Company: TDBCP
Filing Date: 2025-08-25
Form Type: 424B2
Source: 0001140361-25-032473
Chunk: 15

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-25
Form: 424B2
Chunk 15
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Gold Trust (GLD) PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

| TD SECURITIES (USA) LLC | P-12 |

Material U.S. Federal Income Tax Consequences The U.S. federal income tax consequences of your investment in the Notes are uncertain. No statutory, regulatory, judicial or administrative authority directly discusses how the Notes should be treated for U.S. federal income tax purposes. Some of these tax consequences are summarized below, but we urge you to read the more detailed discussion under “Material U.S. Federal Income Tax Consequences” in the product supplement and discuss the tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the “Code”), final, temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as to the U.S. federal income tax consequences of your investment in the Notes, and the following discussion is not binding on the IRS. U.S. Tax Treatment.Pursuant to the terms of the Notes, TD and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize your Notes as short-term debt instruments, and the remainder of this discussion assumes that the Notes are so treated. Although there is no authority that specifically addresses the tax treatment of short-term debt instruments that provide for contingent payments (such as the Notes), absent an election to the contrary, cash-method U.S. holders generally should not be required to include interest (or deemed interest) in income until a sale, maturity, or other taxable disposition of the Notes. Accrual method U.S. holders, cash method U.S. holders that elect to accrue interest on the Notes currently, and certain specified taxpayers such as regulated investment companies are required to include interest (or deemed interest) on the Notes as ordinary income as it accrues on a straight-line basis, unless they elect to accrue the interest (or deemed interest) using a constant yield method with daily compounding. Although unclear, it is likely that U.S. holders would determine accruals on the Notes based