Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B5
Source: 0001193125-25-201820
Chunk: 81

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B5
Chunk 81
---
.S. Holder would be treated as a distribution on the Series 33 Shares (generally with the consequences described under “Tax Consequences—United States Taxation—Common
Shares—Dividends” in the accompanying base prospectus).

A Contingent Conversion of Series 33 Shares into Common Shares should
generally be treated as a non-recognition event for U.S. federal income tax purposes. Thus, a U.S. Holder should generally recognize no gain or loss upon the conversion of its Series 33 Shares into Common
Shares. The U.S. Holder’s aggregate tax basis in any Common Shares received upon a Contingent Conversion should generally be equal to such holder’s aggregate tax basis in such holder’s Series 33 Shares that were converted into
Common Shares, and such holder’s holding period in the Common Shares should generally include the holding period of the Series 33 Shares that were converted.

Common Shares

The material U.S.
federal income tax consequences to a U.S. Holder with respect to the ownership of any Common Shares received pursuant to a Recourse Event that is a Trigger Event or a Contingent Conversion would, subject to the discussion below, generally be as
described in “Tax Consequences—United States Taxation—Common Shares” in the accompanying base prospectus.

If a
U.S. Holder is eligible for a reduced rate of Canadian withholding tax on dividends on the Common Shares under the Convention (i.e., a rate that is lower than the Canadian statutory rate), such U.S. Holder will

S-48

only be eligible for a foreign tax credit for such taxes withheld at the reduced Convention rate, and not for any taxes withheld in excess of such rate. In addition, the Foreign Tax Credit
Regulations impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied with respect to any Canadian withholding taxes if a U.S. Holder does not
elect to apply the benefits of the Convention. The Department of the Treasury and the IRS are considering 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