Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 77

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 77
---
 the sale,
exchange or other taxable disposition of the Notes 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.

S-46

Because the Notes will not be listed on any securities exchange, if the Bank is a passive
foreign investment company (a “PFIC”) for any taxable year during which a U.S. Holder holds Notes, 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 Notes for cash, a U.S. Holder will be treated as if such holder sold its Notes
(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 accrued and unpaid interest may be taxable as described under “Tax Consequences—United States Taxation—Common Shares—Dividends” in the accompanying base prospectus) if the
redemption (i) results in a complete termination of the U.S. Holder’s equity interest in the Bank (including Notes that are treated as equity for U.S. federal income tax purposes) or (ii) is not essentially equivalent to a dividend
with respect to the U.S. Holder. In determining whether any of these tests has been met, Notes or other shares of stock considered to be owned by such U.S. Holder by reason of certain constructive ownership rules set forth in Section 318 of the
Code, as well as Notes or shares actually owned, must be taken into account. If a redemption does not meet any of the tests described above, the cash received by a U.S. Holder would be treated in the same manner as a distribution on Common Shares
(generally with the consequences described under “Tax Consequences—United States Taxation—Common Shares—Dividends” in the accompanying base prospectus). Any such amount that is treated as a dividend for U.S. federal
income tax purposes may, subject to applicable limitations (including a minimum holding period requirement), be eligible for treatment as “qualified dividend income” in the case of non-corporate
U.S. Holders (as described in “Tax Consequences—United States Taxation—Common Shares—Dividends” in