TORONTO, Dec. 23, 2025 — Canada’s stock market is heading into a holiday-shortened stretch to close out 2025, with reduced hours on Christmas Eve and full closures for Christmas Day, Boxing Day and New Year’s Day. The timing matters for investors trying to place last-minute trades, rebalance portfolios, manage margin, or complete year-end moves in a market that often sees lighter volumes as the calendar turns.
The S&P/TSX Composite has already entered that year-end mode: the benchmark opened higher at the start of the week and was little changed Tuesday as investors weighed Canadian and U.S. economic data in the run-up to the holidays. [1]
Below is a clear, Canada-focused guide to the official holiday trading schedule around Christmas 2025 and New Year’s Day 2026, including early closes, market shutdowns, and what the dates mean for settlement.
TSX holiday hours for Christmas 2025 and New Year’s Day 2026
For most Canadian investors, the key reference points are the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV). TMX Group’s published operating schedule sets out both the early close on Christmas Eve and the closures on statutory holidays. [2]
TSX / TSXV / TSX Alpha: what’s open and what’s closed
Wednesday, Dec. 24, 2025 (Christmas Eve)
- TSX and TSXV: open, but close early at 1:00 p.m. Eastern Time (ET)
- TSX Alpha Exchange: open, but closes early at 1:30 p.m. ET [3]
Thursday, Dec. 25, 2025 (Christmas Day)
- Closed [4]
Friday, Dec. 26, 2025 (Boxing Day)
- Closed [5]
Thursday, Jan. 1, 2026 (New Year’s Day)
- Closed [6]
If you’re planning around the break: after Boxing Day, the next TSX/TSXV trading session is typically Monday, Dec. 29(a normal trading day), before markets close again on Jan. 1 for New Year’s Day. (Always confirm with your brokerage platform for any operational cut-offs, especially for funds, corporate actions, or special order types.)
Canadian Securities Exchange holiday schedule: Christmas 2025 and New Year 2026
The Canadian Securities Exchange (CSE), home to many small-cap and venture issuers, also published its holiday bulletin for the Christmas and New Year period. It includes a detailed breakdown of the early-close mechanics on Dec. 24 (including Market-On-Close processes), plus the full closures on Dec. 25, Dec. 26 and Jan. 1. [7]
CSE key dates investors watch
Wednesday, Dec. 24, 2025 (Christmas Eve) — early close
- CSE-listed securities close at 1:00 p.m. ET
- Other listed securities close at 1:30 p.m. ET
- The bulletin also outlines intraday cut-offs tied to Market-On-Close (MOC) imbalance and freeze periods ahead of the 1:00 p.m. close. [8]
Thursday, Dec. 25, 2025 (Christmas Day) — Closed [9]
Friday, Dec. 26, 2025 (Boxing Day) — Closed [10]
Thursday, Jan. 1, 2026 (New Year’s Day) — Closed [11]
For most retail investors, the practical takeaway is simple: treat Dec. 24 as a half-day, and assume no Canadian trading on Dec. 25, Dec. 26, and Jan. 1—even if your app still lets you queue orders.
Montréal Exchange: derivatives trading hours around Christmas Eve and New Year’s Eve
If you trade Canadian listed derivatives (index futures/options, ETF and equity derivatives, interest rate products), the Montréal Exchange (MX) has its own holiday operating schedule, including different early-close times depending on product type. [12]
MX schedule highlights (ET)
Wednesday, Dec. 24, 2025 (Christmas Eve)
- Equity, currency, index and ETF derivatives: open until 1:00 p.m. ET
- Interest rate derivatives: open until 1:30 p.m. ET [13]
Thursday, Dec. 25, 2025 — Closed [14]
Friday, Dec. 26, 2025 — Closed [15]
Wednesday, Dec. 31, 2025 (New Year’s Eve)
- Equity, currency, index and ETF derivatives: regular hours
- Interest rate derivatives: open until 1:30 p.m. ET [16]
Thursday, Jan. 1, 2026 (New Year’s Day) — Closed [17]
This matters for anyone managing hedges into year-end, rolling positions, or watching margin requirements when product hours diverge.
Holiday settlement: what changes for trades placed on Dec. 24 and Dec. 31
Holiday trading hours are only half the story. Settlement dates can shift, which can affect when cash is available, when proceeds are deliverable, and how margin is calculated.
TSX/TSXV settlement schedule around Christmas and New Year’s
TMX’s settlement schedule shows that trades done on the shortened Christmas Eve session do not settle the next day (because the next day is a holiday). Instead:
- Trade date: Wednesday, Dec. 24, 2025 → Settlement: Monday, Dec. 29, 2025
- Trade date: Wednesday, Dec. 31, 2025 → Settlement: Friday, Jan. 2, 2026 [18]
The same TSX schedule explicitly notes the market is closed on Dec. 25, Dec. 26, and Jan. 1. [19]
A separate TMX settlement document for 2026 holidays also reflects the year-end rollover: trades on Dec. 31, 2025 settle Jan. 2, 2026, with Jan. 1 closed. [20]
CSE settlement schedule around Christmas and New Year’s
The CSE’s holiday bulletin lists similar settlement timing:
- Christmas & Boxing Day period: trade date Dec. 24, 2025 settles Dec. 29, 2025
- New Year’s Day period: trade date Dec. 31, 2025 settles Jan. 2, 2026 [21]
Why settlement shifts matter (real-world impact)
Even if you don’t think about settlement day-to-day, it can show up quickly around holidays:
- Cash availability: proceeds from a sale on Dec. 24 may not be available until Dec. 29 settlement (depending on account type and broker policies). [22]
- Margin and buying power: margin accounts may reflect delayed settlement differently than cash accounts, and holiday backlogs can increase operational frictions.
- Registered accounts and transfers: internal brokerage processing (withdrawals, journaling, currency conversions) may run on reduced staffing—even on days markets are technically open.
Cross-border reminder: U.S. markets are open Dec. 26 while Canada is closed
Many Canadians trade U.S. stocks and ETFs alongside TSX names. That’s where Christmas week gets tricky: Canada shuts down for Boxing Day, but the U.S. generally does not.
Reuters reported that major U.S. exchanges planned to follow their original schedule—including an early close on Dec. 24 and normal trading on Dec. 26. [23]
Official U.S. exchange calendars also show Dec. 24, 2025 as an early close and Dec. 25 as closed. [24]
What that means in practice: if a Canadian company is heavily traded in the U.S. (or has an active U.S. listing), price discovery can continue south of the border on Dec. 26, even though TSX is closed. When TSX reopens, you may see gap moves that reflect what happened in U.S. trading while Canada was dark.
A practical investor checklist for the 2025 Christmas market schedule
If you’re planning trades or portfolio moves into the break, here are the highest-impact reminders:
- Treat Dec. 24 as a half-day in Canada. If you want a trade executed that day, place it early and watch liquidity as the close approaches. [25]
- Know which venue you’re using. TSX/TSXV close at 1:00 p.m. ET on Dec. 24, but some marketplaces (like TSX Alpha) run to 1:30 p.m. ET, and the CSE has a layered early-close sequence. [26]
- Derivatives traders: verify product-specific hours. Montréal Exchange interest rate derivatives have different early closes than equity/currency/index/ETF derivatives, including an early close on Dec. 31 for some products. [27]
- Plan around settlement delays. Trades on Dec. 24 settle on Dec. 29; trades on Dec. 31 settle on Jan. 2 under the published schedules. [28]
- Watch spreads and order execution quality. Holiday weeks often bring thinner order books—good for patient limit orders, risky for large market orders.
- If you also trade U.S. names, remember Dec. 26 is a key difference. Canada is closed; the U.S. is typically open. [29]
Bottom line: the Canada stock market holiday schedule in one view
Canada’s key stock-market dates around Christmas 2025 and New Year’s 2026 are:
- Dec. 24, 2025: early close in Canada (TSX/TSXV at 1:00 p.m. ET) [30]
- Dec. 25, 2025: closed [31]
- Dec. 26, 2025: closed [32]
- Jan. 1, 2026: closed [33]
For investors, the most important planning point is simple: the last Canadian trading session before the Christmas shutdown is shortened, and settlement shifts can affect your cash and buying power into the final days of the year. [34]
References
1. www.reuters.com, 2. investors.tmx.com, 3. investors.tmx.com, 4. investors.tmx.com, 5. investors.tmx.com, 6. investors.tmx.com, 7. www.newsfilecorp.com, 8. www.newsfilecorp.com, 9. www.newsfilecorp.com, 10. www.newsfilecorp.com, 11. www.newsfilecorp.com, 12. investors.tmx.com, 13. investors.tmx.com, 14. investors.tmx.com, 15. investors.tmx.com, 16. investors.tmx.com, 17. investors.tmx.com, 18. www.tsx.com, 19. www.tsx.com, 20. www.tsx.com, 21. www.newsfilecorp.com, 22. www.tsx.com, 23. www.reuters.com, 24. www.nasdaqtrader.com, 25. investors.tmx.com, 26. investors.tmx.com, 27. investors.tmx.com, 28. www.tsx.com, 29. www.reuters.com, 30. investors.tmx.com, 31. investors.tmx.com, 32. investors.tmx.com, 33. investors.tmx.com, 34. www.tsx.com
