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Exhibit 12.1

TD Bank Financial Group
Computation of Ratio of Earnings to Fixed Charges

CANADIAN GAAP

		Nine months ended	Nine months ended
				Twelve months ended October 31,
		July 31, 2006	July 31, 2005
				2005	2004		2003		2002		2001
Earnings:
Income (loss) before income taxes and minority interest		4,590	2,165	3,060	3,205		1,490		(448	)	1,264
Less:
	Preferred dividends				(78	)	(87	)	(93	)	(92	)
	Non-controlling interest				(92	)	(92	)	(64	)	(78	)
Restated income (loss) before income taxes (Note 1)		4,590	2,165	3,060	3,035		1,311		(605	)	1,094
Fixed charges, excluding interest on deposits		1,661	1,345	1,774	1,635		1,701		1,836		2,097
Subtotal		6,251	3,510	4,834	4,670		3,012		1,231		3,191
Interest on deposits		5,124	3,719	5,129	3,853		4,202		4,754		8,077
Total		11,375	7,229	9,963	8,523		7,214		5,985		11,268
Fixed Charges:
Interest expense, excluding interest on deposits		1,171	895	1,164	1,024		1,125		1,351		1,499
Interest component of rental expense		103	106	135	129		138		127		124
Amortization of subordinated indebtedness		292	244	328	312		259		201		304
Preferred dividends		44	49	79	78		87		93		92
Non-controlling interest		51	51	68	92		92		64		78
Subtotal		1,661	1,345	1,774	1,635		1,701		1,836		2,097
Interest on deposits		5,124	3,719	5,129	3,853		4,202		4,754		8,077
Total		6,785	5,064	6,903	5,488		5,903		6,590		10,174
Ratio of Earnings to Fixed Charges:
Excluding interest on deposits		3.76	2.61	2.72	2.86		1.77		0.67		1.52
Including interest on deposits		1.68	1.43	1.44	1.55		1.22		0.91		1.11

Note 1: As of November 1, 2004, the Bank adopted the Canadian Institute of Chartered Accountants (CICA) amendments to its accounting standard on financial instruments — disclosure and presentation on a retroactive basis with restatement of prior periods. As a result of these amendments, the Bank was required to classify its existing preferred shares as liabilities and their corresponding distribution as interest expense.

TD Bank Financial Group
Computation of Ratio of Earnings to Fixed Charges

U.S. GAAP

	Nine months ended	Nine months ended
			Twelve months ended October 31
	July 31, 2006	July 31, 2005
			2005	2004	2003	2002		2001
Earnings:
Income (loss) before income taxes and minority interest	4,314	1,761	2,847	2,566	1,540	(568	)	1,271
Fixed charges, excluding interest on deposits	1,617	1,296	1,695	1,557	1,614	1,743		2,005
Subtotal	5,931	3,057	4,542	4,123	3,154	1,175		3,276
Interest on deposits	5,124	3,719	5,129	3,853	4,202	4,754		8,077
Total	11,055	6,776	9,671	7,976	7,356	5,929		11,353
Fixed Charges:
Interest expense, excluding interest on deposits	1,171	895	1,164	1,024	1,125	1,351		1,499
Interest component of rental expense	103	106	135	129	138	127		124
Amortization of subordinated indebtedness	292	244	328	312	259	201		304
Preferred dividends	—	—	—	—	—	—		—
Non-controlling interest	51	51	68	92	92	64		78
Subtotal	1,617	1,296	1,695	1,557	1,614	1,743		2,005
Interest on deposits	5,124	3,719	5,129	3,853	4,202	4,754		8,077
Total	6,741	5,015	6,824	5,410	5,816	6,497		10,082
Ratio of Earnings to Fixed Charges:
Excluding interest on deposits	3.67	2.36	2.68	2.65	1.95	0.67		1.63
Including interest on deposits	1.64	1.35	1.42	1.47	1.26	0.91		1.13

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TD Bank Financial Group Computation of Ratio of Earnings to Fixed Charges CANADIAN GAAP
TD Bank Financial Group Computation of Ratio of Earnings to Fixed Charges U.S. GAAP