Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 49

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 49
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 substantial decisions of
the trust or (b) it has a valid election in effect under applicable Treasury Regulations to be treated as a United States person.

If a partnership (or other
entity, organized within or without the United States, treated as a partnership for United States federal income tax purposes)
holds Notes, the tax treatment of a partner as beneficial owner of Notes generally will depend on the status of the partner and the activities
of the partnership. A partner in a partnership (or other entity treated as a partnership for United States federal income tax
purposes) holding the Notes is urged to consult its tax advisor with regard to the United States federal income tax treatment of
an investment in the Notes.

Payments of Interest

United States holders
will be taxed on interest on the Notes as ordinary income at the time the interest is received or when it accrues, depending on the holder’s
method of accounting for United States federal income tax purposes.

Interest paid by us on the
Notes is income from sources outside the United States for purposes of the rules regarding the foreign tax credit allowable to a
United States holder and will generally be “passive” category income for purposes of computing the foreign tax credit. The
rules governing the United States foreign tax credit are complex, and you are urged to consult your tax advisor regarding the availability
of claiming a United States foreign tax credit under your particular circumstances.

Purchase, Sale and Retirement of the Notes

A United States holder’s
tax basis in a Note generally will be its cost. A United States holder will generally recognize capital gain or loss on the sale
or retirement of a Note equal to the difference between the amount realized on the sale or retirement, excluding any amounts attributable
to accrued but unpaid interest (which will be taxable as ordinary interest income to the extent not previously included in income), and
such holder’s tax basis in the Note. Capital gain of a noncorporate United States holder is generally taxed at preferential
rates where the holder has a holding period greater than one year.

Gain or loss on the sale or
retirement of a Note generally will be treated as United States source income or loss for United States federal income tax purposes
and for purposes of computing the United States foreign tax credit allowable to you, unless such gain or loss is attributable to
an office or other fixed place of business outside of the United States and certain other conditions are met.

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Backup Withholding and Information Reporting

For noncorporate United States
holders