Company: TDBCP
Filing Date: 2025-05-06
Form Type: 424B2
Source: 0001140361-25-017453
Chunk: 23

Company: TORONTO DOMINION BANK
Filing Date: 2025-05-06
Form: 424B2
Chunk 23
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 under Section 871(m) of the Code on certain                                                                                             
 “dividend equivalents” paid or deemed paid to a non-U.S. holder with respect to a “specified equity-linked instrument” that references one or more dividend-paying U.S. equity securities or indices containing U.S. equity securities. The        
 withholding tax can apply even if the instrument does not provide for payments that reference dividends. Treasury regulations provide that the withholding tax applies to all dividend equivalents paid or deemed paid on specified equity-linked  
 instruments that have a delta of one (“delta-one specified equity-linked instruments”) issued after 2016 and to all dividend equivalents paid or deemed paid on all other specified equity-linked instruments issued after 2017. However, the IRS  
 has issued guidance that states that the Treasury and the IRS intend to amend the effective dates of the Treasury regulations to provide that withholding on dividend equivalents paid or deemed paid will not apply to specified equity-linked    
 instruments that are not delta-one specified equity-linked instruments and are issued before January 1, 2027.                                                                                                                                      |
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| Based on the nature of the underlying index and our determination that the securities are not “delta-one” with respect to the underlying index or any index constituent stock, our special U.S.                                                    
 tax counsel is of the opinion that the securities should not be delta-one specified equity-linked instruments and thus should not be subject to withholding on dividend equivalents. Our determination is not binding on the IRS, and the IRS may  
 disagree with this determination. Furthermore, the application of Section 871(m) of the Code will depend on our determinations on the date the terms of the securities are set. If withholding is required, we will not make payments of any       
 additional amounts.                                                                                                                                                                                                                                |
| Nevertheless, after the date the terms are set, it is possible that your securities could be deemed to be reissued for tax purposes upon the occurrence of certain events affecting the                                                            
 underlying index, index constituent stocks or your securities, and following such occurrence your securities could be treated as delta-one specified equity-linked instruments that are subject to withholding on dividend equivalents. It is also 
 possible that withholding tax or other tax under Section 871(m) of the Code could apply to the securities under these rules if you enter, or have entered, into certain other transactions in respect of the underlying index, index constituent   
 stocks or the securities. If you enter, or have entered, into other transactions in respect of the underlying index, index constituent stocks or the securities, you should