Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 52

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 52
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 financial assets” with an aggregate value in excess of $50,000 (and in certain circumstances, a higher threshold) may
be required to file an information report with respect to such assets with their tax returns. “Specified foreign financial assets”
may include financial accounts maintained by foreign financial institutions, as well as the following, but only if they are held for investment
and not held in accounts maintained by financial institutions: (i) stocks and securities issued by non-United States persons,
(ii) financial instruments and contracts that have non-United States issuers or counterparties, and (iii) interests in
foreign entities. United States holders that are individuals are urged to consult their tax advisor regarding the application of
this reporting requirement to their ownership of the Notes.

Material Canadian Income Tax Considerations

The following is, as of the
date hereof, a general summary of the principal Canadian federal income tax considerations under the Tax Act applicable to a purchaser
of Notes as beneficial owner pursuant to the prospectus and this prospectus supplement who, at all relevant times, for purposes of the
Tax Act and any applicable tax treaty (i) is not resident or deemed to be resident in Canada; (ii) deals at arm’s length
with the Corporation; (iii) deals at arm’s length with
any transferee who is resident or deemed to be resident in Canada and to whom the purchaser assigns or otherwise transfers the Note; (iv) is
not a “specified shareholder” (as defined in subsection 18(5) of the Tax Act) of the Corporation or a person that does
not deal at arm’s length with a specified shareholder of the Corporation; (v) is not an entity in respect of which the Corporation
is a “specified entity” as defined in subsection 18.4(1) of the Tax Act and is not a “specified entity” in
respect of any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the Notes; (vi) is entitled
to all payments under the Notes; and (vii) does not use or hold and is not deemed to use or hold a Note in carrying on business in
Canada (a “Non-Resident Holder”). This summary is based on the current provisions of the Tax Act, proposed amendments to the
Tax Act publicly announced prior to the date of this prospectus supplement (the “Proposed Amendments”) and counsel’s
understanding of the current published administrative policies of the CRA in