Company: TDBCP
Filing Date: 2025-06-30
Form Type: 424B2
Source: 0001140361-25-024197
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-30
Form: 424B2
Chunk 14
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 U.S. federal income tax consequences of your investment in the notes, and the following discussion is not binding on the IRS. Except
    as discussed under the heading “Non-U.S. Holders”, this discussion is applicable only to a U.S. holder that acquires notes upon initial issuance and holds its notes as a capital asset for U.S. federal income tax purposes.

U.S. Tax Treatment. Pursuant to the terms of the notes, TD and you agree, in the absence of a statutory or regulatory change or an administrative determination
    or judicial ruling to the contrary, to characterize your notes as prepaid derivative contracts with respect to the Underlying Stock. Holders are urged to consult their tax advisors concerning the significance, and the potential impact, of the above
    characterization. If your notes are so treated, upon the taxable disposition (including cash settlement) of a note, you generally should recognize gain or loss in an amount equal to the difference between the amount realized on such taxable disposition
    and your tax basis in the note. Your tax basis in a note generally should equal your cost for the note. Such gain or loss should generally be long-term capital gain or loss if you have held your notes for more than one year (otherwise such gain or loss
    should be short-term capital gain or loss if held for one year or less) The deductibility of capital losses is subject to limitations.

Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, is of the opinion that it would be reasonable
    to treat your notes in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the notes, it is possible that your notes could alternatively be treated for tax purposes as a single contingent
    payment debt instrument or pursuant to some other characterization, such that the timing and character of your income from the notes could differ materially and adversely from the treatment described above, as described further under “Material U.S.
    Federal Income Tax Consequences — Alternative Treatments” on page PS-36 of product supplement STOCK ARN-1.

Notice 2008-2. In 2007, the IRS released a notice that may affect the taxation of holders of the notes. According to Notice 2008-2, the IRS and the Treasury are
    considering whether a holder of an instrument such as the notes should be required to accrue ordinary income on a current basis. It is not possible