Company: TDBCP
Filing Date: 2025-06-23
Form Type: 11-K
Source: 0001104659-25-061742
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-23
Form: 11-K
Chunk 8
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 Income Recognition

Investments held by the Plan are stated at fair
value. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal
or most

9

<div align='center'>TD 401(k) Retirement Plan

Notes to Financial Statements (continued)

December 31, 2024 and 2023</div>

2. Summary of Significant Accounting Policies (continued)

advantageous market for the asset or liability
in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions
that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation
technique, the effect of a restriction on the sale or use of an asset, and the risk of non-performance. See Note 6 for further discussion
of fair value measurements.

Purchases and sales of securities are recorded
on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded as of the ex-dividend date. Net appreciation
includes the Plan’s gains on investments bought and sold as well as held during the year.

Payment of Benefits

Benefit payments to participants are
recorded when paid.

Administrative Expense

In accordance with the Plan provisions, all eligible
administrative expenses may be paid by the Plan unless paid by the Company. Administrative expenses amounting to $1,362,089 and $1,187,742
were paid by the Plan in 2024 and 2023, respectively, which were debited directly from participant accounts.

3. Accounting Changes

There were no recent accounting pronouncements
adopted for the Plan in the current year, nor are there any recent accounting pronouncements being evaluated for adoption by the Plan
in future years.

4. Federal Income Tax Status

The Plan received a determination letter from
the Internal Revenue Service (the "IRS") dated October 27, 2014 stating that the Plan is qualified under Section 401(a) of
the Code and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended
and restated, effective January 1, 2020 and was amended from time to time thereafter. Once qualified, the Plan is required to operate
in conformity with the Code to maintain its qualified status. The Plan Administrator believes the Plan is being operated in compliance
with the applicable requirements of the Code