Company: TDBCP
Filing Date: 2025-07-01
Form Type: 424B2
Source: 0001140361-25-024328
Chunk: 28

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-01
Form: 424B2
Chunk 28
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 ordinary income. You should consult your tax advisor regarding this risk.                                                                                 
 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 securities in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the securities, it is possible that your securities 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 securities could differ materially and adversely from the treatment      
 described above, as described further under “Material U.S. Federal Income Tax Consequences”, in the accompanying product supplement.                                                                                                             
 Except to the extent otherwise required by law, TD intends to treat your securities for U.S. federal income tax purposes in accordance with the treatment described above and                                                                    
 under “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement, unless and until such time as the Treasury and the IRS determine that some other treatment is more appropriate.                                    
 Section 1297. We will not attempt to ascertain whether any index constituent stock issuer would be treated as a “passive foreign                                                                                                                 
 investment company” (a “PFIC”) within the meaning of Section 1297 of the Code. If any such entity were so treated, certain adverse U.S. federal income tax consequences might apply upon the taxable disposition of a security. U.S. holders     
 should refer to information filed with the SEC or the equivalent governmental authority by such entities and consult their tax advisors regarding the possible consequences to them if any such entity is or becomes a PFIC.                     
 Notice 2008-2. In 2007, the IRS released a notice that may affect the taxation of holders of the securities. According to Notice                                                                                                                 
 2008-2, the IRS and the Treasury are considering whether a holder of an instrument such as the securities should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately    
 issue, if any. It is possible, however, that under such guidance, holders of the securities will ultimately be required to accrue income currently and this could be applied on a retroactive basis. According to the Notice, the IRS and the    
 Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital, whether non