TD Bank Group plans to launch a new share buyback program of up to C$10 billion, extending a large-scale capital return program after completing C$7 billion of common-share repurchases earlier this month. The new program is subject to approval from the Office of the Superintendent of Financial Institutions Canada and will also require approval for a new Toronto Stock Exchange normal course issuer bid.
The Toronto-Dominion Bank said Sept. 30 that the proposed buyback would cover up to 61 million common shares and is intended to be completed by July 2027. Based on TD’s 1.633 billion common shares outstanding as of Aug. 31, the new program would represent up to 3.74% of the bank’s outstanding shares.
TD completed its existing C$7 billion buyback on Sept. 25, repurchasing 47.2 million common shares under a normal course issuer bid that began in January. Those shares will be cancelled, reducing the number of common shares outstanding. The existing program had been authorized for purchases of up to C$7 billion and was scheduled to remain in effect through Jan. 15, 2027, although TD completed the authorized amount ahead of that date.
The new program is structured to begin under TD’s existing issuer bid before the bank transitions to a new TSX normal course issuer bid, subject to TSX approval. TD also said purchases could be made through the New York Stock Exchange and other designated exchanges and published markets in Canada and the United States, in accordance with applicable securities laws and regulatory requirements.
The bank said the purchase price for shares would generally be the market price at the time of acquisition or another price permitted under TSX rules. All shares acquired under the new program would be cancelled rather than retained as treasury shares.
The size of the proposed buyback adds to a substantial recent flow of capital returned through share repurchases. TD completed an earlier C$8 billion normal course issuer bid in January 2026, and then launched the C$7 billion program that it has now completed. If the proposed C$10 billion program is fully executed, TD would have announced or completed multiple large repurchase programs within a relatively short period.
The latest announcement also comes with TD reporting regulatory capital ratios that remain above applicable minimum requirements. As of July 31, the bank reported a Common Equity Tier 1 ratio of 14.26%, a Tier 1 capital ratio of 16.12%, a total capital ratio of 17.90% and a leverage ratio of 4.55%. The figures provide the capital context for the proposed repurchases, although the new program remains subject to regulatory approval.
TD’s capital-return plans follow a period in which the bank has continued to manage its balance sheet while operating across Canadian personal and commercial banking, U.S. banking, wealth management and insurance, and wholesale banking. The bank reported about C$2.1 trillion of assets as of July 31 and said it served 28.2 million clients across its operations.
The proposed C$10 billion authorization does not mean TD will necessarily spend the full amount. The bank will determine the number and timing of purchases within the terms of the applicable issuer bid and regulatory requirements. The final pace of repurchases can therefore depend on market conditions, regulatory considerations and TD’s capital position.
The announcement represents a new phase of TD’s share-repurchase strategy rather than an extension of the already completed C$7 billion authorization. Investors will now await OSFI and TSX approvals before the new program can proceed in its proposed form, with TD targeting completion by July 2027.