Dates are approximate and may shift slightly. Always verify with TMX Group for the official schedule.
TSX Early Closure Days
Date
Reason
Closing Time
Day before Good Friday
Easter
1:00 PM ET
December 24 (Christmas Eve)
Christmas
1:00 PM ET
TSX Trading Hours
Session
Time (Eastern)
Description
Pre-market
7:00 AM – 9:30 AM
Limited orders, lower liquidity
Regular trading
9:30 AM – 4:00 PM
Full trading session
Post-market
4:15 PM – 5:00 PM
Extended hours, lower liquidity
TSX vs US Market Holidays
Holiday
TSX
NYSE/NASDAQ
New Year’s Day
Closed
Closed
Martin Luther King Jr. Day
Open
Closed
Presidents’ Day
Open
Closed
Family Day
Closed
Open
Good Friday
Closed
Closed
Victoria Day
Closed
Open
Memorial Day
Open
Closed
Canada Day
Closed
Open
Independence Day (July 4)
Open
Closed
Civic Holiday
Closed
Open
Labour Day
Closed
Closed
Thanksgiving (Canada — Oct)
Closed
Open
Thanksgiving (US — Nov)
Open
Closed
Christmas Day
Closed
Closed
Boxing Day
Closed
Open
What Happens When TSX Is Open but US Is Closed
Impact
Details
US-listed stocks
Cannot trade on NYSE/NASDAQ
Cross-listed stocks (e.g., SHOP, RY)
Can trade on TSX only — may have different prices
US ETFs held in Canadian accounts
Cannot trade until US market reopens
Canadian-listed US ETFs (VFV, XUS)
Trade on TSX using stale NAV — wider spreads typical
Currency conversion
FX markets operate independently of stock markets
Other Canadian Exchanges
Exchange
Trading Hours (ET)
What Trades
TSX (Toronto Stock Exchange)
9:30 AM – 4:00 PM
Large-cap stocks, ETFs
TSX Venture Exchange (TSXV)
9:30 AM – 4:00 PM
Small-cap, junior companies
Canadian Securities Exchange (CSE)
9:30 AM – 4:00 PM
Small-cap, cannabis, crypto-related
NEO Exchange
9:30 AM – 4:00 PM
ETFs, CDRs, some stocks
Montréal Exchange (MX)
9:30 AM – 4:00 PM
Options, futures, derivatives
Tips for Trading Around Holidays
Tip
Why
Avoid trading on half-days
Lower liquidity, wider spreads
Check settlement dates
T+1 settlement means trades before a long weekend settle after
Don’t use market orders on thin days
Wider spreads can cause slippage
Verify US market status
Cross-listed stocks behave differently when one market is closed
Set limit orders
Protect against unexpected price gaps around holidays
What happens to your ETF price on a TSX holiday?
When the TSX is closed but a foreign market is open (e.g., Victoria Day in Canada), ETFs holding international assets show no price movement on the TSX — but their underlying holdings are trading. This creates minor tracking differences that resolve when the TSX reopens.
Practical implications:
A Canadian ETF holding S&P 500 stocks (like VFV) will not update its TSX price on Victoria Day, even though US markets are open and US stocks are moving
The next morning when the TSX reopens, the ETF price will gap to reflect the US market moves from the prior day
This is normal and does not represent a gain or loss opportunity — market makers price this in via ETF spread on reopening
Settlement dates and long weekends: T+1 settlement means if you sell on the Friday before a long weekend, your cash settles the next business day — which may be 2–3 calendar days later. For time-sensitive transactions (e.g., mortgage payments, RRSP deadlines), account for settlement timing.
TSX vs TSX Venture Exchange (TSXV)
The TSX (Toronto Stock Exchange) and the TSX Venture Exchange (TSXV) share the same holidays and trading hours. Both are operated by TMX Group. The primary difference:
Exchange
Listed companies
Market cap
TSX
~1,500 large/mid-cap
Primarily $300M+
TSXV
~1,700 small/micro-cap
Typically under $300M
Most Canadian ETFs listed on the TSX are liquid enough to trade throughout the regular session without spread concerns.