Company: TDBCP
Filing Date: 2025-04-17
Form Type: 424B3
Source: 0001193125-25-084359
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-04-17
Form: 424B3
Chunk 4
---
 the common shares will begin on the day after the applicable Investment Date.

Upon a Participant’s termination of participation in the Plan, such Participant will
not recognize any taxable income upon receipt of a certificate for whole common shares credited to the Participant’s account. However, a Participant that receives a cash payment for a fraction of a common share will generally recognize gain or
loss with respect to that fractional share in the manner described below under “—Ownership and Disposition of the Common Shares— Sale, Exchange or Other Taxable Disposition of Common Shares.”

Ownership and Disposition of the Common Shares

Dividends

Subject to the
discussion under “—Passive Foreign Investment Company” below, the gross amount of distributions on the common shares (including amounts withheld to reflect Canadian withholding taxes) will be taxable as dividends to the extent paid
out of the Bank’s current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such income (including any withheld taxes) will be includable in a U.S. Holder’s gross income as ordinary income on the
day actually or constructively received by such holder. Such dividends will not be eligible for the dividends-received deduction generally allowed to corporations under the Code.

Subject to applicable limitations (including a minimum holding period requirement), dividends received by
non-corporate U.S. Holders from a qualified foreign corporation may be treated as “qualified dividend income” that is subject to reduced rates of taxation. A qualified foreign corporation generally
includes a foreign corporation that is eligible for the benefits of a comprehensive income tax treaty with the United States which the U.S. Treasury Department determines to be satisfactory for these purposes and which includes an exchange of
information provision. The U.S. Treasury Department has determined that the current income tax treaty between the United States and Canada (the “Treaty”) meets these requirements. A foreign corporation is also generally treated as a
qualified foreign corporation with respect to dividends paid by that corporation on shares that are readily tradable on an established securities market in the United States. U.S. Treasury Department guidance indicates that the common shares, which
are listed on the New York Stock Exchange, are readily tradable on an established securities market in the United States. There can be no assurance, however, that the common shares will be considered readily tradable on an established securities
market in the United States in later years. Furthermore, non-corporate U.S. Holders will not be eligible for the reduced rates of taxation on any dividends received from the Bank if