Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 79

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 79
---
. The Department of the Treasury and the IRS are considering

S-47

proposing amendments to the Foreign Tax Credit Regulations. In addition, notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many
aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the
temporary relief is issued (or any later date specified in such notice or other guidance). Instead of claiming a foreign tax credit, a U.S. Holder may be able to claim a deduction for any Canadian income tax withheld from dividends on the Series 33
Shares, subject to generally applicable limitations under U.S. federal income tax law (including that a U.S. Holder is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued in a taxable year if such U.S. Holder
claims a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year).

Dividends that exceed certain
thresholds in relation to a U.S. Holder’s tax basis in the Series 33 Shares could be characterized as “extraordinary dividends” under the Code. A non-corporate U.S. Holder that receives an
extraordinary dividend will be required to treat any loss on the sale, exchange or other taxable disposition of the Series 33 Shares as a long-term capital loss to the extent of the extraordinary dividends such U.S. Holder received that were treated
as qualified dividend income.

Because the Series 33 Shares will not be listed on any securities exchange, if the Bank is a PFIC for any
taxable year during which a U.S. Holder holds Series 33 Shares, the U.S. Holder generally will not be eligible to make the mark-to-market election described under
“Tax Consequences—United States Taxation—Common Shares—Passive Foreign Investment Company” in the accompanying base prospectus.

Upon a redemption of the Series 33 Shares for cash, a U.S. Holder will be treated as if such holder sold its Series 33 Shares (generally with
the consequences described under “Tax Consequences—United States Taxation—Common Shares—Sale, Exchange or Other Taxable Disposition of Common Shares” in the accompanying base prospectus, although any amounts received
that are attributable to declared and unpaid dividends may be taxable as described under “Tax Consequences—United States Taxation—Common Shares—Dividends” in the