Company: TDBCP
Filing Date: 2025-10-07
Form Type: 424B2
Source: 0001140361-25-037473
Chunk: 31

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-07
Form: 424B2
Chunk 31
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 with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as  
 to the U.S. federal income tax consequences of your investment in the securities, and the following discussion is not binding on the IRS.                                                                                                      |
|                                  | U.S. Tax Treatment.Pursuant to the terms of the securities, 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 the securities as prepaid derivative contracts with respect to the underlying indices. If your securities are so treated, any contingent quarterly coupon     
 that is paid by TD (including on the maturity date or upon an issuer call) should be included in your income as ordinary income in accordance with your regular method of accounting for U.S. federal income tax purposes.                     |
|                                  | In addition, you should generally recognize capital gain or loss upon the taxable disposition                                                                                                                                                  |

| October 2025 | Page26 |

| $8,976,000 Callable Contingent Income Securities with Daily Coupon Observation due October 7, 2027   |
| Based on the Worst Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500®Index 
 Principal at Risk Securities                                                                         |

| (including cash settlement) of your securities in an amount equal to the difference between the amount you receive at such time (other than amounts or proceeds attributable to a contingent                                                   
 quarterly coupon or any amount attributable to any accrued but unpaid contingent quarterly coupon) and the amount you paid for your securities. Such gain or loss should generally be long-term capital gain or loss if you have held your     
 securities for more than one year (and otherwise, short-term capital gain or loss). The deductibility of capital losses is subject to limitations. Although uncertain, it is possible that proceeds received from the taxable disposition of   
 your securities prior to a contingent coupon payment date, but that could be attributed to an expected contingent quarterly coupon, could be treated as ordinary income. You should consult your tax advisor regarding this risk.              |
| 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 IRS and the Treasury determine that some other