The Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions Canada approved Toronto-Dominion Bank's normal course issuer bid to repurchase for cancellation up to 30 million common shares.

The normal course issuer bid will commence Dec. 24, 2019, and will end Dec. 23, 2020, or at an earlier date the bank may determine or complete its purchases.

The maximum number of shares that may be repurchased for cancellation represents about 1.7% of the company's issued and outstanding common shares as of Nov. 30.