Company: ENBSF
Filing Date: 2025-06-18
Form Type: 424B5
Source: 0001104659-25-060642
Chunk: 51

Company: ENBRIDGE INC
Filing Date: 2025-06-18
Form: 424B5
Chunk 51
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 control all substantial decisions of
the trust or (b) it has a valid election in effect under applicable Treasury Regulations to be treated as a United States person.

If a partnership (or other
entity, organized within or without the United States, treated as a partnership for United States federal income tax purposes)
holds Notes, the tax treatment of a partner as beneficial owner of Notes generally will depend on the status of the partner and the activities
of the partnership. A partner in a partnership (or other entity treated as a partnership for United States federal income tax
purposes) holding the Notes is urged to consult its tax advisor with regard to the United States federal income tax treatment of
an investment in the Notes.

Qualified Reopening of 2054 Notes

We intend to take the position that, for United States federal income tax purposes, the New 2054 Notes will be treated as issued in a
qualified reopening of the Existing 2054 Notes. For United States federal income tax purposes, debt instruments issued in a qualified
reopening are deemed to be part of the same issue as the original debt instruments. Under this treatment, the New 2054 Notes will have
the same issue date and the same issue price as the Existing 2054 Notes for United States federal income tax purposes. Except as otherwise
explicitly stated, the following discussion assumes that the New 2054 Notes will be treated as issued in a qualified reopening of the
Existing 2054 Notes.

Payments of Interest

United States holders
will be taxed on interest on the Notes as ordinary income at the time the interest is received or when it accrues, depending on the holder’s
method of accounting for United States federal income tax purposes. However, the portion of the first interest payment on a
New 2054 Note that represents a return of pre-issuance accrued interest will not be treated as an interest payment for United States federal
income tax purposes and will accordingly not be includible in income.

Interest paid by us on the
Notes is income from sources outside the United States for purposes of the rules regarding the foreign tax credit allowable to a
United States holder and will generally be “passive” category income for purposes of computing the foreign tax credit. The
rules governing the United States foreign tax credit are complex, and you are urged to consult your tax advisor regarding the availability
of claiming a United States foreign tax credit under your particular circumstances.

Purchase, Sale and Retirement of the Notes

A United States holder’s
tax basis in a