Company: TDBCP
Filing Date: 2025-06-17
Form Type: 424B3
Source: 0001140361-25-022771
Chunk: 26

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-17
Form: 424B3
Chunk 26
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 the Market Measure, an improvement in our credit ratings will not reduce the other investment risks related to the SUNs. Tax-Related Risks Significant Aspects of the Tax Treatment of the SUNs Are Uncertain. The U.S. federal income tax consequences of an investment in SUNs are uncertain and may be adverse to a noteholder. There is no direct legal authority as to the proper U.S. federal income tax treatment of the SUNs, and we do not plan to request a ruling from the U.S. Internal Revenue Service (the “ IRS”) regarding the tax treatment of the SUNs, and the IRS or a court may not agree with the tax treatment described in this product supplement or the applicable term sheet. If the IRS were successful in asserting an alternative treatment for the SUNs, the timing and/or character of income on the SUNs could be materially and adversely affected. Please read carefully the section entitled “Material U.S. Federal Income Tax Consequences” herein. You should consult your tax advisor about your own tax situation. Further, there exists a risk (and in certain circumstances, a substantial risk) that an investment in the SUNs that are linked to shares of an Underlying Fund, PFIC, REIT or other “pass-thru entity” or a basket that contains Underlying Funds, PFICs, REITs or other “pass-thru entities” could be treated as a “constructive ownership transaction,” which could result in part or all of any long-term capital gain realized by you being recharacterized as ordinary income and subject to an interest charge (or, in the case of a gold or silver Underlying Fund, subject to a maximum tax rate of 28% applicable to “collectibles”). In 2007, the IRS released a notice that may affect the taxation of holders of the SUNs. According to Notice 2008-2, the IRS and the U.S. Department of the Treasury (the “ Treasury”) are considering whether the holder of an instrument such as the SUNs should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the SUNs will ultimately be required to accrue income currently and this could be applied on a retroactive basis. The IRS and the Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital, whether non-U.S. holders