balance as at November 1, 2018 | 352 | |
Additions | 222 | |
Amounts used | (219) | |
Release of unused amounts | (78) | |
Foreign currency translation adjustments and other | (8) | |
Balance as at October 31, 2019, before allowance for credit losses for off-balance sheet instruments | $ 269 |
Provisions, Contingent Liabil_4
Provisions, Contingent Liabilities, Commitments, Guarantees, Pledged Assets, and Collateral - Additional Information (Detail) $ in Billions | 12 Months Ended | |||
Oct. 31, 2019CAD ($)ClassActionBank | Oct. 31, 2019USD ($)ClassActionBank | Oct. 31, 2018CAD ($) | Oct. 31, 2017CAD ($) | |
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Commitment to fund private equity investments | $ 374,000,000 | $ 205,000,000 | ||
Rental expense | 1,200,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | |
Within 1 year [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum finance lease commitments where annual rental is in excess of $100 thousand | 21,000,000 | |||
Over 1 year to 2 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum finance lease commitments where annual rental is in excess of $100 thousand | 22,000,000 | |||
Over 2 years to 3 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum finance lease commitments where annual rental is in excess of $100 thousand | 20,000,000 | |||
Over 3 years to 4 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum finance lease commitments where annual rental is in excess of $100 thousand | 15,000,000 | |||
Over 4 years to 5 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum finance lease commitments where annual rental is in excess of $100 thousand | 4,000,000 | |||
Over 5 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum finance lease commitments where annual rental is in excess of $100 thousand | 1,000,000 | |||
Premises and equipment under long-term non-cancellable leases [member] | Within 1 year [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum operating lease commitments where annual rental is in excess of $100 thousand | 988,000,000 | |||
Premises and equipment under long-term non-cancellable leases [member] | Over 1 year to 2 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum operating lease commitments where annual rental is in excess of $100 thousand | 936,000,000 | |||
Premises and equipment under long-term non-cancellable leases [member] | Over 2 years to 3 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum operating lease commitments where annual rental is in excess of $100 thousand | 884,000,000 | |||
Premises and equipment under long-term non-cancellable leases [member] | Over 3 years to 4 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum operating lease commitments where annual rental is in excess of $100 thousand | 790,000,000 | |||
Premises and equipment under long-term non-cancellable leases [member] | Over 4 years to 5 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum operating lease commitments where annual rental is in excess of $100 thousand | 658,000,000 | |||
Premises and equipment under long-term non-cancellable leases [member] | Over 5 years [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Future minimum operating lease commitments where annual rental is in excess of $100 thousand | $ 3,365,000,000 | |||
Credit Card Fees Member | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Number of proposed class actions | ClassAction | 7 | 7 | ||
Number of remaining class actions | ClassAction | 5 | 5 | ||
Litigation and other provision [member] | StanfordLitigation [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Amount on Ponzi scheme | $ 7.2 | |||
Number of other Plaintiffs | Bank | 4 | 4 | ||
Bottom of range [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Finance lease commitment annual payment | $ 100,000 | |||
Bottom of range [member] | Premises and equipment under long-term non-cancellable leases [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Operating lease commitments annual payment | 100,000 | |||
Bottom of range [member] | Litigation and other provision [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Bank's reasonable possible losses | 0 | |||
Top of range [member] | Litigation and other provision [member] | ||||
Disclosure of provisions contingent liabilities commitments guarantees pledged assets and collateral [line items] | ||||
Bank's reasonable possible losses | $ 606,000,000 |
Provisions, Contingent Liabil_5
Provisions, Contingent Liabilities, Commitments, Guarantees, Pledged Assets, and Collateral - Summary of Credit Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Maximum amount of additional credit to be obligated by bank | $ 233,840 | $ 210,804 |
Financial and performance standby letters of credit [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum amount of additional credit to be obligated by bank | 26,887 | 26,431 |
Documentary and commercial letters of credit [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum amount of additional credit to be obligated by bank | 107 | 197 |
Commitments to extend credit [member] | Within 1 year [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum amount of additional credit to be obligated by bank | 56,676 | 50,028 |
Commitments to extend credit [member] | Later than 1 year [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum amount of additional credit to be obligated by bank | $ 150,170 | $ 134,148 |
Provisions, Contingent Liabil_6
Provisions, Contingent Liabilities, Commitments, Guarantees, Pledged Assets, and Collateral - Details of Assets Pledged Against Liabilities and Collateral Assets Held or Re-pledged (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Sources of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Sources of pledged assets and collateral | $ 392,745 | $ 358,128 |
Bank assets [member] | Sources of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Sources of pledged assets and collateral | 179,240 | 172,805 |
Third-party asset [member] | Sources of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Collateral received and available for sale or repledging | 274,765 | 243,168 |
Less: Collateral not repledged | (61,260) | (57,845) |
Sources of pledged assets and collateral | 213,505 | 185,323 |
Third-party asset [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 392,745 | 358,128 |
Derivatives [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 11,468 | 8,083 |
Obligations related to securities lent or sold under repurchase agreements [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 120,352 | 105,665 |
Securities borrowing and lending [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 107,587 | 85,544 |
Obligations Related to Securities Sold Short [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 27,575 | 39,007 |
Securitization [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 32,024 | 32,067 |
Covered bonds [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 41,937 | 38,033 |
Clearing systems, payment systems, and depositories [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 8,338 | 7,540 |
Foreign governments and central banks [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 1,167 | 1,390 |
Other uses [member] | Uses of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Uses of pledged assets and collateral | 42,297 | 40,799 |
Cash and due from banks [member] | Bank assets [member] | Sources of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Sources of pledged assets and collateral | 820 | 1,219 |
Interest bearing deposits with banks [member] | Bank assets [member] | Sources of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Sources of pledged assets and collateral | 4,918 | 3,301 |
Loans [member] | Bank assets [member] | Sources of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Sources of pledged assets and collateral | 87,415 | 83,637 |
Securities [member] | Bank assets [member] | Sources of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Sources of pledged assets and collateral | 85,237 | 83,370 |
Other assets [member] | Bank assets [member] | Sources of pledged assets and collateral [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Sources of pledged assets and collateral | $ 850 | $ 1,278 |
Provisions, Contingent Liabil_7
Provisions, Contingent Liabilities, Commitments, Guarantees, Pledged Assets, and Collateral - Details of Assets Pledged Against Liabilities and Collateral Assets Held or Re-pledged (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of detailed information about financial instruments [abstract] | ||
Assets pledged and that the counterparty can subsequently repledge | $ 45.6 | $ 43.9 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
TD Ameritrade Holding Corporation [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amount receivable from related party | $ 41 | $ 137 | |
Amount payable to related party | 168 | 174 | |
Symcor [member] | |||
Disclosure of transactions between related parties [line items] | |||
Cash paid to related party | 81 | 86 | $ 93 |
Amount payable to related party | 12 | 14 | |
Undrawn borrowing facilities | $ 291 | 338 | |
Description of ownership interest in related party | One-third ownership | ||
Unsecured loan facility | $ 100 | 100 | |
Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amount receivable from related party | 121 | 149 | |
Insured Deposit Account Agreement [member] | TD Ameritrade Holding Corporation [member] | |||
Disclosure of transactions between related parties [line items] | |||
Cash paid to related party | 2,200 | 1,900 | 1,500 |
Average insured deposit | $ 140,000 | $ 140,000 | $ 124,000 |
Banking service fee | 0.25% |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation of Key Management Personnel and Directors (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Short-term employee benefits | $ 33 | $ 34 | $ 33 |
Post-employment benefits | 2 | 3 | 3 |
Share-based payments | 35 | 37 | 32 |
Total | $ 70 | $ 74 | $ 68 |
Segmented Information - Summary
Segmented Information - Summary of Results by Business Segment (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||||||
Oct. 31, 2019 | Sep. 30, 2019 | Oct. 31, 2018 | Sep. 30, 2018 | Oct. 31, 2017 | Sep. 30, 2017 | ||
Disclosure of operating segments [line items] | |||||||
Net interest income (loss) | $ 23,931 | $ 22,239 | $ 20,847 | ||||
Non-interest income (loss) | 17,134 | 16,653 | 15,355 | ||||
Total revenue | 41,065 | 38,892 | 36,202 | ||||
Provision for (recovery of) credit losses | 3,029 | 2,480 | 2,216 | ||||
Insurance claims and related expenses | 2,787 | 2,444 | 2,246 | ||||
Non-interest expenses | 22,020 | 20,195 | 19,419 | ||||
Income before income taxes and equity in net income of an investment in TD Ameritrade | 13,229 | 13,773 | 12,321 | ||||
Provision for (recovery of) income taxes | 2,735 | 3,182 | 2,253 | ||||
Net income (loss) | [1] | 11,686 | 11,334 | 10,517 | |||
Total assets | 1,415,290 | 1,334,903 | 1,278,995 | ||||
TD Ameritrade [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total revenue | $ 7,983 | $ 7,000 | $ 4,826 | ||||
Provision for (recovery of) income taxes | 957 | 535 | 686 | ||||
Equity in net income of an investment in TD Ameritrade | 1,192 | 743 | 449 | ||||
Net income (loss) | 2,931 | 1,897 | $ 1,146 | ||||
Total assets | $ 57,671 | $ 49,393 | |||||
Canadian Retail [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Net interest income (loss) | 12,349 | 11,576 | 10,611 | ||||
Non-interest income (loss) | 11,877 | 11,137 | 10,451 | ||||
Total revenue | 24,226 | 22,713 | 21,062 | ||||
Provision for (recovery of) credit losses | 1,306 | 998 | 986 | ||||
Insurance claims and related expenses | 2,787 | 2,444 | 2,246 | ||||
Non-interest expenses | 10,735 | 9,473 | 8,934 | ||||
Income before income taxes and equity in net income of an investment in TD Ameritrade | 9,398 | 9,798 | 8,896 | ||||
Provision for (recovery of) income taxes | 2,535 | 2,615 | 2,371 | ||||
Net income (loss) | 6,863 | 7,183 | 6,525 | ||||
Total assets | 452,163 | 433,960 | 404,444 | ||||
U.S. Retail [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Net interest income (loss) | 8,951 | 8,176 | 7,486 | ||||
Non-interest income (loss) | 2,840 | 2,768 | 2,735 | ||||
Total revenue | 11,791 | 10,944 | 10,221 | ||||
Provision for (recovery of) credit losses | 1,082 | 917 | 792 | ||||
Non-interest expenses | 6,411 | 6,100 | 5,878 | ||||
Income before income taxes and equity in net income of an investment in TD Ameritrade | 4,298 | 3,927 | 3,551 | ||||
Provision for (recovery of) income taxes | 471 | 432 | 671 | ||||
Net income (loss) | 4,981 | 4,188 | 3,322 | ||||
Total assets | 436,086 | 417,292 | 403,937 | ||||
U.S. Retail [member] | TD Ameritrade [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Equity in net income of an investment in TD Ameritrade | 1,154 | 693 | 442 | ||||
Wholesale Banking [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Net interest income (loss) | 911 | 1,150 | 1,804 | ||||
Non-interest income (loss) | 2,320 | 2,367 | 1,520 | ||||
Total revenue | 3,231 | 3,517 | 3,324 | ||||
Provision for (recovery of) credit losses | 44 | 3 | (28) | ||||
Non-interest expenses | 2,393 | 2,125 | 1,982 | ||||
Income before income taxes and equity in net income of an investment in TD Ameritrade | 794 | 1,389 | 1,370 | ||||
Provision for (recovery of) income taxes | 186 | 335 | 331 | ||||
Net income (loss) | 608 | 1,054 | 1,039 | ||||
Total assets | 458,420 | 425,909 | 406,138 | ||||
Corporate [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Net interest income (loss) | 1,720 | 1,337 | 946 | ||||
Non-interest income (loss) | 97 | 381 | 649 | ||||
Total revenue | 1,817 | 1,718 | 1,595 | ||||
Provision for (recovery of) credit losses | 597 | 562 | 466 | ||||
Non-interest expenses | 2,481 | 2,497 | 2,625 | ||||
Income before income taxes and equity in net income of an investment in TD Ameritrade | (1,261) | (1,341) | (1,496) | ||||
Provision for (recovery of) income taxes | (457) | (200) | (1,120) | ||||
Net income (loss) | (766) | (1,091) | (369) | ||||
Total assets | 68,621 | 57,742 | 64,476 | ||||
Corporate [member] | TD Ameritrade [member] | |||||||
Disclosure of operating segments [line items] | |||||||
Equity in net income of an investment in TD Ameritrade | $ 38 | $ 50 | $ 7 | ||||
[1] | The amounts are net of income tax provisions (recoveries) presented in the following table. |
Segmented Information - Summa_2
Segmented Information - Summary of Results by Geographic Location (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Disclosure of geographical areas [line items] | ||||
Total revenue | $ 41,065 | $ 38,892 | $ 36,202 | |
Income before income taxes | 13,229 | 13,773 | 12,321 | |
Net income | [1] | 11,686 | 11,334 | 10,517 |
Total assets | 1,415,290 | 1,334,903 | 1,278,995 | |
Canada [member] | ||||
Disclosure of geographical areas [line items] | ||||
Total revenue | 23,599 | 23,332 | 20,911 | |
Income before income taxes | 7,237 | 8,886 | 7,250 | |
Net income | 5,208 | 6,523 | 5,660 | |
Total assets | 769,314 | 713,677 | 648,924 | |
United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Total revenue | 15,557 | 13,751 | 13,371 | |
Income before income taxes | 4,827 | 3,768 | 3,677 | |
Net income | 4,180 | 2,993 | 3,075 | |
Total assets | 524,397 | 514,263 | 515,478 | |
Other international [member] | ||||
Disclosure of geographical areas [line items] | ||||
Total revenue | 1,909 | 1,809 | 1,920 | |
Income before income taxes | 1,165 | 1,119 | 1,394 | |
Net income | 2,298 | 1,818 | 1,782 | |
Total assets | $ 121,579 | $ 106,963 | $ 114,593 | |
[1] | The amounts are net of income tax provisions (recoveries) presented in the following table. |
Interest Income and Expense - S
Interest Income and Expense - Summary of Interest Income and Expense by Basis of Accounting Classification (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Disclosure of Interest Income Expense [line items] | ||||
Interest income | [1] | $ 41,999 | $ 36,422 | $ 29,832 |
Interest expense | 18,068 | 14,183 | $ 8,985 | |
Financial assets amortized cost [member] | ||||
Disclosure of Interest Income Expense [line items] | ||||
Interest income | 31,663 | 27,693 | ||
Interest expense | 11,294 | 9,286 | ||
Financial assets at fair value through other comprehensive income [member] | ||||
Disclosure of Interest Income Expense [line items] | ||||
Interest income | 3,165 | 2,946 | ||
Financial instruments measure at amortized cost and FVOCI [member] | ||||
Disclosure of Interest Income Expense [line items] | ||||
Interest income | 34,828 | 30,639 | ||
Interest expense | 11,294 | 9,286 | ||
Financial instruments measured or designated at fair value through profit or loss [member] | Equities designated at fair value through other comprehensive income [member] | ||||
Disclosure of Interest Income Expense [line items] | ||||
Interest income | 7,171 | 5,783 | ||
Interest expense | $ 6,774 | $ 4,897 | ||
[1] | Includes $34,828 million, for the year ended October 31, 2019 (October 31, 2018 - $30,639 million), which has been calculated based on the effective interest rate method (EIRM). Refer to Note 30. |
Credit Risk - Summary of Concen
Credit Risk - Summary of Concentration of Credit Risk (Detail) - Credit risk [member] - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Loans and customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 100.00% | 100.00% |
Credit risk concentrations | $ 700,226 | $ 666,405 |
Loans and customers' liability under acceptances [member] | Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 67.00% | 67.00% |
Loans and customers' liability under acceptances [member] | United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 32.00% | 32.00% |
Loans and customers' liability under acceptances [member] | Other international [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 1.00% | 1.00% |
Credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 100.00% | 100.00% |
Credit risk concentrations | $ 233,840 | $ 210,804 |
Credit instruments [member] | Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 38.00% | 40.00% |
Credit instruments [member] | United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 58.00% | 57.00% |
Credit instruments [member] | United Kingdom [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 1.00% | 1.00% |
Credit instruments [member] | Europe - other [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 2.00% | 1.00% |
Credit instruments [member] | Other international [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 1.00% | 1.00% |
Derivative financial instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 100.00% | 100.00% |
Credit risk concentrations | $ 46,829 | $ 55,615 |
Derivative financial instruments [member] | Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 25.00% | 24.00% |
Derivative financial instruments [member] | United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 31.00% | 31.00% |
Derivative financial instruments [member] | United Kingdom [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 17.00% | 15.00% |
Derivative financial instruments [member] | Europe - other [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 20.00% | 24.00% |
Derivative financial instruments [member] | Other international [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of concentration risks | 7.00% | 6.00% |
Credit Risk - Summary of Conc_2
Credit Risk - Summary of Concentration of Credit Risk (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of credit risk exposure [line items] | ||
Commitments to extend credit totalling | $ 374 | $ 205 |
Loans and customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Description of concentration of credit risk | Of the total loans and customers' liability under acceptances, the only industry segment which equalled or exceeded 5% of the total concentration as at October 31, 2019, was real estate 10% (October 31, 2018 - 9%). | |
Loans and customers' liability under acceptances [member] | Real estate segment [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 10.00% | 9.00% |
Credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitment and contingent liability | $ 234,000 | $ 211,000 |
Commitments to extend credit totalling | $ 207,000 | $ 184,000 |
Credit instruments [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 22.00% | 19.00% |
Credit instruments [member] | Pipelines oil and gas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 9.00% | 10.00% |
Credit instruments [member] | Power and utilities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 8.00% | 9.00% |
Credit instruments [member] | Automotive [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 9.00% | 9.00% |
Credit instruments [member] | Telecommunications cable and media [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 6.00% | 7.00% |
Credit instruments [member] | Sundry manufacturing and wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 7.00% | 7.00% |
Credit instruments [member] | Professional and other services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 6.00% | 6.00% |
Credit instruments [member] | Non residential real estate development [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 6.00% | 5.00% |
Derivative financial instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Current replacement cost | $ 47,000 | $ 56,000 |
Derivative financial instruments [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 69.00% | 68.00% |
Derivative financial instruments [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Concentration risk percentage | 22.00% | 26.00% |
Credit Risk - Summary of Gross
Credit Risk - Summary of Gross Maximum Credit Risk Exposure (Detail) - Credit risk [member] - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | $ 1,295,488 | $ 1,237,413 |
Credit exposure | 1,840,466 | 1,749,969 |
Non trading loans at fair value through profit or loss [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 1,796 | 1,336 |
Loans at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 2,124 | 2,745 |
Cash and due from banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 4,863 | 4,735 |
Interest bearing deposits with banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 25,583 | 30,720 |
Securities excluding equity securities [member] | Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] | Government and government insured securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 1,413 | 1,397 |
Securities excluding equity securities [member] | Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] | Other debt securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 2,627 | 2,221 |
Securities excluding equity securities [member] | Trading securities [member] | Government and government insured securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 44,445 | 47,085 |
Securities excluding equity securities [member] | Trading securities [member] | Other debt securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 18,680 | 20,106 |
Securities excluding equity securities [member] | Trading securities [member] | Retained interests [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 19 | 25 |
Securities excluding equity securities [member] | Non trading financial assets at fair value through profit or loss [member] | Government and government insured securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 319 | |
Securities excluding equity securities [member] | Non trading financial assets at fair value through profit or loss [member] | Other debt securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 4,081 | 2,340 |
Securities excluding equity securities [member] | Financial Assets Available-for-sale, Category [Member] | Government and government insured securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 83,171 | 94,733 |
Securities excluding equity securities [member] | Financial Assets Available-for-sale, Category [Member] | Other debt securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 23,969 | 30,948 |
Securities excluding equity securities [member] | Debt securities carried at amortized cost[member] | Government and government insured securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 78,275 | 60,535 |
Securities excluding equity securities [member] | Debt securities carried at amortized cost[member] | Other debt securities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 52,222 | 46,636 |
Securities purchased under reverse repurchase agreements [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 165,935 | 127,379 |
Derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 48,894 | 56,996 |
Loans [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 235,530 | 225,081 |
Loans [member] | Consumer instalment and other personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 179,085 | 170,976 |
Loans [member] | Credit card [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 34,989 | 34,015 |
Loans [member] | Business and government [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 235,004 | 216,321 |
Trading loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 12,482 | 10,990 |
Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 13,494 | 17,267 |
Amounts receivable from brokers dealers and clients [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 20,575 | 26,940 |
Other assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk of financial assets | 5,913 | 5,886 |
Credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 233,840 | 210,804 |
Unconditionally cancellable commitments to extend credit relating to personal lines of credit and credit card lines [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 311,138 | $ 301,752 |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Detail) - Basel III [member] | Oct. 31, 2019 | Oct. 31, 2018 | Jan. 01, 2016 |
Disclosure of regulatory capital [line items] | |||
Common equity capital surcharge | 1.00% | 1.00% | 1.00% |
Target common equity tier 1 capital ratio | 8.00% | 8.00% | 8.00% |
Target tier 1 capital ratio | 9.50% | 9.50% | 9.50% |
Target total capital ratio | 11.50% | 11.50% | 11.50% |
Domestic Stability Buffer | 2.00% | ||
Target Common Equity tier 1 Capital Ratio including Domestic Stability Buffer | 10.00% |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Regulatory Capital Position (Detail) - CAD ($) $ in Millions | Oct. 31, 2019 | Oct. 31, 2018 |
Capital | ||
Common Equity Tier 1 Capital | $ 55,042 | $ 52,389 |
Tier 1 Capital | 61,683 | 59,735 |
Total Capital | 74,122 | 70,434 |
Risk-weighted assets used in the calculation of capital ratios | ||
Common Equity Tier 1 Capital | 455,977 | 435,632 |
Tier 1 Capital | 455,977 | 435,780 |
Total Capital | $ 455,977 | $ 435,927 |
Capital and leverage ratios | ||
Common Equity Tier 1 Capital ratio | 12.10% | 12.00% |
Tier 1 Capital ratio | 13.50% | 13.70% |
Total Capital ratio | 16.30% | 16.20% |
Leverage ratio | 4.00% | 4.20% |
Regulatory Capital - Summary _2
Regulatory Capital - Summary of Regulatory Capital Position (Parenthetical) (Detail) - Credit valuation adjustment (CVA) capital charge [Member] | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of regulatory capital and capital ratios [line items] | ||
Scalars for inclusion in the common equity tier 1 risk-weighted assets | 100.00% | 80.00% |
Scalars for inclusion in the tier 1 risk-weighted assets | 100.00% | 83.00% |
Scalars for inclusion in the total Capital risk-weighted assets | 100.00% | 86.00% |
Information on Subsidiaries - L
Information on Subsidiaries - List of Directly or Indirectly Held Significant Subsidiaries (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2019CAD ($) | |
North America [Member] | Greystone Capital Management Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Greystone Capital Management Inc. |
Head or principal office | Regina, Saskatchewan |
Description | Holding Company |
Carrying value of shares owned by the Bank | $ 714 |
North America [Member] | Greystone Capital Management Inc. [member] | Greystone Managed Investments Inc [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Greystone Managed Investments Inc. |
Head or principal office | Regina, Saskatchewan |
Description | Securities Dealer |
North America [Member] | Greystone Capital Management Inc. [member] | Greystone Managed Investments Inc [member] | GMI Serving Inc [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | GMI Serving Inc. |
Head or principal office | Regina, Saskatchewan |
Description | Mortgage Servicing Entity |
North America [Member] | Meloche Monnex Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Meloche Monnex Inc. |
Head or principal office | Montreal, Québec |
Description | Holding Company |
Carrying value of shares owned by the Bank | $ 1,595 |
North America [Member] | Meloche Monnex Inc. [member] | Security National Insurance Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Security National Insurance Company |
Head or principal office | Montreal, Québec |
Description | Insurance Company |
North America [Member] | Meloche Monnex Inc. [member] | Security National Insurance Company [member] | Primmum Insurance Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Primmum Insurance Company |
Head or principal office | Toronto, Ontario |
Description | Insurance Company |
North America [Member] | Meloche Monnex Inc. [member] | Security National Insurance Company [member] | TD Direct Insurance Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Direct Insurance Inc. |
Head or principal office | Toronto, Ontario |
Description | Insurance Company |
North America [Member] | Meloche Monnex Inc. [member] | Security National Insurance Company [member] | TD General Insurance Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD General Insurance Company |
Head or principal office | Toronto, Ontario |
Description | Insurance Company |
North America [Member] | Meloche Monnex Inc. [member] | Security National Insurance Company [member] | TD Home and Auto Insurance Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Home and Auto Insurance Company |
Head or principal office | Toronto, Ontario |
Description | Insurance Company |
North America [Member] | TD Asset Management Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Asset Management Inc. |
Head or principal office | Toronto, Ontario |
Description | Investment Counselling and Portfolio Management |
Carrying value of shares owned by the Bank | $ 365 |
North America [Member] | TD Asset Management Inc. [member] | TD Waterhouse Private Investment Counsel Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Waterhouse Private Investment Counsel Inc. |
Head or principal office | Toronto, Ontario |
Description | Investment Counselling and Portfolio Management |
North America [Member] | TD Auto Finance (Canada) Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Auto Finance (Canada) Inc. |
Head or principal office | Toronto, Ontario |
Description | Automotive Finance Entity |
Carrying value of shares owned by the Bank | $ 2,619 |
North America [Member] | TD Auto Finance Services Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Auto Finance Services Inc. |
Head or principal office | Toronto, Ontario |
Description | Automotive Finance Entity |
Carrying value of shares owned by the Bank | $ 1,370 |
North America [Member] | TD Group US Holdings LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Group US Holdings LLC |
Head or principal office | Wilmington, Delaware |
Description | Holding Company |
Carrying value of shares owned by the Bank | $ 67,117 |
North America [Member] | TD Group US Holdings LLC [member] | Toronto Dominion Holdings (U.S.A.), Inc [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Toronto Dominion Holdings (U.S.A.), Inc. |
Head or principal office | New York, New York |
Description | Holding Company |
North America [Member] | TD Group US Holdings LLC [member] | Toronto Dominion Holdings (U.S.A.), Inc [member] | TD Prime Services LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Prime Services LLC |
Head or principal office | New York, New York |
Description | Securities Dealer |
North America [Member] | TD Group US Holdings LLC [member] | Toronto Dominion Holdings (U.S.A.), Inc [member] | TD Securities (USA) LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Securities (USA) LLC |
Head or principal office | New York, New York |
Description | Securities Dealer |
North America [Member] | TD Group US Holdings LLC [member] | Toronto Dominion Holdings (U.S.A.), Inc [member] | Toronto Dominion (Texas) LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Toronto Dominion (Texas) LLC |
Head or principal office | New York, New York |
Description | Financial Services Entity |
North America [Member] | TD Group US Holdings LLC [member] | Toronto Dominion Holdings (U.S.A.), Inc [member] | Toronto Dominion (New York) LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Toronto Dominion (New York) LLC |
Head or principal office | New York, New York |
Description | Financial Services Entity |
North America [Member] | TD Group US Holdings LLC [member] | Toronto Dominion Holdings (U.S.A.), Inc [member] | Toronto Dominion Capital (U.S.A.), Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Toronto Dominion Capital (U.S.A.), Inc. |
Head or principal office | New York, New York |
Description | Small Business Investment Company |
North America [Member] | TD Group US Holdings LLC [member] | Toronto Dominion Holdings (U.S.A.), Inc [member] | Toronto Dominion Investments, Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Toronto Dominion Investments, Inc. |
Head or principal office | New York, New York |
Description | Merchant Banking and Investments |
North America [Member] | TD Group US Holdings LLC [member] | TD Bank US Holding Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Bank US Holding Company |
Head or principal office | Cherry Hill, New Jersey |
Description | Holding Company |
North America [Member] | TD Group US Holdings LLC [member] | TD Bank US Holding Company [member] | Epoch Investment Partners, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Epoch Investment Partners, Inc. |
Head or principal office | New York, New York |
Description | Investment Counselling and Portfolio Management |
North America [Member] | TD Group US Holdings LLC [member] | TD Bank US Holding Company [member] | TDAM USA Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TDAM USA Inc. |
Head or principal office | New York, New York |
Description | Investment Counselling and Portfolio Management |
North America [Member] | TD Group US Holdings LLC [member] | TD Bank US Holding Company [member] | TD Bank USA, National Association [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Bank USA, National Association |
Head or principal office | Cherry Hill, New Jersey |
Description | U.S. National Bank |
North America [Member] | TD Group US Holdings LLC [member] | TD Bank US Holding Company [member] | TD Bank, National Association [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Bank, National Association |
Head or principal office | Cherry Hill, New Jersey |
Description | U.S. National Bank |
North America [Member] | TD Group US Holdings LLC [member] | TD Bank US Holding Company [member] | TD Bank, National Association [member] | TD Auto Finance LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Auto Finance LLC |
Head or principal office | Farmington Hills, Michigan |
Description | Automotive Finance Entity |
North America [Member] | TD Group US Holdings LLC [member] | TD Bank US Holding Company [member] | TD Bank, National Association [member] | TD Equipment Finance, Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Equipment Finance, Inc. |
Head or principal office | Cherry Hill, New Jersey |
Description | Financial Services Entity |
North America [Member] | TD Group US Holdings LLC [member] | TD Bank US Holding Company [member] | TD Bank, National Association [member] | TD Private Client Wealth LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Private Client Wealth LLC |
Head or principal office | New York, New York |
Description | Broker-dealer and Registered Investment Advisor |
North America [Member] | TD Group US Holdings LLC [member] | TD Bank US Holding Company [member] | TD Bank, National Association [member] | TD Wealth Management Services Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Wealth Management Services Inc. |
Head or principal office | Cherry Hill, New Jersey |
Description | Insurance Agency |
North America [Member] | TD Group US Holdings LLC [member] | TD Luxembourg International Holdings [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Luxembourg International Holdings |
Head or principal office | Luxembourg, Luxembourg |
Description | Holding Company |
North America [Member] | TD Group US Holdings LLC [member] | TD Luxembourg International Holdings [member] | TD Ameritrade Holding Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Ameritrade Holding Corporation |
Head or principal office | Omaha, Nebraska |
Description | Securities Dealer |
North America [Member] | TD Investment Services Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Investment Services Inc. |
Head or principal office | Toronto, Ontario |
Description | Mutual Fund Dealer |
Carrying value of shares owned by the Bank | $ 52 |
North America [Member] | TD Life Insurance Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Life Insurance Company |
Head or principal office | Toronto, Ontario |
Description | Insurance Company |
Carrying value of shares owned by the Bank | $ 85 |
North America [Member] | TD Mortgage Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Mortgage Corporation |
Head or principal office | Toronto, Ontario |
Description | Deposit-Taking Entity |
Carrying value of shares owned by the Bank | $ 9,775 |
North America [Member] | TD Mortgage Corporation [member] | TD Pacific Mortgage Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Pacific Mortgage Corporation |
Head or principal office | Vancouver, British Columbia |
Description | Deposit-Taking Entity |
North America [Member] | TD Mortgage Corporation [member] | The Canada Trust Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | The Canada Trust Company |
Head or principal office | Toronto, Ontario |
Description | Trust, Loans, and Deposit-Taking Entity |
North America [Member] | TD Securities Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Securities Inc. |
Head or principal office | Toronto, Ontario |
Description | Investment Dealer and Broker |
Carrying value of shares owned by the Bank | $ 2,231 |
North America [Member] | TD Vermillion Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Vermillion Holdings Limited |
Head or principal office | Toronto, Ontario |
Description | Holding Company |
Carrying value of shares owned by the Bank | $ 26,880 |
North America [Member] | TD Vermillion Holdings Limited [member] | TD Financial International Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Financial International Ltd. |
Head or principal office | Hamilton, Bermuda |
Description | Holding Company |
North America [Member] | TD Vermillion Holdings Limited [member] | TD Financial International Ltd. [member] | TD Reinsurance (Barbados) Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Reinsurance (Barbados) Inc. |
Head or principal office | St. James, Barbados |
Description | Reinsurance Company |
North America [Member] | TD Waterhouse Canada Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Waterhouse Canada Inc. |
Head or principal office | Toronto, Ontario |
Description | Investment Dealer |
Carrying value of shares owned by the Bank | $ 2,442 |
International [member] | TD Bank N.V. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Bank N.V. |
Head or principal office | Amsterdam, The Netherlands |
Description | Dutch Bank |
Carrying value of shares owned by the Bank | $ 632 |
International [member] | TD Ireland Unlimited Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Ireland Unlimited Company |
Head or principal office | Dublin, Ireland |
Description | Holding Company |
Carrying value of shares owned by the Bank | $ 894 |
International [member] | TD Ireland Unlimited Company [member] | TD Global Finance Unlimited Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Global Finance Unlimited Company |
Head or principal office | Dublin, Ireland |
Description | Securities Dealer |
International [member] | TD Securities (Japan) Co. Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Securities (Japan) Co. Ltd. |
Head or principal office | Tokyo, Japan |
Description | Securities Dealer |
Carrying value of shares owned by the Bank | $ 12 |
International [member] | Toronto Dominion Australia Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Toronto Dominion Australia Limited |
Head or principal office | Sydney, Australia |
Description | Securities Dealer |
Carrying value of shares owned by the Bank | $ 97 |
International [member] | Toronto Dominion Investments B.V. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Toronto Dominion Investments B.V. |
Head or principal office | London, England |
Description | Holding Company |
Carrying value of shares owned by the Bank | $ 1,114 |
International [member] | Toronto Dominion Investments B.V. [member] | TD Bank Europe Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Bank Europe Limited |
Head or principal office | London, England |
Description | UK Bank |
International [member] | Toronto Dominion Investments B.V. [member] | Toronto Dominion Holdings (U.K.) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Toronto Dominion Holdings (U.K.) Limited |
Head or principal office | London, England |
Description | Holding Company |
International [member] | Toronto Dominion Investments B.V. [member] | Toronto Dominion Holdings (U.K.) Limited [member] | TD Securities Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | TD Securities Limited |
Head or principal office | London, England |
Description | Securities Dealer |
International [member] | Toronto Dominion (South East Asia) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Toronto Dominion (South East Asia) Limited |
Head or principal office | Singapore, Singapore |
Description | Financial Institution |
Carrying value of shares owned by the Bank | $ 931 |
Information on Subsidiaries -_2
Information on Subsidiaries - List of Directly or Indirectly Held Significant Subsidiaries (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
TD Ameritrade Holding Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 43.19% | 41.61% |
Toronto-Dominion Bank [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | |
Proportion of voting rights held in subsidiary | 100.00% |
Information on Subsidiaries - A
Information on Subsidiaries - Additional Information (Detail) - CAD ($) $ in Billions | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of subsidiaries [abstract] | ||
Net assets of subsidiaries subject to regulatory or capital adequacy requirements | $ 86.3 | $ 79.8 |
Significant And Subsequent Ev_2
Significant And Subsequent Events And Pending Transactions - Additional Information (Detail) - Acquisitions [member] $ in Billions, $ in Billions | Jul. 01, 2021USD ($) | Nov. 25, 2019shares | Oct. 31, 2019CAD ($) | Oct. 31, 2019USD ($) |
Charles Schwab Corporation [member] | Insured Deposit Account Agreement [member] | ||||
Disclosure of Events After Reporting Period [line items] | ||||
Agreement extension term | 2031 | |||
TD Ameritrade [member] | Charles Schwab Corporation [member] | Insured Deposit Account Agreement [member] | ||||
Disclosure of Events After Reporting Period [line items] | ||||
Insured Deposit Account | $ 142 | $ 108 | ||
IDA Servicing Fee | 0.15% | |||
Subsequent events [member] | Charles Schwab Corporation [member] | ||||
Disclosure of Events After Reporting Period [line items] | ||||
Ownership percentage | 13.40% | |||
Percentage of voting stock | 9.90% | |||
Number of shares Exchanged | shares | 1.0837 | |||
Subsequent events [member] | TD Ameritrade [member] | ||||
Disclosure of Events After Reporting Period [line items] | ||||
Ownership percentage | 43.00% | |||
Scenario Forecast [member] | Insured Deposit Account Agreement [member] | ||||
Disclosure of Events After Reporting Period [line items] | ||||
Average insured deposit yearly reducion | $ 10 | |||
Maximum insured deposit reduction | $ 50 |