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Employee Benefits (Tables)
 12 Months Ended
Oct. 31, 2025
Text Block [Abstract]  
Schedule of Relative Size of Plan Obligation and Assets
   
Pension plans
    
Other benefit plans
  
   
Canada
                    
For the year ended October 31, 2025  
SPP
    
Other
    
International
    
Canada
    
International
  
Percentage of total benefit obligations
  
 
72
% 
  
 
16
% 
  
 
12
% 
  
 
50
% 
  
 
50
% 
Percentage of total plan assets
  
 
74
% 
  
 
11
% 
  
 
15
% 
  
 
–
 
  
 
100
% 
Percentage of total benefit expense
(1)
  
 
74
% 
  
 
23
% 
  
 
3
% 
  
 
42
% 
  
 
58
% 
 
   
Pension plans
    
Other benefit plans
  
   
Canada
                    
For the year ended October 31, 2024  
SPP
    
Other
    
International
    
Canada
    
International
  
Percentage of total benefit obligations
     72 %      15 %      13 %      50 %      50 % 
Percentage of total plan assets
     74 %      11 %      15 %      –       100 % 
Percentage of total benefit expense
(1)
     73 %      27 %      –       46 %      54 % 
 
(1)
Excludes
non-routine
benefit expense items such as past service costs, curtailment charges and settlement charges.
Summary of Cash Contributions and Payments made by Bank to Principal Plans
The table below shows the cash contributions and payments made by the Bank to its principal plans in 2025, and the prior year.
 
Contributions to the principal plans for the year ended October 31 ($ millions)  
2025
    
2024
  
Defined benefit pension plans (cash contributions to fund the plans, including paying beneficiaries under the unfunded pension arrangements)
    
SPP (excluding defined contribution provision)
  
$
158
 
   $ 69  
All other plans
  
 
64
 
     47  
Other benefit plans (cash contributions mainly in the form of benefit payments to beneficiaries)
  
 
61
 
     62  
Defined contribution pension and other benefit plans (cash contributions)
  
 
206
 
     184  
Defined contribution pension contributions funded from pension plan surplus
  
 
–
 
     (54 ) 
Total contributions
(1)
  
$
 489
 
   $  308  
 
(1)
Based on preliminary estimates, the Bank expects to make contributions of $158 million to the SPP (excluding the
defined contribution
provision), $79 million to all other defined benefit pension plans, $66 million to other benefit plans and $217 million to all defined contribution plans for the year ending October 31, 2026.
Summary of Excess (deficit) of Fair Value of Assets Over Benefit Obligation for Wholly Unfunded Plans and Wholly or Partly Funded Plans
The excess (deficit) of the fair value of assets over the benefit obligation at the end of the year includes the following amounts for plans that are wholly unfunded and plans that are wholly or partly funded.
 
   
Pension plans
    
Other benefit plans
  
As at October 31 ($ millions)  
2025
    
2024
    
2025
    
2024
  
Benefit obligation
        
Benefit obligation of plans that are wholly unfunded
  
$
346
 
   $ 362    
$
890
 
   $ 930  
Benefit obligation of plans that are wholly or partly funded
  
 
8,886
 
     8,529    
 
264
 
     217  
Funded status
        
Benefit obligation of plans that are wholly or partly funded
  
$
 8,886
 
   $  8,529    
$
264
 
   $ 217  
Fair value of assets
  
 
9,956
 
     9,260    
 
63
 
     84  
Excess (deficit) of fair value of assets over benefit obligation of wholly or partly funded plans
  
$
1,070
 
   $ 731    
$
(201
) 
   $ (133 ) 
Benefit obligation of plans that are wholly unfunded
  
 
346
 
     362    
 
890
 
     930  
Excess (deficit) of fair value of assets over total benefit obligation
  
$
724
 
   $ 369    
$
 (1,091
) 
   $  (1,063 ) 
Effect of asset limitation and minimum funding requirement
  
 
(223
) 
     (208 )   
 
–
 
     –  
Net asset (liability) at end of year
  
$
501
 
   $ 161    
$
(1,091
) 
   $ (1,063 ) 
Summary of Financial Information related to Principal Plans
The following tables present financial information related to the Bank’s principal plans.
 
   
Pension plans
    
Other benefit plans
  
For the year ended October 31 ($ millions)  
2025
    
2024
    
2025
    
2024
  
Change in benefit obligation
        
Benefit obligation at beginning of year
  
$
8,891
 
   $ 7,669    
$
  1,147
 
   $ 1,114  
Current service cost
  
 
244
 
     205    
 
22
 
     20  
Interest cost on benefit obligation
  
 
432
 
     456    
 
70
 
     77  
Employee contributions
  
 
26
 
     27    
 
–
 
     –  
Benefits paid
  
 
(438
) 
     (404 )   
 
(94
)
     (101 ) 
Actuarial loss (gain)
  
 
8
 
     959    
 
55
 
     59  
Past service cost
(1)
  
 
32
 
     –    
 
(63
)
     (1 ) 
Business acquisition
  
 
–
 
     –    
 
(2
)
     –  
Settlements
  
 
–
 
     (2 )   
 
–
 
     –  
Foreign exchange
  
 
37
 
     (19 )   
 
19
 
     (21 ) 
Benefit obligation at end of year
  
$
9,232
 
   $ 8,891    
$
1,154
 
   $ 1,147  
Change in fair value of assets
        
Fair value of assets at beginning of year
  
 
9,260
 
     8,139    
 
84
 
     113  
Interest income on fair value of assets
  
 
467
 
     494    
 
8
 
     9  
Return on plan assets in excess of (less than) interest income on fair value of assets
  
 
421
 
     955    
 
(1
) 
     8  
Employer contributions
  
 
222
 
     62    
 
61
 
     62  
Employee contributions
  
 
26
 
     27    
 
–
 
     –  
Benefits paid
  
 
(438
) 
     (404 )   
 
(94
)
     (101 ) 
Administrative expenses
  
 
(12
) 
     (13 )   
 
–
 
     –  
Business acquisition
  
 
–
 
     –    
 
–
 
     –  
Settlements
  
 
–
 
     (3 )   
 
–
 
     –  
Foreign exchange
  
 
10
 
     3    
 
5
 
     (7 ) 
Fair value of assets at end of year
  
$
 9,956
 
   $ 9,260    
$
63
 
   $ 84  
Funded status
        
Excess (deficit) of fair value of assets over benefit obligation at end of year
  
 
724
 
     369    
 
(1,091
) 
     (1,063 ) 
Effect of asset limitation and minimum funding requirement
(2)
  
 
(223
) 
     (208 )   
 
–
 
     –  
Net asset (liability) at end of year
  
$
501
 
   $ 161    
$
(1,091
) 
   $ (1,063 ) 
Recorded in:
        
Other assets in the Bank’s Consolidated Statement of Financial Position
  
 
1,036
 
     684    
 
1
 
     1  
Other liabilities in the Bank’s Consolidated Statement of Financial Position
  
 
(535
) 
     (523 )   
 
(1,092
) 
     (1,064 ) 
Net asset (liability) at end of year
  
$
501
 
   $ 161    
$
(1,091
) 
   $  (1,063 ) 
Annual benefit expense
        
Current service cost
  
 
244
 
     205    
 
22
 
     20  
Net interest expense (income)
  
 
(13
) 
     (32 )   
 
62
 
     68  
Administrative expenses
  
 
12
 
     12    
 
–
 
     –  
Past service costs
(1)
  
 
32
 
     –    
 
(63
) 
     (1 ) 
Amount of settlement (gain) loss recognized
  
 
–
 
     1    
 
–
 
     –  
Remeasurement of other long-term benefits
  
 
–
 
     –    
 
2
 
     6  
Benefit expense (income) recorded in the Consolidated Statement of Income (A)
  
$
275
 
   $ 186    
$
23
 
   $ 93  
Defined contribution benefit expense (B)
  
$
205
 
   $ 183    
$
1
 
   $ 1  
Remeasurements
        
Return on plan assets in excess of interest income on fair value of assets
  
 
421
 
     955    
 
(1
) 
     8  
Actuarial (loss) gain on benefit obligation
  
 
(8
) 
     (959 )   
 
(53
) 
     (53 ) 
Change in the asset limitation
  
 
6
 
     (146 )   
 
–
 
     –  
Gains (losses) recorded in OCI (C)
  
$
419
 
   $ (150 )   
$
(54
) 
   $ (45 ) 
Total benefit cost (A + B - C)
  
$
61
 
   $ 519    
$
78
 
   $ 139  
Additional details on actual return on assets and actuarial gains and (losses)
        
Actual (return) on assets (net of administrative expenses)
  
$
(876
) 
   $  (1,436 )   
$
(7
) 
   $ (19 ) 
Actuarial gains and (losses) from changes in demographic assumptions
  
 
4
 
     7    
 
(11
) 
     –  
Actuarial gains and (losses) from changes in financial assumptions
  
 
(16
) 
     (952 )   
 
(47
) 
     (53 ) 
Actuarial gains and (losses) from changes in experience
  
 
4
 
     (14 )   
 
3
 
     (6 ) 
Additional details on fair value of pension plan assets invested
        
In Scotiabank securities (stock, bonds)
  
 
54
 
     67    
 
–
 
     –  
In property occupied by Scotiabank
  
 
3
 
     4    
 
–
 
     –  
Change in asset ceiling/(onerous liability)
        
Asset ceiling /onerous liability at end of prior year
  
 
208
 
     55    
 
–
 
     –  
Interest expense
  
 
22
 
     6    
 
–
 
     –  
Remeasurements
  
 
(6
) 
     146    
 
–
 
     –  
Foreign exchange
  
 
(1
) 
     1    
 
–
 
     –  
Asset ceiling /onerous liability at end of year
  
$
223
 
   $ 208    
$
–
 
   $ –  
 
(1)
Other benefit plans past service costs relate to certain post-retirement plan amendments.
(2)
The recognized asset is limited by the present value of economic benefits available from a reduction in future contributions to a plan and from the ability to pay plan expenses from the fund.
Summary of Disaggregation of Defined Benefit Obligation
The weighted average duration of the total benefit obligation at October 31, 2025 is 13.4 years (2024 – 13.6 years).
 
   
Pension plans
    
Other benefit plans
  
For the year ended October 31  
2025
    
2024
    
2025
    
2024
  
Disaggregation of the benefit obligation (%)
        
Canada
        
Active members
  
 
51
% 
     51 %   
 
3
% 
     3 % 
Inactive and retired members
  
 
49
% 
     49 %   
 
97
% 
     97 % 
Total
  
 
100
% 
     100 %   
 
100
% 
     100 % 
Mexico
        
Active members
  
 
28
% 
     28 %   
 
28
% 
     32 % 
Inactive and retired members
  
 
72
% 
     72 %   
 
72
% 
     68 % 
Total
  
 
100
% 
     100 %   
 
100
% 
     100 % 
United States
        
Active members
  
 
28
% 
     31 %   
 
32
% 
     43 % 
Inactive and retired members
  
 
72
% 
     69 %   
 
68
% 
     57 % 
Total
  
 
 100
% 
      100 %   
 
 100
% 
      100 % 
Summary of Key Weighted-Average Assumptions used by Bank for Measurement of Benefit Obligation and Benefit Expense for All of Bank's Principal Plans
The key weighted-average assumptions used by the Bank for the measurement of the benefit obligation and benefit expense for all of the Bank’s principal plans are summarized as follows:
 
   
Pension plans
    
Other benefit plans
  
For the year ended October 31  
2025
    
2024
    
2025
    
2024
  
Benefit obligation at end of year
        
Discount rate – all plans
  
 
5.17
% 
     5.22 %   
 
6.34
% 
     6.51 % 
Discount rate – Canadian plans only
  
 
4.80
% 
     4.80 %   
 
4.49
% 
     4.69 % 
Rate of increase in future compensation
(1)
  
 
3.85
% 
     3.85 %   
 
4.48
% 
     4.37 % 
Benefit expense (income) for the year
        
Discount rate – All plans
        
Discount rate for defined benefit obligations
  
 
5.22
% 
     6.13 %   
 
6.51
% 
     7.36 % 
Discount rate for net interest cost
  
 
4.96
% 
     6.13 %   
 
6.35
% 
     7.36 % 
Discount rate for service cost
  
 
5.28
% 
     6.06 %   
 
6.62
% 
     7.31 % 
Discount rate for interest on service cost
  
 
5.10
% 
     6.07 %   
 
6.53
% 
     7.27 % 
Discount rate – Canadian plans only
        
Discount rate for defined benefit obligations
  
 
4.80
% 
     5.70 %   
 
4.69
% 
     5.80 % 
Discount rate for net interest cost
  
 
4.51
% 
     5.70 %   
 
4.42
% 
     5.80 % 
Discount rate for service cost
  
 
4.90
% 
     5.60 %   
 
4.87
% 
     5.62 % 
Discount rate for interest on service cost
  
 
4.70
% 
     5.61 %   
 
4.69
% 
     5.53 % 
Rate of increase in future compensation
(1)
  
 
3.85
% 
     3.96 %   
 
4.37
% 
     4.61 % 
Health care cost trend rates at end of year
        
Initial rate
  
 
n/a
 
     n/a    
 
5.62
% 
     5.72 % 
Ultimate rate
  
 
n/a
 
     n/a    
 
4.76
% 
     4.71 % 
Year ultimate rate reached
  
 
n/a
 
     n/a    
 
2041
 
     2041  
Assumed life expectancy in Canada (years)
        
Life expectancy at 65 for current pensioners – male
  
 
23.6
 
     23.6    
 
23.6
 
     23.6  
Life expectancy at 65 for current pensioners – female
  
 
24.7
 
     24.7    
 
24.7
 
     24.7  
Life expectancy at 65, for future pensioners currently aged 45 – male
  
 
24.5
 
     24.5    
 
24.5
 
     24.5  
Life expectancy at 65, for future pensioners currently aged 45 – female
  
 
25.6
 
     25.6    
 
25.6
 
     25.6  
Assumed life expectancy in Mexico (years)
        
Life expectancy at 65 for current pensioners – male
  
 
21.6
 
     21.6    
 
21.6
 
     21.6  
Life expectancy at 65 for current pensioners – female
  
 
24.0
 
     24.0    
 
24.0
 
     24.0  
Life expectancy at 65, for future pensioners currently aged 45 – male
  
 
21.7
 
     21.7    
 
21.7
 
     21.7  
Life expectancy at 65, for future pensioners currently aged 45 – female
  
 
24.0
 
     24.0    
 
24.0
 
     24.0  
Assumed life expectancy in United States (years)
        
Life expectancy at 65 for current pensioners – male
  
 
22.1
 
     22.0    
 
22.1
 
     22.0  
Life expectancy at 65 for current pensioners – female
  
 
23.5
 
     23.5    
 
23.5
 
     23.5  
Life expectancy at 65, for future pensioners currently aged 45 – male
  
 
23.5
 
     23.4    
 
23.5
 
     23.4  
Life expectancy at 65, for future pensioners currently aged 45 – female
  
 
24.9
 
     24.8    
 
24.9
 
     24.8  
 
(1)
The weighted-average rates of increase in future compensation shown for other benefit plans do not include Canadian flexible post-retirement benefits plans established in fiscal 2005, as they are not impacted by future compensation increases.
Summary of Sensitivity Analysis of Key Assumptions Plans
   
Pension plans
    
Other benefit plans
  
For the year ended October 31, 2025 ($ millions)  
Benefit
obligation
    
Benefit
expense
    
Benefit
obligation
    
Benefit
expense
  
Impact of the following changes:
        
1% decrease in discount rate
  
$
 1,382
 
  
$
 88
 
  
$
 124
 
  
$
  5
 
0.25% increase in rate of increase in future compensation
  
 
73
 
  
 
5
 
  
 
–
 
  
 
–
 
1% increase in health care cost trend rate
  
 
n/a
 
  
 
n/a
 
  
 
97
 
  
 
13
 
1% decrease in health care cost trend rate
  
 
n/a
 
  
 
n/a
 
  
 
(81
) 
  
 
(10
) 
1 year increase in Canadian life expectancy
  
 
160
 
  
 
10
 
  
 
18
 
  
 
1
 
1 year increase in Mexican life expectancy
  
 
3
 
  
 
–
 
  
 
3
 
  
 
–
 
1 year increase in the United States life expectancy
  
 
2
 
  
 
–
 
  
 
1
 
  
 
–
 
Summary of weighted-average actual and target asset allocations
The tables below show the weighted-average actual and target asset allocations for the Bank’s principal plans at October 31, by asset category.
 
   
Pension plans
    
Other benefit plans
  
Asset category %  
Actual
2025
    
Actual
2024
    
Actual
2025
    
Actual
2024
  
Cash and cash equivalents
  
 
1
% 
     2 %   
 
–
% 
     – % 
Equity investments
        
Quoted in an active market
  
 
44
% 
     43 %   
 
15
% 
     12 % 
Non quoted
  
 
5
% 
     5 %   
 
–
% 
     – % 
 
 
49
% 
     48 %   
 
15
% 
     12 % 
Fixed income investments
        
Quoted in an active market
  
 
6
% 
     10 %   
 
83
% 
     87 % 
Non quoted
  
 
33
% 
     29 %   
 
–
% 
     – % 
 
 
39
% 
     39 %   
 
83
% 
     87 % 
Property
        
Quoted in an active market
  
 
–
% 
     – %   
 
2
% 
     1 % 
Non quoted
  
 
1
% 
     1 %   
 
–
% 
     – % 
 
 
1
% 
     1 %   
 
2
% 
     1 % 
Other
        
Quoted in an active market
  
 
–
% 
     – %   
 
–
% 
     – % 
Non quoted
  
 
10
% 
     10 %   
 
–
% 
     – % 
 
 
10
% 
     10 %   
 
–
% 
     – % 
Total
  
 
100
% 
     100 %   
 
100
% 
     100 % 
 
Target asset allocation at October 31, 2025
Asset category %
  
Pension plans
    
Other benefit plans
  
Cash and cash equivalents
  
 
–
% 
  
 
–
% 
Equity investments
  
 
41
% 
  
 
15
% 
Fixed income investments
  
 
44
% 
  
 
83
% 
Property
  
 
1
% 
  
 
2
% 
Other
  
 
14
% 
  
 
–
% 
Total
  
 
100
% 
  
 
100
%